* Questions upto November - 2006 are from PE-II Gr. I and from May - 2007onwards are from PCC Gr. I

6.1

Star Rating

On the basis of Maximum marks from a chapter Nil

On the basis of Questions included every year from a chapter Nil

On the basis of Compulsory questions from a chapter j

CHAPTER

Nature of Auditing1THIS CHAPTER COMPRISES OF

L Introduction L Nature and Purpose of Financial StatementsL Statements on Standard Auditing Practices L Definition of Auditing L Objective of Audit L Basic principles governing Audit L Scope of AuditL Auditor's Engagement L Inherent Limitations of Audit L Audit andInvestigation L Types of Audit L Advantages of Independent AuditL Relationship of Auditing with other disciplines.

Marks of Objective, Short Notes, Distinguish Between, Descriptive & Practical Questions

� OBJECTIVE QUESTIONS

6.2 O Solved Scanner IPCC Gr. II Paper - 6

2008 - May [1] State with reasons (in short) whether the following:statements are True or False:

(i) Procedural error arises as a result of transactions having beenrecorded in a fundamentally incorrect manner. (2 marks)

Answer:False : When transactions are recorded in fundamentally incorrect mannerit is known as Error of Principle. For e.g. a distinction not being madebetween capital and revenue income or expenditure. Procedural errors arise due to adoption of wrong accounting procedures.

2008 - Nov [1] State with reasons (in short) whether the following statementsare True or False:(xi) “Auditor is not an Insurer”. (2 marks)

Answer:True : SA ! 200 i.e. “Overall objectives of the independent Auditor and theConduct of an audit in accordance with standards of Auditing.” states thatauditor’s opinion is not an assurance as to the future viability of theenterprise or the efficiency or effectiveness with which the management hasconducted the affairs of the enterprise. The auditor does not insures theinterest of users of accounts but only states his opinion after taking allreasonable care and skill, that the statements show a true and fair picture.The ultimate responsibility is of the management. The audit of financialstatements does not relieve management of its responsibilities.But According to Companies Act 2013:The financial statements shall give a true and fair view of the state ofaffairs of the company or companies as at the end of the financial year[Sec. 129(1) of 2013 Act].The auditor’s report shall state that—to the best of his information and knowledge, the said accounts,financial statements give a true and fair view of the state of thecompany’s affairs as at the end of its financial year and the profit orloss and cash flow for the year and such other matters as may beprescribed [Sec. 143(2) of the 2013 Act].The aforesaid definition is very authoritative. It makes clear that the basicobjective of auditing, i.e., expression of opinion on financial statements doesnot change with reference to nature, size or form of an entity. The definition

[Chapter # 1] Nature of Auditing O 6.3

given above is restrictive since it covers financial information aspect only.However, the scope of auditing is not restricted to financial information only,but, today it extends to variety of non-financial areas as well. That is howvarious expressions like marketing audit, personnel audit, efficiency audit,production audit, etc. came into existence. But here we should study onlyfinancial audit unless and untill otherwise specified.

2009 - Nov [1] State with reasons (in short) whether the following statementsare true or false.(iv) The auditor, in the interest of the users, while explaining the nature of

his reservation, can describe the work of the expert with his name inthe audit report without obtaining prior consent of the expert.

(2 marks)Answer:False : According to SA 620, “Using the work of an Auditor’s Expert,” if theauditor, in the interest of the users includes the name of the expert in hisaudit report, he can do so only after obtaining the prior consent of expert.

2010 - May [1] State with reasons (in short) whether the following statementsare True or False:

(ii) The auditor compares entries in the books of accounts with vouchersand if two agrees, his work is done. (2 marks)

(vi) When an auditor identifies a Misstatement resulting from fraud, it is hisresponsibility to communicate it to the regulatory and enforcementauthorities apart from those charged with governance. (2 marks)

Answer:(ii) False : The totaling of entries in the books with vouchers shows

fairness of financials statements. But auditor has to determinereliability of annual statement of accounts alongwith the truth andfairness.

Answer:(vi) True : According to SA 240 “The Auditor’s Responsibilities Relating to

Fraud in an Audit of Financial Statements” an auditor identifies amisstatement resulting from fraud or error it is his responsibility tocommunicate the matter with those charged with the governance and,in some circumstances, when so required by laws or regulations, toregulatory and enforcement authorities also.

