M.COM. (Semester II) (CBCS) Examination, 2017
ADVANCED ACCOUNTANCY (Paper II)
Auditing
Day Date: Friday, 21-04-2017 Max. Marks: 70
Time: 10.30 AM to 01.00 PM
N.B. All questions are compulsory.
Figures to the right indicate full marks.
Q.1 Choose the alternatives given below. 14
is the medium through which an auditor expresses
his opinion on the financial statement.
Audit programme Audit note
Audit report Balance sheet
The auditor of a nationalized bank is required to make a report to
the central government by addressing it to the of
India.
R. B. I. Finance Minister
President None of these
The Auditors report is the end product of every
Financial year Audit
Investigation Examination
The audit is compulsory under section 44AB of the company act
is known as
Tax Audit Cost Audit
Social Audit Management Audit
The cost audit is conducted
Yearly According to need
Quarterly None of these
An audit report bearing qualification is known as
Unqualified report Plain report
Clean report Qualified report G
attempts to measure the consequences of
corporate actions and estimate their cost to society.
Social Management
Cost Government
is a comprehensive and constructive
examination of an organization structure of a company.
Internal Financial
Management None of these
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The audit is an effective tools to see that conditions
of a countries economy remain healthy.
Tax Environmental
Social None of these
10) The concept of audit is based on the basic
economic principle that the resources should flow into the most
remunerative channels.
Cost Management
Efficiency None of these
11) The first auditor shall be appointed by directors within
of the registration of a company.
Twelve months One month
Three months Six months
12) Under section of the company act the auditor is
required to make a report to the members of the company.
227 228
226 229
13) When auditor is not satisfied with the valuation of assets or
liabilities of a company in such case he gives report.
Unqualified Statutory
Qualified None of these
14) The liability of a company auditor is determined by
Company law Court decisions
Chartered Accountant Act All of these
Q.2 Write short answer. 14
Rights of company Auditor
Management Audit
Q.3 Write short notes. 14
Distinction between Report and Certificate
Write a note on Cost Audit.
Q.4 What are the special points or problems to be kept in view while
conducting the audit of Banks?
14
OR
What is qualified report? Draft specimen of qualified report
containing any two qualifications.
14
Q.5 State the provision of Indian Companies Act 1956 for appointment
and remuneration of an auditor.
14
OR
Explain the special problems of audit of a Insurance Company. 14