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Saturday, April 28, 2018

DIBRUGARH UNIVERSITY - B.COM 4TH SEMESTER: AUDITING IMPORTANT QUESTIONS AND 150 MULTIPLE CHOICE QUESTIONS


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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

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
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      
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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