B.Com In Banking & Insurance (BCBI) Sem V March 2025 March 2025 Auditing I Question Paper - Mumbai University | munotes

Questions asked in this paper

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• 3. Figures to the right indicate full marks

1. Q1 A) Match the following items in column ‘A’ with the most appropriate items in column ‘B’ and rewrite: (Any Eight) (08)
   • 2. An Auditor b. Random number Table
   • 4. Audit Evidence d. Complies the accounts
   • 5. Manipulation of Accounts e. Management fraud
   • 6. Unsecured Loans f. Report to shareholder
   • 8. Confidentiality h. Principles of Auditing
   • 9. Final Audit i. Done at the end of the year
   • 10. Permanent Audit File j. Memorandum of Association
   • B) Rewrite the complete sentence and state whether it is true or false: (Any Seven) Auditing begins where the accounting ends 7
   • 2. Stock checking involves actual verification and counting
   • 3. Audit Note Book is maintained by the auditor
   • 4. There is no risk involved in audit sampling
   • 5. The audit technique of confirmation is a formal inquiry only from insiders
   • 6. An auditor cannot take the help of experts Routine Checking is normally done by the senior audit staff
   • 8. Compensating errors affect the Trial Balance
   • 9. An audit program must be fixed control system is designed and established by the auditor
2. Q2 a) Explain the concept of ‘True and Fair View’ in auditing. 8 marks
   • b) Explain an auditing principles. 7
   • c) What is audit working paper? Explain the importance of audit
   • d) What do you mean by ‘Fraud’? Explain duties regarding fraud. 7
3. Q3 Explain distinguish between Internal Audit and Statutory Audit. 8 marks
   • b) What are the essentials of a good audit programme? 7
   • c) What points should be considered by the Auditor in verification 8
   • d) How would you verify ‘Plant and Machinery”? 7
4. Q4 a) What are Internal Checks? What are the objectives of Internal Checks? 8 marks
   • b) Explain the essentials of Internal Audit Report. 7
5. Q4 Write an internal control system for Salaries and wages. 8 marks
   • d) What is Auditing? What are the limitations of Auditing? 7
6. Q5 a) How would you vouch ‘Credit Purchases”? 8 marks
   • b) How would you verify ‘Sundry Debtors’? 7
7. Q5 Write short notes on the followings: (Any Three) 15 marks
   • i) Auditing Techniques
   • ii) Error of Commission
   • v) Audit Planning

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