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SY- Auditing Question Bank

Unit - 1

Users of Financial Statement, Objectives of Auditing, Limitations of Audit, Difference between Accounting and Auditing, Types of Errors, Types of Frauds, Auditor's duties and responsibilities in case of fraud, Principles of Audit, True and Fair View, Types of Audit, Interim Audit, Continuous Audit

Unit - 2

Objectives and factors considered for Audit Planning, Overall Audit Approaches, Factors, Advantages and disadvantages of Audit Program, Instructions before commencing Audit Program ,Audit Working Papers-Factors, contents, Functions/importance, Permanent Audit File and Current Audit File

Unit - 3

Test Check-Features, Factors, Advantages and disadvantages, Precautions
Audit Sampling-purpose, factors, auditor’s liability in conducting audit based on sample
Internal Control-Purpose, Review, Advantages, Auditors Duties, limitations, Distinguish between Internal Check and Internal control
Internal Audit-principles, objectives, usefulness, distinguish between Internal Audit and External Audit

Unit - 4

Distinguish between Vouching and Verification, Steps to be considered for Vouching,
Vouching of Income-Cash sales, Rental Receipts, Interest received, Dividend
Vouching of Expenditure -Purchase, Salaries and wages, Rent, Advertisement, Interest expense
Verification of Assets-Debtors, Stock, Investment, Trade Marks, Plant and Machinery, Land and Building
Verification of Liabilities -Outstanding Expenses, Bills Payable, Contingent Liabilities
(Read Meaning and Definitions of All above Concepts also.)

The above Question Bank is provided by,
Prof. Hasitkumar Nagariya
Assistant Professor, Accountancy
The S.I.A College of Higher Education, Dombivali.
Prof. Nagariya has more than 10 years of Experience in Academics.

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