AUDIT
MANAGEMENT
1. Focus of the auditor is no longer
on the routine audit but rendering value added services like cost efficiency
and decision making. Critically examine the statement with particular emphasis
on the changing computer environment?
2)
How can the auditor be useful in achieving the objectives of a Charitable Trust
or Society and a Co-operative Society? What is the legal position under the
relevant status?
3)
It is the job of the directors to prepare the accounts of a company, auditor
only reports on it. Elucidate and describe the types of audit report?
4)
The thrust area of an auditor is “True and Fair” and not “True and Correct”
Elucidate in the light of statutory provision under the Companies Act 1956.
5)
Discuss the three types of audits, which although not mandatory under the
Income Tax Act 1961, are get done by the assessee to avail certain benefits
under the act?
7)
The auditor only audits the books of account, he does not guarantee them,
Elucidate
8) Tax
auditor is a Catalyst of Revenue Collection, function of the State on the one
hand, and a Consultant to the tax payer on the other, discuss?
9) Who can be appointed as an
auditor of co-operative societies? What are the rights and duties of auditor
under Maharashtra co-operative societies Act?
10)
An auditor is protected from unceremonial removal from office enabling him to
maintain his independence? Do you agree with the statement? If so discuss the
position of the auditor in the regard in the light of statutory provision under
the companies Act 1956?
AUDITING
Q1) H.W.P Private Ltd. Is having only two members H
and W. During the audit of accounts for the year ended 31st March
2000, you as a auditor find that :
a) H,
who is incharge of purchase has introduce fictitious purchase bills of Rs 50
lakhs.
b) W,
who is incharge of sales has sold goods worth Rs 1 crore without brining the
same in the books of accounts. You raise the matter with H and W in their
capacity as directors. They contest that as this is a position know to them and
within their own fold, you should not report the same under the Company’s Act
1956. Discuss whether the above arguments are acceptable under the Company’s
Act 1956 for non-reporting?
Q2) As an auditor, how
would you react to the following situation? The company produced photocopies of
fixed deposit receipts as the original receipts were kept in the iron safe of
the director finance who was presently out of the country on company business?
Q3)
ABC Private Limited is engaged in the wholdesale business of buying and selling
silk sarees. The accounts are maintained under the Companies Act from 1st
October to 30th September each year. The Chief Accountant of the
company is requesting the tax auditor to conduct tax audit U/S 44 AB of the
I.T. Act for the period for which accounts have beeen maintained under the
Company’s Act. As the tax auditor of ABC Private Limited, how will you react to
the Chief Accountant request?
Q4) Comment: The
Auditor is responsible for failure to disclose the affairs of the company kept
out of books and concealed from him.
Q5) Comment: Balance
confirmations from debtors/creditors can only be obtained for balance standing
in their accounts at the year end?
Q6) Give your comments
and observations on the following many cheques have been received by the
auditor on the last day of the year, but not yet deposited with the bank?
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