B.Com In Banking & Insurance (BCBI) Sem V 2018 19 Nov 2018-19 AUDITING Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 1. Attempt all questions

1. Q2 Each questions carry 15 marks
2. Q1 A) State whether the following statements are true or false: (any 8). 8 marks
3. Q1 In window dressing liabilities are overstated
4. Q2 Auditing can be done by an employee of the company
5. Q3 Internal auditor has right to attend the meeting of the shareholders
6. Q4 Concurrent auditor has to be an external auditor only
7. Q5 Audit working papers are the property of the client
8. Q6 Test check reduces the liability of the auditor
9. Q7 Chances of bias are more in random sampling
10. Q8 No qualifications are prescribed for internal auditor
11. Q10 Contingent liabilities should be disclosed in the balance sheet by way of a
    • B) Match the following and rewrite the sentences: (any 7) 7
    • g. Plant & Machinery
    • h. Bills Receivable Work-in-progress Renewal Certificate
12. Q2 A) Define Auditing. Explain the basic principles of auditing? 15 marks
13. Q2 Discuss Continuous audit with its advantages and disadvantages? 15 marks
14. Q3 A) Explain the contents of Audit working papers? 8 marks
    • B) Explain the methods of selecting the sample? 7
15. Q3 A) What are the auditors duties regarding internal control? 8 marks
    • B) Discuss the advantages of Internal Audit? 7
16. Q4 A) Vouching is considered as essence of auditing? Discuss 8 marks
    • B) How would an auditor verify Cash sales? (O07 marks)
17. Q4 A) How would an auditor vouch: Salaries and Wages? 8 marks
    • B) How will you as an auditor verify Plant & Machinery? 7
18. Q5 A) Explain the types of errors in detail? 8 marks
    • B) How would an auditor verify the Receipt from debtors? 7
19. Q5 Short Notes on any 3:
    • a) True and Fair View Concept
    • e) Verification of Patents

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