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

Questions asked in this paper

1. Q2 a) Define the term Auditing and explain its objectives. 8 marks
   • b) Distinguish between accounting and auditing. 7
   • c) What are the auditor’s responsibility towards errors and frauds 8
   • d) Explain classification of audit on the basis of authority
2. Q3 a) What is audit program? Explain the advantages of an audit program. 8 marks
   • b) What factors auditor should consider before commencing actual audit? 7
   • c) Explain audit sampling how the auditor selects sample size. 8
   • d) Explain the concept of test checking and its advantages & limitations. 7
3. Q4 a) What is internal control? Explain the duties of an auditor in respect of internal
   • b) How will you verify the following: 7
   • i) Cash at Bank ii) Trademarks
   • c) How will you verify the following receipts: 8
   • d) Distinguish between internal audit and external audit. 7
4. Q5 a) Explain the importance of vouching. 8 marks
   • b) Explain the general considerations while framing the system of internal check
   • c) Write Short notes: (Any Three) 15
   • i) Window Dressing [Time: 2 % Hours] [Total Marks: 75] Please check whether you have got the right question paper
   • N.B.-: 1. All questions are compulsory
5. Q2 Question Nos. 2 to 5 have internal options
6. Q3 Figures to the right indicate full marks
7. Q1 a) Match the following: (Any 8) 8 marks
   • b) State whether following statement are True or False: (Any 7) 7
8. Q1 Audit program should be flexible
9. Q2 Vouching means examining the documentary evidence
10. Q3 Audit planning is a continuous process
11. Q4 In Window dressing liabilities are overstated 5). Audit working papers are property of client
12. Q6 The Primary objective of auditing is detection and prevention of errors and frauds
13. Q7 Auditing can be done by employee of the company
14. Q8 Any addition or withdrawal from revenue reserves should be with approval of Board of
15. Q9 Error of partial omission affects the Trial Balance
16. Q10 Auditor can give suggestion for improvement of internal control

Read from the scan above, so a character or two may differ. The scan is the original.