Friday, February 15, 2019

Gauhati University Question Papers:AUDITING AND ASSURANCE (May-June’ 2015)

Gauhati University Question Papers
Full Marks: 80
Time Allowed: 3 hours
Answer either in English or Assamese
The figures in the margin indicate full marks for the questions
1. Answer as directed:                                   1x10=10

a)      _____ audit is done by the staff of the employer. (Fill in the blank)
b)      Write the meaning of Fraud.
c)       Internal audit report is submitted to the _____. (Fill in the blank)
d)      Write two objectives of internal control.
e)      Write the meaning of statistical sampling.
f)       Test check does not save the time of an audit. (State whether the statement is True or False)
g)      Valuation of assets and liabilities is a part of verification. (State whether the statement is True or False)
h)      Trade investments are valued at cost price. (State whether the statement is True or False)
i)        Write two types of negative audit report.
j)        Audit report is prepared in accordance with GAAP. (State whether the statement is True or False)
2. Write the following in about 30 words each:                                   2x5=10
a)      Interim audit.
b)      Sampling risk.
c)       Two objectives of internal audit.
d)      Two points of differences between vouching and verification.
e)      Audit attestation.
3. Write any four of the following within 150 words each:                              5x4=20
a)      What is continuous audit? Mention the types of business where continuous audit is applicable.
b)      Write short note on internal control questionnaire.
c)       Requirements for audit sampling.
d)      Four recommendations on surprise check issued by ICAI.
e)      Problems arising in verification of assets.
f)       Note an Audit Certificate.
4. Describe the classification of audit with their respective features.                        10
Discuss the auditor’s duty regarding detection and prevention of error4s and frauds.                  10
5. What is meant by Internal Check? Discuss the advantages of internal check.                   2+8=10
Explain in brief the different types of audit documents.                             10
6. Write the meaning of valuation. Discuss the duties of an auditor with regard to verification and valuation of fixed assets.                                                 2+8=10
What is the meaning of Vouching of Cash Book? Write the procedure of Vouching of Cash Sales.           2+8=10
7. What is meant by Audit Report? Write the essentials of a good audit report?                  2+8=10
Discuss the importance of audit report.                             10


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