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FAM sub Winter Exam 2010 PUBLIC

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FAM sub Winter Exam 2010 PUBLIC Powered By Docstoc
					                                     Winter Exam-2010
                                            PUBLIC SECTOR
                        Financial Audit Manual (FAM) [04-11-2010]
                                                (Common to all)
Subjective                                        Marks-75                     Duration: 2 hrs. 15Mins.
                                                 [Instructions]
• Ensure that the question paper delivered to you is the same, in which you intend to appear.
• Read the instructions given on the title page of Answer Copy.
• Books are not allowed.

     Attempt all questions from Part-I and any two from part -II


                                                   Part-I
 Q.1. (a) What is meant by ’Regularity Audit’?                                                     (06)

        (b) Explain DAGP Strategic Audit Plans.                                                    (09)

 Q.2. Describe the values and principles contained in Code of Ethics adopted by the DAGP.          (15)

 Q.3. (a) List indicators of risk that can alert the auditors to potential risk situations and (08)
              explain any two of them.

        (b)   How the auditor reviews the internal controls as part of the audit?                  (07)

                                                  Part-II
 Q.4. (a) In what manner entity feedback is used by the auditors to assess and improve the (08)
              quality of their audits?
        (b)   Define Statistical Sampling. What are its main advantages over non-statistical (07)
              sampling?

 Q.5. (a) What is meant by “Substantive Tests”?                                                    (05)
        (b)   Explain the procedures for gathering audit evidence.                                 (10)

 Q.6. (a) Define Audit Opinion. State the circumstances in which an auditor expresses an (07)
              “Unqualified Opinion”.
        (b)   State the Quality Assurance Mechanism during the Evaluation Phase Of Audit.          (08)


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MUHAMMAD SARMAD AKRAM MUHAMMAD SARMAD AKRAM MSA www.docstoc.com/profile/muaz007
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