| ST. JOSEPH’S COLLEGE OF COMMERCE (AUTONOMOUS) | ||
| END SEMESTER EXAMINATION – SEPT/OCT. 2015 | ||
| B.COM – V SEMESTER | ||
| C1 11 503: PRINCIPLES & PRACTICE OF AUDITING | ||
| Duration: 3 Hours Max. Marks: 100 | ||
| SECTION – A | ||
| I) | Answer ALL the questions. Each carries 2 marks. (10×2=20) | |
| 1. | Define Auditing. | |
| 2. | What do you mean by error of omission? | |
| 3. | What is Interim Audit? | |
| 4. | State any two differences between internal check and internal audit. | |
| 5. | What do you mean by verification of Assets and liabilities? | |
| 6. | What does Section 447-449 of Companies Act 2013 deal with? | |
| 7. | State any two disqualification of an auditor. | |
| 8. | Who appoints the First auditor and how? | |
| 9. | Expand CAAT. | |
| 10. | What is Qualified Audit Report? | |
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SECTION – B |
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| II) | Answer any FOUR questions. Each carries 5 marks. (4×5=20) | |
| 11. | State five differences between Auditing and Accountancy. | |
| 12. | Write short note on verification of Stock in trade. | |
| 13. | State the Objectives of Internal Audit. | |
| 14. | What are the rights of an auditor? | |
| 15. | Prepare a qualified audit report. | |
| 16. | What are the contents of Audit Note Book? | |
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SECTION – C |
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| III) | Answer any THREE questions. Each carries 15 marks. (3×15=45) | |
| 17. | Discuss in detail about EDP audit. | |
| 18. | What are the qualities of an auditor? | |
| 19. | Give the meaning of Audit Programme. Explain Types of Audit Programme and prepare audit programme for cash. | |
| 20. | Discuss about Re-appointment, Rotation and Resignation of Auditor. | |
| 21. | Explain Internal Check with regard to wages. | |
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SECTION – D |
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| IV) | Case Study (1×15=15) | |
| 22. | You are the auditor of a company, which raised finance from the capital market on the basis of a prospectus issued a few years back. The main object for raising the finance was specified to be setting up a project on information technology.
The company advanced monies so raised to various parties ‘related’ to directors. These parties had no standing whatsoever with information technology. In the Balance Sheet, these advances appeared as a current asset under the head “loans unsecured – considered good”. There was no mention in the notes to accounts about nature and purpose of such advances. You have given routine audit report without any qualifications. One fine morning the directors and these ‘related’ parties disappear. The company has just vanished.
Can you be hauled up for professional misconduct? Do you have any liability under any law?
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