- The annual Finance Accounts and Appropriation Accounts (FA&AA) are prepared by the respective Accountants General in the states and Union Territories with legislatures with the exception of
(I) Goa (II) Delhi (III) Puducherry (IV) Daman & Diu
Find the correct ones-
A. I & II B. II & IV C. I, II & III D. All - The audit planning process for audit of State Government FA&AA would have the element of Internal Control Assurance from-
A. A&E office B. Sate Govt. C. Both D. AG (Audit) - Find the incorrect one-
A. Audit of FA&AA of States would now be a year-long process and not merely a year- end exercise. Hence, there should be a dedicated section in the Audit offices to audit the FA&AA or to contribute to FA&AA.
B. Central Audit sections in Offices of the Principal Auditor and the Sub- Auditors should be renamed as ‘Financial Audit Wing’ (FAW) and should be given the responsibility of contributing to FAA of State Government Accounts.
C. Within FAW of the Principal Auditor’s office, Financial Attest Audit Team (FINAT) is to be constituted.
D. FINAT has to be headed by a Dy. AG and should be assisted by two Senior Audit Officer and supporting auditors. - Find the correct one about responsibility of FINAT?
A. The planning, execution, reporting and documentation of audit of FA&AA as well as coordination with the other teams in the Financial Audit Wing dealing with scrutiny of vouchers, sanctions, etc., would be the responsibility of FINAT.
B. FINAT should also co-ordinate with audit teams of Sub-Auditors contributing to FAA, local audit parties responsible for substantive audit as part of FAA and Treasury inspection teams of office of Accountant General (A&E).
C. While preparing the Annual Audit Plans of different audit offices (contributing to Financial Attest Audit of State Government accounts) within the State, the requirements of Financial Attest Audit Team (FINAT) should also be ascertained and included in the plan of these offices. For this purpose, the coordinating wings in the offices of the Sub-Auditors within the state responsible for preparing the Audit Plan should interact with FINAT.
D. All of the above - At AG (A&E) office, through Voucher Level Computerization (VLC) system-
A. accounts of the State Governments are compiled
B. FA&AA are generated
C. computer aided validation check can be built and thus assurance can be obtained
D. All of the above - The following transactions forming part of the monthly civil accounts and Report on Monthly Expenditure (Monthly Appropriation Accounts) of the State are recommended to be considered Material by Nature and Context, and hence 100% checking of these transactions and related Heads of Accounts is suggested, except:
A. 7610
B. 8000
C. 6003
D. 8999 - Find the incorrect regarding FAA using inputs from Inspection of Treasuries.
A. The inspection of treasuries is carried out by inspection teams from the office of AG(A&E).
B. Inspections carried out by the AG(A&E) has two dimensions namely, review of the controls exercised by the treasury staff and inspection of the integrity of selected transactions.
C. The Principal Auditor could also request specific examination of certain class of transactions during treasury inspections which are considered high risk.
D. An annual report on the results of the above checks and any other issues emerging out of inspection of treasuries should be sent by the AG (A&E) to Principal Auditor. - Find the incorrect regarding FAA-
A. The FAA can be organized in two Phases: Phase I – Year Long Activities & Phase II – Year End Activities.
B. The implementation of FAA of State Government accounts should appropriately start from review of the State budget.
C. The office of the Principal Auditor may rely on the budget review report prepared by AG (A&E).
D. In States, where the A&E office has been getting data in electronic format and has been importing it electronically to the VLC system, Principal Auditor still need to check correctness of the budget data transferred to VLC system. - Which is not among Year Long Activities of FAA-
A. Examination of Sanctions/vouchers
B. FAA using Inputs from Inspection of Treasuries & FINAT
C. Comprehensive review of Grants
D. Exit Conference - Which is not among Year End Activities of FAA-
A. Audit of Statements and Appendices of Finance Accounts
B. Audit of the Monthly Civil Accounts
C. Preparation of Draft audit comments
D. Vetting of NTAs (Notes to Accounts) - Detailed audit of the monthly civil accounts and the Report on Monthly Expenditure (Monthly Appropriation Accounts) may be carried out by Principal Auditor for the selected months of, except:
A. September
B. October
C. January
D. February
E. March (preliminary) & March (supplementary) - The audit checks to be conducted as part of FAA process have been divided in __categories.
