Ignou, B.com, ECO 12, ELEMENTS OF AUDITING, Important Questions for December Exam

 IMPORTANT QUESTIONS

ECO 12

1. Define auditing and state its objective and advantages.  



2. What is a voucher and vouching? State the points to be kept in mind while examine a voucher. Explain the objective and importance of vouching. 




3. Describe briefly the main provision of company law regarding the appointment and removal of an auditor. 




4. State the qualification and disqualification of a company auditor. What is his status. State the rights and duties of a company auditor as per the provisions of the company act in relation to audit report and an enquiry. 




5. What do you mean by qualified audit report? Prepare a qualified audit report incorporating therein at least 3 qualifications. Describe the form and content of auditors report. 




6. Differentiate between routine checking and test checking. What are the precautions to be taken in test checking ? 




7. Differentiate between auditor's report and auditor's certificate. What do you understand by the concept of true and fair in auditor's report?




8. What is internal check system? Suggest a suitable internal check system for cash sales. 




9. How will you examine the following items while auditing the account of a limited company:

•Redemption of preference share
•Forfeiture of shares





10. Write short notes on the following:


  • Sinking fund
  • Verification of stock in trade
  • MAOCARO
  • Transmission of shares
  • Audit note book
  • Audit planning and audit programme
  • Cost audit
  • Management audit
  • Audit working paper
  • Secret reserves
  • Divisible profits
  • Errors of principle



11. Differentiate between the following:

  • Internal audit and statutory audit
  • Final audit and interim audit
  • Cost and financial audit
  • Clean and qualified report

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