6.4 O Solved Scanner IPCC Gr. II Paper - 6

2014 - May [2] State with reasons (in short) whether the following statementsare correct or incorrect.

(v) ‘Errors of commission’ is where a transaction has been omitted eitherwholly or partially. (2 marks)

Answer:Incorrect:Error of Commission: When wrong amount is entered either in thesubsidiary books or in ledger accounts or when totals are wrongly made orwhen a wrong account is involved or when amount is posted on the wrongside, it is a case of errors of commission.

2014 - Nov [2] State with reasons (in short) whether the following statementsare correct or incorrect:

(ii) The primary objective of an audit is to detect fraud and errors inFinancial Statements. (2 marks)

Answer:This statement is incorrect. The primary objective of auditor is to givenopinion on true and fair view of financial statements. It is secondary objectiveto detect fraud and errors.

2015 - May [2] State with reasons (in short) whether the following statementsare correct or incorrect:(viii) The basic objective of audit does not change with reference to nature,

size or form of an entity. (2 marks)

� SHORT NOTES

2010 - Nov [4] Write short notes on the following : (d) Factors governing modes of communication of auditor with those

charged with governance. (4 marks)

Answer:Factors governing modes of communication of auditor with thosecharges with governance : According to SA 260, “Communication withThose Charged with Governance” the auditor may decide whether tocommunicate orally or in writing, the extent of detail or summarisation in thecommunication, and whether to communicate in a structured or unstructuredmanner may be affected by such factors as:

[Chapter # 1] Nature of Auditing O 6.5

• The size, operating structure, control environment, and legal structure ofthe entity.

• Legal requirements. In some jurisdictions, a written communication withthose charged with governance is required in a prescribed form by locallaw.

• In the case of an audit of special purpose financial statements, whetherthe auditor also audits the entity’s general purpose financial statements.

• The amount of ongoing contact and dialogue the auditor has with thosecharged with governance.

• The expectations of those charged with governance, includingarrangements made for periodic meetings or communications with theauditor.

• Whether there have been significant changes in the membership of agoverning body.

2014 - Nov [7] Write short notes on the following:(b) Self-revealing errors and four illustrations thereof. (4 marks)Answer:Self revealing errors :Such errors appears during the rechecking of books or any account and itappears and find out while rechecking is known as self revealing errors.(1) During the preparations of BRS the checks enter in Bank book and

not entered in statement appears. (2) Under or overvaluation of stock appears during the checking of stock.(3) During physical verification of stock the quantity of stock get tallied.(4) Percentage of less depreciation charged can be find out by such

examination.

� DISTINGUISH BETWEEN

2012 - Nov [4] (b) Distinguish between Auditing and Investigation.(8 marks)

Answer:Both involve a systematic and critical examination of the available evidence,yet these are quite distinct from each other which is as follows:

6.6 O Solved Scanner IPCC Gr. II Paper - 6

S. No. Basis ofDifference

Auditing Investigation

1. Meaning Auditing relates to theindependent examinationof financial information ofany entity, when such anexamination is conductedwith a view to express anopinion.

Investigation relates tosystematic, critical and special examination ofthe records of thebusiness for a specificpurpose.

2. Scope Audit covers all factualassertions in the financialstatements to ascertaintheir truth and fairness.

Scope is limited asregards the period orarea to be covered.

3. Object The object of an audit isto critically examine thefinancial statements andreport on the truth &fairness of assertions.

Investigation aims atascertaining certain factssuch as fraud, taxliability, value of sharesetc.

4. Coverage Auditing is a routineexercise generally anaccounting year.

Investigation may spreadover a period longer thanone year.

5. Purpose To enhance the degree of confidence of intendedusers in the financialstatements.

To establish a fact orassessing a particularsituation.

6. Appointment Auditor may be appointedby the owners orshareholders.

Investigator may beappointed by the ownersor management or eventhird parties.

7. Procedure The audit is conducted inaccordance with theGeneral ly AcceptedAuditing Procedure.

Investigation involves anex tend e d aud i t i ngprocedure.

[Chapter # 1] Nature of Auditing O 6.7

8. Approach Auditor is skeptical andnot suspicious.

Investigator starts hiswork with suspicion &collects evidence toeither confirm or dispelthat suspicion.

9. Evidence Aud i t ev idence ispersuasive.

Investigator relies onconclusive.

10. Extent ofchecking

Test checking or samplechecking is allowed.

