Auditing (Elective P-Iii: Accounts)

REG NO:

ST. JOSEPH’S COLLEGE OF COMMERCE (AUTONOMOUS)
END SEMESTER EXAMINATION – MARCH/APRIL 2016
B.COM – VI SEMESTER
ACC 605 : AUDITING (ELECTIVE P-III: ACCOUNTS)
Duration: 3 Hours Max. Marks: 100
SECTION – A
I)	Answer ALL the questions. Each carries 2 marks. (10×2=20)
	1.	What is meant by Corporate Governance?
	2.	What does SA 620 deal with?
	3.	What is VAT? State its purpose?
	4.	What is meant by Service Tax and who is liable to pay?
	5.	State the objectives of AASB (India).
	6.	What does Section 31 of the KVAT Act, 2003, State?
	7.	State any 2 difference between a black-box and a white box approach?
	8.	What are the relevant factors used by auditors to evaluate the expert’s work in providing audit evidence?
	9.	What is an Audit Committee?
	10.	State the Engagement Standards of AASB (India).
SECTION – B
II)	Answer any FOUR questions. Each carries 5 marks. (4×5=20)
	11.	Explain the procedure in setting up the auditing standard board in India.
	12.	State the responsibilities among the joint auditors as per SA 299.
	13.	Explain EDI in auditing.
	14.	State when the Input tax credit will be available for the taxable goods purchased.
	15.	State in detail the types of market under NEAT system?
	16.	Determine the need of an Audit Expert as per SA 620
SECTION – C
III)	Answer any THREE questions. Each carries 15 marks. (3×15=45)
	17.	Briefly explain deductions under: a) 35D b) 35E c) 80HH d) 80 HHA e) 80HHC
	18.	State in brief the various considerations for agreement between the Auditor and an Auditor’s External Expert.
	19.	State in detail the factors that may affect external auditors in determining if the work of Internal Auditors is adequate or not for the purpose of the audit as per SA 610
	20.	Briefly explain as to why an auditor should have adequate knowledge about important aspects of functioning of stock exchanges and also the manner in which the transactions are entered into by the members of stock exchange.
	21.	Briefly explain the various approaches to auditing in a CIS environment?
SECTION – D
IV)	Case Study – Compulsory question. (1×15=15)
	22.	As an auditor, you are asked to audit the Service Tax of the company. What are the different areas that you would consider in presenting the report while auditing the Service Tax and what is the role played by you in auditing the service tax.

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