Question

(Mid Term, 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 Term, 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 Term, 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 Term, 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 Term, 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 Term, 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 Term, 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 Term, 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?

Answer:

Select a course code for Subjective Questions:

ACC311 CS001 CS101 CS201 CS301 CS607 CS701 CS702 CS703 CS704 CS707 CS708 CS710 CS711 CS718 CS721 CS724 ECO401 ECO403 ENG101 ENG301 MGT703 MTH501 STA301

Select a course code for Objective Questions:

ACC311 ACC501 BIF101 BIF401 BIF501 BIO101 BIO201 BIO202 BIO203 BIO204 BIO301 BIO302 BIO303 BIO401 BIO503 BNK603 BT101 BT201 BT301 BT302 BT401 BT402 BT403 BT404 BT405 BT406 BT501 BT504 BT505 BT604 CHE201 CHE301 CS001 CS101 CS201 CS202 CS204 CS301 CS302 CS304 CS311 CS401 CS402 CS403 CS408 CS501 CS502 CS504 CS506 CS508 CS601 CS602 CS604 CS605 CS607 CS609 CS610 CS614 CS707 CS710 ECO401 ECO402 ECO403 ECO404 EDU302 EDU401 EDU402 EDU501 EDU601 ENG101 ENG201 ENG301 ENG501 FIN611 FIN624 FIN625 ISL201 IT430 MCM101 MCM301 MGMT623 MGT101 MGT211 MGT301 MGT401 MGT402 MGT501 MGT502 MGT503 MGT510 MGT601 MGT603 MKT501 MKT610 MKT630 MTH101 MTH202 MTH302 MTH501 MTH601 MTH634 PAK301 PHY101 PHY301 PSY101 PSY403 PSY502 PSY512 SOC101 SOC301 SOC401 STA301 STA630 STA641 ZOO102 ZOO401 ZOO501 ZOO502 ZOO503 ZOO504 ZOO505 ZOO506 ZOO510 ZOO630