Punjab College of Commerce Islamabad Campus

Important Questions Principle of Auditing

Q No 01.Define Audit and what are the objects of Audit?

Q No 02 Define Audit. What are the Advantages of Audit?

Q No 03What is the difference between Accounting and Auditing?

Q No 04What are the essentials Qualities of an Auditor?

Q No 05Define Continuous Audit and also write its Advantages and Dis-Advantages?

Q No 06Define Interim Audit. What are its Advantages and Dis-Advantages?

Q No 07Define Final Audit with its Advantages and Dis-Advantages.

Q No 08 Define Audit Program. Explain its Advantages and Dis-Advantages.

Q No 09Suggest a Suitable system of Internal Control over

(a)_Purchase Or stock or stock Dealings

(b)_Sales Dealings Or Debtors
(c)_Cash Dealings
(d)_Cash Sales

Q No 10What are the legal requirements about appointment, approval and remuneration of
Audit?

Q No 11What are the points to be kept in mind for the Auditor before commencing a new
Audit?

Set 2 (Important Questions of Principles of Auditing Punjab University to Gain A+)

Q No 12 What is meant by Auditors Bailment? Explain the Bailment of the Auditor with
reference to legal rules regarding:-

(a)_ Negligence
(b)_ Maintenance
(c)_Criminal
(d)_Liable
(e)_Third Party

Q No 02 What are the rights, powers of an Auditor?

Q No 03 What are the Duties of an Auditor

Q No 04 What do you mean by Auditors report? What steps should be taken by an Auditor for
the purpose of Qualified and Un Qualified.

Q No 05 What steps should be taken by an Auditor for the purpose of Statutory Report?

Q No 06 What steps should be taken by an auditor for the purpose of prospectus Report?

Q No 07 What special points should be taken into consideration by an Auditor while Auditing
the Accounts of:-

(a)_Books
(b)_Insurance Company
(c)_Textile Company
(d)_Sugar Company
(e)_Hotel
(f)_Newspaper Company

Q No 08 What is Investigation? Explain its Objectives.

Q No 09 What is Investigation? Explain its classes

Q No 10 Explain the Difference of Auditing and Accounting.

Q No 11 Define the vouching. Explain the Various Techniques/Principles of Vouching.

Q No 12 Define Verification? Explain various techniques of Verification.

Questions to Gain A+ in the Examinations of Punjab University InshAllah

Guess Papers will be introduced soon.