LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
B.Com. DEGREE EXAMINATION – CORPORATE SECRETARYSHIP
FIFTH SEMESTER – APRIL 2008
BC 5401/ CR 5401 – AUDITING
Date : 02-05-08 Dept. No. Max. : 100 Marks
Time : 9:00 – 12:00
Answer all the questions: (10×2=20 marks)
State the meaning or concepts of the following
- Cut of test
- Internal Test
- Audit Report
- Audit programme
- Teeming & Lading
- Special Reserve
- State any 2 differences between audit and investigation
- Independent auditing
- Audit evidence
Answer any FIVE questions: (5×8=40 marks)
- Distinguish between Reserves and Provisions.
- Describe the various steps in the evaluation of internal control system.
- What are contents of audit note book?
- What is the auditor’s duty with regard to verification and valuation of inventories.
- What are the advantages of continuous audit?
- Bring out differences between Internal audit and internal check.
- Explain the duties of an auditor relating to special and secret reserve.
- What are the limitations of Internal Audit?
Answer any TWO questions: (2×20=40 marks)
- Discuss the procedures to be followed for vouching the receipts side and payment side of a cash book.
- How would you verify and treat the following assets and liabilities
- a) Land and Building b) Provision for bad and doubtful debts
- c) Trade creditors d) Bills Receivable
- What are the objectives and advantages of auditing? Briefly explain.
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