I n i n v e s t i g a t i o nparticularly to detectfrauds, test checkingmay not be advisable. Itmay be necessary tocheck 100%.

11. Report Auditor reports to theowners e.g. shareholders.

Investigator reports tothe person on whoseb e h a l f h e h a su n d e r t a k e n t h einvestigation.

KZ - 1 Knowledge Zone

C Audit never undertakes discovery of specific happenings and is neverstarted with a preconceived notion about the state of affairs.

C The auditor seeks to report what he finds in the normal course ofexamination of the accounts adopting generally followed techniquesunless circumstances call for a special probe: fraud, error, irregularity,whatever comes to the auditor’s notice in the usual course ofchecking, are all looked into in depth and sometimes investigationresults from the prima facie findings of the auditor.

C But as per sub Sec. 12 of Sec. 143 of the Companies Act, 2013, if anauditor of a company, in the course of the performance of his dutiesas auditor, has reason to believe that an offence involving fraud isbeing or has been committed against the company by officers oremployees of the company, he shall immediately report the matter tothe Central .

6.8 O Solved Scanner IPCC Gr. II Paper - 6

Auditing & Investigation under Companies Act, 2013Government within such time and in such manner prescribed in rule 13.C Rules 13 of the Companies (Audit and Auditors) Rules, 2014,

describes that in case the auditor has sufficient reason to believe that an offence involving fraud, is being or has been committed against thecompany by officers or employees of the company, he shall report thematter to the Central Government immediately but not later than sixtydays of his knowledge and after following the procedure indicatedherein below: (a) Auditor shall forward his report to the Board or the Audit

Committee, as the case may be, immediately after he comes toknowledge of the fraud, seeking their reply or observations withinforty-five days;

(b) On receipt of such reply or observations the auditor shall forwardhis report and the reply or observations of the Board or the AuditCommittee alongwith his comments (on such reply orobservations of the Board or the Audit Committee) to the CentralGovernment within fifteen days of receipt of such reply orobservations;

(c) In case the auditor fails to get any reply or observations from theBoard or the Audit Committee within the stipulated period of forty-five days, he shall forward his report to the Central Governmentalongwith a note containing the details of his report that wasearlier forwarded to the Board or the Audit Committee for whichhe failed to receive any reply or observations within the stipulatedtime.

C Thereafter the report shall be sent to the Secretary, Ministry ofCorporate Affairs in a sealed cover by Registered Post withAcknowledgement Due or by Speed post followed by an e-mail inconfirmation of the same. This report shall be on the letter-head of theauditor containing postal address, e-mail address and contact numberand be signed by the auditor with his seal and shall indicate hisMembership Number. The report shall be in the form of a statementas specified in Form ADT-4.

C No duty to which an auditor of a company may be subject to shall beregarded as having been contravened by reason of his reporting the

[Chapter # 1] Nature of Auditing O 6.9

matter above if it is done in good faith.Important Note: To note that the provision of this rule shall also apply,mutatis mutandis, to a cost auditor and a secretarial auditor during theperformance of his duties under Sec. 148 and Sec. 204 respectively. If anyauditor, cost accountant or company secretary in practice do not complywith the provisions of sub-Sec. (12) of Sec. 143, he shall be punishablewith fine which shall not be less than one lakh rupees but which mayextend to twenty-five lakh rupees)

� DESCRIPTIVE QUESTIONS

2005 - Nov [3] (b) What are the inherent limitations of audit?(8 marks)

Answer:SA ! 240 The “Auditors responsibilities relating to fraud in an audit ofFinancial Statement,” points out that the opinion expressed by the auditor isneither an assurance as to the future viability of the enterprise nor theefficiency or effectiveness with which the management has conducted affairsof the enterprise. Due to following inherent limitations of the audit, the auditorcannot guarantee that there is no fraud or error:

• Test nature of audit.• Risk of not detecting the fraud is more than error as frauds are

designed in such a way that it is difficult for the auditor in normalcourse of audit to detect it .

• Risk of failure of internal control - Any system of internal check/controlmay become ineffective due to collusion among employees for doingfraud and fraud committed by top management itself.

• Management’s fraud - Risk of auditor not detecting a materialmisstatement resulting from management’s fraud is greater than that ofan employee’s fraud because those charged with governance andmanagement are often in a position that assumes their integrity andenables them to override the internal control procedures. For example-if a director of a company orders verbally the assistant not to record thesales made to particular party and to show the goods, sold as inventory,he is overriding the internally established procedure (internal control).

