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Thread: Past Papers and pattern {FINAL EXAM Feb. 2010}

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    Senior Member Awais's Avatar
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    Past Papers and pattern {FINAL EXAM Feb. 2010}

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    ACC311- Fundamentals of Auditing

    FINALTERM EXAMINATION
    Spring 2009
    ACC311- Fundamentals of Auditing (Session - 1)
    Marks: 81
    Question No: 1 ( Marks: 1 ) - Please choose one
    Which one of the following is an objective of the internal audit?
    To report on financial statements
    To check accounting system and internal control are operating efficiently
    To determine the accuracy of financial statement values and disclosures
    To establish a control system in the company
    Question No: 2 ( Marks: 1 ) - Please choose one
    Which one of the following statements is NOT correct in respect of the internal auditor?
    The scope of audit performed by internal auditors is primarily in respect of financial
    report audits
    An internal auditor does not require a license to practice
    Internal auditors are usually employed by companies and government units
    Primary responsibility of the internal auditor is to the board of directors
    Question No: 3 ( Marks: 1 ) - Please choose one
    After how many days the Securities and Exchange Commission
    may appoint the auditors, if the
    Directors of a company could not appoint the auditors to fill casual vacancy? (Companies Ordinance,
    1984)

    30 days
    60 days
    80 days
    120 days
    Question No: 4 ( Marks: 1 ) - Please choose one
    Suppose that during audit of a company, an auditor accepted the schedule of bad debts furnished
    by the client, though it was apparent that debts were not recoverable. The auditor shall be held
    liable for which one of the following liabilities?
    Liability for negligence
    Liability for misfeasance
    Criminal liability
    Personal liability
    Question No: 5 ( Marks: 1 ) - Please choose one
    The books of accounts of a company should be kept at which one of the following offices?
    (Companies Ordinance, 1984)
    Registered office of the company
    Accounts office of the company
    Record office of the company

    Registrar office
    Question No: 6 ( Marks: 1 ) - Please choose one
    Which of the following is one of the most fundamental and effective internal controls?
    Increased use of computers for recording accounting transactions
    Increased reliance on internal auditors to monitor accounting systems
    Segregation of incompatible duties across several people
    Having internal auditors report only to the Board of Directors
    Question No: 7 ( Marks: 1 ) - Please choose one
    Which of the following is NOT a major component of an internal control system?
    Risk assessment
    Staffing
    Control procedures/activities
    Information and communication system
    Question No: 8 ( Marks: 1 ) - Please choose one
    An audit firm audited a Leather Manufacturing company and presented its report addressed to the
    management. They found significant material misstatements in the company s internal controls
    system. They strongly recommended that there should be sufficient controls in existence to ensure

    management can effectively control the business operations. In your opinion, auditors are
    emphasizing on which one of the following categories of SOAP MAPS?
    Authorization
    Management and Monitoring
    Arithmetic and Accounting
    Segregation of duties
    Question No: 9 ( Marks: 1 ) - Please choose one
    Which of the following statements best describes the purpose of an internal control questionnaire
    (ICQ)?
    An internal control questionnaire is a series of questions regarding accounting and control
    policies and procedures that the auditor considers necessary to prevent all misstatements in the
    financial report
    An internal control questionnaire is a series of questions regarding accounting and control
    policies and procedures that the auditor considers necessary to prevent material misstatements in
    the financial report
    An internal control questionnaire is a series of questions regarding accounting and control
    policies and procedures that the auditor considers necessary to detect material misstatements in
    the financial report
    An internal control questionnaire is a series of questions prepared by the entity about the
    entity's accounting and control policies and procedures for which the entity seeks guidance on
    from the auditor in order to detect material misstatements in the financial report
    Question No: 10 ( Marks: 1 ) - Please choose one
    A Beverages company is being audited by an audit firm. Audit procedures are being undertaken
    in all of its departments. During this, the audit team has to spend more time on physical

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  2. #2
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    No arrangement its just lookin craP :S

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