CA IPCC AUDIT IMPORTANT QUESTIONS FOR MAY 17

Many students ask us for CA IPCC AUDIT Important questions for MAY 17 so we brings for them few CA IPCC AUDIT Important questions that may be asked in their  coming exams.

CA IPCC AUDIT IMPORTANT QUESTIONS 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

Explainations

• 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

CA IPCC AUDIT Important questions ( 8-12 marks )

Discuss – Audit progrmamme 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

1. Verify – Reduction in share capital
2. Verify – Receipt of capital subsidy
3. Verify – Receipt of income of a NGO
4. Verify – Credit Sales
5. Verify – Allotment of Debentures
6. Verify – Travelling Expenses
7. Verify – Application and allotment money received on shares issued for cash

CA IPCC AUDIT Important questions : Differences

Distinguish – Reserves and Provisions

Distinguish – Auditing and Investigation

Distinguish – Qualified Report and Adverse Report

CA IPCC AUDIT Important questions  : Other important questions

• 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 ( You can check all is in practice Manual itself)

MUST DO all the questions of Company Audit I and Company Audit II in the Latest edition Practice Manual .