1) PPRA under ordinance ....

2002
2) PPRA establish in the year .....2004
3) person who submit bid....bidder
4) a practice in which multiple bidder or vendor submit a bit .........competitive bidding
5) person , consultant , firm or company who supply goods ......contactor
6) a bid evaluated and having the Lowest value is ..............lowest evaluated bid
7) these rules apply to all (procurement agencies ) with and outside Pakistan
8 ) the object of procurement brings ( value for money ) to the agency and procurement process is efficient and economical
9) all communication and documentation should be in ....urdu or English
10) procurement exceeding the prescribed limit shall be subject to an under pact specified by regulation with the approval of federal
government between the procuring agency and the supplier applied ....integrity pact
11) if the procuring agency conceived that the catalogs and brand name is essential to complete specification so the word ......equivalent is
used
12) limit to be published on website one hundred thousand rupees (1 lake ) to 2 million
13) national bidding 15 days and international 30 days
14) app procuring agencies to advertise all procurement exceeding prescribed limit applicable under clause ...rule 42
15) advertised in two daily newspapers
16) procurement agencies shall use the main method is ....open competitive method
17) under rule 22 to 37 the procuring shall engage in open competitive bidding if the cost of the object is more than the prescribed limit
(Scrutiny of Record for audit purposes)
1) which of the following document is not relevant for touching cash sale
Daily cash sale summary
Salesman summary
(Monthly statement sent to customer )
2) the auditor should exmine subsequent realization of revenues such as dividend , interest , commission
(Identify the cases of unrecorded revenue )
Ensure proper disclosure in balance sheet
3) to test whether sales have been recorded the auditor should draw a sample from a file of
Sales order
(Sales invoice )
4) for vouching of which item the auditor is most likely to examine cost records
Commission earned
Bad debts recorded
Credit sales
(Sale of scrap)
5) the "guidance notes on revenue " issued by the icai does not deal with
Sales revenues
Revenue rendering services
(Revenue from the sale of fixed assets )
Income from interest , dividend
6) an auditor conduct a surprise check on the pay day the days wages and salaries are paid the primary purpose of this audit is
(To test procedure for obtaining pay cheques )
To obtain understanding of internal control system
7) which of the following would prevent double payment of the same voucher
(A person signing the cheque should cancel supporting document )
Cheque should be signed by at best two persons
8 ) in case of unclaimed wages the auditor should examine whether
(The amount has been deposited in a separate bank account )
Deposited with the cashier
Held in a safe deposit box
9) while vouching wages auditor should examine whether their is a proper segregation of duties which of the following activities should not
be done by same department
(Proposing pay roll summary and disbursement of wages )
Making salary statement and filing tax returns
10) in order to vouching which of the following expenses the auditor will examine bill of entry
(Custom duty )
Excise duty
11) while vouching how will the auditor ensure himself that all credit sales transaction have been recorded by the entry
Examining cutoff point
Matching entries in the sales book against renumbered sales invoices and goods outward notes
(Both)
12) in case of sale return the auditor should examine which document
Credit notes , advice notes , inward return notes
(Credit notes , inspection report , and inward return notes )
13) which of the following most crucial to purchase department
Reducing the cost of acquisition
Selecting supplies
(Authorizing the acquisition of goods )
14) the auditor is most likely to examine related party transaction very carefully while vouching
Credit sales
Sales return
(Credit purchase )
Cash purchase
15) in order to vouch bought ledger the auditor obtain confirmation from country the principal reason for the auditor to examine supplier
statement at balance sheet date is to obtain evidence that .
