GLOBALCOMMERCEACADEMY

IMPORTANTQUESTIONSFOR1stANNUAL2012 B.com(ll)AUDITINGBC40 Prof.MNawaz03007947703Prof.MianNiazShakir03446659950

1. Describethebenefitsofgettingtheaccountsauditedtothebusinessitselfandpublicat large. 2. Defineauditing.Alsoexplainthedifferencebetweenaccountingandauditing. 3. WhatismeantbyFINALAUDIT?Explainitsfeatures,meritsanddemerits. 4. Defineinterimaudit.Discussitsmeritsanddemerits. 5. Whatismeantbyinternalaudit?Howdoesitdifferfromexternalaudit? 6. Explainthebasicprinciplesofinternalcontrolsuitableforamanufacturingbusiness. 7. DefineVouching.Howwouldyouvouchthefollowing: a) Purchaseofstock b) Salescommissionpaid. 8. BrieflyexplaintheproceduretobefollowedforappointmentofanauditorinaPublic Ltd.Company. 9. DescribethespecialpointstobekeptinmindbyanauditorduringtheauditofaTextile Mill. 10. DefineInvestigation.HowdoesitdifferfromAudit? 11. Explainthenecessaryinformationthattheauditormustcollectbeforecommencinga newaudit. 12. Brieflydiscusstherightsanddutiesofanauditor. 13. Underwhatcircumstancesandauditreportmaybecomequalified.Givespecimenof suchareport. 14. ExplainthespecialpointstobekeptinmindduringtheauditofaninsuranceCompany. 15. Defineverificationsandelaborateitstechniques. 16. Explainthebasicprinciplesofinternalcontroltobefollowedinamanufacturing business. 17. BrieflyexplainthequalificationsanddisqualificationsofanauditorofapublicLtd.Co 18. Whatismeantbyunqualifiedreport?Giveaspecimenofsuchreportaftercompleting theannualauditofapublicLtd.Co 19. ExplainthespecialpointstobekeptinmindduringtheauditofaSugarmill.

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