A. 2 B. 3 C. 4 D.5 - The audit checks to be conducted as part of FAA process have been divided in below categories, except
A. Category-1: Automated Checks
B. Category-2: Exception Report Based Audit
C. Category-3: Report assisted check
D. Category-4: Manual checks
E. Category-4: IT Control checks - Choose the incorrect one in respect of Notes to Accounts (NTAs).
A. NTAs are additional information/disclosures provided in the Finance Accounts but integral part of the Accounts
B. AG (A&E) proposes draft NTAs and these are vetted by the Principal Auditor before their inclusion in the Accounts.
C. Even after vetting the NTAs there may be circumstances where audit observations elaborating and accentuating NTAs may be necessary for the reasons of materiality and context. In such cases, the audit observations should bring out the impact of the NTAs on the accuracy and reliability of Accounts.
D. These Notes cannot be disclosed. - Assurance Memos i.r.o. FAA to seek an assurance from the Principal Auditor and AG (A&E) would provide the assurance to-
A. ADAI/ DAI
B. CAG
C. State Govt.
D. Audited entity - A copy of Management Letter issued to Principal Secretary in-charge of Finance Department may be issued by the Principal Auditor to-
A. Audited entity
B. AG (A&E)
C. Both of the above
D. CAG - A Management Letter should be issued by the Principal Auditor to-
A. Principal Secretary in-charge of Finance Department only
B. AG (A&E)
C. Both of the above
D. Audited entity only - An auditor may express an unqualified opinion to FA&AA and also include explanatory paragraphs, known as-
A. Emphasis of Matter
B. Sample Information Sheet
C. Disclaimer
D. Notes to Accounts (NTAs) - In the case of audit of FA&AA, the sampling is to be carried out on the transactions in the VLC database-
A. Manually
B. using IDEA package
C. using a DBMS technique
D. using MS ACCESS package - Which is the suggested method of sampling in the Financial Attest Audit of FA&AA?
A. Simple random sampling
B. Stratified random sampling
C. Monetary unit sampling
D. Multi stage sampling - How many data files should be generated from VLC?
A. 2 B. 3 C. 4 D. 5 - Following three data file should be generated from VLC, except-
A. First file should consist of relevant treasury account details voucher details (voucher number & date, account classification, grant no., treasury code & name, gross amount, DDO code & name)
B. Second file should consist of relevant works and forest compiled account like division code and name, accounting month, Accounts Classification details, DDO code and name, gross amount etc.
C. Third file should consist of records of Inward/outward account through RBI having details about account source, party name (like PAO(CRPF)(M/O HOME AFFAIRS)(8658-109), date of transaction, party name, clearance memo and advice number, amount, accounts classification, Dr./Cr. etc.
D. Third file should consist of Sample audit report which can be developed in the VLC system to facilitate audit check. - The three files can be generated from VLC database through any one of following methods, except-
A. IDEA import Assistance (ODBC option) to export the said data files.
B. SQL to export in excel format.
C. Specialized software for generating in excel format.
D. None of the above.
| 1 | C | |
| 2 | C | |
| 3 | D | Headed by SrAO, asisted by 2 AAO and supporting Auditors |
| 4 | D | |
| 5 | D | |
| 6 | A | |
| 7 | D | Quarterly |
| 8 | D | |
| 9 | D | |
| 10 | B | |
| 11 | B | |
| 12 | C | |
| 13 | E | |
| 14 | D | |
| 15 | A | |
| 16 | B | |
| 17 | C | |
| 18 | A | |
| 19 | B | |
| 20 | C | |
| 21 | B | |
| 22 | D | |
| 23 | D |