auditing

M.L.Dahanukar College of CommerceT.Y.B.Com ( Banking and Insurance)Preliminary Examination Semester V- 2014Marks: 75 SUBJECT : AUDITING Time 2.5 hrs ___________________________________________________________________________________Q1 a) Fill in the blanks :- 8m 1) The act of examining vouchers is called as _____________.2) ____________ is a system of checking of transactions on a day to day basis.3) _____________ is defined as an examination as a systematic and independent examination of records 4) _____________has been vested with regulatory powers over corporates in the Issuance of capital and transfer of securities .5) The ____________ committee looks after the grievances from customers, suppliers, and creditors .6) The __________ committee deals with the investment decisions regarding the shareholders decision . 7) The ___________ is required to pass the examination conducted by the institute of Chartered Accountants of India.8) _________is the process to verify the ownership ,valuation and existence of a particular asset .

Q1b) State true or false for the following statements :- 7m

1) The auditor has to submit the least form audit report .2) Banks are one of the foremost agents of financial intermediation in an economy in India .3) Tax audit is concerned with the review of efficiency of management .4) Verification is the process to verify the ownership ,valuation and existence of a particular asset .5) In the case of a term loan where installments are overdue are termed as social audit .6) Energy audit is an activity which serves the purpose of assessing energy consuming equipment .7) Peer review means review of work done by a professional by another professional of similar standing .Q2a)Explain the difference between internal check and internal control . 8

Q2b)What is auditing ? What are the objects of auditing? 7

OR

Q2x)Explain the basic considerations of audit in EDP environment . 8

Q2y)What is vouching ? Explain the procedure of vouching . 7

Q3a)What is audit report ? What are the different types of audit report ? 8

Q3b)What are the provisions relating to maintenance of books of accounts? 7

OR

Q3x)What is long form audit report ? Explain it's significance8

Q3y)Describe the steps you would take while conducting the audit of a commercial bank7

Q4a)Explain the audit procedure for premiums received by an insurance Company 8

Q4b)Explain the role of regulatory authorities in case of insurance Business7

OR

Q4x)Explain the procedure for review of internal control system In an insurance company8

Q4y)Explain the role of comptroller and auditor general of India7

Q5a)What is social audit ? What are the objectives of social audit8

Q5b)Define ethics ? Explain the ethical conduct of auditors7

OR

Q5x)What are the auditing standards prescribed by ICAI .8

Q5y)Explain in detail what is meant by professional misconduct ? 7