BCom In Accounting & Finance (BCAF) SEM II 2021 2022 May 2022 AUDITING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Statutory Auditor has a right to attend
   • a. Shareholders meeting
   • b. Board meeting
   • c. Creditors meeting
   • d. Union meeting
2. Q2 Audit Sampling is
   • a. Application of audit procedure for less than 100% transactions
   • b. Verification of all the transactions
   • c. Verification of Cash transactions
   • d. Verification of goods distributed as free sample
3. Q3 Which of the following is responsible for establishing a private company’s internal
   • a. Senior Management
   • b. Internal Auditors
   • d. Audit Committee
4. Q4 Which of the following errors is an error of omission
   • a. Sale of Rs. 500 was written in the purchase journal
   • b. Wages paid to Mohan have been debited to his account
   • c. The total of the sales journal has not been posted to the Sales Account
   • d. None of these
5. Q5 Preparation of the financial statements
   • a. Auditor is responsible
   • b. Management is responsible
   • c. Both are responsible
   • d. Neither are responsible
6. Q6 An Audit Programme may be
   • a. Statutory
   • c. Fixed or Flexible
   • d. Standard
7. Q7 Determine the known and likely errors or misstatements
   • a. Auditor is responsible
   • b. Management is responsible
   • c. Both are responsible
   • d. Neither are responsible
8. Q8 Sales to Ram Rs. 143 posted to his account as Rs. 134. This is
   • a. Error of Omission
   • b. Error of Commission
   • c. Error of Principle
   • d. None of the above
9. Q9 is a systematic examination of the books and records or a business
   • a. Auditing
   • b. Vouching
   • c. Verification
   • d. Checking
10. Q10 The independence of Auditor means that
    • a. The auditor must perform without bias with respect to client under audit
    • b. The auditor must start the audit with suspicion of fraud
    • c. The auditor is answerable to no one
    • d. The auditor should not depend on assistants for audit work
11. Q11 are the link between the client records & audit report
    • a. Working Papers
    • b. News
    • c. Loose papers
    • d. Rules papers
12. Q12 Written Audit plan is called as
    • a. Audit Programme
    • b. Content
    • d. Proof
13. Q13 Working papers are the property of the
    • a. Client
    • b. Client and the auditor
    • c. Auditor
    • d. Employees
14. Q14 Test checks are generally applied by
    • a. Internal Auditor
    • b. Statutory auditor
    • c. Sub-auditor
    • d. Cost-auditor
15. Q15 Audit plans should be based on knowledge of the client’s
    • a. Profits
    • b. Net worth
    • c. Business
    • d. Previous Audit
    • a. Auditor is responsible
    • b. Management is responsible
    • c. Both are responsible
    • d. Neither are responsible
16. Q17 Internal Auditor can be removed by
    • a. The Central Govt
    • b. The management
    • c. The Shareholders
17. Q18 Current Audit file relating to audit of a partnership firm will not contain
    • a. Audit Plan
    • b. Audit Programme
    • c. Partnership Deed
    • d. Letters of confirmation
18. Q19 The objective of internal control is to
    • a. Prevent frauds
    • b. Prevent Inefficiency
19. Q20 Routine checking involves checking of
    • a. Castings
    • b. Ledger
    • c. Trial Balance
    • d. Preparation of Journal Answer the following ( Any 01) (07 Marks)
    • a. What are the Types of error in Auditing ?
    • b. Explain auditors duty regarding frauds ?
    • c. What are advantages of auditing ? Q-3 Answer the following ( Any 01) (07 Marks)
    • a. Explain audit planning (SA 300]
    • b. Explain need of Audit Notebook
    • c. Explain Advantages of audit programme Q -4 Answer the following ( Any 01) (07 Marks)
    • a. What is Test check ? Explain advantages of Test check
    • b. Explain advantages of internal control system
    • c. Explain factors consider while internal control for debtors Q-5 Answer the following ( Any 01) (07 Marks)
    • a. What is continuous audit ? Explain its advantages and Disadvantages
    • b. Explain Audit in Depth in detail
    • c. Explain advantages and disadvantages of sampling in auditing Write short note (Any 02) (07 Marks)
    • a. Window dressing
    • b. Statutory audit
    • c. Audit evidence
    • d. Interim audit
    • e. Distinguish between Accounting and Auditing

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