MCom Part II SEM IV 2016 2017 May 2017 II ADVANCED AUDITING Question Paper - Mumbai University | munotes

Questions asked in this paper

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1. Q1 Describe the special consideration of company audit. ‘15
2. Q1 Explain in detail — Disclosure of Accounting Policies AS-1
3. Q2 Asan Auditor how will you conduct the audit of the following
   • a) Redemption of Preference Shares. Se
   • c) Forfeiture of Shares
4. Q2 the provisions of Section 143 of Companies Act 2013 relating to Audit Report.)
5. Q3 Explain- SA- 300 Planning an Audit of financial statements. 15 marks
6. Q3 the responsibilities of an auditor relating to fraud in an audit of financial statements as per SA-240 15 marks
7. Q4 a. Select the most appropriate option and rewrite the full sentence. Option capital is a right on : 8 marks
   • b. Subscribed Unclaimed Dividend should be special dividend = within days of declaration of dividend The Auditor has a right to obtain
   • a. Information and Explanation @ b. Information and Explanation from the employees and officers Information-and Explanation necessary for the purpose of Audit As per the requirements of section 210 of The Companies Act, the gap between date of loss account and the date of Annual General Meeting at which it is laid
   • a. Nine d. Twelve
   • Q.P. Code :18185
   • 5. The factor should be considered while selecting and applying
   • 6. According to AS 1 disclosure should form part of
   • a. the books of accounts
   • c. the directors report
   • d. the final accounts An Audit program may be
   • a. standard. b, permanent. statutory d. fixed or flexible:
   • 8. refers to
8. Q4 b, State whether the following statements are true or false and rewrite. 7 marks
   • 1. One of the few assets usually not depreciated is goodwill. >
   • 2. Future bad debts are usually estimated as percentage of debtors
   • 3. Notes to the accounts will include information about items that do not qualify for recognitions in financial statements
   • 4. revised schedule, the balance sheet can be prepared only in vertical form
   • 5. Operating cycle could be different for each line of business
   • 6. Currentliabilities also include current portion of non-current financial liabilities
   • 7. An Auditor cannot have any lien on the books of accounts of the company audited by him
9. Q4 short notes on: (Any Three). 15 marks
   • a) SA-520 procedures Audit of Interest on Debentures
   • c) Pre-commencement consideration in companies’ audit Disclosure of Share capital under revised schedule Ill

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