LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

Date

Time

:

:

03/11/2012

9 :00 – 12 :00

Dept.No.

Max. : 100 Marks

B.Com. DEGREE EXAMINATION – CORPORATE SEC.

FIFTH SEMESTER – NOVEMBER 2012

BC 5401 – AUDITING

 

 

 

 

SECTION – A

Answer ALL the questions                                                                 (10×2=20)

 

1. Define Auditing.
2. What is meant by Audit Note -book?
3. What is meant by Internal Check?
4. Define vouching.
5. What is meant by ‘teeming and lading’?
6. What is meant b concurrent Audit?
7. What is meant by Secret Reserves?
8. Define verification.
9. What is meant by Contingent Liability?
10. What is meant by Audit Report?

 

                                             SECTION – B                                             

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

 

11. State the differences between audit and accounting
12. Differentiate between internal audit and external audit.
13. What are the essential characteristics of good internal control?
14. Explain the limitations of auditing.
15. What are the merits and demerits of an audit programme?
16. What are the merits and demerits of Secret Reserve?
17. How will you verify the following liabilities (a) Capital and Trade Creditors?
18. Describe the vouching procedure for cash purchases.

                                                              

                                      SECTION – C

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

 

19. Explain in details the objectives of Auditing.
20. What is need for vouching cash book? How would you vouch the cash receipts?
21. What is meant by verification of assets? Explain the duties of an auditor in verification and valuation of stock – In – trade.

 

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