B.Com In Banking & Insurance (BCBI) Sem V 2017 18 Nov 2017-18 AUDITING Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q1 Choose the correct option. 8 marks
2. Q1 of similar standing is called
3. Q2 Object of social audit is
   • a) To appraise social contributions of a business
   • b) To appraise society
   • c) To examine financial record
   • d) None to these
4. Q3 Divined can be paid out of profits
   • a) After depreciation but before tax
   • b) Before depreciation
   • c) Before tax
5. Q4 The auditor has to inform the registrar about his acceptance of the appointment within
   • a) days c) d).60 days
6. Q5 Public sector banks are regulated & controlled by
   • a) Reserve bank of b) NABARD Rural Bank d) co-operative Bank
7. Q6 helps an auditor to conduct an audit in an effective, efficient & timely manner
8. Q7 is mandatory for
9. Q8 Test checking is
   • a) Checking transactions which are listed
   • Q.P. Code :00225
10. Q1 b) State whether following statements are True or False
11. Q1 Management audit is done to assess correctness of taxable profit
12. Q2 Protection of interest of management is the function of SEBI
13. Q3 Private companies are excluded in calculation of ceiling on number of audits of
14. Q4 Auditor can give qualified certificate
15. Q5 Achartered accountant can get the clients by advertising
16. Q6 Auditors has a right to receive notice of Annual General Meeting:
17. Q7 Corporate Governance is necessary to avoid scams What is Verification? How to verify plant & machinery? (08)
    • b) Distinguish between Internal check & Internal control. What is auditing? What are the basis principles of auditing? (08) 7
    • d) Write a note on ‘Tax audit’. What are the liabilities of a company auditor? (08) 7
    • b) Write a note on Segment Reporting. What are the provision of law about removal & remuneration of company auditor? (08) 7
    • d) What is Audit Report? What are the difference between Qualified Report & Unqualified Report? 7
18. Q4 a) Explain the classification & provisions in respect of Non-performing assets of a bank. 8 marks
    • b) Explain the role of Department of company affairs in regulation of management of companies. 7
19. Q4 c) Explain the role of regulatory authority in case of insurance companies. 8 marks
    • d) Explain the audit procedure to be followed for the verification of claims paid by insurance company. Write on Energy audit. (08) 7
    • b) Discuss Auditors independence. 7
20. Q5 c) audit committee? Explain its importance. What is Environments Audit? Explain its benefits. (07) 8 marks

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