Assignment GDB Solution: ACC311 Fundamentals of Auditing


ACC311 Fundamentals of Auditing GDB 2 Solution Spring 2014

Mr. Ali is on external audit of Model Manufacturing Limited (MML) and planning to verify the company’s various accounts’ balances with special focus on verification of the receivables. He has observed that most of the company’s sales were on credit basis thus increasing the number of debtors over five thousand. For these balances, he is […]

ACC311 Fundamentals of Auditing Assignment 2 Solution Spring 2014

Ali is an auditor having satisfactory quality control review (QCR) rating issued by ICAP. He has been appointed as an auditor of Model Manufacturing Limited. He has started his audit work, understanding the entity’s internal control environment and obtains various assertions from different executives and employees of the entity. After going through a preliminary assessment […]

ACC311 Fundamentals of Auditing Assignment 2 Solution Spring 2013

ASSIGNMENT: Model Manufacturing Limited (MML) assembles cell phones which comprises of up to 150 different parts. MML has maintained a list of 50 authorized vendors. MML’s accounting system is partly computerized bearing the following integrated attributes: a) Software for designing various models of cell phone. b) Vendor Database System (VDS) c) Manually recording and transferring information of goods inwards to accounts […]

ACC311 Fundamentals of Auditing GDB Solution Spring 2013

Learning Objective: The students are expected to learn about ATR 14 observed by the professional auditors in Pakistan. Background: Consider the following sections of revised Code of Ethics for Chartered Accountants issued by Institute of Chartered Accountants of Pakistan as background before attempting this GDB: Section 210 210.1   Before accepting a new client relationship, a chartered accountant in practice shall determine whether acceptance would […]

ACC311 Fundamentals of Auditing Assignment 1 Solution Spring 2013

Nabi Buksh Chartered Accountants (NBCA) is a large audit firm having specialization in the audit of large specialized retailers. NBCA has been working as auditor of Multi Food Company (MFC) – a large fast food chain store for the last five years. Recently, MFC’s main competitor – Hot Food Company (HFC) has also approached NBCA to […]

ACC311 Fundamentals of Auditing Assignment 2 Solution Fall 2012

Wood Work Furniture (WWF) is a leading manufacturer in furniture industry of Pakistan with eight showrooms located in big cities. The company since its incorporation in 2002 is listed at KSE. WWF manufactures furniture in two verities – Wood Furniture and Plastic Furniture. In the previous audit, the company auditor was satisfied with the control over physical existence, maintenance and valuation […]

ACC311 Fundamentals of Auditing Midterm Paper 8 December 2012

ACC311 Fundamentals of Auditing Midterm Paper 8 December 2012 Total 27 Question 22 MCQs and 3 Questions of 3 Marks and 2 Qs of 5 Each. Mcqs were mostly from past papers and current semester’s Quizzes. 2 Qs about Risk of Material Mistatement Test of Controls Negligence and tort of Negligence