DCM3202 PRINCIPLES AND PRACTICE OF AUDITING JULY-AUGUST 2025

Description

SESSION	JULY-AUGUST  2025
PROGRAM	BACHELOR OF COMMERCE (B COM)
SEMESTER	VI
COURSE CODE & NAME	DCM3202 PRINCIPLES AND PRACTICE OF AUDITING

 

 

Assignment Set – 1

 

 

1. Elaborate on the following types of audits-
2. Annual Statutory Financial Audits.
3. Interim and Concurrent audits. 5+ 5 ( 2.5+ 2.5)

Ans 1.

Auditing is an essential process that ensures accuracy, reliability, and transparency in the financial statements of a business. Different types of audits are conducted depending on the purpose, timing, and legal requirements. Among the most important are annual statutory financial audits and interim or concurrent audits, each serving distinct roles in maintaining accountability and financial integrity.

Annual Statutory Financial Audits

An annual statutory financial audit is a legally mandated examination of a company’s

 

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2. Explain the relevance of internal control, especially as a business expands from a small operation to a larger organization.

Ans 2.

Internal control refers to the set of policies, procedures, and mechanisms designed by management to ensure the effective operation of a business, safeguard assets, prevent fraud, and maintain accurate records. As an organization grows from a small enterprise into a larger one, internal control becomes increasingly essential for maintaining efficiency and reliability.

Need for Internal Control in Business Expansion

In the early stages, small businesses often operate with limited staff and simple processes,

 

 

3. Write a detailed essay on the meaning and importance of vouching.

Ans 3.

Vouching is considered the backbone of auditing because it serves as the foundation for verifying the authenticity and accuracy of financial transactions. It is the process by which an auditor examines documentary evidence supporting each entry in the books of accounts to ensure that the recorded transactions are genuine, authorized, and properly classified.

Meaning of Vouching

The term “vouching” is derived from the word “voucher,” meaning documentary proof of a

 

 

Assignment Set – 2

 

4. Discuss the qualifications and disqualifications of an auditor of a Public Limited Company.

Ans 4.

An auditor plays a crucial role in ensuring the accuracy and reliability of a company’s financial statements. In the case of a Public Limited Company, the appointment, qualifications, and disqualifications of auditors are governed by Sections 139 to 141 of the Companies Act, 2013. These provisions ensure that only competent, independent, and professionally ethical individuals are entrusted with the responsibility of auditing company

 

5. Analyze the chief points to be kept in mind by auditors, while undertaking the audit of hotels.

Ans 5.

The audit of hotels is a specialized area within the field of auditing, requiring attention to unique aspects of hospitality operations. Unlike manufacturing or trading businesses, hotels deal with continuous inflows and outflows of cash, complex service billing, and inventory management across departments such as accommodation, food and beverages, and recreation. Auditors must therefore design their audit procedures carefully to ensure accurate financial

 

 

6. Elaborate on the duties of the Comptroller and Auditor General (CAG) of India.

Ans 6.

The Comptroller and Auditor General (CAG) of India is one of the most significant constitutional authorities responsible for ensuring accountability and transparency in public financial management. Established under Article 148 of the Indian Constitution, the CAG acts as the guardian of the nation’s finances and ensures that public money is used efficiently and lawfully.

Constitutional Role and Powers

The CAG is appointed by the President of India and enjoys independence similar to that of a