6.10 O Solved Scanner IPCC Gr. II Paper - 6

2006 - Nov [3] (a) What are the basic principles governing an audit? Explainin brief. [Modified](10 marks)Answer:Presently there is no specific standard namely basic principles governing anaudit. But there are certain basic principle which governs the auditor’sprofessional responsibilities and should be complied with whenever an auditis carried out. Compliance with the basic principles requires the applicationof auditing procedures and reporting practices appropriate to the particular circumstances. The basic principles as stated in this guideline are :1. Integrity, objectivity and independence: The auditor should be

straightforward, honest and sincere in his approach to his professionalwork. He must be fair and must not allow prejudice or bias to override hisobjectivity. He should maintain an impartial attitude and appear to befree of any interest which might be regarded. Whatever it’s actual effect,as being incompatible with integrity and objectivity.

2. Confidentiality: The auditor should respect the confidentiality ofinformation acquired in the course of his work and should not discloseany such information to a third party without specific authority or unlessthere is legal or professional duty to disclose. It is remarked that anauditor should keep his ears and eyes open but his mouth shut.

3. Skill and competence: The audit should be performed and the reportprepared with due professional care by persons who have adequatetraining, experience and competence. This can be acquired through acombination of general education, technical knowledge obtained throughstudy and formal courses concluded by a qualifying examinationrecognized for this purpose and practical experience under propersupervision.

4. Work performed by others: When the auditor delegates work toassistants or uses work performed by other auditors or experts, he willcontinue to be responsible for forming and expressing his opinion on thefinancial information. At the same time he is entitled to rely on workperformed by others provided he exercises adequate skills and care andis not aware of any reason to believe that he should not have relied. Theauditor should carefully direct, supervise & review work delegated byassistants. He should obtain reasonable assurance that work performedby other auditors or experts is adequate for this purpose.

[Chapter # 1] Nature of Auditing O 6.11

5. Documentation: The auditor should document matters, which areimportant in providing evidence that the audit was carried out inaccordance with the basic principles.

6. Planning: The auditor should plan his work to enable him to conduct aneffective audit in an efficient and timely manner. Plans should be basedon knowledge of client’s business. They should be further developed andrevised, if required, during the course of audit.

7. Audit evidence: The auditor should obtain sufficient appropriate auditevidence through the performance of compliance and substantive testprocedure. It will enable him to draw reasonable conclusions therefromon which he has to base his opinion on the f inancial information.

8. Accounting system & internal control: The auditor should gain anunderstanding of the accounting system and related internal controls. Heshould study and evaluate the operation of those internal controls uponwhich he wishes to rely in determining the nature, timing and extent ofother audit procedures.

9. Audit conclusions and reporting: The auditor should review andassess the conclusions drawn from the audit evidence obtained andfrom his knowledge of business of the entity as the basis for theexpression of his opinion on the financial information.

The audit report should contain a written expression of opinion of thefinancial information. It should comply with the legal requirements. Incase of a qualified opinion, adverse opinion or disclaimer of opinion isgiven or reservation on any matter is to be made reasons thereof.Note: You may note that at present, there is no specific standard is givenin this respect. But there are certain fundamental principles which areethically required as per code of ethics along with SA 200(Revised) andSA-220. However, in general above mentioned principles are basicprinciples only.

2008 - Nov [3] (a) What are the basic principles which govern the Auditor’sprofessional responsibilities while doing Audit? (5 marks)Answer:Please refer 2006 - Nov [3] (a) on page no. 26

2009 - Nov [3] Discuss the basic principles governing an audit. (10 marks)

6.12 O Solved Scanner IPCC Gr. II Paper - 6

Answer:Please refer 2006 - Nov [3] (a) on page no. 26

2011 - May [3] (a) Discuss limitations of audit. (8 marks)(b) Discuss prerequisites and fundamental principles to be possessed by anauditor. (8 marks)Answer:(a) Please refer 2005 - Nov [3] (b) on page no. 25(b) Please refer 2006 - Nov [3] (a) on page no. 26

2011 - Nov [6] (b) Discuss the types of audits required under law.(5 marks)

Answer:Legally audit is not compulsory for all the types of business organisation orinstitution. Thus it may be divided in two broad categories :1. Statutory/Mandatory Audit2. Voluntary/Independent Audit

1. Statutory audit: It is an audit which is conducted under the control of law:

Enterprise Governing Statute

CompaniesCo!operative SocietiesBanking Co'sInsurance Co'sElectricity Co'sPublic Charitable Trust

Companies Act, 2013Multi state Co!operative SocietiesActBanking Regulation Act, 2013Insurance Act & Companies ActThe Electricity Act, 2003Indian Trust Act and also stateenactments

2. Voluntary Audit : It is a purely optional audit and at the discretion of thegoverning body. Examples of enterprises of voluntary natures areindividuals, private trust, partnership firm etc which are not governed byany provisions of the Income Tax Act, 1961 or Wealth Sales Tax Act.

