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business
auditing 12th
Fundamentals Of Auditing 1st Edition Basu - Solutions
What are the basic features of statutory corporation?
State the objectives of government audit.
Who conducts the government audit? How is he appointed?
What is a government company?
What do you mean by ‘supplementary audit’ by CAG?
State the main features of departmental undertakings.
State the appointment procedure and terms of office of CAG of India.
Describe how the government accounts and the accounts of public sector undertakings are audited.
How does government audit differ from commercial audit? Describe the broad objectives of government audit.
Indicate the main features of public sector undertaking. How it is different from private sector undertakings?
Define government company. How is the auditor of a government company appointed and removed? What are the powers and duties of the auditor?
Describe the manner in which the CAG controls the audit of government companies.
State the objectives of audit of government accounts and compare them with those of the audit under the Companies Act.
Describe the provisions of the Companies Act relating to the audit of government companies.
Describe the main features of public sector undertaking, which affect its audit.
Describe the procedure for audit of (a) Departmental undertakings and (b) Statutory corporations.
Your client is considering computers to replace his existing manual accounting system and has asked for your advice on the matter.Discussiona. Briefly outline the stages in the development of the new computer application.b. Indicate the extent to which you, as an external auditor, need to be
What are the features of an EDP environment that affect the nature, timing or extent of audit procedures?
What do you mean by the term ‘computer-assisted audit techniques’? State the factors to be considered before using these techniques.
Describe briefly the common types of computer-assisted audit techniques?
Write short notes on:a. Batch totalb. Test datac. Check digit
State the primary purpose of generalised audit software.
You have been appointed as the auditor of a company, which maintains its accounts on computers. Write in detail the audit approach that you would follow in the case of the company.
Describe the similarities and differences in the approach of an auditor to conduct audit of accounts maintained manually and those maintained on computers.
State the controls that can be applied over inputs and processing of data in a computerised accounting environment.
Write notes on the following:a. Hands-on testingb. Files libraryc. Auditing around the computerd. Utility software
Describe the steps to be followed in reviewing computer installation.
Offer your comment on the following statements—(a) Auditing may be defined as an ‘Accounting Control’.(b) Fraud does not necessarily involve misappropriation of cash or goods.(c) Auditing is a dynamic social science.(d) Accounting is a necessity to business organisation but auditing is a
Define and explain the term ‘Auditing’.
What are the principles of Auditing’?
Discuss the objectives of Auditing.
What is the difference between Audit and Accountancy?
Define and explain the terms ‘Fraud’ and ‘Error’.
Define ‘Auditing’. Discuss the scope and procedure of Audit.
What are special and general qualifications that an auditor should possess and why?
“Detection and prevention of errors and frauds are the main objectives of auditing’—discuss it fully and explain the duties of auditor in this regard.
Discuss the advantages of audit (a) to the management (b) to the Government (c) to the shareholders and (d) to the society.
Discuss the different aspects of social object of Audit.
Discuss various classes of error and state in each case the effect they might have on the trial balance being discovered.
“It is nothing to the auditor whether the business is run prudently or imprudently, profitable or unprofitably”.—Do you agree? Give reasons for your answer.
Why are auditors generally required to express an opinion on the truth and fairness of the accounts and why they are not required to certify the accounts?
“Audit of the accounts of the sole-proprietor is not compulsory. However, he may get his books of accounts audited for various reasons”.—Discuss.
Write a brief outline of the development of audit profession in India.
Arun, Badal and Chavan are partners in a firm of constructions business. Since commencing in business in 15 months ago they have been fairly successful. Arun who has a Diploma in Business Management as well as in building constructions has kept the books and Arun has also prepared the first
What is management audit?
Distinguish between internal audit and statutory audit.
Write a short-note on the various classes of audits.
“Continuous audit is a double edged weapon”—Discuss.
What is interim audit? Why it is required?
Write short notes on:(a) Standard audit.(b) System audit.(c) Efficiency audit.(d) Social audit.
What is statutory audit? Describe the points of differences between statutory audit and nonstatutory audit.
What is periodical audit? What are the advantages and disadvantages of periodical audit? Distinguish between continuous audit and periodical audit.
What is continuous audit? In which case is this audit applicable? State the advantages and disadvantages of continuous audit.
Discuss the advantages and disadvantages of balance sheet audit. Also state the auditor’s position in relation to balance sheet audit.
Capital Electronics Departmental Stores sell a high proportion of their merchandise on hire purchase. The system of dealing with HP sales is highly organized and well controlled. The HP debtors ledger is kept on a specially designed microcomputer system. The HP debtors of the company as on
You are the auditors of Apollo Services Ltd. And you have recently been reading a report on a similar company that criticized 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
‘Test check is based on presumption’—What is that presumption?
