CA PCC Exam Papers Group I Auditing and Assurance May 2011

CA PCC Exam Papers Group I

Auditing and Assurance – May 2011

 

This Paper has 18 answerable questions with 0 answered.

Total No. of Questions — 7]
Time Allowed : 3 Hours

Maximum Marks : 100
Q.No. 1 is compulsory.
Answer any five questions from the remaining six questions.
Marks
1. Comment on the following in relation to SAs:
(a) “The work performed by each assistant needs to be reviewed by personnel of at least equal competence.” 5 (0)
(b) “Audit documentation serves a number of additional purposes.” 5 (0)
(c) “Management is responsible for compliance with laws and regulations.” 5 (0)
(d) “Auditor shall establish an overall strategy that sets the scope, timing and directions of the audit, and that guides the development of the audit plan.” 5 (0)
2. (a) Explain various methods to obtain audit evidence. 8 (0)
(b) List out some examples of fraud that can be done by ledger keeper in Bought ledger andsales ledger. 8 (0)
3. (a) Discuss Limitation of audit. 8 (0)
(b) Discuss perquisites and fundamental principles to be possessed by an auditor. 8 (0)
4. (a) Give various factors which result in increase in Gross profit. 8 (0)
(b) Define depreciation and discuss various purposes of providing depreciation. 8 (0)
5. Mention any 8 special points which you as an auditor would look into while auditing the books of accounts of:
(a) Hospital.
(b) Cinema.
8+8 (0)
6. (a) Explain the concept of joint audit. Discuss its advantage and disadvantage. 8 (0)
(b) Explain the powers of company to purchase its own securities. 8 (0)
7. Write short notes on any four of the following:- 4×4=16
(a) Reissue of redeemed debentures (0)
(b) Internal control in small business (0)
(c) Stratified sampling (0)
(d) Audit of expenditure in Government audit (0)
(e) Cut–off procedure (0)

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