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Cac 321: Introduction To Auditing Question Paper

Cac 321: Introduction To Auditing

Course:Bachelor Of Commerce In Accounting

Institution: Catholic University Of Eastern Africa question papers

Exam Year:2011

Q1. a) Explain and distinguish between accounting and auditing indicating the purpose of each. (8 marks)

b) Highlight the rights an auditor may possess. (8 marks)

c) define and explain the meaning of audit programme. (4 marks)

d) What factors would influence the Auditor to acceptn third party certificates as an audit evidence? (3 marks)

e) List the principal matters which the auditor considers in forming an opinion on the financial statements. (3 marks)

f) Describe the responsibility of the auditor general with regard to the prevention and detection of fraud. (4 marks)

Q2. a) Explain how an auditor can be criminally liable with regard to the prevention and detection of fraud. (5 marks)

b) To which parties can the auditor be liable. (5 marks)

c) Your firm has been the auditors of ABC Co. Ltd for years. It has now been discovered that for the past few years, the managing director has consistently overvalued stock. What are the possible defences of an auditor, should a liability claim arise? (10 marks)

Q3. a) Briefly describe the duties you would expect the internal audit staff to perform. (10 marks)

b) Explain the difference between the responsibilities of internal auditors and external auditors for the prevention, detection and reporting of fraud and errors.(10 marks)

Q4. a) Explain the computer aided audit techniques listed below:
i) Embedded audit facilities (2 marks)
ii)Integrated test facilities (3 marks)

b) In the computer based accounting systems, explain the meaning of the following terms.
i) Application controls
ii)General accounts
c) Write short note on:-
i) Statutory audit(3 marks)
ii)Private audit(2 marks)

Cac 321: Introduction To Auditing Question Paper

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