| ST. JOSEPH’S COLLEGE OF COMMERCE (AUTONOMOUS) | ||
| END SEMESTER EXAMINATION – MARCH/APRIL 2015 | ||
| b.B.M – vI SEMESTER | ||
| ACC 605: AUDITING (ACCOUNTS ELECTIVE) | ||
| Duration: 3 Hours Max. Marks: 100 | ||
| SECTION – A | ||
| I) | Answer ALL the questions. Each carries 2 marks. (10×2=20) | |
| 1. | Who can be called as an Auditor’s Expert? | |
| 2. | Mention the various types of investigations. | |
| 3. | Explain the need for a separate Tax Audit besides the Statutory Audit. | |
| 4. | Mention the problems faced while shifting from manual to computer based accounting records. | |
| 5. | What is SA 600? | |
| 6. | Expand CAAT. Mention any two of its uses. | |
| 7. | What is the objective of establishment of IAASB? | |
| 8. | Mention any two factors which the statutory Auditor may consider in assessing the work of Internal Auditor. | |
| 9. | State the approaches of Audit under CIS Environment. | |
| 10. | What do you mean by ‘corporate governance’? | |
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SECTION – B |
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| II) | Answer any FOUR questions. Each carries 5 marks. (4×5=20) | |
| 11. | What are the steps for audit under the state level ‘VAT’? | |
| 12. | Discuss the main features of Qualified and Independent Audit Committee. | |
| 13. | Before using the CAAT techniques, the audit team has to consider certain factors for ensuring the success of its use. Enumerate. | |
| 14. | Differentiate between Auditing and Investigation. | |
| 15. | Enumerate the Liability of Joint Auditors (SA 299). | |
| 16. | Discuss in brief Regulation 63 under SEBI (Mutual Fund), the obligations on inspection and investigation. | |
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SECTION – C |
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| III) | Answer any THREE questions. Each carries 15 marks. (3×15=45) | |
| 17. | Explain the working procedure of Auditing and Assurance Standard Board in formulating the Audit Standards | |
| 18. | Mention the various Controls in a CIS Environment. How does the auditor carry out the review of internal control system under the CIS environment? | |
| 19. | Write a detailed note on
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| 20. | Examine the scope of Auditor’s Role under the Income Tax Act. | |
| 21. | Explain in detail the audit procedure of Stock Exchange Brokers. | |
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SECTION – D |
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| IV) | Case Study (15 marks) | |
| 22. | a. A German Company engaged in the business of manufacturing and distribution of industrial gasses, is interested in acquiring a listed Indian Company having a market share of more than 65% of the Industrial gas business in India. The German Company has commissioned the Due Diligence Audit to you in order to assess the strength and weakness of the Indian Company. As a Due Diligence Auditor, what key areas you will cover in your review?
List out the contents of your Due Diligence Review Report that you will submit to your German based client.
b. Draw up an instance in a business entity which may require the auditor to seek the help of an expert in obtaining sufficient and appropriate audit evidence. (10+ 5)
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