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Elements of Auditing

BACHELOR'S DEGREE PROGRAMME


Term-End Examination


June, 2010


ELECTIVE COURSE: COMMERCE


ECO-12: ELEMENTS OF AUDITING


Time: 2 hours                                                                            Maximum Marks: 50


                                                                                              (Weightage 70%)


Note : Attempt any five questions. All questions carry equal marks.




  1. Define Auditing. Explain the advantages of an auditing                                           2+8.

  2. What do you mean by 'test checking'? State the precautions to be taken by an auditor in this regard.                                                                                                             4+6



  1. Distinguish between verification and valuation of assets. As an auditor how would you verify goodwill and contingent liabilities?



  1. What are the objectives of vouching? How would you vouch the following?



  • Payment of wages.

  • Sale of investments.



  1. What are the essential qualifications of a company auditor? How can an auditor be removed from a company? Explain briefly.                                                                                       5+5



  1. How will you conduct the first audit of a company? Explain the steps.                            10



  1. Define divisible profits. Can dividends be paid out of capital profits? Explain briefly.        4+6



  1. What is cost audit? State its main objectives.                                                              3+7

  2. Write short notes on any two of the following:                                                            5+5



  • Audit working papers

  • Requisites of a good internal control system    

  • Appointment of a company auditor

  • MAOCARO

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