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Friday, March 18, 2016

Dibrugarh University Question Paper: Auditing (May' 2015)

2015 (May)
COMMERCE
(General / Speciality)
Course: 403
Time: 3 hours
(Auditing)
Full Marks: 80
Pass marks: 32

The figures in the margin indicate full marks for the questions
1. Choose the correct answer from the alternatives given below:                              1x8=8
(a)  Auditing is compulsory for
(i) Small-scale business enterprises
(ii) All partnership firms
(iii) All joint stock companies
(iv) All proprietary concerns

(b)  Interim audit refers to
(i) examination of accounts continuously
(ii) examination of accounts intermittently
(iii) audit work to find out and check interim profits of a company
(iv) carrying on audit for bonus purposes at the end of the year.

(c)   Internal auditor can be removed by the

(i) government
(ii) shareholders
(iii) management
(iv) company law board

(d)  The object of internal check is to
(i) control wastage of resources
(ii) prevent errors and frauds
(iii) verify the cash receipts and payments
(iv) facilitate quick decision by the management

(e) Errors of omission are
(i) technical errors.
(ii) errors of principle
(iii) compensating errors
(iv) none of the above

(f)   Remuneration of a company auditor is fixed by the
(i) shareholders
(ii) Board of Directors
(iii) Central Government
(iv) appointing authority

(g)  A company can issue redeemable preference shares, if authorised by the
(i) Memorandum of Association
(ii) Articles of Association
(iii) Companies Act, 1956
(iv) None of the above

(h)  Shares can be issued at discount under Section
(i) 76
(ii) 75
(iii) 79
(iv) 89

2. Write short notes on (any four):                                                           4x4=16
(a) Audit note book
(b) Internal check
(c) Periodical audit
(d) Auditing in depth
(e) Cost audit
(f) Error of principle

3. (a) Define audit. What are the essential qualities required by an auditor apart from the statutory qualifications? 4+7=11
Or
(b) What is audit programme? State the advantages and disadvantages of conducting audits in accordance with fixed audit programme.                                                                       3+4+4=11

4. (a) Describe the objectives of vouching. How would an auditor proceed to vouch credit purchase?      5+6=11
Or
(b) What is the general procedure of valuing and verifying stock-in-trade? How far an auditor is responsible for verification of stock-in-trade?                                                            7+4=11

5. (a) Discuss the position of an auditor under the Companies Act, 1956 with reference to his liabilities and powers. 6+6=12
Or
(b) How will you examine the following items while auditing the accounts of limited company?              6+6=12
(i) Bonus share
(ii) Share transfer

6. (a) Discuss the various points to be considered by the auditor in the audit of an educational institution.        11
Or
(b) What is investigation? Discuss the     general procedure followed in an investigation.      3+8=11

7. (a) “Audit report is a significant document bearing financial implication”. Explain the statement.  11
Or

(b) State the importance of audit report. Briefly discuss the various types of audit report.        4+7=11