B.Com In Banking & Insurance (BCBI) Sem V October 2025 October 2025 Auditing I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Audit program should be rigid
2. Q2 Test check reduces the workload of auditors
3. Q3 Internal audit can be done by employees of company
4. Q4 In window dressing assets are undervalued
5. Q5 Developing internal control is management’s responsibility
6. Q6 Audits of small enterprises is voluntary
7. Q7 Error is intentional mistake in financial statement
8. Q8 Integrity is the main quality of auditor
9. Q10 Confidentiality means auditor should disclose the information of client to outsiders B Multiple Choice Question (Any 7) 7
10. Q1 is examination of records of some specific purpose
11. Q2 When one error nullifies the effect of another is called as
    • i) Error of omission ii) Mathematical error ili) Error of principle iv) Compensating error
12. Q3 Audit notebooks are very useful for the auditor to prepare
13. Q4 From the list of officers, auditors get to know
14. Q5 Internal auditors must
15. Q6 Test checking is suitable
16. Q7 means the entire set of data from which sample has to be selected
17. Q8 Debtors arise due to transaction
18. Q9 Vouchers should be by concerned officer
19. Q10 Outstanding expenses should be Balance sheet 2.a. Define Error & Explain different types of errors 8
    • b. Explain the objectives of Auditing
    • c. Distinguish between Internal audit & Statutory audit 8
    • d. What are the different qualities of auditor
20. Q3 a. Explain the factors to be considered by auditor before commencing actual audit 8 marks
    • b. What is auditor’s lien on working papers & client’s books 7
    • c. How internal control can be done for the following transactions 8
    • d. Explain basic principles of internal audit 7
21. Q4 a. What is vouching? Explain its importance 8 marks
    • b. How verification of Furniture done by auditor 7
    • c. Explain auditor’s duty regarding audit payments 8
    • d. How audit of cash sales done by auditor
22. Q5 a. What is Test checking? Explain its advantages 8 marks
    • b. How will you verify Bills receivable appearing in Balance sheet 7
23. Q5 Write short notes (Any three) 15 marks
    • a) Secret reserve
    • b) Audit program
    • c) Concurrent audit
    • d) Internal check

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