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    Time: 3: YENEPOYA (Deemed To Be University) Examination

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    Sowmya Yiascm
    This document appears to be an exam for an auditing course, containing multiple choice questions and short/long answer questions about key auditing concepts. Some of the topics covered in the multiple choice questions include the definitions of internal audit, concurrent audit, continuous audit, internal check, errors of omission, window dressing, and materiality. The short answer questions ask students to explain statutory audit and its advantages, types of audit evidence, the difference between vouching and verification, and the procedures to obtain audit evidence. The long answer questions ask students to define auditing and explain its classifications, discuss the purpose and objectives of an audit notebook, define internal control and explain an

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    Time: 3: YENEPOYA (Deemed To Be University) Examination

    Uploaded by

    Sowmya Yiascm
    99 views3 pages
    This document appears to be an exam for an auditing course, containing multiple choice questions and short/long answer questions about key auditing concepts. Some of the topics covered in the multiple choice questions include the definitions of internal audit, concurrent audit, continuous audit, internal check, errors of omission, window dressing, and materiality. The short answer questions ask students to explain statutory audit and its advantages, types of audit evidence, the difference between vouching and verification, and the procedures to obtain audit evidence. The long answer questions ask students to define auditing and explain its classifications, discuss the purpose and objectives of an audit notebook, define internal control and explain an

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    FTA-MQP (1)

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    This document appears to be an exam for an auditing course, containing multiple choice questions and short/long answer questions about key auditing concepts. Some of the topics covered in the multiple choice questions include the definitions of internal audit, concurrent audit, continuous audit, internal check, errors of omission, window dressing, and materiality. The short answer questions ask students to explain statutory audit and its advantages, types of audit evidence, the difference between vouching and verification, and the procedures to obtain audit evidence. The long answer questions ask students to define auditing and explain its classifications, discuss the purpose and objectives of an audit notebook, define internal control and explain an

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    99 views3 pages

    Time: 3: YENEPOYA (Deemed To Be University) Examination

    Uploaded by

    Sowmya Yiascm
    This document appears to be an exam for an auditing course, containing multiple choice questions and short/long answer questions about key auditing concepts. Some of the topics covered in the multiple choice questions include the definitions of internal audit, concurrent audit, continuous audit, internal check, errors of omission, window dressing, and materiality. The short answer questions ask students to explain statutory audit and its advantages, types of audit evidence, the difference between vouching and verification, and the procedures to obtain audit evidence. The long answer questions ask students to define auditing and explain its classifications, discuss the purpose and objectives of an audit notebook, define internal control and explain an

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    YENEPOYA (Deemed to be University)

    IVTH Semester B.Com. (Finance, Taxation and Auditing) Degree


    Examination
    Time: 3 Hours Max. Marks: 75
    Principles and Practice of Auditing
    Q.P. CODE: DC01BCF -4C1
    Your answer shall be specific to the question asked.
    SECTION A
    Choose the correct answer from the following: (15x1=15 Marks)
    1. Internal audit is undertaken:
    A. By independent auditor
    B. Statutorily appointed auditor
    C. By a person appointed by the management
    D. By a government auditor
    2.  The scope of internal audit is decided by the___________?
    A. Shareholders
    B. Management
    C. Government
    D. Law
    3.  Audit of banks is an example of_____________?
    A. Statutory audit
    B. Balance sheet audit
    C. Concurrent audit
    D. All of the above
    4. Concurrent audit is a part of____________?
    A. Internal check system
    B. Continuous audit
    C. Internal audit system
    D. None of these

    5. Which of the following statements is not true about a continuous audit?


    A. It is conducted at regular interval
    B. It may be carried out on a daily basis
    C. It is needed when the organization has a good internal control system
    D. It is expensive

    6. Internal check is carried on by___________?


    A. Staff specially appointed for the purpose
    B. Internal auditor
    C. Supervisor of the staff
    D. Members of the staff

    7.  Errors of Omission are_____________?


    A. Technical errors
    B. Errors of principle
    C. Compensating errors

    1
    D. None of the above
    8. Window dressing implies_______________?
    A. Curtailment of expenses

    B. Checking of Wastages

    C. Under valuation of assets

    D. Over Valuation of assets


    9. When issuing unqualified opinion, the auditor who evaluates the audit findings should be
    satisfied that the___________?
    A. Amount of known misstatement is documented in working papers
    B. Estimates of the total likely misstatement are less than the materiality level
    C. Estimate of the total likely misstatement is more than materially level
    D. Estimates of the total likely misstatement cannot be made

    10.  In determining the level of materiality for an audit, what should not be considered?
    A. Prior year’s errors
    B. The auditor’s remuneration
    C. Adjusted interim financial statements
    D. Prior year’s financial statements

    11. Analytical procedures issued in the planning stage of an audit, generally


    A. Helps to determine the nature, timing, and extent of other audit procedures
    B. Directs attention to potential risk areas
    C. Indicates important aspects of business
    D. All of the above

    12. Verification refers to_________?


    A. Examining the physical existence and valuation of assets.
    B. Examining the journal and ledger
    C. Examination of vouchers related to assets.
    D. None of the above

    13. Stock should be valued at_________?


    A. Cost
    B. Market price
    C. Cost or Market price whichever is lower.
    D. Cost less depreciation.

    14. Goods sold on the basis of sales or return should:


    A. Be included in the stock
    B. Not be included in the stock
    C. Not be checked by auditor
    D. None of the above

    2
    15. Which of the following statements is, generally, correct about the reliability of audit
    evidence?
    A. To be reliable, evidence should conclusive rather than persuasive
    B. Effective internal control system provides reliable audit evidence
    C. Evidence obtained from outside sources routed through the client
    D. All are correct.

    SECTION B

    Answer any THREE of the following (3x10=30 Marks)

    16. Explain statutory audit. And what its Advantages.


    17. Explain the Types of audit evidences
    18. Difference between vouching and verification
    19. Distinction between investigation and auditing
    20. What is the procedures to obtain audit evidence

    SECTION C

    Answer any TWO of the following (2x15=30 Marks)

    21. Define auditing. explain the classification of auditing.


    22. What do you mean by audit note book? S t a t e t h e o b j e c t i v e s o f a u d i t i n g .
    23.what is internal control. And Explain duties of auditor.
    24. explain the Types of Investigation

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