Description

Audit – I
June 2022 Examination

Q1. Prepare the Audit Report based on the below mentioned information
Company Name: Premium Pvt Ltd
Director: Mr. Prakash P Pele.
Auditor Name: ZML & Co.
Partner: CA Ramakant A Singh
Opinion: Qualified
Basis for the Qualification: Management has considered the inventory at Cost but actually
Net Realizable Value is lower than Cost. : (10 Marks)

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Q2. Go through the following transactions and write down the audit steps you will conduct
to audit of the fixed Assets purchased by the company KATA Ltd. (10 Marks)
1. Land and Building of Rs.9, 00,000/-
2. Patterns, Dies, Loose Tools Etc. of Rs. 7, 00,000/-
3. Goodwill worth Rs. 5, 00,000/-
4. Motor, Lorries, Vans etc. of Rs. 6, 00,000/-.
5. Furniture, Fittings and Fixture of Rs. 4, 00,000/-

Q3a. Tom Ltd wants establish Internal control to their Apparel processing business what
are the objectives of internal control which management should expect? (5 Marks)

Q3b. SS & Co. is conducting an audit, senior partner of the firm wants to guide the team
about Section 143 (3) Companies Act, 2013 ie. Auditor’s duty to reporting few things. What
are these things? (5 Marks)