LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

           B.Com. DEGREE EXAMINATION – CORPORATE SECRETARYSHIP

GF 11

FIFTH SEMESTER – APRIL 2008

BC 5401/ CR 5401 – AUDITING

 

 

 

Date : 02-05-08                  Dept. No.                                        Max. : 100 Marks

Time : 9:00 – 12:00

 

PART-A

Answer all the questions:                                                      (10×2=20 marks)

 

State the meaning or concepts of the following

1. Cut of test
2. Internal Test
3. Audit Report
4. Audit programme
5. Teeming & Lading
6. Special Reserve
7. Vouching
8. State any 2 differences between audit and investigation
9. Independent auditing
10. Audit evidence

PART-B

Answer any FIVE questions:                                                           (5×8=40 marks)

 

1. Distinguish between Reserves and Provisions.
2. Describe the various steps in the evaluation of internal control system.
3. What are contents of audit note book?
4. What is the auditor’s duty with regard to verification and valuation of inventories.
5. What are the advantages of continuous audit?
6. Bring out differences between Internal audit and internal check.
7. Explain the duties of an auditor relating to special and secret reserve.
8. What are the limitations of Internal Audit?

 

PART-C

Answer any TWO questions:                                                           (2×20=40 marks)

 

1. Discuss the procedures to be followed for vouching the receipts side and payment side of a cash book.
2. How would you verify and treat the following assets and liabilities

1. a) Land and Building b) Provision for bad and doubtful debts
2. c) Trade creditors d) Bills Receivable

1. What are the objectives and advantages of auditing? Briefly explain.

 

 

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