AUDITING Final Exam Paper

Faculty of Management Science
Student’s Full Name: ………………………….. Father’s Name ………………. Date ..…/……/…..

Student’s ID: ……………………………………………… Session ………………………………….
ACADEMIC YEAR PROGRAM DURATION PROFESSOR NAME

2013 – 2014 Bachelor / Master 2 Hours Mr Sajid Iqbal
SUBJECT/MODULE: Fundamentals of Auditing and Assurance

Marks Obtained Remarks
Question 1 : (5 Points)
Question 5: (40 Points)
Total: 100 Points
BREAKDOWN:
Particulars Marks Obtained Remarks
Class Participation
Mid-Term Examination
Final Examination
Total
ATTESTATION:
Lecturer’s Signature ………………………………….
Invigilators:
(a) Signature..................................................................
(b) Signature …………………………………….……
INSTRUCTIONS AND REMINDERS

1. Please attempt all the questions.
2. All the candidates are required to comply with the university’s examination policies and
regulations.
3. Any academic misconduct during the examination (such as plagiarism, cheating, or collusion
with another candidate) will be expelled from the examination room and the examination will be
marked with an automatic zero.
4. Make sure you have 00 pages including this page.
5. All answers should be written in the spaces provided in the exam paper.
6. Students should not carry with them any paper, text, or other material bearing any information
relevant to the exam unless it is an open book exam or certain documents that have been
authorized by the lecturer or invigilator.
7. All mobile phones should be switched off during the examination.
8. The answers for short questions shouldn’t be more than a paragraph.
9. The answers for long questions shouldn’t be less than 1000 words.
10. Case studies and numerical problems should be answered as per instructions or whatsoever
deemed appropriate.
Choose the best available option: (10 Marks)

1. Which of the following statements best describes assurance services?
a) Independent professional services designed to express an opinion on the fairness of historical financial
statements based on the results of an audit.
b) Services that requires the preparation of financial statements or the collection, classification, and summarization
of other financial information.
c) Independent professional services that are intended to enhance the credibility of information to meet the needs of
an intended user.
d) Independent professional services designed for the improvement of operations, resulting in better outcomes.
2. These are independent professional services that improve the quality of information for decision-making.
a) Management consultancy
b) Audit services
c) Assurance services
d) Attestation services
3. The degree of certainty that the practitioner has attained and wishes to convey is:a.
a) Conveyance.
b) An assertion.
c) A declaration.
d) An assurance.
4. What level of assurance is provided by the auditor in an audit engagement?

a) Positive level of assurance
b) High, but not absolute, level of assurance
c) Moderate assurance
d) High level of assurance
5. Who is responsible for designing and preparing the financial statements?

a) Auditor
b) Management
c) Accountant
d) Company secretary
Choose TRUE / FALSE; (10 Marks)

1. Audit sampling conducted On Whole population
TRUE
FALSE
2. Advantages of Audit Sampling are expensive, time consuming and less practical.
TRUE
FALSE
3. The auditor should select sample in such a way that all items in population have an opportunity of being selected
TRUE
FALSE
4. Test of controls comprise of testing of all EXCEPT system

TRUE
FALSE
5. Vouching may not be any matter relevant to verification of assets.

TRUE
FALSE
Short Questions:
Explain briefly below not more than TWENTY words, each consist 5 Marks.
1. Briefly differentiate between qualified and unqualified opinion?
2. Briefly explain expection gap with atleast 2 examples?
3. A manufacturing company wants to hire external auditors who examine the activities
operations procedures and processes of each department of the company. The company
follows the local and international laws rules ad regulations and also has set standards for
the efficiency and effectiveness. The company shall have to provide the access of all kind
of operational information that will be required to the auditors as audit evidences.
Considering the above situation select the most suitable type of audit which the company
should opt and why ?
4. A leather goods manufacturing company has started its operations in year 2001. After
five years of conducting successful business, it has become a listed company recently.
Now the company is required to hire its first auditors but neither the directors nor the
members could appoint the auditors during the past 4 months since the incorporation of
the company.
Explain briefly which authority in above situation can appoint auditos and why?
Long Questions: (10 Marks Each)

1. Explain operational auditing includ advantages and disadvantages?
2. Explain vouching in context of audit procedure including advantages and disadvantages?

AUDITING Final Exam Paper

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

AUDITING Final Exam Paper

Uploaded by

Copyright:

Available Formats

Faculty of Management Science

Student’s Full Name: ………………………….. Father’s Name ………………. Date ..…/……/…..

ACADEMIC YEAR PROGRAM DURATION PROFESSOR NAME

SUBJECT/MODULE: Fundamentals of Auditing and Assurance

INSTRUCTIONS AND REMINDERS

Choose the best available option: (10 Marks)

4. What level of assurance is provided by the auditor in an audit engagement?

5. Who is responsible for designing and preparing the financial statements?

Choose TRUE / FALSE; (10 Marks)

4. Test of controls comprise of testing of all EXCEPT system

5. Vouching may not be any matter relevant to verification of assets.

1. Briefly differentiate between qualified and unqualified opinion?

2. Briefly explain expection gap with atleast 2 examples?

Long Questions: (10 Marks Each)

You might also like