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business
auditing 12th
Fundamentals Of Auditing 1st Edition Basu - Solutions
“Physical presence of the auditor at the time of year end verification of stock is though not always possible, it is recommended that he should at least be present as an observer”. Signify the importance of this statement and list out the important aspects which the auditor should look into to
(a) What are the general considerations for evaluation and verification of assets? (b) State your views on the following: (i) Events occurring after the Balance Sheet date and (ii) prior period and extraordinary items.
You have just been appointed as auditor of Hindalco Engineering Company Ltd. to fill up a casual vacancy created by the death of the previous auditor, Mr. V. K. Rattan, a sole practitioner. He has died after carrying out the audit of the company’s accounts, but without having signed the audit
You are the auditors of Apollo Services Ltd. and you have recently been reading a report on a similar company that criticised the auditors for failing to comment on the existence of the material related party transactions.Discussion a. What do you mean by this term ‘Related Party
Write short notes on:(a) Issue of shares at premium.(b) Payment of interest out of capital.(c) Reduction of share capital.
What are the points you will consider at the time of examining the issue of right shares?
State how an auditor should outline the programme suitable for a share transfer audit.
How will you examine the following items while auditing the accounts of a limited company?(a) Re-issue of forfeited shares(b) Profit prior to incorporation
5 How are the first auditors of a limited company appointed?
Explain in brief the legal provisions as well as the Schedule VI Requirements regarding auditors’ remuneration.
Describe the qualifications of an auditor according to the Chartered Accountants Act, 1949.
Discuss the status of an auditor in the company.
How will you examine the following items while auditing the accounts of a limited company?(a) Redemption of preference shares.(b) Forfeiture of shares.
State the circumstances when a person will be disqualified for being appointed as company auditor.
How is the auditor of a government company appointed?
Discuss the auditors’ liability to third party?
What are the steps to be taken by a statutory auditor before commencement of an audit of a company?
Mention important items for which auditor would refer to each of the following:(a) Minutes book of the Board Meeting(b) Minutes book of the Shareholders Meeting.
What are the points to which you would direct your attention while accepting an appointment as an auditor of a company? State under what circumstances an appointed auditor can be removed from his office?
State clearly the rights and duties of an auditor.
‘Under the Companies Act, an auditor may be held liable both for negligence and misfeasance’. Do you agree? Give reasons for your answer.
Under what circumstances, an auditor can be appointed by the following:i. The Board of Directorsii. The Shareholdersiii. The Central Government.
(a) Discuss the circumstances in which bonus shares can be issued by a company.(b) Enumerate the procedures to be followed.(c) Explain the duties of the auditor in relation to the above.
State the procedures an auditor should follow to verify the issue of share capital(a) For cash,(b) For consideration other than cash, and(c) For employees as ‘sweat equity share’.
Explain the statements:(a) “Information and means of information are by no means equivalent terms.”(b) “An auditor is liable for any damages sustained by a company by reason of falsification, which might have been discovered by exercise of reasonable care and skill in the performance of
Discuss the rights of lien of an auditor of a limited company.
What is dividend?
What is interim dividend? When the question of interim dividend arises?
State with reasons whether you, as an auditor, would approve the payment of dividend out of capital.
Can dividend be paid out of current profit without writing off intangible and fictitious Assets?
Can dividend be paid out of profit arising out of forfeited and re-issue of shares?
State the provisions of the Companies Act, 1956 regarding the declaration and payment of dividend.
Can dividend be paid under the following circumstances:(a) Out of current profit without making good past losses?(b) Out of a capital profit.(c) Out of past profit when there is neither profit nor loss in the current year.(d) Realised capital profits.
State the provisions of the Companies Act, 1956 regarding declaration and payment of interim dividend. What would be the duty of an auditor in connection with such a dividend?
What do you understand by ‘divisible profit’? State what considerations should be borne in mind before declaring dividend.
While examining the accounts of a company, you find the following items on credit side of profit and loss account:(a) Profit on revaluation of land.(b) Bounties received from Central Government.(c) Excess depreciation charged in the previous year now written back.(d) Unclaimed dividend.Would you
What do you mean by ‘Auditor’s Report’?
What is piecemeal report?
Distinguish between auditor’s report and auditor’s certificate.
Is there any difference between an adverse and a qualified report?
