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Com(PartII)Examination,2010
(10+2+3Patterns) (FacultyofCommerce)
ACCOUNTANCY AND BUSINESS STATISTICS First Paper: Theory and Practice of Auditing Objective Part- I
Time : One Hour
Attempt all Questions.
Max. Marks.: 40
1. Answer the following in not more than 20 words each. (i) Write any two differences between Continuous audit and periodical audit. (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) Write main objects of internal control. State any four characteristic of internal check system. Is it compulsory is audit of government companies and at whose advice? Who appoints the auditor of government companies and at whose advice? Who appoints the auditor of government companies and at whose advice? State any two provisions regarding compulsory audit. What do you mean by clean report? An auditor should not be suspicious. Explain. Distinguish between General and Specific reserves.
2. Answer the following is not more than 50 words each. (i) Enumerate two merits and two demerits of an audit programme. (ii) (iii) (iv) (v) How will you verify each in transit? What important documents would you consult before commencing the audit of joint company? Mention the criminal liabilities of an auditor pertaining to untrue statements of prospectus. State main of London and General Bank case.
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DESCRIPTIVE PART II
Time : Two Hour Max. Marks: 40
Attempt Three questions in all, sections at least one question from each section. Each section carries 20 marks. Section A 3. What is meant by audit? Mention the objects and advantages of an audit. 4. Vouching is the backbone. In the light of this statement discuss the importance of vouching giving some case laws.
Section B 5. What is statutory report? Give its contents by whom could it be certified? Discuss, in brief, the duties of an auditor in relation thereto. 6. Describe the provisions of the companies Act with regards to the appointment. Removal and remuneration of a company auditor.
Section C 7. Distinguish between audit and investigation. An individual desires to purchase a business and has asked you to conduct the investigation. How would you proceed? 8. Define Cost Audit. Differentiate between Financial Audit and Cost audit of Cost Accounts in certain cases.
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