T.Y.B. Com. Semester –V 354 Auditing Questions Bank
Unit 1: Introduction to Principles of Auditing and Audit Process
Short-Answer Questions
1. State at least five reliable definitions of audit.
2. What are some of the objectives of an audit?
3. State the importance of an audit notebook.
4. What is the importance of the letter of engagement?
5. State the principles governing internal control.
Long-Answer Questions
1. Analyse the different types of errors and frauds.
2. Explain the classifications of audit according to the basis of the nature of work
undertaken.
3. Describe the classifications of audit on the basis of the methods of approach to
work.
4. What is an audit programme? What are its advantages and disadvantages?
5. Why is it important for an auditor to document matters which are important in
providing sufficient evidence? Discuss.
Unit 2: Checking, Vouching and Audit Report
Short-Answer Questions
1. Write a short note on test checking.
2. What is the contemporary audit practice in relation to inventories?
3. State the duties of an auditor.
4. What are the audit steps for the verification of loans and advances?
5. Differentiate between audit report and audit certificate.
Long-Answer Questions
1. Analyse the procedure of vouching of trade transactions.
2. Describe the approaches of valuation and verification of assets and liabilities.
3. Discuss the different types of audit reports.
4. ‘In order to maintain high quality standards of auditing, the International Auditing
and Assurance Standards Board (IAASB) has described certain standards that
are being followed by auditors throughout the world.’ What are these standards?
Unit 3: Company Audit and Tax Audit
Short-Answer Questions
1. State the provisions as to resolutions for appointing or removing auditors.
2. Write a short note on peer review of auditing.
3. What are the recent amendments made as applicable as per Income Tax Act,
1961?
Long-Answer Questions
1. Analyse the process of qualifications and disqualifications of auditors.
2. Describe the rights, duties and liabilities of auditors.
3. How is tax audit conducted? Analyse its different provisions and sections.
Unit 4: Audit of Computerized Systems & Forensic Audit
Short-Answer Questions
1. State the problems encountered in EDP environment.
2. What system characteristics result from the nature of EDP processing?
3. What are audit software programmes and how are they controlled?
4. What is a forensic audit report?
Long-Answer Questions
1. Describe some of the general EDP controls (installation controls).
2. Analyse the EDP application controls. How are they different from general
controls?
3. Describe the process and techniques of forensic auditing.
4. Explain the definitions and importance of forensic auditor.
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