“Information and means of information are by no means equivalent terms”. Explain.
What are the contents and format of an audit report?
(a) What is meant by auditor’s report?(b) Discuss the characteristics of a good audit report.(c) What is the value of auditor’s report?
State the matters required by the Companies Act, 1956 to be stated in auditor’s report to the shareholders on the accounts of a company audited by such auditor.
What is a clean report? Give a specimen of a clean report of the auditor.
What is a qualified report? Give a specimen of a qualified report of the auditor.
How many types of audit report may be submitted by a company auditor and under what circumstances? Discuss briefly.
Under Section 227 (4A) of the Companies Act (1988), some additional information is to be given by the auditor in his report to the shareholders. State them.
What are the events that may occur after the preparation of Balance Sheet? Do you think that those events should be incorporated in the auditor’s report?
What is Long Form Audit Report?
How an auditor of a bank is appointed?
What are the Acts relevant for bank audit?
What do you mean by Special Audit in case of bank?
What are the rights and liabilities of a bank auditor?
What are the different types of advances of a bank according to RBI prudential norms?
When an advance becomes NPA?
State, in brief, the contents of an audit report of a bank.
Describe in brief the prudential norms of RBI relating to advances.
State, in brief, the relevant legal provisions in case of audit of banks.
Describe the main features of internal check suitable for a bank.
State the special features of a bank audit.
Discuss the different stages of conducting bank audit.
State the legal requirements of making provisions for non-performing assets.
State the duties of a bank auditor in writing Long Form Audit Report in respect of the following aspects:a. Cashb. Investmentsc. Advancesd. Depositse. Contingent liabilitiesf. Books and records g. Inter-branch accounts h. Audit and inspection i. Frauds j. Stamps and stationeries
State the practices that should be followed by the bank in respect to the following:a. Provision for doubtful debts.b. Income recognition.
What are the Acts and Rules govern the accounts of companies carrying on general insurance business?
What are the registers to be maintained by an insurance company?
Name the books of accounts required to be maintained by a company carrying on life insurance business.
Who can be appointed as auditors of an insurance company?
How the auditor of a company carrying on life insurance business is appointed?
How the remuneration of auditor of a company carrying on general insurance business is fixed?
State the powers of an auditor of an insurance company.
State the important matters, the central statutory auditor looks into, while conducting audit at the head office level.
State the important provisions of the IRDA regulations, 2000 governing the audit of an insurance company.
State the applicability of Accounting Standards to the preparation of financial statements of insurance companies.
What are the provisions of the Insurance Act, 1938 regarding submission of reports and returns by the insurance companies?
State the provisions as contained in Schedule C of IRDA Regulations, 2000 regarding Auditor’s Report of an insurance company.
How the auditors prepare themselves before undertaking audit of an insurance company?
Discuss, in detail, the internal control procedures, that should be adopted by an insurance company.
Define ‘propriety’ audit. What are its objectives?
Define ‘efficiency’ audit. What are its objectives?
Who can conduct cost audit under the Companies Act, 1956?
Do you justify the introduction of social audit in India?
What is Tax Audit? Who can be appointed as tax auditor?
Write short notes on compulsory tax audit.
What do you mean by human resource audit?
Define performance audit. What is its importance?
What are the contents of cost audit report?
Define operational audits. What are its objectives?
What is social audit? Give your views on the objectives of social audit. Discuss the position of social audit in Indian scenario?
What is environmental audit? State the objectives of environmental audit. What is the position of environmental audit at present in India?
Discuss the concept and objective of cost audit. What are the advantages of cost audit from the viewpoint of the management? Distinguish between cost audit and management audit.
What is management audit? State the uses, limitations and importance of management audit.
Define human resource audit. State its advantages and limitations. How does it differ from human resource accounting?
In framing the audit programmes of specialised enterprises, what additional factors are required to be considered by the auditor?
Draft an audit programme covering eight special points for examining the accounts of a:(a) Sports club,(b) Medical college,(c) Traveling agent,(d) College hostel,(e) Publishing company.
Draft an audit programme for examining the accounts of either a hotel or a cinema hall.
Prepare audit programme of any one organisation from the following two:(a) Nursing home.(b) Co-operative society.
What special points the auditor has to consider in conducting audit in the following institutions:(a) Charitable institution.(b) Educational institution.
How is the auditor of a government company appointed?
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