Monday, March 12, 2012

Dibrugarh University - Auditing 2010 (Gen/Spe)

 1.(a) what do you mean by  continuous audit? How does it differ from periodical audit? What are its disadvantages? 
(b) discuss the essential qualities which an auditor should possess. What steps would you take before commencing the actual work of audit upon being appointed an auditor?
2. (a) what are the objects of verification of assets and how far is an auditor responsible regarding their valuation?
(b) what is vouching? As an auditor, how would you vouch the following?
(i) credit purchases
(ii) cash at bank

3. (a) referring to the provisions of indian companiees act, 1956, write how auditor are apointed in the follwing circumstances :
(i) appointment of first auditor
(ii) appointed at annual general meeting
(iii) appointment by central grverment
(iv) in case of casual vacancy
(b) As an auditor of a limited company, express your views as to the legality and consequences of the following. In support refer to case laws:
(i) Payment of dividend out of capital
(ii) payment of interest out of capital
4.(a)Outline the points involved in audit of an eductional  institution.
(b) what is investigation? What special points should you bear in mind in carrying out  an investigation on behalf of an individual who wants to buy an existing business ?
(  c) what is a Statutory report ? Discuss auditor’s duty in this connection.
(d) What do you mean by Management Audit? What are its objects? Discuss briefly its advantages and disadvantages .