AUDITING 2003 (REGULAR / PRIVATE)
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.
1.(a) State whether the following are True or False: (10)
(i) Auditing is the systematic examination and verification of the accounting Record.
(ii) Auditor prepares the Financial Statement.
(iii) Internal Auditor in a company must be Chartered Accountant
(iv) Govt. Auditors are working under 1CAP.
(v) Audit Program is a planned procedure of examination
(vi) An effective Internal Control can prevent and eliminate chances of Frauds.
(vii) Auditor is a director of the Company.
(viii) Company declared dividend and must be paid before Annual General meeting.
(ix) Auditor only issue clean report.
(x) Audit of annual accounts of a company is legal require.
1(b) Draft an qualified audit report for the share holders of Jehanzeb Textile Mills Ltd. Karachi as on 31.12.2002 (10)
2. Explain auditing standards and procedures. (20)
3.(a) Define Frauds and explain types of Frauds. (10)
(b) What is the purpose of audit program. (10)
4.(a) Write a detail note on Internal auditing. (10)
(b) What points should be considered while auditing the annual accounts of a Hotel and Restaurant. (10)
5. What are divisible Profit? What should be the guiding Principles in determining the divisible Profit? (20)
6. What is Internal Control? Describe the essential features. (20)
7.(a) Write short note any Two of the following (8)
i) Total Income (ii) Income Year
e=’4�rb #�H��under (25)
1. Salary Rs,15,000 per month in the pay scale of Rs.10,000 — 1000 — 20,000.
2. House rent allowance Rs.6,000 per month.
3. Commission Rs.20000 for the year.
4. Conveyance allowance Rs.6,600 per year.
5. He spent Rs.2,000 on entertainment which was reimbursed to him.
6. Cost of living allowance 10% of basic pay per month.
7. Medical allowance Rs.1,000 per month (Actual Expense Rs.20,000)
8. Received gift worth Rs.10,000
9. Traveling allowance Rs.5000
10. Income from agriculture Rs.30,000
11. Utility allowance Rs.600 per month.
Required: Compute total and taxable income of Shahid Naseem.
ix) Shai�fp #�H��m registered firm Rs.15,000.
(x) Received a Sum of Rs.20000 for delivering lecture.
(xi) Agricultural income Rs,50,000.
(xii) He received cash award of Rs.20,J00 to boost up the sales of his firm.
(xiii) Zakat was deducted Rs.10,000. (25)
Required: Compute total and taxable income of Arif Raza.
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