2012 - May [6] (b) What are the advantages of an independent audit?(8 marks)

[Chapter # 1] Nature of Auditing O 6.13

Answer:1. Meaning : Independence implies that the judgement of a person is not

subordinate to the wishes or directions of another person who mighthave engaged him or to his own self-interest.

2. Nature : Independence is a condition of mind and personal characterand should not be confused with the superficial and visible standards ofindependence, which are imposed by law.

3. Visibility : Independence of the auditor should not only exist, but shouldalso appear to so exist to all reasonable persons. The relationshipmaintained by the auditor shall be such that no reasonable man candoubt his objectivity and integrity. There is a collective aspect ofindependence that is important to the accounting professional as awhole.

Advantages : The advantages of an independent audit are :(i) Protection of interest : It safeguards the financial interest of persons

who are not associated with the management of the organizationwhether they are partners or shareholders.

(ii) Moral check : It acts as a moral check on the employees fromcommitting defalcations.

(iii) Tax liability : Audited statements of account are helpful in settingliability for taxes.

(iv) Credit negotiation : Financers and bankers use audited financialstatements in evaluating the credit worthiness of individuals innegotiating loans.

(v) Trade dispute settlement : Audited statements are useful in settlingthe trade disputes for higher wages, or bonus, etc.

(vi) Control over inefficiency : It helps in detection of wastages andlosses and also helps in recommending ways to correct it.

(vii) Funds-in-trust : It is an agency, which ensures that persons acting forothers have properly accounted for the amounts collected by them.

(viii) Arbitration : It is helpful in settling disputes by arbitration.(ix) Appraisal : Audit reviews the existence and operations of various

controls in the organization and reports in adequacies, weaknesses,etc in them. Management can take suitable action based on thereports.

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(x) Assistance to government : Government may require audited andcertified statements before it gives assistance or issues a license fora particular trade.

2013 - May [1] {C} (a) Discuss with reference to SAs:(i) The auditor shall communicate all significant findings with those

charged with Governance. (5 marks)Answer:Please refer 2010 - Nov [4] (d) on page no. 20

2013 - May [3] (b) Explain the basic principles governing audit. (8 marks)Answer:Please refer 2006 - Nov [3] (a) on page no. 26

2013 - Nov [1] {C} Discuss the following:(b) The discipline of behavioural science is closely linked with the subject of

auditing. (5 marks)

Answer:Auditing is very much a discipline which involves review of various assertionsboth financial as well as non financial as regards this truthfulness. So auditcan be performed in a better way only if the person also possesses a goodknowledge about the other discipline.The discipline of behavioural science is closely linked with subject ofauditing. While carrying out audit activity an auditor is required to obtaininformation and explanations from the client’s staff and he has also tointeract with the client’s staff in analysing the financial figures. So, theknowledge of human behaviour is very essential for an auditor. Thusknowledge of dealing with human being is indeed very essential for anauditor in order to discharge his duties.

2015 - May [1] {C} Discuss the following: (a) Advantages of independent audit. (5 marks)(c) Is detection of fraud and error duty of an auditor? (5 marks)

� PRACTICAL QUESTIONS

2005 - Nov [2] {C} (a) Give your comments on the following :(ii) Auditors of M/s Fortune India (P) Ltd. were changed for the accounting

[Chapter # 1] Nature of Auditing O 6.15

year 2004-05. The closing stock of the company as on 31.3.2004amounting to ` 100 lacs continued as it is and became closing stockas on 31.3.2005. The auditors of the company propose to excludefrom their audit programme the audit of closing stock of ̀ 100 lacs onthe understanding that it pertains to the preceding year which wasaudited by another auditor. (5 marks)

Answer:According to SA ! 510, “Initial Engagements - Opening Balance”, forinitial audit engagements, the auditor should obtain sufficient appropriateaudit evidence that :1. The closing balance of the preceding year has been correctly brought

forward to the current year.2. The opening balance does not contain mis-statement that materially

affect the financial statement for the current period. 3. Appropriate accounting policies have been applied consistently.

