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1 AUDITING DESCRIPTIVE QUESTIONS CHAPTER -1: INTRODUCTION TO AUDITING 1) What are the auditor s responsibilities for Non-Detection of Frauds and Errors? 2) Statutory audit vs. Non statutory audit. 3) What are the inherent Limitations of an Audit? CHAPTER -2: CONCEPTS OF AUDITING 4) What are the different auditing techniques? 5) What is meant by final audit? What are its advantages and disadvantages? 6) Under what circumstances / conditions the financial statements are considered to present a true and fair state of affairs? CHAPTER -3: AUDIT EVIDENCE 7) What is meant by audit evidence and what is the need of it? 8) Discuss the reliability standards (levels) of audit evidence. 9) Audit risks & its assessment. CHAPTER -4: AUDIT PREPARATION 10) What are the contents of an audit note book? Give a specimen page of an audit note book with four imaginary entries therein. 11) What do You mean by Working Papers? 12) Sampling techniques and their advantages. 13) What are the precautions to be taken before applying test check? (or) How should the test check be made scientifically and effective? 14) Impairment of assets /&&ZE^ 15) Reserves vs. provisions? CHAPTER -5: CAPITAL & REVENUE EXP., DEP. & RESERVES 16) What are the Qualifications of a company auditor? 17) What are the Disqualifications of a Company s Auditor? CHAPTER -6: COMPANY AUDITOR 18) What is the procedure for appointment of the first auditor of a company? 19) What is the procedure for filling of a casual vacancy? 20) Write about ceiling on Number of Audits. 21) Write about different types of opinions. 22) Write about Powers / Rights of an Auditor 23) What are the Duties of Companies auditor as per Sec 143(1) of the Companies Act 2013 (or) State the matters to be enquired by a company s auditor as per Sec 143(1) of the Companies Act 2013? IPCC Guess Questions May 2016 Auditing 46
2 CHAPTER -7: MISCELLANEOUS MATTERS IN COMPANY AUDIT 24) Write about Cost Audit. 25) What is the prohibition and restriction regarding political contributions? 26) Audit of Cinema theatre 27) Audit of hospital 28) Write about Audit of Government Expenditure? 29) What are the powers & Duties of C & AG? CHAPTER -8: SPECIAL AUDIT CHAPTER -9: GOVERNMENT AUDIT CHAPTER -10: EDP AUDIT 30) Why are CAAT required in EDP Audit? What are the advantages of CAAT? 31) Write about controls in an EDP Environment? 32) Write a short note on Audit trail in a computerized accounting environment. CHAPTER -11: AUDIT OF SHARE CAPITAL 33) Verification of issue of shares at a premium. 34) Briefly discuss the provisions of the companies act, 2013 with regard to issue of shares at a discount. CHAPTER -12: AUDIT of DEBUNTURES AND DIVIDENDS 35) Write about re-issue of redeemed debentures CHAPTER -13: AUDIT OF CASH TRANSACTIONS 36) How do you vouch the retirement gratuity? 37) How will you vouch / verify loss of stock by theft? 38) How will you vouch the recovery of bad debts? 39) What are the steps in vouching of travelling expenses? 40) How will you vouch cash sales? 41) How will you vouch / verify bad debt? 42) How will you vouch / verify receipt of capital subsidy? 43) What are the steps in vouching of excise duty? 44) What are the steps in vouching directors sitting fees? CHAPTER -14: AUDIT OF TRADING TRANSACTIONS 45) What is the meaning of the term cut off procedure? 46) How do you audit goods sent out on sale or return basis? 47) How do you audit consignment sale? CHAPTER -15: VERIFICATION & VALUATION OF ASSETS 48) What are the steps involved in verification of land holdings in the case of real estate dealer? 49) Sundry debtors include charges made for returnable packing cases. How will you deal with the above? 50) How will you verify discounted b/r dishonored 51) How will you verify goodwill? 52) What are the steps in verification of prepaid expenses? 53) How do you verify endowment policies? 54) How will you verify Work in progress? IPCC Guess Questions May 2016 Auditing 47
3 CHAPTER -16: VERIFICATION OF LIABILITIES 55) a) What is contingent liability? How will you verify the same? b) How will you disclose the contingent liability in the b/s.? c) What will be the effect in the event of maturity of it? 56) What are the steps in verification of loan taken from banks or borrowings from banks? CHAPTER -17: INTERNAL CONTROL 57) What are the techniques used to Review of the internal control system by the auditor 58) Write about internal check? 59) Write about internal audit & its applicability 60) Write about Letter of Weakness/ Letter of Management STANDARDS ON AUDITING SA-200 SA-299 SA-240 SA-315 SA-570 SA-580 SA-540 SA-620 Overall objectives of the independent Auditor and the conduct of an Audit in accordance with standards on Auditing (Revised). Responsibility of Joint Auditors The Auditor s Responsibilities Relating to Fraud in an Audit of Financial Statements (Revised). Identifying and Assessing the Risk of Material Misstatements through Understanding the Entity and Its Environment. Going Concern (Revised). Written Representations (Revised). Auditing accounting estimates, including fair value accounting estimates, and related disclosures (Revised) Using the work of an Auditor s Expert (Revised). AUDITING PRACTICAL QUESTIONS AUDIT EVIDENCE 1) What are the obvious assertions in the following items appearing in the financial statements? a) Profit and loss statement -travelling expenditure Rs. 50,000 b) Balance sheet debtors Rs. 2,00,000 COMPANY AUDIT 2) Mr. S is a practicing chartered accountant and Mrs. S, is holding securities of ABC ltd. Having face value of ` 90,000/-. Whether Mr. S is qualified from being appointed as an auditor of ABC ltd.? 3) B owes `5,01,000 to c ltd., of which he is an auditor. Is his appointment valid? Will it make any difference, if the advance is taken for meeting-out travelling expenses? 4) The first auditor of M/S. Healthy Wealthy Ltd., a government company, was appointed by the board of directors. MISCELLANEOUS CONCEPTS OF COMPANY AUDIT 5) A ltd. has its registered office at New Delhi. During the current accounting year, it has shifted its corporate head office to Indore though it has retained the registered office at New Delhi. The managing director of the company wants to shift its books of account to Indore from New Delhi, as he feels that there is no legal bar in doing so. IPCC Guess Questions May 2016 Auditing 48
