B.Com In Financial Management SEM V 2018 19 Nov 2018-19 AUDITING I ) Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A. Fill in the blanks (Any Eight) 8 marks
   • i. Auditing is an ------- examination of books il. Investigation is ---- in scope
   • iii. Fraud is ------ in nature Iv. ----- is complete between two audit is verification of cost records
   • vi. Audit plan should be based on the knowledge of ----- business
   • vii. Written audit plan is called
   • viii. Routine checking is highly ----- process 1x. ------ 1s the process of dividing a population into different classes
   • x. Internal control is instituted by
2. Q1 B. State whether True or False (Any Seven) 7 marks
   • i. Auditor’s duty is to check errors and frauds Fraud is unintentional error Auditor must examine all transactions
   • iv. Statutory audit is voluntary in nature
   • v. Internal auditor is appointed by management
   • vi. Continuous audit is done at the end of the year
   • vii. Internal auditor has narrow scope Internal control system is design by the management
   • ix. The primary responsibility of an auditor is to detect errors and frauds
   • x. An auditor cannot take the help of expert
3. Q2 A. What are the objectives of an audit? 8 marks
   • B. Explain the term window dressing. 07
4. Q2 P. What are the types of errors? 8 marks
   • Q. Distinguish between auditing and accounting. 07
5. Q3 A. Distinguish between internal and external audit. 8 marks
   • B. What are the advantages and disadvantages of final audit? 07
6. Q3 P. Write a note on Concurrent Audit. 8 marks
   • Q. Explain the precommencement consideration for an audit Define the term audit plan and explain its importance. 08
   • B. What are the contents of audit working papers? 07
7. Q4 P. What is the need of audit note book. 8 marks
   • Q. Write a note on lien on working papers. 07
8. Q5 A. What are the advantages and disadvantages of test check? 8 marks
   • B. Explain the concept of routine checking in detail. 07
9. Q5 Short notes (any three) 15 marks
   • a. Frauds
   • b. Concept of True and Fair view
   • d. Audit sampling
   • e. Internal control for Debtors

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