LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.B.A. DEGREE EXAMINATION – BUSINESS ADMINISTRATION

FIFTH SEMESTER – APRIL 2012

BU 5401 – AUDITING

 

 

 

Date : 30-04-2012              Dept. No.                                        Max. : 100 Marks

Time : 1:00 – 4:00

Section A

Answer all the TEN questions. Each carries 2 marks:                                      (20 marks)

1. State the Objects of audit.
2. Explain Error of principle.
3. What is Audit Note Book?
4. What is vouching?
5. What are the modes of valuation of Assets?
6. Explain Routine check.
7. State what is Statutory Audit?
8. State the Qualification of a company auditor.
9. Explain Auditor’s Right to visit branches.
10. Explain the Auditor’s Duty to report to members.

 

Section B

Answer any FIVE questions. Each carries a maximum of 8 marks:          ( 40 marks)

 

11. How is Independent Auditing different from Internal Auditing?
12. Explain the different types of Errors? What steps are taken to locate them?
13. What are the essential points to be noted in a valid voucher?
14. How vouching should be done for ‘receipts from debtors’?
15. Briefly describe a suitable internal check as to wages.
16. What are the general principles of verification and valuation of assets?
17. What are the types of Audit programme?
18. Explain the meaning of “true and fair view” of Balance sheet.

 

Section C

Answer any TWO questions. Each carries a maximum of 20 marks:            (40 marks)

 

19. Describe the procedure relating to vouching of (a) goods sent on consignment, b) goods on sales or return, c) purchase returns,(d) Sales return.
20. How would you verify the following assets a).Copyright b) Plant and machinery c) Leasehold property d) Goodwill
21. What are the provisions in the Companies Act for the appointment and removal of an auditor of a company?

 

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