Bachelor Of Management Studies (BMS) SEM IV ATKT AUDITING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 b.State whether the following statements are True or False :( ANY 7) 7 marks
   • 1. Internal audit is started when the books of closed at the end of year
   • 2.In auditing all the transactions are checked
   • 3. The first step in audit process is Audit programme
   • 4. Observation means observing or witnessing the inspection of assets done by other
   • 5. Verification is examination of documentary evidence in support of transactions recorded in books of primary accounts
   • 6. Systematic Selection, which ensures that all items in the population have an equal chance
   • 7. Statutory Auditor is appointed by the management of the company
   • 8. Error involves wilful mispresentation or deliberate concealment of a material fact or intentional failure to disclose a material fact
   • 9. The first step in Audit process is Audit programme
   • 10. Internal Auditor is employee of the concern Explain in detail Interim Audit. (08)
   • B. Explain meaning & advantages of auditing. Distinguish between Auditing V/S Investigation. (08) 7
   • D. Explain meaning and advantages of Audit Programme. Explain meaning and contents of Audit Note Book. (08) 7
   • B. Explain the pre audit conditions that auditor needs to consider before commencing actual audit of a limited company. (07)
2. Q3 C. Explain meaning, objectives and limitations of Internal Control. D Explain meaning and points to be considered in designing (07) 8 marks
3. Q4 A. Distinguish between internal audit and statutory audit. 8 marks
   • B. Explain points to be considered in Vouching. Explain auditor’s duty in regarding audit of payments. (08) 7
   • D. Explain how the Inventories will be verified and vouched. 7
4. Q5 A. Write a note on vouching of sales. 8 marks
   • B. Write a note on verification of debtors. 7
5. Q5 Write short notes on any three: 15 marks
   • 1. Test check
   • 2. Audit evidence
   • 3. Interim audit
   • 4. Vouching

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