PCE GQOUP I . PAPFR 2 AUDITING AND ASSURANCI' Roll No. ".... ,...........

,pee MAY 2011

GROUP." p,,"ER.S AUQ\1\NGAND ASSURANCE

Total No. of Questions - 7 Time Allowed - 3 Hours

Total No. of Printed Pages - 4 Maximum Marks - 100

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Answers to questions are to be given only in English except in the case of candidates who have opted for Hindi Medium. If a candidate has not opted for Hindi medium, his answers in Hindi will not be valued. Question No.1 is compulsory. Attempt any five questions from the remaining six questions.

Marks 1. Comment on the following in relation to SAs : (a) "The work performed by each assistant needs to be reviewed by personnel of at least equal competence." (b) (c) (d) "Audit documentation serves a number of additional purposes." "Management is responsible for compliance with laws and regulations." "Auditor shall establish an overall strategy that sets the scope, timing and directions of the audit, and that guides the developmeilt.ofthe audit plan." 5 5 5
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2.

(a) (b)

Explain various methods to obtain audit evidence. List out some examples of fraud that can be done by ledger keeper in Bought ledger and Sales ledger.
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3.

(a) (b)

Discuss limitations of audit. Discuss prerequisites and fundamental principles to be possessed by an auditor.

4.

(a) (b)

Give various factors which result in increase in gross profit. Define depreciation and discuss various purposes of providing depreciation.

8 8

5.

Mention any 8 special points which you as an auditor would look into while auditing the books of accounts of: (a) (b) Hospital Cinema

8x2 = 16

6.

(a) (b)

Explain the concept of Joint Audit. Discuss its advantages and disadvantages. Explain the powers of company to purchase its own securities.

8 8

7.

Write short notes on any four of the following: (a) (b) (c) (d) (e) Reissue of redeemed debentures. Internal control in Small Business Stratified Sampling Audit of expenditure in Government audit. Cut-off procedure.

4x4 = 16

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