ALLAMA IQBAL OPEN UNIVERSITY – ISLAMABAD
Level: Bachelor Semester: Spring 2007
Paper: Auditing (Code 481) Maximum marks: 100
Time allowed: 3 Hours Pass marks: 40
Note: ATTEMPT ANY FIVE QUESTIONS. ALL QUESTIONS CARRY EQUAL MARKS
QUESTION NO 8 IS COMPULSORY
Discuss the commencement of a new audit. What kind of record is kept in the audit-note book?
What is vouching? Discuss the vouching of any five items of the receipt side of cash book.
How will you carry out the verification of an asset which is not in possession of your client?
Discuss the appointment of first auditor of a public limited company. Who is competent to do this task?
What are the legal documents of a public limited company? Discuss their importance for mgt & share holders.
Discuss the salient features of Annual Auditors Report to the members of public limited company.
What are the special points which should be kept in mind while conducting the audit of insurance Co?
a) Following statements are True or False. Give Reason:
i. Audit can be conducted in Loss oriented organization only. T/F
ii. Errors of principles can be detected Sr, prevented by careful vouching. T/F
iii. Manipulation of accounts is a type of fraud committed by directors to show more or less profits. T/F
iv. According to international standards, auditor’s quality of independence means neutral personality. T/F
v. Auditor is a blood bound not a watch dog. T/F
b) Fill in the blanks.
i. Scope of audit is explained in auditing standard # ————–
ii. Qualification for auditor in public company must be ————–for final audit.
iii The primary object of an audit is to ————–
iv Moral check refers to ————–
In international standards of auditing As-II ex slain the ————–