B.com Part 2 – Auditing 2006 Regular Paper

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AUDITING 2006 (REGULAR)

 

Time : 3 Hours                Max. Marks:100

 

Instructions: Attempt three questions from section A, including Question No. 1 which is compulsory. Both questions from section- B.

 

SECTION A

 

l.(a) Define AUDITING and what are the types of Auditors?

(b) Explain the Rights and duties of an Independent Auditors. (10+10)

 

2. List out the steps taken by the Auditor, before starting audit work and explain in detail any Three of them.(20

3.(a) What is Internal Control and give its essential features. (b) Briefly describe External Audit.(15+05)

 

4(a) VOUCHING is the essence of Audit. Discuss. (08)

(b) What points should be considered while EXAMINING the VOUCHERS of a Company? (12)

 

5.(a) Distinguish between AUDIT and INVESTIGATION(08)

(b) Discuss the procedure of Investigation in case of:

(i) SUSPECTED FRAUD ‘

(ii) In case of FLUCTUATION in PROFITS.

6.(a) What is QUALIFIED AUDIT REPORT, explain and give at least three examples of qualifications. (10)

(b) Explain in detail the Difficulties in determination of DIVISIBLE PROFIT. (10)

 

SECTION B

 

7. Discuss in detail the history of Income Taxation in Pakistan. OR

Give the list of Income Tax Authorities inPakistan. (15)

8. Mr. Hamid is working in a private firm. He provided the following details for income year on June 30, 2006

(i) Salary Rs.10,000 P.M. in the Pay Scale of (10,000-1000-20,000) (ii) Bonus equal to three months Salary.

(iii) House Rent Rs.6,000 P.M. (lv) Medical allowance Rs 15,000 P.A. His actual expenses were Rs. 10,000.

(v) Share of Profit from registered firm is Rs.15,000.

vi) Conveyance allowance Rs.800 P.M.

(vii) Entertainment allowance Rs,500 P.M.

(viii) Received gift from father worth Rs.12OOO.

(ix) Cash prize Rs. 20,000.

(x) Annual Income from agriculture is Rs.7OOOO.

Required: Compute total Income and Taxable Income of

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