BCom SY BCom Sem 4 2022 2023 Mar 2023 AUDITING IV Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 All Questions are Compulsory
2. Q2 Figures to the right indicate full marks
3. Q1 A) Multiple Choice Questions (Any Ten) 10 marks
4. Q1 Audit of Bans is
   • c) Concurrent Audit d) All of the above
   • a) Assets b) Liabilities
   • c) Income and expenses accounts where appropriate
   • d) All of the above
5. Q3 is fraud that involves theft of an assets
   • a) Manipulation of records b) A secret reserve
   • c) Misappropriation of assets d) Income smoothing
6. Q4 a systematic examination of the books and records or a business
   • a) Auditing b) Vouching
   • c) Verification d) Checking
7. Q5 Which of the following statements is the most correct regarding errors and fraud?
   • a) An error is unintentional, whereas fraud is intentions
   • b) frauds occur more often than errors in financial statements
   • c) Errors are always frauds and frauds are always errors Auditors have more responsibility for finding frauds than errors
8. Q6 Window dressing is most likely to be committed by whom?
   • a) Line employees of the company
9. Q6 Outside members of the company’s board of directors Company management d) The company’s Auditors 7): Audit plans should be based on knowledge of the
   • d) Reputation
10. Q8 Working papers are the property of the Client b) Client and the auditor Auditor d) None of the above The audit plan b) The audit procedures performed The conclusions drawn from the evidence obtained
    • d) All of the above
11. Q10 Current file and permanent file are together known as
12. Q11 This method of sample selection involves selecting items using a constant interval \ between selections, the first interval having a random start
    • c) Haphazard selection d) None of the above characteristics of the items selected
    • a) Ignore b) Obtain and evaluate
    • c) Manipulate d) None of the above
13. Q1 B) Match the columns (Any Ten) auditor Principle of Auditing 10 marks
14. Q3 Manipulation of Accounts c) Memorandum of Audit Samplin Error of commission a
15. Q6 Fraud _f) Report of shareholders
16. Q9 Confirmation Should be independent
17. Q10 Documents for goods dispatched mistake Confidentiality Used for debtors 2 A) Explain the term “Errors” what are the different types of Errors? (8)
    • B) Explain the term “Window Dressing” What are the objections against it? (7) = 2 A) Explain the points which are to be considered by an auditor in the course of vouching? (15) 3 A) What are the advantages of Interim Audit ? (8)
    • B) What are the, drawbacks of Continuous Audit ? / 3 C) Explain the importance of Audit working papers (8) j D) What are the essentials of good audit program’? (7) 4 A) Explain the points which are generally considered while framing Internal control 4 B) what is Continuous Audit, its advantages and disadvantages? (8) 7
    • C) Write Principles of Audit 7
    • A) Give the internal control for purchases 8
    • B) Explain the internal audit 5 C) what is voucher? Explain vouching? (7) 7
    • D) What points should be considered by the auditor in verification 6 A) How would you verify “Plant and Machinery”? (10) 8
    • B) How would you verify “Sundry Debtors” 6 C) Write Short Notes (Any four) (20) 10
18. Q3 Secret Reserves
19. Q4 Error of commission
20. Q5 Audit Sampling
21. Q6 Test Checking

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