Commerce Guide

9874469533

Subject : Auditing and Assurance

B.Com 5th Semester

1. Distinguish between Error and Fraud.

2. What is an Audit? Objectives and Advantages?
3. Distinguish between audit and investigations.
4. What are the means of doing fraud? Discuss the auditor’s responsibility towards
detection and prevention of fraud as per the relevant Standard on Auditing (SA).

Or, State the auditor’s duty towards detection and prevention of fraud and error.

5. “Auditing is a Dynamic Social Science” – Discuss.

6. State the basic Principles governing an Audit.
7. State objectives of independent financial audit. What do you mean by Auditor’s
Independence?
8. Discuss the scope of the financial audit as per the relevant Standard on
Auditing (SA).

9.What is Interim audit? State its advantages and Disadvantages.

10.Distinguish between continuous audit and periodical audit.

11. What is internal audit? Can a statutory auditor rely on the internal audit
report? Is it compulsory for every company to have an internal audit system?
State with reference to the relevant SA to what extent should a statutory auditor
rely upon internal audit.

12.Distinguish between statutory and Non-statutory audit.

13. What is Balance Sheet Audit? How is it conducted?

14. Write a short note on Standards on Auditing and its Purpose?

15. What is audit evidence? State the procedures to obtain audit evidence.
Discuss its importance. What are the sources of Audit Evidence? How are Audit
Evidences collected?

16. What do you mean by the analytical procedure in the auditing? Discuss the
tools and techniques of this procedure.

17. State the importance of Auditor's Independence.

18. What is an Audit File? How many types of Audit Files are there? What are the
documents maintained in different types of Audit Files?

19. Prepare an Audit Programme of a Hospital/School/College/Educational

Institution/Hostel/Medical College?

Or,

Explain the various steps, which are involved in conducting the audit of an
Higher Educational Institution.

20. What is Audit note book? State the significance of audit planning.

21. Auditing in depth: Concept, Advantages, Disadvantages.

22. Define Audit working papers. Who is owner of Audit working papers? / (What
do you mean by ownership of working papers relating to audit?)

23. What is audit Programme? Discuss the advantages of conducting an audit

according to a predetermined audit Programme. / State the advantages of a Fixed
Audit Programme.

24. What do you mean by audit risk? Discuss the different types of audit risk as
per the relevant Standard on Auditing (SA).

25. Distinguish between Internal Check and Internal Audit.

26. What is Internal Control System? State its advantages and disadvantages,
Objectives.

27.Distinguish between Internal check system and Internal audit.

28. Define Internal Control. State its objectives. Distinguish between Internal
Control and Internal Audit.

29. (a) What are the differences between verification and valuation of assets?(b)
‘Verification forms an important part of the whole system of audit’— Critically
examine the statement.

30. How will you vouch the following items:

(a) Interest and dividend income from investment

(b) Travelling Expenses

(c) Research and Development Expenditure.

(d) Cash sales

31.How will you verify the following? (a) Goodwill (b) Investment (c) Plant and
Machinery, (d) Secured Loan (e) Plant and Machinery (f) Debtors, (g)Inventory,
(h)Trade Payable.

32.Distinguish between Vouching and Routine checking.

33. What is vouching? State the essential factors to be considered for vouching.

34. ‘Vouching is the essence of auditing.’ Do you agree with this statement?
Justify your view.

35. Distinguished between Vouching of transactions and Verification of Assets

and liabilities.

36.(a)State the provisions of the Companies Act, 2013 regarding appointment and
removal of a company auditor.

(b)Discuss the Provisions of the Companies Act, 2013 regarding remuneration

of Auditor.

37. Discuss the qualification and disqualification of a company auditor.

38. (a) State the circumstances when an auditor of a company may be appointed
by (i) Board of Directors, (ii) Members of the company and (iii) Central
Government.

(b) State the qualifications of a company auditor.

39. How will you as a company auditor verify payment of dividend? SND Ltd.
credited, the entire profit of Rs.10 Lacs on the sale of land not required for its use
on 31.08.2019. The directors wish to propose dividend out of the above profit.
Comment.

40. “An Auditor is a watchdog, not a bloodhound” – Discuss.

41. (a) Can dividend be paid out of current profit without writing off fictitious
assets?

(b)What are the provisions of the Companies Act, 2013 regarding depreciation to
be provided in the accounts?

42. Explain the provisions of the Companies Act, 2013 for declaration and
payment of dividend.

43.Can dividend be paid (a) Out of capital profit? (b) Out of current profit without
making good past losses?

44. State the contents of Audit Report as per the relevant Standard on Auditing
(SA).

45.(a) What is meant by Audit Report?

(b) Give a specimen of qualified audit report.

46. State the various elements of Audit Report as per SA 700.

47. List the matters to be reported under CARO 2016.

48. What are the different types of audit report? Distinguish between Audit
Report and Certificate.

50.State the controls of an Audit Report as per Companies Act, 2013 and the
relevant Standards on Auditing?

51.Write Short Notes:

(a)Cost Audit, (b)Performance Audit, (c)Management Audit

(d)Substantive Audit,(e) Social Audit,(f)Environment Audit, (g)Tax Audit,
(h) Materiality Concept,(i)Propriety Audit.
52. Compare between Cost Audit and Management Audit?
53. Discuss the significance of the term “True & Fair View” under the Company
Act,2013., Discuss how far auditor’s duties have increased as its consequences.
54.Can dividend be paid out of current revenue profit before writing of
depreciation.
55.Can Dividend be paid out of Capital.
56. “In a good system of internal check ,the work of one is checked indirectly by
the work of another”- Explain.
57. Distinguish between internal Control system and internal Audit.
58.What is Audit Memorandum.
59. Discuss the Content of Audit note Book .