A company's year end is December $31$; its annual general meeting is held on the last Wednesday of March each year $($ the last Wednesday of

March fell on the following dates for the years $1996-1999$;$\frac{31}{3}\frac{?}{96},\frac{29}{3}\frac{?}{97},\frac{31}{3}\frac{?}{98}$ and $\frac{28}{3}\frac{?}{99}).$ The company was formed on $\frac{14}{5}\frac{?}{91}.$ Which

periods best represent tenures of the auditors?

a$)\frac{31}{12}\frac{?}{98}$ to $\frac{28}{3}\frac{?}{99}$ and $\frac{31}{3}\frac{?}{98}$ to $\frac{28}{3}\frac{?}{99}$

b$)\frac{31}{3}\frac{?}{96}$ to $\frac{29}{3}\frac{?}{97}$ and $\frac{31}{12}\frac{?}{98}$ to $\frac{28}{3}\frac{?}{99}$

c$)\frac{31}{3}\frac{?}{96}$ to $\frac{29}{3}\frac{?}{97}$ and $\frac{31}{3}\frac{?}{98}$ to $\frac{28}{3}\frac{?}{99}$

d$)\frac{31}{3}\frac{?}{98}$ to $\frac{31}{12}\frac{?}{98}$ and $\frac{29}{3}\frac{?}{97}$ to $\frac{31}{3}\frac{?}{98}$

e$)\frac{14}{5}\frac{?}{91}$ to $\frac{31}{12}\frac{?}{91}$ and $\frac{31}{12}\frac{?}{96}$ to $\frac{31}{12}\frac{?}{97}$

Which of the following scenarios requires a special resolution?

a$)$ To appoint new auditors in place of retiring auditors

b$)$ To resolve a dispute

c$)$ To appoint the first auditors

d$)$ To re$-$appoint the retiring auditor

To enable him to carry out his duties, the Companies Act has granted the auditor certain rights. Which of the following is not a statutory right?

a$)$ a right to attend any general meeting and receive all notices and communications relating to such meetings

b$)$ a right to speak at general meetings on any part of the business that concerns him as auditor

c$)$ a right to attend directors' meetings and receive all notices and communications relating to such meetings

d$)$ a right of access at all times to the books accounts and vouchers of the company

Classify each of the following topics$/$phrases into the appropriate category of Standards $($Accounting $-$A or Auditing $-$U$)$

a$)$ Stock count observation procedures

b$)$ Fixed Asset valuation methods

c$)$ Going concern

d$)$ LIFO & FIFO

e$)$ Independence

f$)$ Lower of cost or net realisable value

g$)$ Internal control documentation

h$)$ Using the report of other auditors

i$)$ Cash flow statements

A partner in an accounting firm is on the board of directors of an entity during May and June $1997.$ If the entity wishes to engage the partner's

firm to perform an audit for the year ended June $30,1997,$ may the firm accept the engagement if the partner resigns from the board before the

firm's acceptance of the engagement?

a$)$ Yes

b$)$ No

Which of the following actions best represents those intended to promote the independence of an external auditor?

i$.$ Audit committees

ii$.$ Rotation of auditors

iii. Monthly parties where only the auditors are the guests of the client

iv$.$ Timely collection of audit fees

a$)$ i and ii only

b$)$ i$,$ ii and iv only

c$)$ iv and iii only

d$)$ all

In which of the following circumstances would an auditor be able to disclose confidential client

professional rules?

a$)$ To benefit his wife financially

b$)$ If he has a public duty to disclose

c$)$ To be vindictive

d$)$ To aid in a conspiracy to defraud