Wednesday, January 09, 2013

Dibrugarh University - Auditing 2011 (Old course)

1.       What are the objects of audit? Explain them fully.  4+10=14
What is an audit notebook? What purpose does it serve? What are the contents of an audit notebook?

2.       (a) What is routine checking? Mention the advantages of this checking.  4+3=7
(b) “Vouching is the essence of an audit”. Discuss this statement.                     7
What do you mean by verification of assets? How does it differ from valuation? Refer to one legal decision in respect of verification.   4+6+4=14

3.       State clearly the rights and duties of an auditor of a company under the Indian companies act. 14
What is the procedure of transfer of share? Point out the auditor’s duties in this connection. Distinguish between transfer and transmission of shares.                         5+5+4=14

4.       Discuss the special points arising in the audit of a cooperative society.                            14
Distinguish between audit and investigation. Explain in detail the procedure for an investigation.                              7+7=14

5.       What do you mean by qualified report? Under what circumstances as an auditor of a public company would you qualify your report? Draft a qualified report giving at least four reasons.  2+4+8=14
Distinguish between financial audit and cost audit. What are the disadvantages of financial audit and advantages of cost audit?   6+4+4=14