Present Case:As per initial engagements, it is the duty of the auditor to verify the closingbalances with that of the current period.

Therefore, exclusion of audit of closing stock from the audit programmeis not a correct step only because it pertains to the preceding year, whichwas audited by another auditor.

Hence, the auditor should verify the closing stock also.

KZ - 2 Knowledge Zone

Conditions or events which increase the risk of fraud or error.

As per SA ! 240 on fraud and error, following are the conditions or eventsthat increase the risk of fraud and error.1. Internal control faults : Weakness in design of internal control

system and non-compliance with laid down control procedure increasethe risk of fraud & error.e.g. A single person is responsible for the receipt of all posts, mails and marking it to relevant sections or two persons are responsible forthe receipt of all posts & mails, but the same is not followed in actualpractice etc.

2. Doubts regarding the integrity and competence of the

6.16 O Solved Scanner IPCC Gr. II Paper - 6

management :e.g. ! One person effecting dominates the management.

! Complex corporate system and procedure are in force. ! High turnover rate of key personnel.! Prolonged under-staffing.! Frequent changes in auditor, legal adviser’s etc.

3. Unusual pressure within an entity :e.g. ! All round recession in the industry.

! Inadequate working capital.! Increased risk taking to earn more profit.! Dependent on one or few product or customer.! Completion of financial statements in unusually short time.

4. Unusual transactions :e.g. !Transactions that have a significant effect on earnings, at

the year end.! Transactions with related parties.! Excessively high payments for service like lawyers agents etc.

5. Problems in obtaining sufficient appropriate audit evidence :e.g. ! Inadequate records.

! Inadequate documentation of transaction.! Non-cooperation by the officials of the entity.! Non-confirmation by the hired parties.

KZ - 3 Knowledge Zone

Distinguish between Auditing, Accounting and Investigation

Basis Accounting Auditing Investigation

1 Meaning Accounting is theart of recording,classifying ands u m m a r i s i n gfinancial informa-tions transac-tions and eventsand preparationof reports there

An Audit is ani n d e p e n d e n texamination offinancial inform-ation of any entitywhen such anexamination isconducted with aview to expressing

I n v e s t i g a t i o nimplies syste-matic critical andspecial exami-nation of therecords of thebusiness for aspecific purpose.

[Chapter # 1] Nature of Auditing O 6.17

on. an opinion thereon.

2 Objective Recording oftransaction fromvoucher andp r e p a r i n gfinancial state-ments.

T o c r i t i c a l l ye x a m i n e t h e f inancial state-ment and report ontruth and fairness.

To asce r ta incertain facts suchas fraud, taxliability, value ofshare etc.

3 Conductedby

Managementsprimary respon-sibility to main-tain and imple-ment effectiveaccounting state-ment.

A C h a r t e r e dAccountant withinthe meaning of theChartered Account-ants Act, 1949.

Any person asappointed by themanagement.

4 Coverage Don e o n aregular basis fora period of oneaccounting year.

It is a routineexercise generallyfor one accountingyear.

It may spreadover a periodlonger then ayear.

5 Aspect I t i n v o l v e srecording aspecto f f i n a n c i a lstatements.

It covers exami-nation aspect off inancial state-ments.

It covers investi-gation aspect offinancial state-ment.

Similarly Asked Questions*

No. Category Question Marks Frequency

1 Descriptive Do you agree with the view thatthere are inherent limitations ofAudit?

05 - Nov [3] (b), 11 - May [3] (a) 8, 8 2 Times

6.18 O Solved Scanner IPCC Gr. II Paper - 6

* This table contains the Similarly Asked Questions. Please pay moreattention to such question.

2 Descriptive What are the basic principles whichgovern the Auditor’s professionalresponsibilities while doing Audit?

06 - Nov [3] (a), 08 - Nov [3] (a),09 - Nov [3] 10,5,10 3 Times

3 Descriptive Advantages of independent audit. 12 - May [6] (b), 15 - May [1] (a) 8,5 2 Times

Table Showing Marks of Compulsory Questions

Year 10N

11M

11N

12M

12N

13M

13N

14M

14N

15M

Descriptive 5 5 10

Total 5 5 10

Motivational Quote