TIME ALLOWED: THREE HOURS
PART-I(MCQS): MAXIMUM 30 MINUTES
MAXIMUM MARKS = 20
MAXIMUM MARKS = 80
NOTE: (i) Part-II is to be attempted on the separate Answer Book.
(ii) Attempt ONLY FOUR questions from PART-II by selecting at least ONE question from
SECTION. ALL questions carry EQUAL marks.
(iii) All the parts (if any) of each Question must be attempted at one place instead of at different
(iv) Write Q. No. in the Answer Book in accordance with Q. No. in the Q.Paper.
(v) No Page/Space be left blank between the answers. All the blank pages of Answer Book must
(vi) Extra attempt of any question or any part of the question will not be considered.
(vii) Use of Calculator is allowed.
PART – II
SECTION – I (AUDITING)
Explain shortly all audit assertions related to class of transactions (revenue and expenses),
account balances (assets/liabilities/equities), and presentation & disclosure.
Define and explain different types of audit risks. How these risks are used to manage the
Q. 4. What are Computer Assisted Audit Techniques (CAATs) that can be used in e-commerce
SECTION – II (BUSINESS TAXATION)
Explain the concept of input tax, output tax, zero rated supply, exempt supply and
input tax credit.
From the following data, calculate the tax payable by Mr. Aslam for the year ended
30th June 2018:
Salary Rs. 19,500 pm.
Special pay Rs. 3,000 p.m
Bonus for the year Rs. 38,000.
Conveyance allowance Rs. 1,500 p.m
Free accommodation provided by the employer. He was entitled to a house
allowance of Rs. 72,000.
(vi) Medical expenses reimbursed by his employer under the contract of
employment Rs. 24,000.
Zakat paid under Zakat Ordinance during the year Rs. 11,300.
(viii) Donation to approved charitable