What is audit memorandum?
What is audit manual?
Discuss the importance of surprise check.
Distinguish between principles of auditing and techniques of auditing.
What are the considerations to be kept in mind by an auditor before commencement of an audit?
What is audit programme? Discuss the advantages and disadvantages of conducting an audit according to a predetermined audit programme. How can these disadvantages be overcome?
How an audit programme is prepared? State the objectives of audit programme. What are the steps to be followed in drawing an audit programme?
What are audit files? What are the contents of audit files? What are the advantages of audit files?
What is audit note book? Of what purpose does it serve? What are the contents of audit note book?
What is audit working paper? What are its objectives? Discuss the essential characteristics of a good working paper. Who can claim the ownership of those papers?
What is routine checking? What types of work are included in routine checking? What are the objectives of routine checking? Describe the advantages and disadvantages of routine checking. Discuss the duties of an auditor in this regard.
What is test checking? In what circumstances test checking is advisable? What factors are to be considered before resorting to test checking? What are the advantages and disadvantages of test checking? Discuss the duty of the auditor in this regard.
What is auditing in depth? Discuss the advantages and disadvantages of this audit technique.
Discuss briefly the methods of obtaining audit evidence. In this context, state what do you mean by ‘compliance test’ and ‘substantive test’.
What do you mean by techniques of auditing? Discuss the various techniques adopted by an auditor in the course of his audit work.
Write the objectives of vouching.
What do you mean by vouchers? What are its’ different types?
Distinguish between Vouching and Routine checking.
Explain the following statement—(a) ‘Vouching is the essence of auditing’.(b) ‘In vouching payments, the auditor does not merely seek proof that money has been paid away’.
What do you mean by Teeming and Lading’? What is the duty of an auditor in this respect?
State what information you would require and what documentary evidence you would see while vouching Director’s Remuneration.
How do you vouch the following—(a) Custom duty paid on import of machinery.(b) Income from House Property.(c) Royalty Payable to a foreign collaborator.(d) Travelling Expenses.(e) Interest and Dividend Received.(f) Directors’ fees paid.(g) Preliminary Expenses.(h) Insurance Premium paid.
How would you as an auditor examine the following—(a) Goods sent on sale or return.(b) Goods sent on consignment.(c) Payment of Interest on Share Capital.(d) Shares issued at a discount.
State what information you would require and what documentary evidence you would see while vouching the following—(a) Freight, Carriage and Custom duty.(b) Commission paid to sole-selling agent.(c) Credit purchase.(d) Book Debts Realised.
What is Vouching? Discuss the features of vouching? State the important considerations before conducting vouching.
While auditing the accounts of a trading concern, how would you examine that all liabilities incurred before the close of the year in respect of wages, freight and travellers commission have been included in the accounts?
Discuss the principal considerations involved in the examination of Debtors’ and Suppliers’ Ledger.
What are the special steps to be taken by the auditor in vouching the following transactions—(a) Sales made during the last few days of the year.(b) Goods sent to debtors free of charge by way of quantitative discount.
How will you deal with the following as an auditor?(a) Bonus to employees which was hitherto being charged to profit and loss account on accrual basis is now being accounted for on cash basis.(b) There is a significant fall in market price of some investments held for a long time by the concern.(c)
Fast Move Ltd. is a listed company in the food processing industry. They have 10 factory sites and 2,500 workers. They have grown very rapidly in recent years under the direction of Siddhartha, who is a very dynamic person. He tries to operate on the lowest possible costs and sees internal control
Skylark Real Estate Ltd. is a company offering estate agency services to the public through a network of branches all over the country. The company has some 300 staff in all. The board consists of six people, a parttime chairman, a chief executive, two other full time executives and two
Distinguish between internal control system and internal check system.
What is internal control questionnaire?
Should the statutory auditor examine the accounts already checked by the internal auditor?
To what extent the internal auditor is responsible for the internal control?
How does the internal check system affect the work of an external auditor?
What precautions are to be taken in the application of internal check system?
State briefly what are the matters now to be included in the Auditor’s Report in respect of the internal audit system of a large manufacturing company?
What are the objectives of internal audit?
What do you mean by the term ‘internal control’? What are the important features of a good system of internal control?
What is internal audit? Distinguish between internal control and internal audit? “The modern concept of internal audit envisages scope of internal audit much beyond financial audit”—explain.
(a) Distinguish between internal audit and statutory audit. (b) Can the statutory auditor rely upon the internal audit in carrying out his function as a statutory auditor?
Suggest a set of rules you would recommend for the internal control over the purchases of raw materials and stores of a large manufacturing company.
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