Auditing — DU B.Com (P) Previous Year Question Papers

1. (a) What are the objectives of audit? Elucidate. (9) (b) What are the core principles of Auditing in India? " (a) State the difference between private audit and statutory audit. Explain the advantages of statutory audit in respect of those organisations where it is obligatory. (6+3) (b) What are the challenges of auditing in a computerised environment? Also discuss how can it be mitigated? (5+4) 2. - (a) State the characteristics of a sound system of Internal Check. Differentiate between internal checkand internal control. (4+5) (b) What is "Audit Documentation"? Discuss various contents of permanent Audit file and Current Audit file. (3+6) (a) Explain the meaning and significance of audit evidence? In this context, state what do you mean by the teris 'compliance procedures' and 'substantive procedures'. (5+4) (b) "Internal aúdit has become an important managerial tool". Explain the meaning and scope of internal audit. • (3+6) 3. (a) Explain the difference between Verification and Valuation of assets. What are the duties of an auditor with respect of Valuation of assets? (b) Explain the provisions of the Companies Act, 2013 relating to ceiling on number of audits and remuneration of the auditor? (6+3) (a) "Vouching is the back-bone of auditing". Explain this statement. (9) (b) Can a properly appointed Company auditor be removed before the expiry of his term? If so, explain the procedure of removal. (9) 4. (a) Discuss the provisions of the Companies Act, 2013 regarding the qualification and disqualifications of a company auditor. (4+5) (b) What are the duties of a company auditor as per the Companies Act, 2013? (9) (a) Discuss the provisions of section 139 of the Companies Act, 2013 for appointment of first auditors and subsequent auditor in a listed company (other than government companies). (3+6) (b) Explain the Liabilities of an auditor under the ... Companies Act, 2013. (9) 5. _(a) What are the Elements of Auditor's Report as per Auditing Standards. (b) Explain the audit procedure in a bank audit, with regards to (i) loans and advances and (ii) interest expense. (5+4) (a) What is the difference between Forensic audit and financial audit? Discuss about the 'fraud triangle" - commonly used by forensic auditor. (5+4) (b) What is NFRA? Explain its functions clearly;