DCM3202 PRINCIPLES AND PRACTICE OF AUDITING

Description

SESSION	MaY 2024
PROGRAM	bacherlor of commerce (B.Com)
SEMESTER	06
course CODE & NAME	DCM3202– PRINCIPLES AND PRACTICE OF AUDITING
CREDITS	04

 

 

Assignment Set – 1^st

Questions

1. a. Elaborate on the principles governing Audit
2. Explain the meaning and types of audit evidence

Ans:

a. Principles Governing Audit

The principles of auditing serve as a foundation for conducting audits effectively, ensuring they provide accurate and reliable information. Here are the core principles:

1. Integrity, Objectivity, and Independence: Auditors should act with honesty, avoid conflicts of interest, and maintain impartiality throughout the audit process.
2. Confidentiality: Auditors must safeguard all information obtained during the audit, using it only for the purpose of the

 

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2. Write an essay on verification and valuation of assets.

Ans:

Verification and Valuation of Assets

Introduction

Verification and valuation of assets are crucial aspects of auditing, ensuring that an organization’s financial statements accurately reflect its financial position. Verification involves confirming the existence, ownership, and condition of assets, while valuation focuses on assessing their true value as of the reporting date. Both processes are fundamental in ensuring the accuracy and reliability of financial statements, thus providing stakeholders with a fair

 

3. Write brief notes on-
4. Internal Check
5. Benefits of Audit Programme.

a) Internal Check

Internal Check refers to the system of organizing and distributing work among employees in a manner that ensures automatic checking of one person’s work by another. It is a continuous process embedded in the daily operations of a business, designed to prevent and detect errors and fraud.

Key Features of

 

 

Assignment Set – 2^nd

Questions

 

4. Discuss the qualifications and disqualifications of an auditor of a Public limited company

Ans:

Qualifications and Disqualifications of an Auditor of a Public Limited Company:-

Qualifications of an Auditor

To be appointed as an auditor of a public limited company, a person must meet certain qualifications that demonstrate their competency and professional standing. Here are the key qualifications:

1. Chartered Accountant (CA) Certification: The individual must be a qualified Chartered Accountant and a member of a recognized body such as the Institute of

 

 

5. Analyze the chief points to keep in mind while undertaking the Audit of hospitals.

Ans:

Chief Points to Keep in Mind While Undertaking the Audit of Hospitals

Auditing a hospital involves a detailed examination of its financial, operational, and compliance aspects to ensure accuracy, efficiency, and adherence to regulations. Given the complex nature of healthcare services, auditors must be thorough and consider several critical points during the audit process. Here are the chief points to keep in mind:

1. Understanding the

 

6. Elaborate on the challenges in auditing the books of local bodies.

 

Ans: Challenges in Auditing the Books of Local Bodies:-

Auditing the books of local bodies, such as municipalities, panchayats, and other local government organizations, presents unique challenges due to their distinct structure, operations, and funding mechanisms. Local bodies are responsible for providing essential public services, such as sanitation, water supply, infrastructure, health, and education, and are often funded by public money. Ensuring transparency, accountability, and efficiency in their financial