In the name of ALLAH, the most beneficient, the most merciful

Fundamentals of Auditing (ACC311)

Subjective, Short Questions from Past Papers

 

Subjective Questions

Question

(Mid, 2009, Spring, Marks = , Lesson No. )

Mr. Kamran is a partner of an audit firm. He bought shares of a company for which his firm is also conducting audit. However, he sold out all these shares within thirty days and immediately informed the company secretary about the whole transaction. Is the company secretary required to take any step under the Companies Law, 1984?

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Question

(Mid, 2009, Spring, Marks = , Lesson No. )

Why books of accounts are required to be kept by companies? Discuss the types of books of accounts with examples.

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Question

(Final, 2008, Fall, Marks = , Lesson No. )

According to your understanding, what control objectives must be defined for bringing fairness in the Cash System of an entity?

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Question

(Final, 2008, Fall, Marks = , Lesson No. )

What are the Control Accounts? How they should be monitored in order to bring fairness in the inventory system of an entity?

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Question

(Final, 2008, Fall, Marks = , Lesson No. )

Suppose you have been appointed as the auditor of a company and have started examining the entity by taking initial interviews of the concerned personnel. During this course, one of the person from management has asked you the following information:

  1. What are the matters about which an auditor may disagree with the management?
  2. What should an auditor do if such disagreements are material?
Give your answers in brief.

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Question

(Final, 2008, Fall, Marks = , Lesson No. )

According to your knowledge, what tests of controls auditors usually perform for the evaluation of Purchase Invoice of an entity?

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Question

(Final, 2008, Fall, Marks = , Lesson No. )

What matters should the auditor consider for developing an overall audit plan for the expected scope and control of an audit?

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Question

(Final, 2008, Fall, Marks = , Lesson No. )

A company has hired auditors at the year end. Auditors used audit sampling techniques which made them enable to gather audit evidence efficiently. State the objectives auditors might have defined first to achieve by using sampling techniques and also briefly explain further steps the auditors might undertake to complete the sampling process.
An unlisted public limited company undergoing expansion intends to create an internal audit department. The Managing Director (MD) has asked your advice and comments on each of the matters listed below:

  1. The fundamental differences in the scope, approach, and responsibility between the internal and external auditor?
  2. Whether it would be advisable to assign the responsibility of development of systems and procedures to the internal auditor?

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