AIOU OLD PAPER CODE 481 AUDITING SPRING 2015

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AIOU PAST PAPER CODE 481 SPRING 2015

Aiou past paper code 481 auditing for semester spring 2015. This code 481 auditing is offered to the B.Com level students by the Open University. Now we are uploading the old paper for the code 481 with the next mentioned tags, aiou old paper code 481, aiou past paper code 481, aiou old paper code 481 spring 2015, aiou past paper code 481 spring 2015, aiou code 481 old paper,  code 481 past paper.

Note: ATTEMPT FIVE QUESTIONS. QUESTION NO.8 IS COMPULSORY.

Q.1: Explain the concept of audit and describe the objectives of Audit in detail.

Q.2: Precisely define the term verification and enumerate the procedure of verification of Plant & Machinery and Goodwill.

Q.3: Define vouching and explain in detail the techniques used by the auditor in vouching of Cash Sales and Dividend Income.

Q.4: Define the term internal control. Suggest a suitable system of internal control over cash receipts and payments.

Q.5: What do you know about continuous audit? Describe the merits and demerits of continuous audit.

Q.6: What is an annual report? Also explain the audit work involved in the submission of such a report to the shareholders of a Public Ltd. Company

Q.7: Briefly explain the auditor’s liability for misfeasance and to third party. Illustrate your answer with the help of legal reference.

Q.8:
A:- Briefly define the following key terms in respect of auditing:
(i). Error of Omission
(ii). Audit Program
(iii). Analytical procedure
(iv). Window dressing
(v). Final audit

B:-. Describe that whether the following statements are true or false?
i. The reviews upon which the auditor’s decisions are based are known as audit working papers. T/F
ii. In final audit, the accounting staff remains alert and maintains the work upto date. T/F
iii. The extent of vouching depends upon the extent of reliability of auditing system. T/F
iv. Investment lying with third parties should be confirmed through external confirmation. T/F
v. Reserve is debited to the Profit and Loss appropriation account. T/F

Allama Iqbal Open University Level: Bachelor Paper: Auditing (481) Semester: Spring 2015

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