Audit

IN EXAM APPROXIMATELY 19 QUESTIONS ARE ASKED IN AUDIT PAPER.

FOLLOWING 22 STATEMENTS MAY BE OF USE TO YOU.

BEST OF LUCK

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

13.

14.

15.

16.

17.

18.

19.

Objec ves of Audi ng

Principles of Audi ng

Inherent limita ons of Audit

Types of Errors and Fraud

Auditors responsibility in respect of fraud

Short note on Audi ng concepts (Materiality, going concern, true and fair, Independence)

Objec ves and Factors to be considered for Audit plan

Advantages and Disadvantages of Audit Programme ( If factors asked in exam just convert the

same points in factors)

Importance / func ons/ features of Audit working papers ( can prepare same answer for all

three)

Contents of Audit Working Paper ( permanent audit file and temporary audit file)

BE VERY CLEAR WITH WHAT GOES IN PERMANENET FILE AND WHAT GOES IN TEMPORARY

FILE

Contents of Audit notebook ( General informa on and current informa on)

BE VERY CLEAR WITH WHAT GOES IN GENERAL INFORMATION AND WHAT GOES IN CURRENT

INFORMATION)

DON’T MIX ANSWER OF POINT 8 AND POINT 9

Test Checking V/s Rou ne Checking

Advantages and Disadvantages of Test checking (POINTS PREPARED FOR ABOVE DISTINCTION

WILL HELP IN THIS ANSWER ALSO; IF FEATURES ARE ASKED CAN CONVERT THE SAME POINTS

IN FEATURES)

Factors in determining sample size (Please remember the answer to this ques on is

SAMPLING RISK, TOLERABLE RISK AND EXPECTED RISK)

Methods of selec ng samples

Internal control: purpose/importance/feature (can make same answer for all three)

Auditors du es with regards to Internal control.

Points or features to be considered for effec ve internal control in respect of a) sales and

debtors b)purchases and creditors c)wages & salaries ( IN EXAM CHANCES ARE THAT ANY

ONE OF THIS WILL BE ASKED; IT CAN BE POINT a) ,because point b) was already asked in last

exam.)

VOUCHING OF EXPENSES :PURCHASES, SALARIES AND WAGES, RENT, INSURANCE,TELEPHONE

EXPENSES AND ADVT.

20. VOUCHING OF INCOME

SALES, RENTAL INCOME, INTEREST AND DIVIDEND,...