File Details:

Questions:

1. What is internal audit?
2. What is an audit programme?
3. What is continuous audit?
4. What is secret reserve?
5. What is divisible profit?
6. What is vouching? Explain its objects.
7. Can an auditor prevent errors and fraud?
8. What is the difference between reserve and provision?
9. "Auditor works like a watch-dog not like a blood-hound." Explain this statement.
10. What is the difference between verification and valuation of assets? What points should be kept in mind while valuing different kinds of assets?
11. Discuss the rights, duties and liabilities of an auditor of a company.
12. 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.
13. Write short notes on the following: Statutory audit, Cost audit, Tax audit.