TYBBI SEM-6 : Auditing-II (Most Imp Questions with Solutions)

  Paper/Subject Code: 85503/Auditing - II

TYBBI SEM-6 : 

Auditing-II 

(Most Imp Questions with Solutions)

 

Long Answer / 15-Marks (Most Repeated)

1. Explain the rights, duties and liabilities of an auditor under the Companies Act, 2013.

2. Discuss the provisions regarding the appointment and removal of auditor under the Companies Act, 2013.

3. What is an audit report? Explain different types of audit reports.

4. Explain the contents of audit report and Companies Auditor’s Report Order (CARO).

5. Discuss the audit of banks with special reference to advances and NPAs.

6. Explain the audit of insurance companies and verification of claims and premium.

7. What is internal control? Explain its features and the role of internal audit.

8. Differentiate between audit and investigation. Explain special audit.

9. Explain cost audit and the role of cost auditor.

10. Discuss professional ethics and professional misconduct of auditors.

11. Explain the powers of an auditor under the Companies Act.

12. Clean audit report vs qualified audit report.

13. Adverse report and disclaimer of opinion.

14. Audit programme and audit planning.

15. Management audit – meaning and importance.

16. Tax audit – objectives and scope.

17. Audit of cash and investments in banking companies.

18. Role of RBI in audit of banks.

 Short Notes / 5 Marks (Very Common)

1. Internal audit vs statutory audit.

2. Meaning of audit investigation.

3. Test checking.

4. Verification and valuation of assets and liabilities.

5. Audit committee – role and functions.

6. Independent auditor’s responsibility.

7. Difference between audit report and audit certificate.

8. Audit of fixed assets.

9. Professional skepticism.

Repeated Every Year

• Audit Report types and CARO clauses

• Appointment and removal of auditor

• Rights and duties of auditor

• Audit of banks (NPAs and advances)

• Internal control & internal audit

• Audit vs investigation

• Professional ethics & misconduct

Quick Revision List (Top 10 Questions)

1. Rights, duties & liabilities of an auditor

2. Appointment & removal of auditor

3. Types and contents of audit report

4. CARO (Companies Auditor’s Report Order)

5. Audit of banks – advances & NPAs

6. Internal control system & internal audit

7. Difference between audit and investigation

8. Audit of insurance companies

9. Test checking

10. Professional ethics and misconduct