Most Important 55 Questions for CA IPCC AUDIT MAY 16 Exams

1) Advantages of Independent Examination.
2) What are the Basic Principles for governing an audit of financial statement?
3) Discuss Inherent Limitation of audit.
4) Mention the areas where different accounting policies may be encountered and how that would be disclosed.
5) What are the factors to determine sufficient and appropriate audit evidences?
6) Discuss reliability of audit evidences.
7) What are the methods / techniques to obtain audit evidences?
8) Discuss test of control and substantive audit procedures.
9) Explain the process of external confirmation. Give some examples where external confirmation can be used as audit evidences.
10) Short note on Analytical Review Procedures.
11) What are the principal contents of engagement letter?
12) What are the factors to be considered in the development of overall plan?
13) What are the advantages of audit planning?
14) Short Note: Knowledge of Client Business.
15) Advantages and Disadvantages of Audit Programme.
16) Short Note: Content of Audit Note Book.
17) What are the additional numbers of purposes serve by audit documentation?
18) Discuss classification of working paper.
19) Short Note: Audit Working Paper.
20) Discuss specific documentation requirement.
21) What are the transactions not suitable for test checking?
22) Define Sampling Risk.
23) Short Note: advantages of Statistical Sampling
24) Short Note: Random Sampling.
25) Discuss Surprise Check
26) Short Note: Examination in Depth
27) Discuss inherent limitation of internal control
28) Short Note: Check List, Questionnaire, Flow Chart
29) Short Note: Letter of Weakness
30) Internal audit requirement as per the Companies Act, 2013.
31) What consideration should be made in framing a system of internal check?
32) Short Note: Audit Trail
33) Internal control in CIS Environment
34) Why auditor required having knowledge of CIS in an audit of financial statement in CIS Environment?
35) Vouching : Bad Debt Recovered, Sale of Scrap, Discounted bill dishonored, Sale of investment, Custom Duties, Excise Duties, Remuneration paid to directors, Preliminary Expenses, Research & Development Expenses, Advertisement Expenses, Transaction with Related parties.
36) Short Note: Cut Off Procedure
37) Restriction on Power of Board. (Section 180 of the Companies Act, 2013)
38) Verification: Land & Building, Investment, Cash at Bank, Loan & Borrowing, Contingent Liabilities, Inventory, Debtor, Stock lying with third party.
39) Disqualification of Auditor. Section 141 (3) (d) (e) (f) (g) (h) (i).
40) What are the prohibited services for the statutory auditor of a Company? (Section 144)
41) Discuss rotation requirement of auditor in case of audit of financial statement of a company. [Section 139(2)]
42) Discuss appointment of first auditor of a company
43) What are the reporting responsibilities of auditor in relation to fraud in an audit of financial statement? [SA 240, Section 143 (12)]
44) Discuss removal & resignation of auditor. (Section 140).
45) Discuss duties of auditor in relation to section 143 (1) (3).
46) Discuss purchase of own securities and prohibition in relation there to. [Section 68, 69, 70]
47) Discuss redemption of preference shares.
48) Short Note: Director’s Responsibility Statement.
49) Discuss Redemption of Share Capital
50) Verify Payment of Dividend.
51) Verify issue of Debenture.
52) Discuss Rule in relation to books of accounts in electronic form.
53) Special Audit of Hotel, Cinema, Local Bodies, Club, Hospital
54) Audit of Public Expenditure
55) Power of CAG in relation to audit of financial statement of a company.

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