B.Com In Banking & Insurance (BCBI) Sem V March 2026 March 2026 Auditing I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Choose the correct alternative and rewrite the sentences: 15 marks
2. Q1 deals with audit sampling
3. Q2 Incase of sales, goods are dispatched
4. Q3 Qualification to be appointed as (MBA with Finance/ Chartered Accountant/ M. Com in Accountancy)
5. Q4 Date of the voucher should be of accounting year
6. Q5 Travelling expenses incurred in should only be authorized
7. Q6 covers objectives and scope of audit
8. Q7 Error is a/an mistake in the financial records
9. Q8 Internal auditor has to report to audit 9, means deciding nature, timing and extent of audit
10. Q10 means to select and examine a representative sample transaction from large number of
11. Q1 B) State whether the following statements are true or false: (any 7) 7 marks
12. Q1 Any type of error causes differences in the trail balance
13. Q2 The old auditor must handover his working papers to the new auditor, appointed in his place
14. Q3 Audit evidence is not conclusive in nature
15. Q4 The smaller the tolerable error, the greater the sample size will be needed
16. Q5 Audit plans are to be approved by the client being audited
17. Q6 The debtor’s confirmation should be returned to the client
18. Q7 Audit notebook is a part of permanent audit file
19. Q8 Vouching is same as valuation
20. Q9 Internal audit helps to detect rather than prevent error
21. Q10 Casting error is a type of four-sided error
22. Q2 A) What is Auditing? Discuss its advantages and disadvantages of auditing? 15 marks
23. Q2 B) Discuss Final audit with its advantages and disadvantages? 15 marks
24. Q3 A) Explain the meaning & contents of Audit Notebook? 8 marks
    • B) Explain the factors determining the sample size? 7
25. Q3 C) Explain the advantages of audit program? 8 marks
    • D) What is Test Check? What precautions the auditor takes regarding test check?
26. Q4 A) Discuss the points to be considered in the course of vouching?
    • B) How will you as an auditor verify Investments? 7
    • C) How would an auditor vouch: Travelling expenses? 8
    • D) How would an auditor verify Receipts from Debtors? 7
27. Q5 A) Explain the types of errors in detail? 8 marks
    • B) How would an auditor verify the payments made to purchase returns? 7
28. Q5 Short Notes: (Any 3) 15 marks
    • a) True and Fair View Concepts
    • b) Distinguish between Accounting and Auditing
    • c) Secret Reserve
    • e) External Audit

Read from the scan above, so a character or two may differ. The scan is the original.