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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