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Audit Mgmt
- What is audit programme? Discuss the
advantages and disadvantages of conducting an audit according to a
predetermined audit programme. How can these disadvantages be overcome?
- What is routine checking? What types of
work are included in routine checking? What are the objectives of routine
checking? Describe the advantages and disadvantages of routine checking.
Discuss the duties of an auditor in this regard.
- Is it absolutely necessary that
depreciation should be provided for before profits are distributed as
dividend? What are the provisions of the Companies Act, 1956 regarding the
quantum of depreciation to be provided for in the annual accounts?
- An enterprise purchases an item of
machinery on 1.4.2002 for Rs. 1,00,000. It depreciates this item at the
rate of 10 % per annum on straight-line basis. On 1.4.2005, the enterprise
decides to change the method of depreciation from straight-line to written
down value. The applicable rate under the new method is 15 %. How should
the enterprise give effect to this change in the method of depreciation?
- State the provisions of the Companies Act,
1956 regarding the declaration and payment of dividend.
- State the provisions of the Companies Act,
1956 regarding declaration and payment of Interim dividend. What would be
the duty of an auditor in connection with such dividend?
- What are the different purposes of
investigation? Distinguish between investigation and audit.
- Mention the circumstances under which an
investigation of a company can be ordered by the central government? What
should be the procedure of investigation in such case?
- A fraud is suspected in a business house
and you are asked to carry out an investigation. Explain briefly how you
would proceed in this matter.
AUDIT MANAGEMENT
Q1) 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?
Q2) 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?
Q3) 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?
Q4) The thrust area of an auditor is “True and Fair” and not “True
and Correct” Elucidate in the light of statutory provisions under the Companies Act 1956.
Q5) 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?
Q6) Examine the changes brought about in the role of an auditor
with the growth of information
technology and rapidly changing computer environment?
Q7) The auditor only audits the books of account, he does not
guarantee them. Elucidate.
Q8) 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?
Q9) 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?
Q10) 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 this regard in the light of statutory provisions 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 in charge of
purchases has introduced fictitious purchase bills of Rs 50 lakhs.
b) W, who is in charge of
sales has sold goods worth Rs 1 crore without bringing 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 known 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 wholesale 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 been 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 balances 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?
WE PROVIDE CASE STUDY
ANSWERS, ASSIGNMENT
SOLUTIONS, PROJECT REPORTS AND THESIS
ARAVIND - 09901366442 – 09902787224
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