Abstract The article presents problems and their solutions prepared by the Board of Examiners of the American Institute of Certified Public Accountants, for the auditing section of the November 1965 Uniform Certified Public Accountants examination held on November 04, 1965. The first question deals with auditing procedures to be followed for auditing of a shopping center with 30 store tenants, and the preparation of an auditor's report under certain given conditions. All leases with these store tenants provide for a fixed rent plus a percentage of sales, net of sales taxes, in excess of a fixed dollar amount computed on an annual basis. Each lease also provides that the landlord may engage a certified public accountant to audit all records of the tenant for assurance that sales are being property reported to the landlord. The second question deals with the issue of auditing financial statements that have been prepared using electronic data processing equipment, and the accountant has found that his traditional audit trail has been obscured.

Abstract The article presents questions and solutions for auditing paper of the May 1966 uniform certified public accountants examination. The examination was scheduled for May 19, 1966 from 8:30 to 12:00 noon. The first section of the examination consisted of six questions and the candidates were supposed to solve all the questions. The second section contained two questions of which the candidates were instructed to answer any one of their choice. Section 1 presents question on audit procedures. Section 2 required students to discuss, what disclosures, if any, of the sale and repurchase of the securities would the CPA recommend for the financial statements. Section 4 required students to distinguish between accounting controls and administrative controls in a properly coordinated system of internal control. It also required students to list features of a sound system of accounting control. It sought explanation about why certified public accountant is concerned about the separation of responsibilities for operating custodianship, financial custodianship, and controllership.

Abstract The auditing section of the May 1965 Uniform Certified Public Accountants examination was given on May 13, 1965 from 8:30 to 12:00 noon. The first section of the examination consisted of six questions, all required; the second section contained two questions of which the candidate was instructed to answer the one of his choice.

Abstract The article presents solutions to questions that appeared in the November 7, 1963 Uniform Certified Public examination. There were in all 7 questions related to auditing. One question is related to the examination of fire insurance policies of the Cap Sales Company. Another question aims at opinions expressed by a Certified Public Accountant (CPA) on a client's financial statements. The third question asks for the discussion of control procedures for The United Charities organization based on its statement of receipts and disbursements. The fourth question relates to listing and discussion of various aspects of internal control by CPA after the examination of existing internal control of his client. The fifth question is related to audit procedures to be followed by a CPA in order to obtain an inventory certificate for a manufacturing company. The sixth question asks for information required by a CPA in order to audit a medium sized company's financial statements. The last question relates to preparation of auditor's adjusting journal entries for The Smoky Mountain Manufacturing Company.

Abstract The auditing section of the May,1964 Uniform Certified Public Accountants (CPA) examination was given May 14, 1964 and included seven questions. Answers which follow are intended to typify those submitted by well-prepared candidates writing within approximately the time limits prescribed. They do not necessarily include all elements for which credit might be given by the Advisory Grading Service of the American Institute of CPA's or by the various state accountancy boards charged with responsibility of issuing CPA certificates. Some of the questions were, When no audit has been performed, any financial statements with which a CPA's name is associated should be conspicuously marked on each page as audited. When such statements are accompanied by his explanatory comments, the CPA must, five options were been provided. Another question was, when a CPA is examining the consolidated financial statements of a parent company and is utilizing the unqualified report of another CPA for a domestic subsidiary of material importance, the principal CPA, again five options were provided for correct answer.

Abstract This article presents an account of the examination of the auditing section of the November, 1962 Uniform C.P.A. examination that was given on November 8, 1962 from 8:30 to 12:00 noon, and included seven questions, all of which were to be attempted. One of the question stated that If a person is auditing the Alaska Branch of Far Distributing Co. This branch has substantial annual sales which are billed and collected locally. As a part of the audit it is found that the procedures for handling cash receipts are as follows: Cash collections on over-the-counter sales and C.O.D. sales are received from the customer or delivery service by the cashier. Upon receipt of cash the cashier stamps the sales ticket "paid" and files a copy for future reference. The only record of C.O.D. sales is a copy of the sales ticket which is given to the cashier to hold until the cash is received from the delivery service. Mail is opened by the secretary to the credit manager and remittances are given to the credit manager for his review. The credit manager then places the remittances in a tray on the cashier's desk. Finally the examinee had to describe the irregularities in the cash handling system.

Abstract The article reports on the auditing section of the May 1962 Uniform C.P.A. examination, which has been conducted on May 17, 1962 from 8:30 to 12:00 noon and included two groups of questions as follows, one of the problem given is, "Your client is a small college in a small town. The college has recently elected as treasurer the president of the local bank in which the college keeps its cash funds. The bank is also the custodian of the college's endowment fund securities. Furthermore, certain short-term securities are held at the bank in a safe deposit box to which the president has access. Confirmation requests to the bank in the past have been signed by the former college treasurer and the bank's replies have been signed by the bank president." The problem has been answered briefly as, "the dual role played by the bank president who is now also treasurer of the client organization signifies the absence of normal internal controls over cash and securities. When internal controls are weak or absent, the auditor should extend and intensify the audit procedures bearing on the areas affected. In this case the auditor should arrange if possible for a college official other than the treasurer to sign the confirmation requests."

Abstract This article presents question and answer asked in the auditing section of the Uniform Certified Public Accountant examination on November 3, 1960. One question stated that Star Wholesale Co. is a wholesaler selling merchandise to local hardware and paint stores. The Coaton Paint Co. has sold its outdoor paint products to Star Wholesale Co. for years on regular terms. The candidates have to make adjustment of balance sheet account and recommend proper audit procedures. The answer to this question is, the auditor discovered the unsatisfactory control over consigned goods before the balance sheet date, he can and should request the client to segregate the consigned stock before taking the annual physical inventory. Verification of the consigned goods on hand by physical count is an essential step in determining the amount advanced to the consignor and the proper amounts for inventory and accounts payable. Another question is, in most medium-sized and large audits, it is customary for the auditor to select for detailed examination a series of items entered in the voucher register. The selection is from a period other than at year end. Answer to this question is, in medium-sized and large audits, primary emphasis is placed upon evaluation of internal controls rather than verification of any substantial portion of individual items in the accounts.

Abstract The article presents information on examinations in auditing with special reference to one of the problems that was included in the question paper. The auditing section of the May 1961 Uniform C.P.A. Examination was given on May 18, 1961. It is assumed that the amounts involved at the western outlet are material if these items were not material there would be no necessity for any audit work. The principal auditor should be willing to accept full responsibility for the work of another auditor under the following conditions: the other auditor is selected by the principal auditor after appropriate inquiry and investigation. The other auditor is a correspondent firm previously used with satisfactory results by the principle auditor. If the client acted on his own initiative to retain the other auditor, the principle auditor may not wish to accept responsibility for that phase of the work and should disclose in the audit report the use of other independent accountants for examination of the western outlet.

Reviews the book "Internal Auditing," 2nd ed., by Walter W. Bigg and J.O. Davies.