Dibrugarh University (4th Semester) - Auditing Important Questions and Answers

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Unit 1

Part A

Q. Explain the meaning of Auditing. What its objectives? Explain them fully.

Q. What do you mean by continuous audit? How does it differ from periodical audit? What are its advantages and disadvantages? 

Q. “Auditing begins where accountancy end.” Explain this statement and also distinguish between Auditing and Accountancy.

Q. Mention Various classed of audit.

Q. 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?

Part B

Q. What is an audit note book? What purpose does it serve? What are the contents of audit note book?

Q. What is audit programme? What are the ways to plan an internal audit? Discuss the advantages and disadvantages of audit programme.

Q. Define internal control, internal audit and internal check and also distinguish between them.

Q. What is Audit evidence? Explain the procedure to obtain audit evidence.

Q. Write short notes on:

Ø  Audit working papers

Ø  Audit sampling

Unit 2

Part A

Q. What is routine checking? Mention its advantages and disadvantages. Also distinguish between vouching and routine checking.

Q. “Vouching is the essence of auditing.” Considering this statement, explain the meaning, advantages and limitations of vouching.

Q. Mention some important objectives of vouching and routine checking. Discuss the main points which must be taken care of while vouching the transactions.

Q. How would you vouch the following?

Ø  Cash sales and cash purchases

Ø  Expenses paid and income received

Ø  Day book

Ø  Bank account

Part B

Q. What do you mean by verification and valuation of assets? Distinguish between them.

Q.What are the objectives of verification and valuation of assets? Discuss the auditor’s duty in regard to valuation and verification of assets.

Q. How would you verify the following?

Ø  Intangible assets

Ø  Live stocks

Ø  Leasehold property

Ø  Contingent liabilities

Unit 3

Part A

Q. Who can be appointed and who cannot be appointed as an auditor of a company?

Q. How an auditor is appointed? Explain the procedure for removal of auditor before and after the expiry of the term?

Q. what are the rights, liabilities and duties of an auditor under the Companies Act, 1956? Explain them briefly.

Q. What is dividend? As an auditor, state the legal provisions relating to the payment of final dividend.

Part B

Q. Explain the procedure of issue of shares at a premium and at discount under the provisions of the companies Act, 2013. Point out the auditor’s duties in this connection.
Q. What are various types of reserves? Explain them including Secret Reserve.

Q. Explain the procedure of transfer and transmission of shares. What are the auditor’s duties in this regard?

Q. Write short notes In regard to auditor’s duty on:

Ø  Payment of dividend out of capital

Ø  Payment of interest out of capital

Ø  Issue of shares

Ø  Issue of Debentures

Unit 4 (OLD COURSE ONLY)

Part A

Q. Discuss the special points in the audit of banking companies.

Q. Discuss the special points in the audit of Co-operative Societies.

Q. Discuss the special points in the audit of Educational Institutions.

Part B

Q. What is Investigation? Distinguish between audit and investigation.What are various classes of investigation?

Q. What are various characteristics of 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?

Unit 5 (UNIT 4 OF NEW COURSE)

Part A

Q. What do you mean by qualified report? Under what circumstances as an auditor of a company would you qualify the report? Draft a qualified report giving at least four reasons.

Q. What are Various Types of Audit Report? Mention the contents of Statutory Report. Explain auditor’s duties in this regard.

Q. What are various types of audit report? Explain them briefly.

Part B

Q. What do you mean by Management Audit? What are its objects? Discuss briefly its advantages and disadvantages.

Q. What do you mean by Cost? What are its objects? Discuss briefly its advantages and disadvantages.

Q. What do you mean by financial audit? What are its objects? Discuss briefly its advantages and disadvantages.

Q. Distinguish between cost audit, management audit and financial audit.

Q. Write short notes on:

Ø  Proprietary audit

Ø  Efficiency audit

Ø  SSAP