B.Com In Banking & Insurance (BCBI) Sem VI 2018 2019 May 2019 AUDITING II Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A. Choose the correct option (any 8) 8 marks
2. Q1 is the amount of net profit available for distribution of dividend
3. Q2 can audit maximum companies as per companies act 2013
4. Q3 Misfeasance is a liability in the companies act
5. Q4 First auditor of a company shall be appointed by the (shareholders, promoters, board of directors, registrar of companies)
6. Q5 is the most important objective of auditing (reporting, fraud detection, verification, preparation of final accounts)
7. Q6 Money lent for one day is called as money at (short notice, call, intraday, liquidity)
8. Q7 Surrender value becomes a part of in revenue account
9. Q8 Provisions of section of income tax act apply to tax audit
10. Q9 , approach is also auditing around the computer
11. Q10 The main auditor does not have the right to access the audit working papers of _ auditor
    • B) State true or false: (any 7) 7
12. Q1 Dividends can be distributed from the share capital of the company
13. Q2 Auditor of acompany can be appointed by CAG
14. Q3 Auditor is liable only if there is to the party
15. Q4 Auditor.is supposed to report to the board of directors
16. Q5 Internal auditor cannot perform concurrent audit 6.- IRDA has the power to suspend class or classes of general insurance business
17. Q7 audit covers compliance with legal provisions
18. Q8 created a problem of accountant cannot share his fees with a non member
19. Q10 Books of accounts shall be preserved for at least 5 years 2.a) what are the provisions of the companies act regarding maintainance of books of accounts (8)
    • B) What are the duties of a company auditor? 7
    • c) Discuss types of liabilities of professional accountants 8
    • d) What is an audit report? Mention and elaborate types of audit report. 3 a) What is Mention the contents and importance of LFAR. (8) 7
    • b) How do you audit Premium of an insurance company 7
    • c) How would an auditor evaluate the internal control system of the bank? 8
    • d) What areas are the internal controls needed in an insurance company? 4 a) What is a management audit? Mention its scope and objectives. (8) 7
    • b) What is a computerized audit program? Mention features and advantages. 7
    • c) What is a tax audit? Explain in detail 8
    • d) What are the problems in CIS environment in implementation of internal control. 5 a) What are the clauses of professional misconduct in relation to chartered accountant in practice (8) 7
    • b) Explain the role of professional accountant in society with reference to the code of ethics 7
20. Q5 Short notes (any 3) 15 marks
21. Q1 Segment reporting
22. Q2 Remuneration of an auditor
23. Q3 Environmental audit
24. Q4 True and fair

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