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Principles Practice Auditing Sep Oct 2022

1) Auditing involves verifying financial statements and ensuring they are free from material misstatements. It includes examining records, reports, vouchers, and other documents to ascertain the accuracy and fairness of financial statements. 2) Internal check refers to controls put in place by an organization to safeguard its assets and ensure accurate financial reporting. It helps auditors rely less on detailed checking. 3) A company auditor's role is to independently examine the financial affairs of a company on behalf of shareholders. Auditors must be qualified, maintain professional ethics and confidentiality, and can be appointed or removed by shareholders.

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25 views2 pages

Principles Practice Auditing Sep Oct 2022

1) Auditing involves verifying financial statements and ensuring they are free from material misstatements. It includes examining records, reports, vouchers, and other documents to ascertain the accuracy and fairness of financial statements. 2) Internal check refers to controls put in place by an organization to safeguard its assets and ensure accurate financial reporting. It helps auditors rely less on detailed checking. 3) A company auditor's role is to independently examine the financial affairs of a company on behalf of shareholders. Auditors must be qualified, maintain professional ethics and confidentiality, and can be appointed or removed by shareholders.

Uploaded by

supritha724
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Vl Semester B.Gom. ehsmination, Sept*/Oc t.2OZ2


(CBCS) (F + R) (2016-17 and Onwards)
COMMERCE
Paper - 6.2: Principles and Practice of Auditing
Time : 3 Hours Max. Marks : 70

lnstructions : Answer sho,uld be written either in Kannada or Engtish onty.

SECTION -A
1. Answer any five sub-questions. Each question carries two marks : (5x2=10)
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A) Define auditing. ,.

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b) What is meant by vouching ?
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c) What is internal check ?
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d) Give the meaning of professional ethics.
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e) What are intangible assets ?
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f) What is tax audit ?
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g) What do yog mean by civil liability of'an company auditor ?


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SECTION - B
:
Answer any three questions. gicn question carries O marks :l (3x6=l6)
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2. Briefly explain the objectives of internal control.


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3. What is Audit Note Book ? State its contents.


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4. "Vouching is the essence of auditing" - Analyse.


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5. How do you verify the following ?


a) lnvestments
b) Sundry creditors.
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b) dOrl$t
6. Briefly explain the appointment and removal of company auditor.
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SECTION -C
Answer any three questions. Each question carries 14 marks : (3x14=42)
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7. Explain the various types of audit.
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8. What is internal check and explain its advantages and disadvantages.


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9. Briefly explain vouching of receipts or debit side of cash book.


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10. Explain in detail the audit procedure of educational institution.


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11. Explain the qualifications and rights of company auditor.


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