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Past paper of senior auditor 2016 | Fpsc past paper | Important question for the exams of senior auditor through Federal public service commission.

past-paper-of-senior-auditor-2016

Past paper of senior auditor 2016 by FPSC

No, Question Option A Option B Option C Option D
1 Which of the following is needed to be verified at the time of verification of account balance Look over any significant reconciling items of an unusual nature Inspect about outstanding stale checks Acquire direct bank confirmation All of the given options (ans)
2 Which of the following statement is not correct about materiality Materiality is a relative concept Materiality judgments involve both quantative and qualitative judgments Auditors consideration of the needs of an informed decision maker who will rely on the financial statements At the planning state, the auditor considers materiality at the financial statement level only (ans)
3 Which one of the following aspects of assets must be verified Cost and authorization Value and existence Beneficial investment (Ans) Presentation in the accounts
4 Which of the following is not needed to be verified at the time of verification of equity Share capital Movement in share capital Preliminary expenses are properly write off (ans) Movement in reserves
5 ___ the audit risk______ the materiality and ____the audit effort Lower, higher, lower  (ans) Lower, lower. Lower. Higher, lower, lower. Lower, higher, higher.
6 Which one of the following aspects of assets must be verified Cost and authorization Value and existence Beneficial investment (ans) Presentation in the accounts
7 Which on of the following may not be any matter relevant to verification of assets Taxation Vouching (ans) Insurance The letter of representation
8 Tolerable error and sample size have direct relationship An inverse relationship (ans) No relation Non of given options
9 Which one of the following may not consist of any verification methods Closing balance (ans) Acquisitions Disposals reconciliation
10 What auditors seek in the register of noncurrent assets for each major group of assets Details of each item its cost and residual value Details of each item its cost and accumulated depreciation Details of each item its cost and depreciation (ans) Details of each item its cost and capital investment expected returns
11 Which one of the following may not be any matter relevant to verification of assets? Taxation Insurance Vouching (Ans) The letter of representation
12 How often inventory levels should be checked against the inventory records in order to keep its control effectively? Rarely Periodically (Ans) Never daily
13 Nature of audit procedure refers to which one of the following description It refers to the purpose I.e. tests of controls or substantive procedures and their type that is inspections observation inquiry confirmation recalculation rep performance or analytical procedures (ans) Its refers when audit procedures are to be performed of the period date to which the audit evidence applies Its refers sample size or number of observations of a control activity It refers to the nature of testing and their procedures that is designing structuring and compiling work to be done
14 Which one of the following may not consist of any verification methods? Closing balance (Ans) Acquisitions Disposals reconciliation
15 The Delhi government had constructed six bungalows for its ministers. They are lying unoccupied for last three years. This would be a matter of concern for Auditor Propriety Financial auditor None of above (ans)
16 Analytical procedures are carried out for which one of the following purpose To reduce detection risk (ans) To assess inherent risk To reduce control risk To determine detection risk
17 What auditors seek in the register of noncurrent assets for each major group assets? Detail of each item its cost and residual value Details of each item its cost and accumulated depreciation Details of each item its cost and depreciation (Ans) Detail of each items its cost and capital investment expected returns
18 Test of controls comprise of testing of all EXCEPT Design Implementation Operation efficiency (ans) Operating effectiveness
19 Which of the following is the most appropriate potential reaction of the auditor to his assessment that the risk of material misstatement due to fraud is high in relation to existence of the inventory Visit location on surprise basis to observe test counts Request inventory count at a date close to year end Vouch goods sent on approval very careful Perform analytical procedures (ans)
20 Which of the following is not likely to be a fraud risk factor relation to managements characteristics Tax evasion (ans) Failure to correct known weakness in internal control systems Adoption of conservative account principles High management turnover
21 Professional skepticism requires that the auditor assume that management is Reasonable honest Neither honest nor dishonest (ans) Both of these  None of these
22 Audit of banks is an example of Statutory audit Balance sheet audit Concurrent audit All of above (ans)
23 Which of the following is the component of audit risk Inherent risk Control risk Detection risk All of the given options (ans)
24 Concurrent audit is a part of Internal check systems Continues audit Internal audit systems (ans) Non
25 Balance sheet does not include Verification of assets and liabilities Vouching of income and expense accounts related Assets and liabilities Routine checks (ans)
26 In Pakistan , balance sheet audit is synonymous to Annual audit (ans) Continues audit Detailed audit Statutory audit
27 Which of the following is not a fact of EPA ? Economic audit Efficiency audit Expenditure audit (ans) Effectiveness audit
28 Audit in depth is synonymous for Complete audit Final audit Detailed audit (ans) both
29 Who should prepare the annual capital expenditure budgets of the company in order to keep effective Someone directly responsible to the shareholders Some directly responsible for goods delivery Someone directly responsible to the board of directors Someone directly responsible to deal with the suppliers
30 Which of the following statements is not true about continuous audit? It is conducted at regular interval It may be carried out on daily basis It is needed when the organization has a good internal control system (ans) It is expensive
31 Which one of the following should be included in the letter of representation Existence of any immaterial mistake in the statements (Ans) Existence of any fraud or error in the statements Company’s growth tren in the future figures Market value of the company stock noncurrent assets of manufactured or constructed
32 Balance sheet audit include verification of Assets Liabilities Income and expense accounts where appropriate All of above (ans)
33 Company itself should reflect which types of costs ij the costing records Direct costs plus relevant overhead but not included any profit (Ans) Direct cost plus relevant overhead and any profit earned on it Indirect costs plus relevant overhead but not include any profit Indirect cost plus relevant overhead and any profit earned on it
34 An automobile company hires auditors at the year end. Auditors are the stage of verification and vouching of company’s financials. Before examining the equity section the develop general aspects which one of the following aspects may not  be considered by the auditors during this assessment Share capital is properly classified and described in the accounts Capital stock is enough to execute the company’s financial needs (Ans) Reserves are properly classified and presented Movements in reserves are properly authorized
35 Stratification is a process of div a population into sub populations which have Heterogeneous characteristics Lot of sampling units Homogeneous characteristics (Ans) Nothing in common

 

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