File Details:

Questions:

1. Explain the term 'misstatements' and its causes.
2. What is the difference between error and fraud in auditing?
3. What is the significance of the auditor's report?
4. What constitutes a special resolution?
5. Define the role of an auditor as an agent of shareholders.
6. What is the statutory meeting of a company?
7. How does charging excessive provision for depreciation affect profit?
8. Who are bonus shares issued to?
9. How can share premium amounts be utilized?
10. What is the interest rate on calls paid in advance as per regulations?
11. What should an auditor check during the allotment of shares?
12. Explain the presentation of the Share Premium Account in financial statements.
13. Describe the scope of auditing.
14. When is internal audit conducted?
15. What is an example of an intangible asset?
16. When is an investigation required in business?
17. How should preliminary expenses not written off be treated?
18. What happens to the balance in the forfeited Account after reissue?
19. Define contingent assets and their characteristics.
20. How should copyright be revalued?
21. What are fictitious assets and how are they treated?
22. When is vouching conducted during auditing?
23. What are the components of auditing standards?
24. What methods are used to obtain audit evidence?
25. Where should the time spent by each worker be recorded?
26. What is a prospectus and its relevance to public share subscription?
27. Define investigation in auditing.
28. What are the essentials of a good audit report?
29. Explain the nature of contingent assets.
30. What are the rights of an auditor in a company?
31. Describe compensating errors in auditing.
32. What does 'inventories' include in accounting terms?
33. What does test checking involve in auditing?
34. Explain the significance of audit working papers.
35. What is an error of principle in auditing?
36. Explain the process and requirements for share forfeiture.
37. What are the conditions for issuing bonus shares?
38. What does capitalization of reserves mean?
39. What is share call amount due credited to?
40. Explain the duties prescribed by specific sections of the Companies Act, 1956.
41. What is deducted from called-up capital to obtain paid-up capital?
42. How is discount on issue of shares shown in financial statements?
43. Who benefits from internal audit in a company?
44. Who are the owners of a company?
45. How is a vacancy caused by resignation of an auditor filled?
46. What does auditing refer to in professional terms?
47. For whom is auditing compulsory?
48. What is the primary objective of auditing?
49. What does interim audit refer to?
50. When is continuous audit needed?
51. Define management audit and its significance.
52. What are the different types of audits?
53. What is the relevance of vouchers in auditing?
54. Which sections of the Companies Act 2013 deal with auditors' powers?
55. How is an auditor removed before expiry of term?
56. Where should premium on shares issued be shown?
57. Who appoints internal auditors in a company?
58. What is audit planning and its significance?
59. Explain civil liability of auditors.
60. What is a statutory audit?
61. What are errors of omission in auditing?
62. List the duties of an auditor.
63. What qualifications are required for an internal auditor?
64. What are the objectives of internal audit?
65. What is vouching and its role in authenticating transactions?
66. Which section of Companies Act 2013 deals with auditors' removal?
67. What is the purpose of accounting standards?
68. How does effective internal check benefit auditing?
69. What measures prevent misappropriation of goods?
70. On what items does an auditor have no lien?
71. What is the origin of the term 'audit'?
72. How should investments and purchase returns be vouched?
73. What does verification involve?
74. How should stock be valued?
75. What case emphasized that auditors are not valuers?
76. How should floating assets be valued?
77. Under what conditions can a statutory auditor be removed?
78. What is the audit process for preference shares?
79. How should premium from forfeited shares be handled?
80. What are the key considerations in framing an audit plan?
81. What does an audit programme include?
82. What evidence must an auditor collect to substantiate opinions?
83. Who fills the vacancy when no auditors are appointed in AGM?
84. Can a statutory auditor act as an internal auditor?
85. Where does an auditor have the right to attend?
86. What does an auditor's report convey?
87. To whom does an auditor report?