CSS 2021 Accountancy & Auditing Paper II

Explain in detail why there is an established need for auditing services for each of the following: (a) Publicly owned corporations, (b) Privately owned corporations, (c) State and local government agencies, (d) Partnerships.

Explain computer audit approaches and write a detailed note on the characteristics of the Electronic Data Processing (EDP) system.

Write a detailed note on the types of audits (statutory, internal, interim) and the different types of auditors.

(a) According to Income Tax Ordinance 2001, define Resident and Non-Resident persons (Sections 81-84). (b) Define Tax Year (Section 2(68)) and elaborate on different kinds of tax years.

Calculate the tax payable by Mr. Sohail Aslam for the year ended 30th June 2020 given: Monthly Salary Rs. 195,000; Bonus Rs. 585,000; Conveyance allowance Rs. 15,000; Free accommodation; Medical reimbursement Rs. 24,000; Zakat paid Rs. 48,000; and Investment in listed shares Rs. 1,000,000.

Give hypothetical journal transactions that will have specific types of effects (increase/decrease/no effect) on the total assets, liabilities, and owner's equity of a business.