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 M.L.Dahanukar College of Commerce T.Y.B.Com ( Banking and Insurance) Preliminary Eamina!ion "emes!er #$ %&' Marks *+ ",B-ECT ,DITI/0 Time %.+ hrs  111111111111 1111111 Q1 a) Fill in the blanks :- 8m  ') The ac! of eamining 2o uchers is called as 1111 111111111. %) 111111111111 is a sys!em of checking of !ransac!ions on a day !o day 3asis. 4) 1111111111111 is defined as an eamina!ion as a s ys!ema!ic and inde5enden! eamin a!ion of records ) 1111111111111has 3een 2es!ed 6i!h regula!ory 5o6ers o2er cor5ora!es in !he Issuance of ca5i!al and !ransfer of securi!ies . +) The 111111111111 commi!!ee looks af!er !he grie2ances from cus!omers7 su55li ers7 and credi!ors . 8) The 1111111111 commi!!ee deals 6i!h !he in2es!men! decisions regarding !he shareholders decision .  *) The 11111111111 is re9uired !o 5ass !h e eamina!ion conduc!ed 3y !he ins!i!u !e of Char!ered ccoun!an!s of India. :) 111111111is !he 5rocess !o 2erify !he o6nershi5 72alua!ion and eis!ence of a 5ar!icular asse! . Q1b) State true or false for the following statements :- 7m ') The audi!or has !o su3mi! !he leas! form audi! re5or! . %) Banks are one of !he foremos! agen!s of financial in!ermedia!ion in an economy in India . 4) Ta audi! is concerned 6i!h !he re2ie6 of efficiency of managemen! . ) #e rifica!ion is !he 5rocess !o 2erify !he o6nershi5 72alua!ion and eis!ence of a 5ar!icular asse! . +) In !he case of a !erm loan 6here ins!allmen!s are o2erdue are !ermed as social audi! . 8) Energy audi! is an ac!i2i!y 6hich ser2es !he 5ur5ose of assessing energy consuming e9ui5men! . *) Peer re2ie6 means re2ie6 of 6ork done 3y a 5rofessional 3y ano!her 5rofessional of similar s!anding . ;%a) E5l ain !he diff erenc e 3e!6e en in!e rnal check and in!er nal con! rol . : ;%3 ) <ha! is audi!ing = <ha! are !he o3>ec!s of audi!ing= * ?@ ;% ) E5lain !he 3asic considera!ions of audi! in EDP en2ironmen! . : ;%y ) <ha! is 2ouching = E5lain !he 5rocedure of 2ouching . * ;4a) <ha! is audi ! re5or ! = <ha! are !he diff eren! !y5e s of audi! re5or ! = : ;43 ) <ha! are !he 5ro2isions rela!ing !o main!enance of 3ooks of accoun!s= * ?@ ;4 ) <ha! is long form audi! re5or! = E5lain i!As significance : ;4y Descri3e !he s!e5s you 6ould !ake 6hile conduc!ing !he audi! of a commercial 3ank *

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M.L.Dahanukar College of CommerceT.Y.B.Com ( Banking and Insurance)Preliminary Examination Semester V- 2014Marks: 75 SUBJECT : AUDITING Time 2.5 hrs ___________________________________________________________________________________Q1 a) Fill in the blanks :- 8m 1) The act of examining vouchers is called as _____________.2) ____________ is a system of checking of transactions on a day to day basis.3) _____________ is defined as an examination as a systematic and independent examination of records 4) _____________has been vested with regulatory powers over corporates in the Issuance of capital and transfer of securities .5) The ____________ committee looks after the grievances from customers, suppliers, and creditors .6) The __________ committee deals with the investment decisions regarding the shareholders decision . 7) The ___________ is required to pass the examination conducted by the institute of Chartered Accountants of India.8) _________is the process to verify the ownership ,valuation and existence of a particular asset .

Q1b) State true or false for the following statements :- 7m

1) The auditor has to submit the least form audit report .2) Banks are one of the foremost agents of financial intermediation in an economy in India .3) Tax audit is concerned with the review of efficiency of management .4) Verification is the process to verify the ownership ,valuation and existence of a particular asset .5) In the case of a term loan where installments are overdue are termed as social audit .6) Energy audit is an activity which serves the purpose of assessing energy consuming equipment .7) Peer review means review of work done by a professional by another professional of similar standing .Q2a)Explain the difference between internal check and internal control . 8

Q2b)What is auditing ? What are the objects of auditing? 7

OR

Q2x)Explain the basic considerations of audit in EDP environment . 8

Q2y)What is vouching ? Explain the procedure of vouching . 7

Q3a)What is audit report ? What are the different types of audit report ? 8

Q3b)What are the provisions relating to maintenance of books of accounts? 7

OR

Q3x)What is long form audit report ? Explain it's significance8

Q3y)Describe the steps you would take while conducting the audit of a commercial bank7

Q4a)Explain the audit procedure for premiums received by an insurance Company 8

Q4b)Explain the role of regulatory authorities in case of insurance Business7

OR

Q4x)Explain the procedure for review of internal control system In an insurance company8

Q4y)Explain the role of comptroller and auditor general of India7

Q5a)What is social audit ? What are the objectives of social audit8

Q5b)Define ethics ? Explain the ethical conduct of auditors7

OR

Q5x)What are the auditing standards prescribed by ICAI .8

Q5y)Explain in detail what is meant by professional misconduct ? 7


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