April 2008 sem 5

1 Write audit procedure for the verification of " BILLS PURCHASED " in Banking
company.

2 Write short note on NPA ( Non performing Asset ) and the norms of provisioning As
per the R.B.I. guidelines.

3 State the procedure fbr verification of "COMMISSION " in the course of audit of
General Insurance company and write the records that should be verified.

4 What are the basic principles governing an Audit ( SAP -l ).

5 Write in brief the role of DCA (Department of company Affairs ) and SEBI particularly
in case of listed company.

6 Write the difference between INTERNAL AUDIT and EXTERNAL AUDIT (Statutory
audit ).

7 Write in brief SEBI requirement on CORPORATE GOVERNANACE and Describe the

functions of AUDIT COMMITTEE.

8 Explain "Contingent Liability" and its disclosure as per the schedule -iii to the banking
Regulation Act, 1949.

9 Mentionthe special point that will receive the attention of bank auditor in verification of
Advance against Life Insurance policies and advance against Govt, securities like NSC
etc.

10 Write
the audit verification check list while auditing " CLAIMS PAID & CLAIMS
PROVISION" transaction in Insurhnce company.

11 Explain the term COINSURANCE and write short note on lncoming and Outgoing co
insurance.

12 What are the provisions of Companies Act , 1956 which ensures the " Independence
Of Auditor " with respect to appointment of auditor itself.
13 Enumerate the auditing standard prescribed by the Institute of Chartered
Accountants of India namely SAP-9 Using the work of an expert AND SAP-13 Audit
materiality.

14 A major part of the benefits paid by the insurer is the claims as far as Life Insurance
'companies are concern, in context to the same.write the notes on the audit procedure
relating to the verification of the same and what are the records one has to check for the
audit verification.

15 Communicating the previous auditor - What are the provisions laid down by the ICAI
in this regards. In what way this will be helpful to the incoming auditor ?

16 Why it is important for an auditor to remain Independent ? What are the provisions
relating to the appointment of an auditor under Companies Act which ensures the
independence.

17 Write short note on Audit and Investigation ( Due diligenc ).

18 What is WINDOW DRESSING ? write short note on possible window dressing done
by the bank officials as far as classification of advances are concern, particularly to
show the account is not NPA.
 OCT 2009 sem 5

1A Practicing Chartered Accountant who also has a law degree and a MBA from a
foreign University uses a visiting card in which he designates himself as FCA along with
his other degrees. Comment with reference to the Chartered Accountants Act, 1949.

2 Will Mr. M, a Chartered Accountant is in full time practice be allowed to enter into a
partnership with Mrs. D an advocate and they agree to share fees for work sent by one
to the other? Will your answer change if both of them get together to sell insurance
policies. Comment with reference to the Chartered Accountants Act, 1949.

3 Mr. P, a Chartered Accountant is in fulltime practice since the past 1(5) years entered
into a partnership with Mr. L to sell mobile phones. Will Mr. P be allowed? to do so? Will
your answer change if Mr. P is in part time practice or is in? practice for less than 5
years? Comment with reference to the Chartered Accountants Act, 1949.

4 WCP & Co, a firm of Chartered Accountants, accepted an assignment for statutory
audit, without any prior communication with the previous auditor. Comment with
reference to the Chartered Accountants Act, 1949.

5 Verification of Re-insurance Business of Insurance Company.

6 Role of SEBI with regards to listed companies.

7 How do the provisions of the Companies Act ensure independence of an auditor?

8 Audit Committees play a crucial role in corporate governance. Justify with reasons.

9 An Auditor cannot comment on the truth and correctness of accounts audited by

him but can comment upon their true and fairness - Explain.

10 What is Cost Audit, internal Audit and Interim Audit?

11 Drafta detailed Audit Plan for Verification of Claims paid and payables by an
Insurance Company.

12 When does an Auditor issue a Qualified Audit Report and how is it different then a no
opinion report.
13 Draft a detailed Audit Plan for Verification of the Advances portfolio in banks.

14 Who can appoint Auditor under Companies Act, 19(5)6 and under what
circumstances?

15 What are the qualifications, disqualifications, rights and duties of a statutory auditor?
of a company.

16 Write a short note on Long Form Audit Reports in banks.

17 Write a short note on Verification of agents commission paid by Insurance Company.

18 Write a short note on Generally accepted Auditing Practices.

19 Write a short note on Importance of Management Representation Letter.

20 Write a short note on Audit Report v/s Certificate.