Hall test questions of Audit – Be Happy alwaz

Audit

 

1. Environment and Energy audit.
   
2. Risk Based Auditing.
   
3. Audit committee and how it is interrelated with corporate Governance.
   
4. Aspects to be governed in Reinsurance ceded.
   
5. Uses of CAAT (Computer Assisted Audit Technique).
   
6. Peer review.
   
7. What is engagement letter? What are its principle content?
   
8. What are the assertion concern of auditor while conducting substantive procedure?
   
9. What are to be considered in the audit program of Bank and Financial Institutions?
   
10. Mr. X auditor of Y ltd, he stays in the building which is owned by Y ltd. so he provided 10% rebate than others.
    
11. ABC Co. has suspended large amount on training staff Project to be started in future, which will generate future income. Management wants to capitalize that expense.
    
12. Mr. Ram was appointed as tax auditor and consultant of ABC Co. after the year-end tax office charge legal proceeding to ABC co. for understated income.
    
13. Mr. X accepted audit of Z ltd. for less fee than the preceding auditor of Z ltd. The preceding auditor had come from the far away the cost of which was not charged as audit fees.
    
14. SCB provided credit card facilities to professional CAs. Now he used it to withdraw Rs. 25,000 how can that CA be appointed as auditor of that bank?
    
15. KBC and Co. CA firm was provided Rs.200, 000 in Baisakh 1st By Ram Br. who is client of that firm KBC & Co deposited in bank to give back Ram Br. in Ashad..
    
16. Related party Disclosure
    

 

 

Related with 2^nd paper

1. tax practice of code of ethics
   
2. Working papers ( can management ask back)
   
3. You have issued a modified report as you are not agreed with the method of accounting folloed by the co. for gratutity .The BOD suggests a note in FS may be added.
   
4. Purchase of equipment for 1 cr..The 30 lacs is govt. grant depreciation at 15%.Accountant insists to credit the capital reserve for gratn received and charge the deprn on original cost to revenue
   

 

Physical capital maintenance and financial cap Maintain acne ( NAS Framework)

Control environment and Control procedure (8*2=16 marks)

 

Special point to be considered in audit of public sector enterprise

Intrernal control 16

 

Management representation letter and reliance on it by the auditor

An auditor can give only reasobnable assurance not absolute. 16

 

Short notes 16

Fair value accounting

Management representation letter

Qualitative characteristics of financial statements

Corporate governance

 

Auditor responsibility in detecting fraud and error

Indicators for assuming going concern assumption 16

 

-Thanks to Bijayswor Paudel for his contribution in compiling this…