Saturday, February 28, 2015

CA-IPC Auditing Most Expected Question for May 2015 Examination



SHORT NOTES
  • Impairment of Assets
  • Internal control Questionnaire
  • Letter of Weakness
  • Reliability of Audit Evidence
  • Auditor’s Lien
  • Examination in Depth
  • The concept of True and Fair view
  • Audit Technique
  • Simple Random Sampling
  • Stratified  Sampling

EXPLAIN
  • Basic principles of governing Audit
  • Internal controls in a CIS Environment
  • Audit Working Papers and state content of Current file and Permanent File
  • Duties of Comptroller and Auditor General (CAG)
  • Six elements of Auditor’s Report
  • Circumstances for a Disclaimer of Opinion
  • Types of Audit required under Law
  • External  Confirmation & some examples of external confirmation
  • Objectives of Internal Audit
  • Limitation of Audit
  • Independent Audit Advantages
  • Discuss – Audit programme advantage and disadvantage
  • Discuss – Various Methods to obtain audit evidence
  • Discuss – Fundamentals priciples to be possessed by an auditor
  • Discuss – Powers of company to purchase its own securities
  • Discuss – Standards issued by AASB under which the authority of the council of ICAI 
  • Discuss – Audit procedure for verification of payment of dividends
  • Discuss – Appointment of auditor by special resolution
  • Discuss – Ceiling on number of audits in a company to be accepted by an auditor
  • Discuss – The areas in which different accounting policies may be adopted
  • Verify – Reduction in share capital
  • Verify – Receipt of capital subsidy
  • Verify – Receipt of income of a NGO
  • Verify – Credit Sales
  • Verify – Allotment of Debentures
  • Verify – Travelling Expenses
  • Verify – Application and allotment money received on shares issued for cash
  • Distinguish – Reserves and Provisions
  • Distinguish – Auditing and Investigation
  • Distinguish – Qualified Report and Adverse Report
  • What are the cases in which special audit may be called by CG
  • What is continuous audit? And what are the precautions which should be taken to avoid the disadvantage of continuous audit?
  • Draft an engagement letter accepting the appointment as auditor
  • Give various factors which result in increase in gross profit
  • Explain Going Concern and State some financial conditions which may cast doubt about going cocern assumption
  • State the Matters which only the shareholders can sanction at a general meeting
  • What are the general considerations in framing a system of internal Audit?
  • What is CAATs? Why are CAAT required in CIS environment?
  • AUDIT OF CINEMA ( these all is in prctiice Manual itself)
MUST STUDY all the questions of Company Audit I and Company Audit II in the Latest edition Practice Manual . 

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