Audit and Assurance

AUDIT AND ASSURANCE
Suggestion for 5th semester 2021
AUDITING AND ASSURANCE
Chapter-01
INTRODUCTION OF AUDITING
(5×2 = 10)
Q.1. Write the advantages and scope of an Audit?
Q.2. "Accounting is necessary but Auditing is Luxury" Comment and Difference between
Accounting and Auditing?
Q.3. Discuss the types of Fraud (ie. Window-Dressing, Teeming and Lading etc.)
Q.4. Define Investigation state the different purpose on investigation. Difference between Audit
and Investigation?
Q.5. Name any six standards on Auditing (SA) as prescribed by ICAI or present position as to
member and little as issued by ICAI?
Q.6. State the advantages and disadvantages of: (a) Continuous Audit (b) Social Audit (c)
Environment Audit (d) Property Audit (e) Performance/Efficiency Audit (f) System Audit (8)
Government Audit
OR
In which circumstances do you prefer continuous audit to Periodical Audit?
Chapter-02
AUDIT PROCEDURE AND TECHNIQUES
Q-3(10+5=15)
Q.1. What is Audit File? Classified (Types) if (i.e. Current and Permanent)
Q.2. What is Audit Sampling? Write their types and method of sampling used in Audit sampling?
Q.3. Discuss in brief "Various Sampling Risk" involved in Audit sampling. (Types of sapling
risk-compliance procedure and substantive procedure)
Q.4. State the important aspect that are usually included in Audit Engagement Letter?
Q.5. Write the Advantages and disadvantages of Audit Programme?
Q.6. Discuss the steps to be followed before commencement of new Audit of a Joint Stock
Company?
Q.7. Write short notes and their advantages and limitation. (a) Auditing in depth (b) Audit note
book (c) Audit memorandum (d) Test Checking (e) Cut off checking (f) Routine checking.
Chapter-03
INTERNAL CONTROL AND INTERNAL AUDIT
Q-2 (10 M)
Q.1. Discuss the object and advantages of internal check system. Also suggest a suitable
system to payment of wages in a large manufacturing system?
Q.2. Prepare an ICQ (Internal Control Questionaries) in respect payment of wages in a

manufacturing concern and Insurance Company/Purchase of goods?
Q.3. Difference between Internal check and Internal control system?
Q.4. What is Audit Risk? Write their types? How an Auditor conducts risk assessment?
Q.5. Legal requirement of Internal Audit / Regulatory requirement of internal Audit?
OR
Is internal Audit mandatory as per Provision of the Companies Act. 2013?
Chapter-04
VOUCHING OF DIFFERENT ITEMS
Q-2 (10 M)
Q.1. As an Auditor, how would you verify the following: (a) Trade Mark (b) Cash and Bank (c)
Patent and Copyright (d) Preliminary Expenses (f) Share Capital (g) Building (h) Loans and
Advances.
Q.2. How will you vouch the following: (a) Director's Remuneration (b) Purchase of Investment
(c) Payment to creditors (d) Commission Recovered (e) Interest on Investment (f) Payment of
Dividend.
Q.3. What do you mean by Verification and Valuation of assets. "The term Verification of assets
included valuation also" Justify?
Chapter-05
COMPANY AUDIT
Q-2(15 M)
Q.1. (a) How is a company auditors removed from his office?
(b) Provision of the Co. Act. Regarding Unpaid Dividend and Unclaimed Dividend?
Q.2. (a) Define Branch Audit. Discuss the rights and duties?
(b) Define Joint Audit. Write their advantages and disadvantages?
Q.3. (a) Discuss the provision of the Companies Act, 2013, regarding "Payment of remuneration
to Audit". (b) Write the duties of a company Auditors?
OR
An Auditor is a watch dog and not a blood bound, Explain." An Auditor is not an Insurer".
Q.4. (a) Can Dividend be paid out of Capital?
(b) Can Dividend be paid out of Capital Profit?
(c) Can Dividend be paid without writing off past losses?
Chapter - 06
AUDIT REPORT AND CERTIFICATE
Q-2 (10 M)
Q.1. Explain the term True and Fair view in respect of Audit of a Joint Stock Company?
Q.2. Difference between Audit Report and Audit Certificate?
Q.3. Explain the concept of Materiality and factors which act as guiding factor to this concept.
State the importance of the concept of the Materiality to an Audit?
Q.4. What are the requirement of a good Audit report and write the classes of companies are
outside the pre view of the CARO 2016?
Chapter-07
OTHER THRUST AREAS IN AUDITING
Q.1. What is Long From Audit Report (LFAR).

Q.2. Discuss the Role of comptroller and Auditor General of India (CAG).
Q-3(10 M) SES
Q.3. Write the features and advantages of following: (a) EDP (b) Management Audit (c)
Government Audit (d) NPA (Non Performing Assets) (e) System Audit.
Q.4. State the silent features of Auditing in CIS environment?

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AUDIT AND ASSURANCE

Suggestion for 5th semester 2021

AUDITING AND ASSURANCE

Q.1. Write the advantages and scope of an Audit?

In which circumstances do you prefer continuous audit to Periodical Audit?

AUDIT PROCEDURE AND TECHNIQUES

INTERNAL CONTROL AND INTERNAL AUDIT

Q.2. Prepare an ICQ (Internal Control Questionaries) in respect payment of wages in a

Q.3. Difference between Internal check and Internal control system?

Q.5. Legal requirement of Internal Audit / Regulatory requirement of internal Audit?

Is internal Audit mandatory as per Provision of the Companies Act. 2013?

VOUCHING OF DIFFERENT ITEMS

Q.1. (a) How is a company auditors removed from his office?

(b) Define Joint Audit. Write their advantages and disadvantages?

Q.4. (a) Can Dividend be paid out of Capital?

(b) Can Dividend be paid out of Capital Profit?

(c) Can Dividend be paid without writing off past losses?

AUDIT REPORT AND CERTIFICATE

Q.2. Difference between Audit Report and Audit Certificate?

OTHER THRUST AREAS IN AUDITING

Q.1. What is Long From Audit Report (LFAR).

Q.4. State the silent features of Auditing in CIS environment?

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