2018
AUDITING AND
ASSURANCE
Paper: 402
Full Marks – 80
Time – Three Hours
The figures in the
margin indicate full marks for the questions
1.
(a) Fill in the blanks with appropriate words: 1x5=5
1)
_______ audit is done by the staff of the
employer.
2)
An internal check reduces the work of an auditor
but does not reduce his _______.
3)
Non-statistical sampling is popularly known as
_______.
4)
Trade investments are valued at _______ price.
5)
When an auditor gives opinion subject to certain
observation, such opinion is termed as _______ opinion.
(b) Answer as directed: 1x5=5
1)
Valuation of assets and liabilities is a part of
verification. State whether the statement is true or false.
2)
The principal objective of auditing is to
discover errors and frauds if there are any. State whether the statement is
true or false.
3)
What is meant by auditor’s certificate?
4)
Write the meaning of statistical sampling.
5)
Write two objectives of vouching.
2.
Answer the following in about 30 words each: 2x5=10
a)
Meaning of continuous audit.
b)
Compensating error.
c)
Audit attestation.
d)
Write two differences between statistical
sampling and non-statistical sampling.
e)
Mention two important features of audit report.
3.
Answer any four of the following within 150 words each: 5x4=20
a)
Four recommendations on surprise check issued by
ICAI.
b)
Five features of internal control questionnaire
(ICQ).
c)
Objectives of interim audit.
d)
Five essentials of good audit report.
e)
Objectives of audit sampling.
f)
Vouching of bad debts recovered.
g)
Write distinctions between internal check and
internal audit.
4.
Discuss the basic principles of audit. 10
Or
What are the different types of errors and frauds? Discuss
the auditor’s duty regarding detection and prevention of errors and frauds. 4+6=10
5.
How would you vouch the following? 5+5=10
1)
Payment of wages and salaries.
2)
Payment to creditors.
Or
What
are the objectives of verification of assets? What are the factors to be
considered for valuation of assets?
5+5=10
6.
Write short notes on: 5+5=10
1)
Audit working paper.
2)
Audit notebook.
Or
Suggest
a suitable system of internal check about cash sales in big retail business. 10
7.
Discuss the important facts to be mentioned by the auditor under Companies Act.
10
Or
What
is meant by Audit Report? Write the essentials of a good audit report? 2+8=10
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