Q. 2
What are the different types of financial audit? Discuss the situations where each type of audit is applicable.
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FPSC · CSS 2025
Accountancy & Auditing, Paper II
This paper
Accountancy & Auditing · all yearsQ. 2 · What are the different types…Q. 3 · What are the audit working…Q. 4 · Differentiate between the following audit…Q. 5 · Mr. Usman Kabir is a…Q. 6 · What are the inadmissible deductions…Q. 7 · Why are financial markets important…Q. 8 · ABC is evaluating a capital…With this paperPart-I MCQs20Official PDF3 pp← 20252026 →3 hours · questions hide until you reveal them
SECTION–I
Q. 3
What are the audit working papers? Why should these be carefully preserved by the auditor?
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Q. 4
Differentiate between the following audit terms:
- (a)Internal audit and external audit
- (b)Vouching and Verification
- (c)Qualified audit report and Unqualified audit report
- (d)Disclaimer of opinion and Adverse opinion
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SECTION–II
Q. 5
Mr. Usman Kabir is a registered manufacturer. From the following data, compute the sales tax payable for August 2021
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SECTION–III
Q. 6
What are the inadmissible deductions under the head of "Income from Other Resources"? Explain in detail.
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Q. 7
Why are financial markets important to the health of the economy? Explain in the context of Pakistan.
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Q. 8
- (a)ABC is evaluating a capital investment project. The after-tax cash flows for the project are listed as follows: Year YEAR EXPECTED CASH FLOW 0 - 400,000 1 50,000 2 50,000 3 150,000 4 350,000 The risk-free rate is 8 percent, the firm's weighted average cost of capital is 10 percent, and the management-determined risk-adjusted discount rate appropriate to this project is 15 percent. Should the project be accepted? Explain, why or why not?
- (b)Explain what is meant by the time value of money. Why is a bird in the hand worth two (or so) in the bush? Which capital budgeting approach ignores this concept? Is it optimal?
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About this paper
The 2025 CSS Accountancy & Auditing paper set by the Federal Public Service Commission. Question wording only; questions marked “Not yet checked” have not been compared with the official paper yet. Open the official paper beside the questions to check any of them.
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