The Hindu Business Line : Crossing the final hurdle

Final candidates have a reason to rejoice since they have a day's gap before the dreaded MAFA paper. Celebrate it. Similarly the vacation (two-day gap in an examination is a vacation) between the first and the second groups should be welcome. Perhaps the candidates have the most favourable draw for the game.

For the paper in auditing, the pattern is set. The following topics need attention:

Code of conduct: One should be very familiar with the provision. Implications would be important. Normally, one 18 marks question is on the code of conduct.

Accounting and Audit Standards: These two would account for nearly 100 marks. One 18 marks question appears is on standards exclusively.

Management audit and operations audit account (two parts of the same question)

One full question is expected on company audit.

Audit of banks/insurance companies (perhaps two parts part A and Part B of the same question). Short notes. Maybe, a full question on some particular standard. The above chapters select themselves and other topics have to fight for a place in the remaining two questions. Sounds like the Cricket team? Thus, if a candidate is through with standards, code of conduct, company audit, half the paper is solved and minimum marks can be assured.

The other half of the paper would cover: Audit of computerised accounts (EDP Audit), Cost audit, Audit of stock brokers Audit of co-operative societies.

So, prepare well, write well. My good wishes to all of you.

CA Final mock paper

The first two questions of the mock paper were carried on April 10. Here are some more questions:

3(a) How does test audit differ from test check? (4 marks)

(b) What points do you consider to decide between a continuous audit and a year-end audit? (8 marks)

4) How do you vouch/verify the following: a) overdue instalments; b) drawings of partners; c) share issue expenses; and d) over time wages? (4x4 = 16 marks)

5(a) What are accounting estimates? What are the different kinds of estimates? (6 marks)

(b) Audit evidence in support of accounting estimates is less conclusive than in support of other transactions. Comment. (5 marks)

6(a) What are the special points to be considered in the audit of an autonomous college? (10 marks)

(b) What precautions do you take in the audit from incomplete records? (6 marks)

7(a) What are the duties of the Comptroller and Auditor General of India? (8 marks)

(b) How are internal controls in a computerised environment different from normal controls? (8 marks)

8) Write short notes on: a) confidentiality; b) skill and competence; c) related parties; and d) transactions at arm's length. (4x4 = 16 marks)

(Concluded)