LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034  B.Com DEGREE EXAMINATION – CORPORATE & SECRETARYSHIP

FIFTH SEMESTER – NOV 2006

         CR 5401 – AUDITING

(Also equivalent to COS 401)

Date & Time : 06-11-2006/9.00-12.00         Dept. No.                                                       Max. : 100 Marks

SECTION – A

ANSWER ALL THE QUESTIONS                                                                         (10×2=20)

1. Define “Auditing”
2. What is meant by reserve for bad debts?
3. In what cases is continuous audit suitable?
4. What is meant by internal control?
5. List any two precautions to be taken while applying test checks.
6. What do the term “goods sold on sale – or – return system” mean?
7. Write down the different kinds of vouchers used in a business.
8. Distinguish between internal check and internal audit.
9. Define the term “verification of assets”
10. Explain “errors of principle” with an example.

SECTION – B

ANSWER ANY FIVE QUESTIONS                                                          (5×8=40)

1. Explain any two types of audit with its advantages.
2. What is meant by the term “teeming and lading?” How do you detect it?
3. Describe a system of internal check with regard to cash sales.
4. How would you verify the following assets: a) Property b) patent rights and trademarks.
5. Can a good internal check system reduce the liability of an auditor?
6. Distinguish between “sinking fund for the redemption of a liability” and “sinking fund for the redemption of an asset”.
7. Write short notes on   a) Deferred revenue expenditure  b) working papers.
8. “Vouching is the essence of auditing” – Discuss.

SECTION – C

ANSWER ANY TWO QUESTIONS                                                          (2×20=40)

1. What is an Audit programme? Give its advantages and disadvantages.
2. Explain the auditor’s duties regarding vouching the items of payment side of cashbook.
3. What is secret reserve? How it is created? Explain the duty of an auditor in connection with the secret reserve.

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LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

           B.Com. DEGREE EXAMINATION – CORPORATE SECRETARYSHIP

FIFTH SEMESTER – APRIL 2008

BC 5401/ CR 5401 – AUDITING

Date : 02-05-08                  Dept. No.                                        Max. : 100 Marks

Time : 9:00 – 12:00

PART-A

Answer all the questions:                                                      (10×2=20 marks)

State the meaning or concepts of the following

1. Cut of test
2. Internal Test
3. Audit Report
4. Audit programme
5. Teeming & Lading
6. Special Reserve
7. Vouching
8. State any 2 differences between audit and investigation
9. Independent auditing
10. Audit evidence

PART-B

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

1. Distinguish between Reserves and Provisions.
2. Describe the various steps in the evaluation of internal control system.
3. What are contents of audit note book?
4. What is the auditor’s duty with regard to verification and valuation of inventories.
5. What are the advantages of continuous audit?
6. Bring out differences between Internal audit and internal check.
7. Explain the duties of an auditor relating to special and secret reserve.
8. What are the limitations of Internal Audit?

PART-C

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

1. Discuss the procedures to be followed for vouching the receipts side and payment side of a cash book.
2. How would you verify and treat the following assets and liabilities

1. a) Land and Building b) Provision for bad and doubtful debts
2. c) Trade creditors d) Bills Receivable

1. What are the objectives and advantages of auditing? Briefly explain.

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LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

   B.Com. DEGREE EXAMINATION – CORPORATE SECRETARYSHIP

FIFTH SEMESTER – November 2008

BC 5401 – AUDITING

Date : 14-11-08                     Dept. No.                                        Max. : 100 Marks

Time : 9:00 – 12:00

PART A

Answer ALL the questions:                                                                (10 X 2 = 20)

State the meaning or concepts of the following

1. Auditing.
2. Voucher.
3. Audit Evidence.
4. Tick Marks.
5. Audit Report.
6. FIFO, LIFO, WIP, AS-2.
7. Audit Planning.
8. Working Papers.
9. Contingent Liability.
10. Independent Auditor.