The supplier exist
(Their is no unrecorded liabilities )
Recorded purchase actually occurred
16) creditor account have credit balance debit balance my be done to
Advance paid against an order
Goods returned
Wrong debit to supplier account
(Any of above )
17) in case of vouching the auditor is least likely to examine authorization by appropriate authority in case of
Bad debts written off
Sales return
Purchase return
(Discount allowed to customers as per organizational policy )
18) which of following is not true with regard to verification of assets
(It invoices substantiation of occurrence of transaction )
It's objective is to establish ownership , possession , valuation and disclosure of assets
The auditor has to form an opinion on different aspects
19) which statement is not true
(The auditor should value the assets as per GAAP principles )
Valuation of no part of auditor
Valuation of assets is the responsibility of management
The auditor can rely on a certificate issued by an authorized valuation as to the valuation of assets
20) auditor is verifying valuation of building which had been self constructed by the client which of the following document is least relevant
to the auditor for verification purposes
Bill of contractor
(Minutes of meeting of BOD)
Loan agreement
21) which of the following assets is least likely to be subjected to lien
Freehold land
Plant and machinery
(Leasehold property )
Motor vehicles
22) an analysis of fixed assets accounts has revealed possibility of unrecorded sale of plant and machinery .which of the following audit
procedure will be adopted to discover it
Examination of property tax files
Inquiry of plant manager
Examination of debits to accumulated depreciation
(All of these )
23) the auditor has noticed existence of recurring losses sale of fixed assets this indicates
(Depreciation charges are insufficient )
Policy of sale and disposal of fixed assets need to be revived
The sale of fixed assets has not been properly authorized
Accounting errors
24) which of the following financial statement assertion are addressed by testing the cut off for plant assets addition
Existence and ownership
Valuation and disclosure
Possession and ownership
(Completeness and valuation )
25) the auditor while verifying prepaid insurance has concluded that there is inadequate insurance of building he should
Modify his audit report
Insist it should be disclosed in the notes to financial statements
Write it in letter of weakness
(Both (b) and (c))
26) while verifying tangible assets the auditor would have recomputed amortization charges and determine whether amortization Period is
reasonable .the auditor tries to establish ...by doing it
(Valuation )
Existence
Disclosure
Possession
27) when auditing prepaid insurance discovers that the insurance policy bound on building is not available for inspection Thai may
indicate ?
No insurance has been undertaken for building
(Lien on building )
Insurance premium has not been paid
Insurance premium paid but not recorded
28) which of the following control would ensure that securities are not lost, stolen , diverted
Establish physical barriers over investment securities
Maintain files of authorized signature
Segregate investment approval form accounting and from custody of securities
(All of these )
29) analytical procedure are least likely to be use in the audit of
(Cash balance )
Investment
Bills receivables
Debtors
30) which of the following statement is not true with regard to teeming and lading ?
It result in the deliberate misappropriation of cash receipt
I is associate with cash receipt
(If some individuals maintain cash and cash payment teeming and lading is likely to exist )
31) the balance in cash is often between one to five percent of total assets tick the most appropriate statement with regard to verification
of cash in context of this .
(Cash is always material as materiality is qualitative concept )
No audit of cash is needed when in auditor opinion cash is I'm material .materiality is relevant concept
Cash balance is only audited if it is overdraft
Cash is to be verified if control risk is assessed as high
32) when counting cash in hand the auditor should .
Ensure presence of somebody from management
Obtain receipt from custodian
(Ensure postage and revenue stamps are not counted in physical count )
Temporary advances to employees are counted to calculate balance of cash in hand
33) which of the following statement is not true regard to auditor attendance at stock taking?
(If the inventory is material even when the auditor is not placing reliance on the physical verification by the management, He should attend
it )
Auditor should attend physical stock taking only if inventory is material
Auditor my not attend the physical verification of stock by management if he does not find it appropriate to rely on it .
34) inspection report / receiving report entries in
Sales book and sales return book
(Purchase book and sales return book)
Cash book and purchase book
Sales book and purchase return book
35) while observing a client annual physical inventory an auditor conducted test counts for certain test counts were higher than the
recorded quantities in the client perpetual record this situation could be the result of the client failure to record
(sales return )
Purchase return
Goods with consigner
Purchase discount