Do you agree with the statement 'Accounting is a necessity while auditing is a luxury for a business enterprise'? Give reasons for your opinion and examine critically the role of auditing in the efficient, honest, and economical conduct of a business concern.
Explain the terms 'true' and 'fair' used in Auditor's report. Give the specimen of a clean audit report.
Write short notes on any two of the following: Social Audit, Verification of Assets, Appointment of a company auditor, Test checking, Internal check of wages payment.
Elucidate the statement: "Accounting starts when book-keeping ends and auditing starts when accounting ends." Explain the advantages that accrue from audit.
What are the qualities of an auditor?
Draft a qualified audit report mentioning at least three qualifications.
Accountancy begins where book-keeping ends and auditing begins where accountancy ends. Elucidate this statement and discuss the objectives and advantages of auditing.
"An auditor is a watchdog and not a bloodhound." Explain this statement.
What is the difference between reserve and provision?
In what circumstances would you consider necessary to issue a qualified report? Give a specimen of qualified report stating at least three reasons due to which you were bound to issue such a report.