Document 6570250

LIST OF IMPORTANT QUESTIONS (GUESS QUESTIONS) FOR NOV 2014 EXAMS OF IPCC – AUDITING
ATTENTION STUDENTS: Dear students, you shall not rely on this Guess questions completely. Since you are writing a
professional examination, it is near to impossible to guess the question paper. First do your preparation very seriously and use
this list as a last resort. Just revise the problems or questions in this list for 3 to 4 times and be thorough with all the questions /
problems listed in this document. This is only a supplement or compliment for your preparation but this can’t act as your
preparation alone. Management of MASTER MINDS can’t guarantee that any of this questions / problems will come in the main
examinations of IPCC and it is not responsible for any negative consequences of relying on this work completely.
CHAPTER – 1: INTRODUCTION OF AUDITING
No.
1.
Question
Contents of letter of engagement. Need for its circulation for each period in case of recurring
audits.
CHAPTER – 2: CONCEPTS OF AUDITING
No.
Question
1.
Differences between continuous and final audits
2.
Surprise check
3.
Write about analytical procedures. How much the auditor can place his reliance on analytical
procedures?
CHAPTER – 3: AUDIT EVIDENCE
No.
Question
1.
Reliability standards (SA 500)
2.
Audit methods to obtain audit evidence
CHAPTER – 4: AUDIT PREPARATION
No.
Question
1.
Types of audit programme and precautions to be taken while preparing it.
2.
Audit note book
3.
Audit working papers are the property of the auditor – comment
4.
Sampling risk
5.
Precautions to be taken while going for test checking
6.
Advantages of statistical sampling
CHAPTER – 6: COMPANY AUDITOR
No.
Question
1.
Rights of auditor
2.
Casual vacancy
3.
Removal of auditor
4.
Management responsibility, Auditor’s responsibility, other matter paragraphs
5.
Qualifications & Disqualifications
6.
Appointment of auditors (very important special resolution 224A)
7.
Ceiling on Number of audits
8.
Duties of the auditor
PAGE 1 OF 3
LIST OF IMPORTANT QUESTIONS (GUESS QUESTIONS) FOR NOV 2014 EXAMS OF IPCC – AUDITING
CHAPTER – 7: MISCELLANEOUS MATTERS IN COMPANY AUDIT
No.
Question
1.
How to deal with the modifications of branch auditor’s report.
2.
Interest on capital
3.
Cost audit
4.
Special audit
5.
Responsibilities of joint auditors
CHAPTER – 8: SPECIAL AUDIT
No.
Question
1.
Club houses
2.
Cinema theatres
3.
Hospitals
4.
Charitable institutions
5.
Special features in administration of local bodies
CHAPTER – 9: GOVERNMENT AUDIT
No.
1.
2.
Question
Government expenditure audit
Commercial accounts audit
CHAPTER – 10: EDP AUDIT
No.
1.
2.
3.
Question
Audit through and Audit around the computer
CAAT
Audit trail
CHAPTER – 11: AUDIT OF SHARE CAPITAL
No.
1.
Question
Shares at premium
CHAPTER – 13: AUDIT OF CASH TRANSACTIONS
No.
Question
1.
Income tax payment
2.
Travelling expenses
3.
Selling agent commission
4.
Bad debts
5.
Insurance claims
6.
Sale of fixed assets
7.
Cut off procedures
8.
Goods sent on consignment
9.
Sale of empties
PAGE 2 OF 3
LIST OF IMPORTANT QUESTIONS (GUESS QUESTIONS) FOR NOV 2014 EXAMS OF IPCC – AUDITING
CHAPTER – 15: VERIFICATION & VALUATION OF ASSETS
No.
1.
2.
3.
4.
5.
6.
7.
Question
Debentures as collateral security
Plant & machinery
Loans given
Investments
Inventory
Preliminary expenses
Loans taken
CHAPTER – 16: VERIFICATION OF LIABILITIES
No.
1.
Question
Proposed dividend
CHAPTER – 17: INTERNAL CONTROL
No.
1.
Question
Contents of letter of weaknesses as per SA 265
CHAPTER – 18: COMPANIES (AUDITOR'S REPORT) ORDER, 2003
No.
1.
Question
CARO applicability and clauses : 1,2,3,5,7,9,10
IMPORTANT AREAS FOR SA’S:
SA 200
SA 200
SA 220
SA 230
What is reasonable assurance? Why auditor cannot obtain absolute assurance?
What are basic principles governing an audit?
SA 315
Engagement Quality control review
Audit completion memorandum
Risk assessment procedures
What audit procedures the auditor should carry out to verify compliance of laws &
regulations by an entity in an audit. How he should deal with the non compliances
detected.
Risks at financial statement and assertion levels
SA 505
SA 510
Positive and negative confirmation requests
Changes in accounting policies (SA 510)
SA 240
SA 250
SA 550
SA 560
What procedures the auditor has to carry out to obtain information about the related
parties of an entity.
Subsequent events (SA 560) practical questions
SA 580
SA 610
Factors indicating threats to going concern. How the auditor shall report if going concern
assumption is not appropriate.
Written representation
Using the work of an internal auditor
SA 620
Considerations while using the work of an expert (SA 620)
SA 570
THE END
PAGE 3 OF 3