B.Com In Banking & Insurance (BCBI) Sem V 2023 2024 Dec 2024 I AUDITING I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Choose the correct alternative and rewrite the sentences: (any 8) 8 marks
2. Q1 is basically responsible for prevention and detection errors and frauds
3. Q2 When auditors use documents to support recorded transactions, the process is often
4. Q3 Paper is the link between the client's records and the auditor's record. (News
5. Q4 Current audit file relating to audit of partnership firm will not contain
6. Q5 Method of selecting sample ensure that all items in the population have an equal chance of selection. (Random selection/ Systematic selection/ Frequent
7. Q6 SA deals with audit sampling. (610/ 530/ 210)
8. Q7 Checking serial no. of vouchers helps the auditor to . (Detect error of omission Detect error of principle/ Detect the truth)
9. Q8 Document is not relevant for vouching sales. (Delivery challans/ Sales
10. Q9 cannot be subject to physical verification. (Land/ Patents/ Skill)
11. Q10 New bank Loan will be taken under the authority of . (Accounting department Board of directors/ CEO)
12. Q1 B) State whether the following statements are true or false: (any 7) 7 marks
13. Q1 Any type of error causes differences in the trail balance
14. Q2 The old auditor must handover his working papers to the new auditor, appointed in his
15. Q3 Audit evidence is not conclusive in nature
16. Q4 The smaller the tolerable error, the greater the sample size will be needed
17. Q5 Audit plans are to be approved by the client being audited
18. Q6 The debtor’s confirmation should be returned to the client
19. Q7 Audit notebook is a part of permanent audit file
20. Q8 Vouching is same as valuation
21. Q9 Internal audit helps to detect rather than prevent error
22. Q10 Casting error is a type of four sided error
23. Q2 A) Discuss Final audit with its advantages and disadvantages. 15 marks
24. Q2 B) What is Auditing? Discuss its advantages and disadvantages. 15 marks
25. Q3 A) Explain the meaning & contents of Audit Notebook. 8 marks
    • B) Explain the factors determining the sample size. 7
26. Q3 C) Explain the advantages of internal audit. 8 marks
    • D) What is Test Check? What precautions the auditor takes regarding test check? 7
27. Q4 A) Discuss the points to be considered in the course of vouching. 8 marks
    • B) How would an auditor vouch: Travelling expenses. 7
    • C) How will you as an auditor verify Investments? 8
    • D) How would an auditor verify Receipts from Debtors? 7
28. Q5 A) Explain the types of frauds in detail? 8 marks
    • B) How would an auditor verify the payments made to supplier of goods? 7
29. Q5 Short Notes: (any 3)
30. Q1 Verification of Patents
31. Q2 Distinguish between Accounting and Auditing
32. Q3 Statutory Audit
33. Q5 Vouching v/s verification

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