B.Com In Banking & Insurance (BCBI) Sem VI April 2024 April 2024 Auditing II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 a) Select the most appropriate option.to complete the following sentences (Any Eight) 8 marks
   • i) LFAR is (a substitute for statutory audit report; substitute for statutory audit report; Voluntary report; none of these.)
   • ii) AS — 9 deals with
   • iii) Audit certificate refers to of certain facts
   • iv) Every insurer carrying on General Insurance business a _ reserve to meet
   • v) is one of the problems in CIS environment in implementation of (High speed; reduced humanerrors; Delegation of authority & responsibility; requirement of less number of assistants)
   • vi) is an audit of forecasting system organisation
   • vii) In Marine Insurance-business, reserve for unexpired risk is % of the net premium IRDA regulates sector in India,
   • ix), There should be effective screening done atthe time of credit cards
   • x) Depreciation is to be the basis of of an asset
2. Q1 b) State whether the following statements are True or False (Any Seven) 7 marks
   • i. can pay dividends without providing full depreciation Operational audit is performed when there is legal case related to financial matters of the ui. Companies Act, 2013 special-resolutionis necessary for removal of the auditor
   • iv. Actuarial services can-be provided by the statutory auditor Qualified report known as clean report
   • vi. Auditor of State Bank of India is appointed by shareholders
   • vii. term surrender is used only in case of Annual Report and Auditor’s Report are same
   • x. Auditor is liable only if there is a loss to the party
3. Q2 a) Write in detail about segment reporting. 8 marks
4. Q2 b) What are the elements of auditor’s report? 7 marks
5. Q2 c) Explain the appointment procedure in-case of following. 15 marks
6. Q1 First auditor Casual vacancy First auditor in government company
7. Q3 a) How would the auditor vouch/ verify the following items appearing in the financial statements of a bank? 08
8. Q3 b) Explain the classification and provisions of Non-Performing Assets of the banking company. 7 marks
9. Q3 c) How would the auditor vouch/ verify the following items appearing in the financial statements of an insurance company? 08
10. Q3 d) an auditor evaluate internal.control system of the insurance company? 7 marks
11. Q4 a)-What do by Management Audit? Explain its scope and objectives. 8 marks
12. Q4 b) What is computerised audit programme? Explain the features of effective computer a note on Environment Audit. 08
13. Q4 d) Discuss.the approaches for audit in CIS environment. 7 marks
14. Q5 a) Discuss the various instances of professional misconduct indicated in Part II and Part II of First Schedule-of Chartered Accountant Act 1949, 08 Q:Sb) Explain the term ‘Professional-Ethics’ Misconduct’. 07
15. Q5 c) Write short notes on: (any three) 15 marks
    • (i) Representation by management
    • (ii) Duties of company auditor
    • (iii) Qualification of company auditor
    • (v) AS — 3

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