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Monday, February 17, 2014

Dibrugarh University - Auditing (May' 2013)

2013 (May)

Commerce (General/Speciality)
Course: 403
Full Marks: 80
Time: 3 Hours

1.       Choose the correct world from the alternatives given below:
(a)    Auditing refers to
(i)      Preparation and checking of accounts.
(ii)    Examination of account of business unit
(iii)   Examination of accounts by professional accountants
(iv)  Checking the voucher

(b)   Auditing is luxury for a
(i)      Joint stock company
(ii)    Partnership firm small shopkeeper
(iii)   small shopkeeper
(iv)  government company

(c)    The scope of work of internal audit is decided by the
(i)      Shareholders
(ii)    Management
(iii)   Government
(iv)  Law

(d)   Errors of omission are
(i)      Technical errors
(ii)    Errors of principle
(iii)   Compensating errors
(iv)  None of the above

(e)   Stock should be valued at
(i)      Cost
(ii)    Market price
(iii)   Cost of market price whichever is lower
(iv)  Cost less depreciation

(f)     Government may order for cost audit under the
(i)      Section 227
(ii)    Section 223A
(iii)   Section 223B
(iv)  Section 224

(g)    Institute of chartered Accountants of India was established in the year
(i)      April 1, 1956
(ii)    April 1, 1949
(iii)   July 1, 1956
(iv)  July 1, 1949

(h)   Internal check is a part of
(i)      Internal audit
(ii)    Internal accounting
(iii)   External audit
(iv)  Internal control

2.       (a) What do you mean by continuous audit and to what type of business is it especially applicable? State its merit and demerits.          
Or
(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 as an auditor?

3.       (a) Explain the objectives of verification of assets. State the differences between routine checking and vouching.                                           
Or
(b) What is vouching? Discuss the main points which must be taken care of while vouching the transactions.

4.    (a) State clearly the rights and duties of an auditor of a company under the Indian Companies Act.
Or
(b)  explain the procedure of issue of shares at premium and at discount under the provisions of the Companies Act, 1956. Point out the auditor’s duties in this connection.

5.       (a) Discuss the special points arising in the audit of a cooperative society.  
Or
(b) Distinguish between audit and investigation. Discuss in detail the procedure for an investigation.

6.       (a) What is statutory Report? Discuss the auditor’s duty in this connection. 
Or
(b) What do you mean by Management Audit? Discuss briefly the advantages and disadvantages of Management Audit.

7. Write short notes on:
(a)  Social audit
(b) sources of dividend
(c) secret reserve
(d) fraud and error