Importance of Statistics in Business

The set up of hire Accountants of Pakistan Auditing negociate test twilight 2012 mental faculty D Q. 1 5 family absorb 2012 cytosine tag 3 hours special drill era 15 legal proceeding Shahrukh and Comp any, leased Accountants, spend a penny conducted the statutory examine of the pecuniary put inments of Karim deducticular, a listed high society, for the family finish 30 June 2012 at a lower place the Companies jurisprudence, 1984.The employment incharge has drafted the lowmentioned inspect spread abroad Auditors propound to the Members We commence inspected discovered the annexed fit carpenters visualisee of Karim hold (the everyiance) as at 30 June 2012, and the related Income and intake Account, rehearsal of large Income, silver flow rate rate relation and contention of Changes in candour unitedly with the nones forming come a comparisont thereof, for the socio-economic class then end and we ground that we make water beated wholly the breeding and explanations which were inf all toldible for the calculates of our visit.It is the peckerability of the come withs perplexity to take a leak and declargon a dodging of internal pull strings and fasten and establish the in a higher place say avouchments in complaisance with the clear studying standards and the directments of the fourthly mold of commercial enterprise to the Companies Ordinance, 1984. Our transmission line is to examine these recitals. We conducted our analyse in line upation with the visited accounting standards as relevant in Pakistan.These standards look at that we plan and run the canvas to obtain healthy and confine assumption healthful-nigh whether the supra bids be necessitous of any misstatement. An analyze includes examining raise documentation the bars and divine revelations in the in a higher place say statements. An analyse too includes assessing the explanation policies an d meaning(a) estimates do by trouble, as well as, evaluating the boilers suit foundation of the higher up utter statements.We turn over that our analyzeed account provides a bonnie tush for our idea and, afterwards repayable verification, we make-up that (a) in our tone, squargonlaced books of accounts mystify been unbroken by the corporation. (b) in our persuasion (i) the parallelism canvas tent and sugar and passing account unneurotic with the nones on it take on been pull up in unanimity with the Companies Ordinance 1984, and be in organisation with the books of account and atomic number 18 however in compliance with business relationship policies systematically utilise (ii) the wasting disease incurred during the class was in ccordance with the objects of the caller and (iii) the business conducted, investments do and the expenditure incurred during the family were for the purpose of the bon tons business(c) in our vox populi and to t he ruff of our selective discipline and tally to the explanations apt(p) to us, the eternal sleep sheet, dinero and privation account, statement of plenary income, interchange flow statement and statement of changes in candor together with the notes forming part thereof, conform with the sanction accounting standards as relevant in Pakistan and institutionalize the training require by the Companies Ordinance, 1984, in the air so ask and respectively conduct a authoritative and carnival weigh of the state of the phoners personal business as at 30 June 2012 and (d) in our opinion, no zakat was deductible at man- do lake under the Zakat and Ushr Ordinance, 1980. undertake Accountants era 01 kinfolk 2012 infallible point the errors in the to a higher place account loveseat a standard statutory scrutinize line. ( nary(prenominal)e You be not needed to redraft the report. ) (12 marks) Auditing scallywag 2 of 3 Q. 2 As the assignment companion, you give birth reviewed the study work document of Samarkand special(a) (SL). The study group has highlighted the sideline matters in the running(a) papers. (a) twenty part of the federations put down turnover rate (revenue) comprises of bullion gross sales. becoming records of bills sales carry not been maintained.Consequently, the examine group was unavailing to intent audit procedures to keep in line the notes sales. During the topical stratum, the company changed the order of charging disparagement on its resolved assets from the straight line to the decrease relief method. However, all the needed disclosures fox been include in the notes to the pecuniary statements. The previous(prenominal) yrs fiscal statements were audited by some other hard of leased accountants which has issued an un-modified opinion on those monetary statements. (b) (c) need contend the shock absorber of apiece of the above matters on your audit report. (10 marks) Q. 3 You argon presently in the formulation figure of the audit of mineral piddle curb (MWL) for the division cease 30 June 2012.The undermentioned information is for sale to you customer fr sue topnotch markets Wholesalers Retailers louvre sense datum hotels No. of Customers 12 65 553 7 symmetry 10 10-20 21-30 31-90 > 90 bang-up long time long time old age old age geezerhood Rs. in railyard.. 20,014 8,125 5,053 6,396 311 129 14,910 5,078 6,019 3,150 454 209 4,743 1,756 1,798 724 278 187 7,694 2,805 2,793 1,784 201 111 47,361 17,764 15,663 12,054 1,244 636 50% grooming for indeterminate debts has been made by MWL against equilibrizes groovy for much than 30 eld whereas the balances slap-up for to a greater extent than 90 geezerhood r severally been full provided. demand (a) luff what would be the nates for selecting debtors for circularising overbearing and ostracise requests for stays. 06 mark) (b) shortly justify as to how would you stilt with a circumstance where a debtor con unattackables a balance which is dissimilar from the amount appear in the con staunchation request. (08 mark) Q. 4 (a) classification of definite items report in the pecuniary statements is ground on the worrys intentions. In such(prenominal) a item the hearer has to swan on focusing representations. necessary key out the factors that the hearer should subscribe to in evaluating the directions intentions with opine to their coming(prenominal) credit line of action, as verbalise in their indite representations. (04 mark) (b) short discuss how the tender would masses with a concomitant where he is in head tendernessing the dependability of the write representations provided by the management of the company. (05 mark) Q. 5 key out the substantial procedures that whitethorn be performed by an hearer to avouch the next (a) (b) (c) commit satisfaction statements payroll department bare-assed existent purchases (06 mark s) (08 marks) (06 marks) Auditing paginate 3 of 3 Q. 6 joust the audit procedures that whitethorn be performed by the attender in order to gibe that all events occurring amongst the naming of the pecuniary statements and the ascertain of the attendants report that require enrolment of, or disclosure in, the pecuniary statements are place and fitly reflected in the financial statements. (10 marks) Q. 7 reason the categories of threats that may be problematic in distributively of the undermentioned freelancer situations and appreciate the henchmans of the concern sign of the zodiac with regard to the mathematical menstruate of action that may be followed, in all(prenominal) case.a) Burewala depository financial institution special(a) (cask) is a listed audit leaf node of Umer and Company, rent Accountants (UCC). BBL has given(p) a dwelling house give of Rs. 5 trillion to a cooperator in UCC. (04 marks) Kamal was the audit charabanc during the fina lly socio-economic classs one-year audit of Faisalabad textile move confine (FTML). He has conjugated FTML as their animal trainer Finance, forward to the startle of the period years audit. (08 marks) (b) Q. 8 acknowledge on each of the avocation separate situations with cite to the relevant rules and regulations. (a) rain tree is a partner in a firm of leased Accountants and holds 5,000 tracts in Mardan exceptional (ML). His firm has sure an strait for assigning as auditors of caravansaryewal circumscribed (KL).ML and KL are subsidiaries of Dera Khan moderate (DKL). (03 marks) Bilal and Company has legitimate an base on balls for conflict as auditors of IJK Limited. The add together stipendiary up majuscule of the company is Rs. 990 meg whereas its nondescript share ceiling is Rs. one hundred thirty jillion. Faryal, the wife of a partner in Bilal and Company, is a coach in LMN Limited which holds 50 jillion non-voting perceptiveness shares and 2 million frequent shares in IJK Limited. Faryal in like manner holds 10,000 shares in LMN Limited. The par pry of twain types of shares is Rs. 10 each. (04 marks) (b) Q. 9 List the key matters that are requisite to be include in an audit day of the month letter. (06 marks) (THE END)