B.Com In Banking & Insurance (BCBI) Sem VI 2022 2023 Apr 2023 I 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
2. Q1 Appointment of first Auditor should be done of registration of the company
3. Q2 The Auditor has a right to receive notice of the
4. Q3 The Audit working papers are the property of
5. Q4 The auditors should obtain management representations to complement the
6. Q5 In Marine Insurance, reserve for unexpired risk of net premium
7. Q6 IRDA in India
8. Q7 Operational
   • a) Annual audit b) audit of day to day activities c) Weekly audit d) Interval audit
9. Q8 Books of Accounts of a company must be preserved for is also known as auditing through computer
10. Q10 There should be effective screening done at the time of credit cards
11. Q1 b) State whether the following statements are True or False (Any Seven) 7 marks
12. Q1 A Chartered accountant can advertise in newspapers to solicit professional assignments
13. Q2 Auditor need to have technical knowledge to perform audit in computerized environment
14. Q3 An insurance company should have joint auditors
15. Q4 An auditor can audit maximum 30 companies at a time, as per Companies Act 2013
16. Q5 Management representations serve as an evidence to the auditor
17. Q6 Unqualified report is also known as clean report
18. Q7 Auditor is liable only if there is a loss to the party
19. Q8 Every Insurer must keep separate accounts relating to funds of shareholders and policyholders
20. Q9 Books of accounts of company should be maintained at the auditor’s office
21. Q10 Company cannot pay dividends without providing full depreciation
22. Q2 a) What are the duties of company auditor? 8 marks
23. Q2 b) Distinguish between Audit certificate and Audit Report. 7 marks
24. Q2 c) What are the different types of liabilities of company auditor? 8 marks
25. Q2 d) Explain the provisions relating to the appointment of the company auditor. 7 marks
26. Q3 a) How would the auditor verify items appearing in the financial statements of an
    • i) Premium
    • ii) Claims
27. Q3 b) What is LFAR? Explain its significance. 7 marks
28. Q3 c) How would an auditor evaluate internal control system of a bank? 8 marks
29. Q3 d) Explain the applicable provisions for audit of accounts in Insurance company. 7 marks
    • a) What are the features of an effective Computerised Audit Program. 08 Write note on Environment Audit. 07 What are the approaches to audit in CIS Environment? 08
    • d) What is Forensic Audit? Explain the scope and the use of Forensic Audit. 07
30. Q5 a) Discuss the various instances of professional misconduct indicated in Part I and Part of First Schedule of Chartered Accountant Act 1949. 08
    • b) what do you mean by professional ethics? Explain the objectives of code of ethics. 07
31. Q5 Write short notes on the following (Any THREE) 15 marks
    • i. Status of company auditor
    • u. AS -17
    • v. of Non-Performing Assets of banks

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