ACC311 - Fundamentals Of Auditing

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ACC311 Mid Term Past Paper

ACC311 Mid Term Question no 1:
During audit of the financial statements, the auditors are concerned with the verification and determination of which one of the following items
Statements, accuracy, and feasibility
Date, accuracy, and reliability
Policies, value, and reliability
Cycle, policies, and reliability
ACC311 Mid Term Question no 2:

Which one of the following authorities shall fix the remuneration of the auditors, if auditors are appointed by the SECP? (Companies Ordinance, 1984)
Company registrar
ACC311 Mid Term Question no 3:

The phrase (Scope of an Audit) refers to which one of the followings
Engagement letters
Audit procedures
Audit evidence
Reasonable assurance
ACC311 Mid Term Question no 4:

Following statements are true about the legal requirements of books accounts for the companies EXCEPT: (Companies Ordinance, 1984)

Books of accounts should be preserved for 10 years
Books of accounts are to be kept at the registered office of the company
Directors can review the books of account during the business hours
If a company fails to maintain books of accounts according, it may leads to demolish the entity
ACC311 Mid Term Question no 5:

The factors that affect reasonable assurance include all of the following EXCEP

Use of testing (Sampling)
Interest limitations of accounting and internal control
Remuneration of the auditor
Persuasive nature of audit evidence

ACC311 Mid Term Question no 6:

A well designed Internal Control Questionnaire (ICQ) should incorporate the following EXCEPT

Be a sufficient source of data for the evaluation of internal controls
Identity the internal control system’s strengths and weaknesses
Be organized by individual functional organizations
Should include simple yes or no responses but no narrative responses
ACC311 Mid Term Question no 7:

Which one of the following is FALSE about Internal Control Evaluation Checklists (ICEC)

ICEC is developed to overcome the shortcomings of Internal Control Questionnaire
The rules of constructing ICEC is different than construction of Internal Control Questionnaire
It is designed to determine, whether desirable internal controls are present
It is normally employed where system’s information has already been recorded

ACC311 Mid Term Question no 8:

An auditor’s flow chart of an entity’s information system is a diagrammatic representation. It depicts what kind of information

Program for tests of control
Understanding of the system
Understanding of the types of irregularity that are probable given by the present system
Documentation of the study and evaluation of the system

ACC311 Mid Term Question no 9:

Which one of the following is NOT a factor included in the control environment of an entity

Integrity and ethical values
Risk assessment
Commitment to competence
Organization structure
ACC311 Mid Term Question no 10:

The audit which is a review of any part of an entity’s operating procedures and methods is known as
Financial statement audits
Operational audits
Technical Audits
Compliance audits


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