AUDITING
IMPORTANT QUESTIONS FOR UPCOMING EXAM (MAY, 2019)
MULTIPLE CHOICE QUESTIONS: 1 X 8
SHORT NOTE: 2 X 4
DIFFERENCE BETWEEN: 2 X 4
LONG ANSWER TYPE QUESTION: 4 X 14
MULTIPLE CHOICE QUESTIONS: 1 X 8
SHORT NOTE: 2 X 4
DIFFERENCE BETWEEN: 2 X 4
LONG ANSWER TYPE QUESTION: 4 X 14
Auditing Unit – 1:
Introduction to Auditing (Part A)
Part A
Q. Explain the meaning
of Auditing. What its objectives? Explain them fully. 2016, 2017
Q. What do you mean
by continuous audit? How does it differ from periodical audit (2018SN)?
What are its advantages and disadvantages? 2013, 2014SN, 2017, 2018SN
Q. “Auditing begins
where accountancy end.” Explain this statement and also distinguish between
Auditing and Accountancy.
Q. Explain the advantages
and limitations of Audit. 2014,
2016SN, 2017SN, 2018
Q. Mention various
classes of audit.
Q. Discuss the essential
qualities which an auditor should possess. What steps would you take before
commencing the actual work of audit upon being appointed as an auditor? 2013, 2015, 2017
Part B
Q. What is an audit note book (2015SN,
2016SN, 2018SN)? What purpose does it serve? What are the contents of audit
note book?
Q. What is audit programme? What are the
ways to plan an internal audit? Discuss the advantages and disadvantages of
audit programme. 2014SN, 2015,
2016, 2016SN, 2018
Q. Define internal control (2017SN),
internal audit (2016SN) and internal check (2015SN) with their objectives and
also distinguish between them. 2014
Q. What is Audit evidence? Explain the
procedure to obtain audit evidence.
Q. Write short notes on:
a)
Fraud
and Errors 2013,
2014, 2015
b)
Periodical
Audit 2015
c)
Audit
working papers
d)
Audit
Evidence 2017
e)
Auditing
in depth 2015, 2018
f)
Audit
sampling
g)
Internal
check vs Internal audit vs Internal control
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Unit 2
Part A: ROUTINE CHECKING AND VOUCHING
Q. What is routine checking? Mention its
advantages and disadvantages. Also distinguish between vouching and routine
checking (2013). 2014SN, 2016
Q. “Vouching is the essence of auditing.”
Considering this statement, explain the meaning, advantages and limitations
of vouching. 2016
Q. Mention some important objectives of
vouching and routine checking. Discuss the main points which must be taken
care of while vouching the transactions (2013).
Q. How would you vouch the following?
a)
Cash
sales and cash purchases 2018
b)
Credit
Sales 2017
c)
Credit
purchase 2015
d)
Expenses
paid and income received
e)
Day book
f)
Bank
account
Part B: VERIFICATION AND VALUATION
Q. What do you mean by verification and
valuation of assets? Distinguish between vouching, verification and
valuation. 2018SN
Q.What are the objectives of verification
(2013) and valuation of assets? Discuss the auditor’s duty in regard to
valuation and verification of assets. 2014
Q. How would you verify the following?
a)
Stock in
trade 2015,
2018
b)
Intangible
assets 2016
c)
Live
stocks 2016
d)
Leasehold
property 2016
e)
Contingent
liabilities 2017
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Unit 3:
Part A: COMPANY’S AUDITOR
Q. Who can be
appointed and who cannot be appointed as an auditor of a company?
Q. How an auditor is
appointed (2014, 2018)? Explain the procedure for removal (2017SN) of auditor
before and after the expiry of the term?
Q. what
are the rights, liabilities and duties of an auditor under the Companies Act,
2013? Explain them briefly. 2013, 2015, 2016
Q. What
are the special considerations involved in the audit of a company? Discuss
the duties of an auditor as regards audit of the share capital of a company. 2017, 2018
Q. Explain the procedure of
issue of shares at a premium and at discount under the provisions of the
companies Act, 2013. Point out the auditor’s duties in this connection. 2013, 2016, 2017SN, 2018
Part B: DIVIDENDS AND RESERVES
Q. What is dividend? What
are its various sources? As an auditor, state the legal provisions relating
to the payment of final dividend. 2013,
2014SN, 2018SN
Q. What are various types
of reserves? Explain them including Secret Reserve. 2013
Q. Explain the procedure of
transfer and transmission of shares. What are the auditor’s duties in this
regard?
Q. Write short notes In
regard to auditor’s duty on:
a)
Managerial
remuneration 2018
b)
Issue
of shares
c)
Issue
of Debentures
d)
Redemption
of preference shares 2014
e)
Forfeiture
of shares 2014,
2017
f)
Bonus
share 2015
g)
Share
transfer 2015,
2016
h)
Preliminary
expenses 2017
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Unit 4
Part A: Auditor’s Communication/Auditor’s report
Q. What do you mean by
qualified report? Under what circumstances as an auditor of a company would
you qualify the report? Draft a qualified report giving at least four reasons
(2017). 2014, 2018SN
Q. What are Various Types
of Audit Report? Mention the contents of Statutory Report. Explain auditor’s
duties in this regard.
Q. What are various types
of audit report? Explain them briefly. 2015,
2017, 2018
Q. Explain the importance
of Audit Report. 2015
Part B: Recent trends in
auditing
Q. What do you mean by
Management Audit? What are its objects? Discuss briefly its advantages and
disadvantages. 2013,
2018
Q. What do you mean by
Cost Audit? What are its objects? Discuss briefly its advantages and
disadvantages. 2014, 2015SN, 2016SN, 2017, 2018SN
Q. What do you mean by
financial audit? What are its objects? Discuss briefly its advantages and
disadvantages.
Q. What
do you mean by Propriety Audit? What are the instances where an auditor is
required to conduct Propriety Audit under the Companies Act? 2016
Q. Distinguish between cost
audit, management audit and financial audit. 2014
Q. Write short notes on:
a)
Proprietary
audit
b)
Tax
Audit 2014
c)
Efficiency
audit
d)
Social
Audit 2013
e)
SSAP
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