Note: Attempt any THREE questions from Section-A including Question No.1 which is compulsory. Both questions from Section-B.
1. (a) Define auditing and its objectives.
(b) What are the essential qualities of an auditor?
2. What are the preliminaries to the commencement of a company audit? Discuss in detail.
3. (a) List the various types of Audit techniques and explain any three of them.
(b) Explain the procedure of investigation before purchase of a running business.
4. Distinguish between any TWO of the following:
(i) Cost audit and continuum audit
(ii) Audit evidence and audit techniques
(iii) Annual audit and continuous audit
(iv) Government audit and management audit
(v) Cost audit and financial audit
(vi) Audit program and audit working papers
5. (a) Define Frauds and explain various types of frauds.
(b) Write a detailed note on external audit.
6. (a) What are the audit working papers?
(b) Explain purpose and importance of audit working papers.
7. Explain rights, duties and liabilities of a company auditor.
8. (a) Draft and unqualified audit report for the shareholders of Hamza textile mills l.tdKarachi; for the year ended June 30, 2007.
(b) What do you mean by Audit evidences?
(i) Special tax year
(iv) Transactional tax year
10. Define withholding income tax deduction section.
|(i) 148||(ii) 149||(iii) 231 A|
|(iv) 235||(v) 236|
11. Mr. Mustafa who is working in a private firm provided the following particulars for the income year ended on June 30, 2012.
(i) Basic salary Rs. 60,000 per month in the pay scale 50,000-5000-70,000.
(ii) House rent 50% of the basic salary.
(iii) Traveling allowance Rs. 25,000.
(iv) Entertainment allowance Rs. 2,000 Per month.
(v) Medical allowance Rs. 6,000 per month.
(vi) Utility allowance Rs. 8,000 per month
(vii) Bonus Rs. 100,000.
(viii) Conveyance provided by the employer for official use. Cost of acquisition of vehicle is Rs. 50,000.
(ix) Cash award Rs. 50,000.
(x) Special additional allowance Rs. 7,000 per month.
(xi) Special pays Rs. 120,000.
Required: Compute total and taxable income of Mr. Mustafa. Its good for all kinds of uses first aid, equipment? www.essayclick.net/