Auditing Question Papers May' 2018, Dibrugarh Unviersity B.Com 4th Sem/6th Sem B.Com CBCS Pattern

Auditing Question Papers 2018 (May)

COMMERCE (General/Speciality)
Course: 403 (Auditing)
Time: 3 hours
The figures in the margin indicate full marks for the questions
 (NEW COURSE)
Full Marks: 80
Pass Marks: 24
1. Choose the correct answer from the alternatives given below:        1x8=8
a)         The object of internal check is to
1)      Verify the cash receipts and payments.
2)      Facilitate quick decision by the management.
3)      Prevent errors and frauds.
4)      Control wastage of resources.
b)         Interim audit refers to
1)      Examination of accounts continuously.
2)      Examination of accounts intermittently.
3)      Audit work to find out and check interim profits of a company.
4)      Conduct of audit for bonus purposes at the end of the year.
c)          Which one of the following examples is not contingent asset?
1)      Claim from the acceptor of bill receivable which has been discounted by the client from the bank but might be dishonoured.
2)      Uncalled share capital of the company.
3)      Income received in advance.
4)      Claim for refund of sales tax.
d)         The amount of securities premium reserve may be used only for some specific purposes as per provisions of the Companies Act, 2013 under the
1)      Section 50(1)
2)      Section 52(2)
3)      Section 55(2)
4)      Section 56
e)         Auditor under management audit is accountable to the
1)      Shareholders.
2)      Annual General Meeting.
3)      Board of Directors.
4)      Board of Directors and Shareholders.
f)          According to Table F of Schedule I of the Companies Act, 2013, interest on calls in advance may be paid at a rate not exceeding.
1)      5%
2)      10%
3)      12%
4)      14%
g)         Profit on redemption of debenture is transferred to which Account?
1)      Capital Reserve Account.
2)      General Reserve Account.
3)      Sinking Fund Account.
4)      Statement of Profit and Loss.
h)         Loss on issue of debentures is written off.
1)      In the year of issue of debentures.
2)      During the life of debentures.
3)      Within 3 years of the issue of debentures.
4)      In the year of redemption of debentures.
2. (a) Write short notes on any two of the following:         4x2=8
1)      Auditing in depth.
2)      Advantages of cost audit.
3)      Necessity of qualified audit report.
4)      Disadvantages of continuous audit.
(b) Distinguish between any two of the following:         4x2=8
1)      Vouching and verification.
2)      Continuous Audit and Periodic Audit.
3)      Standard Audit Report and Qualified Audit Report.
3. (a) What are the advantages of having the accounts audited by an independent professional auditor? Explain the advantages of audit to the different users.           6+8=14
Or
(b) Discuss the advantages of conducting audit in accordance with a fixed audit programme. State the contents recorded in an audit notebook.        7+7=14
4. (a) (1) Explain the characteristics of sound system of internal check.                                   6
(2) Explain the general and specific considerations which the auditor should keep in mind while vouching cash sales and receipts from debtors.   8
Or
(b) Discuss the objects of verification and valuation of assets. State the duties of an auditor regarding verification of stock-in-trade.            8+6=14
5. (a) Discuss the provisions of the Companies Act, 2013 regarding appointment of auditors. Point out auditors’ duties in the procedure of issue of shares at a premium and at a discount.    7+7=14
Or
(b) State how you will examine the following items while auditing the accounts of a limited company:                4+5+5=14
1)      Share Capital.
2)      Dividends.
3)      Managerial Remuneration.
6. (a) Discuss in brief about different types of audit reports. State the characteristics of an ideal audit report. What are the differences between clean and qualified audit reports?              6+4+4=14
Or
(b) What is management audit? State the objects, advantages and disadvantages of management audit.  4+10=14

Also Read: Auditing Question Papers Dibrugarh University BCOM 4th SEM

**********************
(OLD COURSE)
Full Marks: 80
Pass Marks: 32
1. (a) Fill in the blanks:                                   1x4=4
1)         Auditing starts where _____ ends.
2)         _____ is the backbone of auditing.
3)         Issue of _____ share is a good method of capitalizing large profits or reserves.
4)         The subscribed capital of a banking company should not be less than _____ of its authorized capital.
(b) Write whether the following sentences are True or False:    1x4=4
1)         Internal auditor is under the direct control of management.
2)         Valuation is a broader term and includes verification of assets and liabilities.
3)         A debenture is an acknowledgement of ownership.
4)         The true ownership of the company rests in the shareholders but not in the management.
2. (a) Define audit. What steps would you take before commencing the actual work of audit, if you are being appointed as an auditor?        4+7=11
Or
(b) What is internal audit? Distinguish between Continuous Audit and Internal Audit.
3. (a) Discuss the duties of an auditor with regard to verification and valuation of assets. How would you verify the ‘investments’ and ‘contingent liabilities’ appearing in the Balance Sheet of a limited company?  5+7=12
Or
(b) Explain the significance of voucher. Discuss the factors which affect the reliability of vouchers. What precautions should be taken by the auditor in this regard?       3+4+5=12
4. (a) State clearly the rights and duties of an auditor of a company under the Indian Companies Act.      5+6=11
Or
(b) What are the important points which an auditor must consider while auditing the following terms?      3+4+4=11
1)         Share Capital.
2)         Dividend.
3)         Managerial Remuneration.
5. (a) Discuss the characteristics of investigation. Explain the general procedure followed in an investigation.       5+6=11
Or
(b) Discuss the special points arising in the audit of a Cooperative Society.   11
6. (a) Briefly discuss the various types of audit reports. What are the circumstances under which an auditor considers it necessary to qualify audit report?       6+5=11
Or
(b) Explain the importance of cost audit. Discuss the differences between Cost Audit and Financial Audit.       5+6=11
7. Write short notes on:           4x4=16
a)         Detection of errors and fraud.
b)         Scope of internal control.
c)          Utility of audit programme.
d)         Removal of auditor under the Companies Act.
***

0/Post a Comment/Comments

Kindly give your valuable feedback to improve this website.