Audit Important Topics for IPCC November 2014 Exams 1 Discuss the basic principles governing an audit. 2 Discuss the limitations of auditing. 3 Discuss the areas in which different accounting policies may be adopted. 4 State briefly qualities of auditors. 5 Write short note on Independent audit and its advantages. 6 Discuss the concept of true & fair view. 7 What are fundamental accounting assumptions and their disclosure requirement? 8 Write short note on Substantive procedure. 9 Discuss the reliability of audit evidences. 10 What are the specific assertions relating to items appearing in financial statements? 11 What are the audit techniques to obtain audit evidences? 12 Discuss analytical review procedure with reference to SA. 13 Write the differences between Auditing & Investigation. 14 What do you mean by “Sufficient Appropriate Audit Evidence”? State various factors that help the auditor to ascertain as to what is sufficient appropriate audit evidence. 15 What are the benefits of audit planning? 2014822-19300579-5354-2-compressed16 What are the advantages and disadvantages of audit programme? 17 Discuss examination in depth. 18 Discuss Surprise check. 19 Discuss Audit Risk. 20 Discuss Random Sampling 21 What are the inherent limitations of internal control? 22 What are the General considerations in framing a system of internal check? 23 Discuss the concept of Internal audit. 24 Discuss the concept of audit materiality. 25 Write difference between Internal control questionnaire and Internal control evaluation. 26 Factors to be considered while establishing overall audit strategy. 27 Short note on Audit working paper and its advantages. 28 Content of permanent working file and current working file. 29 Difference between black box approach and while box approach. 30 Define audit trail. 31 Internal control in CIS environment. 32 How auditor is removed? 33 Disclosure requirement u/s 224 (1A). 34 Write rights of the auditor. 35 Verify issue of share for consideration other than cash. 36 Verify Buy Back of shares. 37 Share transfer audit. 38 Verify issue of sweat equity shares. 39 Verify issue of share at premium. 40 Verify payment of interest out of capital 41 Write note on expenditure audit. 42 Special audits of Hotel, Hospital, Cinema, Club, NGO, Educational institution, and Local bodies. 43 What is CARO 2003, and what is it’s applicability. 44 How the first auditor of the Co is appointed? 45 Appointment of auditor by passing SR. 46What are reporting requirement as per section 227 (3). 47 Cut off procedure. 48 Verify option on share capital 49 Audit of Government receipts. 50 Power of CG to appoint the auditor.
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