IMPORTANT EXAM QUESTIONS-CWA INTER-AUDITING STUDY NOTE-5- AUDITING BASICS-I 1.Definition and meaning of auditing. 2.

Types of audit evidence and methods of obtaining audit evidence. 3.Audit techniques. 4.Generally Accepted Auditing Standards Principles (GAAS/GAAP) and as given by IFAC 5.Comparision Indian GAAP and US GAAP 6.Concept of Materiality in Auditing 7.Materiality and Audit Risk. STUDY NOTE-6- AUDITING BASICS-II 8.Vouching and Importance of Vouching. 9.How would you verify the following: (i) Sales ; (ii) Purchases (iii)Income Tax (iv) Excise Duty (v) Custom Duty (vi) Sales tax /VAT (vii) Plant & Machinery (viii) Leasehold property (ix) Investments (x)Patents, Trademarks and Copy rights (xi) Cash in bank and hand (xii) Loose tools (xiii) Loans and Advances (xiv) Provision for tax (xv)Secret reserve (xvi) Contingent liability. 10.Disclosure of Accounting Policy AS1 11.Statistical sampling in Auditing. 12.Ratio and Trend Analysis for comparison in Auditing. 13. Inter-firm and Intra-firm comparison. STUDY NOTE-7 COMPANIES ACT PROVISIONS RELATING TO AUDITS 14. Qualification and Disqualification of company auditor 15.Appointment and removal of Company auditor 16. Rights and Duties of Company auditor 17.Joint Audit 18.Branch Audit. 19.Audit Report vs Audit Certificate 20.Types of Audit Report.

21.Corporate Governance STUDY NOTE -8-REVIEW AND AUDIT OF INTERNAL CONTROL SYSTEM 22.Operational Audit 23.Efficiency Audit 24.Propriety Audit. 25.Pre and Post Audit. 26.CARO 27.Internal Control questionnaire with regards to (i)Pay roll (ii) Stock (iii) Accounts receivable 28.Developing the audit program 29.Flow Chart 30.Internal check vs internal control. 31.Audit note book and audit working papers 32.Audit Report 33.Internal audit and investigation of frauds. STUDY NOTE-9-INFORMATION SYSTEM AUDIT AND MANAGEMENT AUDIT 34.Computer Assisted Audit Technique (CAAT) 35.Audit in Case of EDI 36.Audit in case of E-Commerce environment and Online system environment 37.Auditing around computer, with computer, through computer. 38.Information Systems audit procedure. 39.Management Audit-advantages and limitations.

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