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Views about Advanced auditing - A CA (Final) model paper
May, 04th 2009

Give your views on the following:

1 (a) During the course of the audit of a branch of a bank, the branch auditor identifies certain advances as doubtful and does not agree with the classification as standard by the branch manager. How should he proceed? (5 marks)

b) A non-banking finance company does not classify its advances as performing and non-performing assets. How do you react? (4)

c) A private limited company sponsors a road show by a political leader for the election campaign. How do you deal with it as an auditor? (5)

d) A private limited company does not give related-party disclosures saying that the provisions do not apply to a private limited company. How will you proceed? (4)

2) Check if the following constitute professional misconduct on the part of a member of the Institute of Chartered Accountants of India (ICAI):

a) A member seeks the help of another member (who is neither a partner nor an employee of the member) to carry out the statutory branch audit of a nationalised bank. The members agree that they would share the fees for the audit. (5)

b) A member accepts the position as the tax auditor of a firm where his brother holds 35 per cent share. (4)

c) A member in practice pays the stipends to his articled assistants once in 3-4 months, but the overall stipends due are paid. (4)

d) A member holding certificate of practice accepts a position as an independent director of a listed company but does not inform the Institute. (5)

3(a) What is LFAR? Discuss any five important points to be mentioned in it together with the procedures to be followed to comply with it. (10)

(b) What are the areas an insurance company can invest its funds? (6)

4(a) What is peer review? Who should subject themselves to a peer review? (8)

(b) What aspects are to be considered in a due diligence audit for a transferee company? (8)

5(a) What is the objective of social audit? How is it carried out? (6)

b) Discuss the provisions of law for carrying out a cost audit. (5)

c) What is an audit committee? How is an auditor concerned with it? (5)

6(a) An auditor is in a precarious position while conducting a management audit. Comment. (8)

(b) What is an operations audit? How does it help the management? (8)

7(a) How do you decide the acceptability of external confirmations? (6)

(b) How do you guard yourself against frauds and errors during an audit? (5)

(c) Draft a letter of engagement for the statutory audit of a limited company. (5)

8) Write short notes on any four of the following: (4x4) = 16 marks

a) special audit; b) concurrent audit; c) corporate governance; d) flash report; e) volatility margins; and f) practising unit.

 
 
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