4 6) XYZ ltd. Co. gave a donation of ` 50,000 each to a charitable society running a school and a trust set up for the service of blind during financial year ending on 31st march, The average net profits of the company for the last three years were 15 lakhs. Comment SPECIAL AUDIT 7) An NGO operating in Delhi had collected large scale donations for Tsunami victims. The donations so collected were sent to different NGO s operating in Tamilnadu for relief operations. This NGO operating in Delhi has appointed you to audit its accounts for the year in which it collected and remitted donations for tsunami victims. Draft audit programme for audit of receipts of donations and remittance of the collected amount to different NGO s. Mention six points each, peculiar to the situation, which you will like to incorporate in your audit programme for audit of said receipts and remittances of donations. TRUE OR FALSE QUESTIONS CHAPTER -1: INTRODUCTION TO AUDITING 1) The primary objective of an audit is to detect fraud and errors in financial statement. 2) Standards on Review Engagements (SREs) - to be applied in the audit of historical financial information. 3) Taking management representation is a convenient, economical and equally acceptable auditing method even where the direct access by auditor to audit evidence is possible. CHAPTER -2: CONCEPTS OF AUDITING 4) Audit procedure and technique are not one and same thing. 5) Events occurring after the balance sheet data must be disclosed in the financial statements. 6) The principle of confidentiality precludes auditor to disclose the information about the client to a third party at all circumstances without any exception. 7) Examination in depth implies examination of a few selected transactions from the beginning to the end through the entire flow of the transaction. 8) Substantive procedure may be defined as an audit procedure designed to evaluate the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level. 9) Examination in depth implies that the auditor vouches almost all transactions in a manner that the chances of not checking any transaction are left at minimum. CHAPTER -3: AUDIT EVIDENCE 10) Sales invoice is an example of external evidence. 11) The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting one resulting from error. 12) Confirmations received by the auditor directly from third parties are conclusive evidence in support of a transaction. 13) Sufficiency and appropriateness of audit evidence are interrelated. CHAPTER -5: CAPITAL & REVENUE EXP., DEP. & RESERVES 14) Rupees 5 lakhs paid by a pharmacy company to the legal advisor defending the patent of a product treated as Capital Expenditure. CHAPTER -6: COMPANY AUDITOR 15) In case of failure of the Board to appoint the first auditor, it shall inform the Central Government. 16) Where a person appointed as an auditor of a company incurs any of the disqualifications after his appointment, he will still continue as an auditor. 17) An auditor appointed under the Companies Act, 2013 shall provide to the company only such other services as are approved by the company in general meeting. IPCC Guess Questions May 2016 Auditing 49
5 18) Where at any annual general meeting, no auditor is appointed or re-appointed, the existing auditor shall continue to be the auditor of the company. 19) As defined under Companies Act, 2013, Book and paper and Book or paper include books of account only. 20) At every annual general meeting of a company, the Board of directors of the company shall lay before the company the financial statements for the financial year. 21) The auditor appointed under section 139 of the Companies Act, 2013 may be removed from his office before the expiry of his term only by an ordinary resolution of the company. 22) Mr. Rajat, an auditor, recovering fees on progressive basis is said to be indebted to the company. 23) If the auditor of the company has reason to believe that an offence involving fraud is being or has committed against the company by officers or employee of the company, he shall immediately report the matter to the audit committee. 24) The remuneration of subsequent auditor appointed under the companies Act, 2013 shall be fixed by the board. CHAPTER -7: MISCELLANEOUS MATTERS IN COMPANY AUDIT 25) If there is difference of opinion among the joint auditors with regard to any matter, majority joint auditors opinion will prevail while reporting. CHAPTER -17: INTERNAL CONTROL 26) Internal control is part of internal check system. 27) Operational Audit involves examination of all operations and activities of the entity. 28) Internal control can provide absolute assurance. CHAPTER -18: MISCELLANEOUS 29) Events occurring after the balance sheet date must be disclosed in the financial statements dd PQR Ltd. included underwriting commission and stamp duty under the head preliminary expenses NOTE: All Questions are from MM Material 34 th edition THE END IPCC Guess Questions May 2016 Auditing 50
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