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Bangalore University B.com 6th Sem IAA Important Question For Sep-Oct Exam

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Bangalore University is located in the Garden City of Bangalore aptly hailed as the  “I.T. Capital of India”, was established in July 1964 as an off shoot of the University of Mysore, primarily to include institutions of higher learning located in the metropolitan city of Bangalore and the districts of Bangalore, Kolar and Tumkur, which eventually became a separate university. Initially, the two premier colleges of the city, the Central College (CC) and the University Visvesvaraya College of Engineering (U.V.C.E) formed the nucleus of Bangalore University.

Unit No: 1 : AUDIT FRAMEWORK AND REGULATION

SECTION: A (2 Marks)

  1. What is meant by Audit Framework?
  2. State the meaning of external audit engagements.
  3. What are the external audit objectives?
  4. What is Corporate Governance?

SECTION: B (8 Marks)

  1. Explain Stewardship and Agency in detail.
  2. Explain the elements of an assurance engagement.
  3. Explain regulatory environment in context to external audit.
  4. Explain the mechanism to control auditors.

SECTION: C (14 Marks)

  1. Explain the merits and demerits of outsourcing internal audit function.
  2. Explain the format and content of an audit review report in detail.

UNIT NO: 2 PLANNING AND RISK ASSESSMENT        

SECTION: A (2 Marks)

  1. What is audit planning?
  2. What is working paper?
  3. What is Audit Engagement?
  4. What is meant by audit letter?

SECTION: B (8 Marks)

  1. What is Planning and Risk Assessment? Explain.
  2. State the preconditions of Audit.
  3. Write a brief note on quality control procedures.
  4. Explain the components of audit risk in detail.

SECTION: C (14 Marks)

1.Compute and interpret key ratios used in analytical procedures.
2.Explain briefly overall objectives of the auditor and the need to conduct an audit

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UNIT NO: 3 INTERNAL CONTROL

SECTION: A (2 Marks)

  1. What is meant by Internal Control?
  2. State the five components of Internal Control.
  3. State the meaning of Computer System Controls.
  4. Write a short note on the payroll system.

SECTION: B (8 Marks)

  1. Narrate how auditors record internal control systems.
  2. Evaluate internal control components including limitations and deficiencies.
  3. Describe control objectives and explain.
  4. Mention a brief note on the inventory system.

SECTION: C (14 Marks)

  1. Define Control procedures. Write a brief note on control procedures.
  2. Write a short note on activities and tests of control in relation to:
    (a) The Sales system; (b) The Purchase system.

UNIT NO: 4 AUDIT EVIDENCE

SECTION: A (2 Marks)

  1. What is meant by Audit Evidence?
  2. State the assertions contained in the financial statements.
  3. State the audit procedures to obtain audit evidence.
  4. Define audit sampling.

SECTION: B (8 Marks)

  1. Explain the quality and quantity of audit evidence.
  2. Explain the problems associated with the audit and review of accounting estimates.
  3. Contrast between Statistical and Non-statistical sampling.
  4. Write a brief note on audit of specific terms.

SECTION: C (14 Marks)

  1. Explain in brief Computer-assisted audit techniques.
  2. Explain audit techniques to not-for-profit organization.

UNIT NO: 5 REVIEW AND REPORTING

SECTION: A (2 Marks)

  1. What is Uncorrected Statements?
  2. Mention the purpose of subsequent events.
  3. State the indicators of subsequent events.
  4. State the procedures to be undertaken for subsequent events.

SECTION: B (8 Marks)

  1. Explain written representations.
  2. Explain the circumstances when written representation can be obtained.
  3. Write a brief note on Audit finalization and review.
  4. Write a brief note on dealing with Uncorrected Statements.

SECTION: C (14 Marks)

  1. Explain the purpose, procedure and reliability of written representation.
  2. Elucidate the responsibilities of auditors and management regarding going concern.

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