PART B

Answer any FIVE Questions                                                                             (5 X 8 = 40)

11. Discuss the factors that are determining scope of audit testing.
12. What are the objects of internal checks?
13. Bring out the differences between provisions and reserves.
14. Explain the advantages of continuous audit.
15. What is an audit file? Explain the different types of audit file.
16. What are the professional qualities of an auditor?
17. Write a short note on the audit of impersonal ledger.
18. Explain the merits of audit programme.

PART C

Answer any TWO Questions                                                                            (2 X 20 = 40)

19. What are the objectives of audit? Explain.
20. Explain the duties and responsibilities of an auditor with regard to vouching of
21. a) Purchases b) Petty cash book                              (10 + 10)
22. How will you verify the following and explain with examples:
23. a) Sundry debtors b) Inventories
24. c) Loans and advances d) Trade creditors.                              (4 X 5 = 20)

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LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Com. DEGREE EXAMINATION – CORPORATE SEC.

FIFTH SEMESTER – APRIL 2011

BC 5401 – AUDITING

Date : 25-04-2011              Dept. No.                                        Max. : 100 Marks

Time : 9:00 – 12:00

SECTION – A

(Answer all the Questions)                                      10 X 2 = 20

• Define Interim Audit.
• Define Audit Programme.
• What is meant by Internal Check?
• What are the two types of Internal Control?
• Give the objectives of vouching Cash Book.
• Brief about the two types of Contingent Liabilities.
• State the objectives of Verification of Assets.
• What do you mean by Working Papers?
• Give any four examples of Capital Reserve.
• What do you mean by Basket Purchases?

SECTION – B

(Answer any 5 Questions)                                    5 X 8 = 40

• Define Audit Note Book and list out the contents of Audit Note Book.
• Give a system of internal check for Petty Cash Payments.
• How do you vouch the following:-

1. Prepaid Insurance; b)     Prepaid Rent;
2. c) Accrued Interest; d)     Contingent Asset.

• Bring out the Advantages and Disadvantages of Test Checking.
• What do you mean by Teeming & Lading. How to detect Teeming & Lading?
• Differentiate between

1. General Reserve and Specific Reserve;
2. Provisions and Reserves

• Explain the concept of Internal Control System and its characteristics.
• How do you verify and value the following:-

1. Freehold Land;
2. Leasehold Land.

SECTION – C

(Answer any 2 Questions)                             2 X 20 = 40

• Explain in detail the procedure for vouching the Receipts side and Payments side of Cash Book.
• What is the duty of an auditor with regard to verifying and valuing Stock of Raw Material, Work-in-progress and Finished Goods?
• a) Bring out the difference between Capital Expenditure & Revenue Expenditure.

1. What do you mean by Capital Reserve? Write a brief note the creation and utilisation of Capital Reserve.

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LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034

B.Com. DEGREE EXAMINATION – CORPORATE SEC.

FIFTH SEMESTER – APRIL 2012

BC 5401 – AUDITING

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

Time : 1:00 – 4:00

SECTION A(10×2=20)

Answer all the TEN questions. Each carries a maximum of 2 marks .

Explain the following:

1. Balance sheet audit
2. Audit working papers
3. Internal Check
4. Vouching
5. Capital reserve
6. Qualities of an Auditor
7. Contingent liability
8. FIFO, LIFO
9. Goodwill valuation
10. Audit report

Section B (5×8=40)

Answer any FIVE questions. Each carries a maximum of 8 marks

11. Explain the different types of Errors? What steps are taken to locate them
12. Internal audit is an aid to external audit. Explain?
13. Distinguish between Provision and reserve
14. What documents should be examined while vouching receipts from debtors?
15. What is secret reserve? What is the duty of an Auditor regarding secret reserve?
16. What are the duties of an auditor in respect of Test checking?
17. What are the types of Audit programme
18. How would you verify the following assets a).Copyright b) Patents?

Section C(2×20=40)

Answer any TWO questions.  Each carries a maximum of 20 marks.

19. Briefly discuss the concept of internal control. What are its objectives? State the important features of a good system of internal control?
20. What is verification? Enumerate the methods of valuation of stock of finished goods
21. ‘Vouching is the backbone of audit’ explain. What are the essential points to be noted in a valid voucher?

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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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