DCM3202 PRINCIPLES AND PRACTICE OF AUDITING MARCH 2025

Description

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

 

 

Assignment Set – 1

 

Q1. Elaborate on the relevance and advantages of an Audit for large enterprises.       

Ans 1.

Auditing in Large Enterprises

Auditing plays a critical role in ensuring transparency, accountability, and financial discipline within large enterprises. Due to the vastness and complexity of their operations, these organizations handle significant volumes of financial transactions. In such environments, regular audits are not only a statutory requirement but also a strategic necessity to safeguard against errors, frauds, and mismanagement. The audit process provides an independent assessment of an enterprise’s financial statements and operational efficiency, ensuring they

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Q2.  Write an essay on the verification and valuation of assets.  

Ans 2.

Verification and Valuation of Assets

Verification and valuation of assets are two fundamental components of the auditing process. They ensure that the assets recorded in the books of accounts are accurate in terms of ownership, existence, and value. These procedures help auditors determine whether the financial statements give a true and fair view of the company’s financial position. Both verification and valuation are essential for maintaining stakeholder trust and complying with

 

 

Q3. Write brief notes on-

1. Audit Programme
2. Vouching Purchases and Salaries

Ans 3.

1. Audit Programme

 

Meaning and Definition

An audit programme is a detailed plan of the auditing process prepared by the auditor before the commencement of audit work. It outlines the nature, timing, and extent of audit procedures to be performed for a specific client. The audit programme serves as a systematic guide to ensure that all necessary areas are covered during the audit and no important aspect is overlooked.

Purpose and Significance

The primary purpose of the audit programme is to ensure a uniform and comprehensive approach to the audit. It provides clarity to the audit team about their respective duties and

 

 

Assignment Set – 2

 

 

Q4. Discuss the qualifications and disqualifications of an auditor of a Public limited company.

Ans 4.

Auditor Requirements

The role of an auditor in a public limited company is highly responsible, requiring professional integrity and adherence to statutory guidelines. The Companies Act, 2013 of India lays down specific qualifications and disqualifications for auditors to ensure that only competent and unbiased professionals are appointed for the audit of public companies.

Qualifications of an Auditor

To be eligible for appointment as an auditor of a public limited company, an individual or

 

Q5. Analyze the chief points to keep in mind while undertaking the Audit of an Educational Institution.

Ans 5.

Educational Institution Audits

Auditing an educational institution such as a school, college, or university involves the review of both financial and non-financial aspects. These institutions often receive income from various sources like tuition fees, donations, grants, and government subsidies, which must be accounted for properly. The purpose of such an audit is to ensure financial transparency, accuracy of accounts, and compliance with statutory requirements and fund

 

 

Q6. Elaborate on the challenges in auditing the books of local bodies.

Ans 6.

Local Body Audits

Local bodies such as municipal corporations, panchayats, and other government-funded institutions are responsible for delivering essential services to the public. Auditing their financial records ensures that public funds are used efficiently and for the intended purposes. However, auditing local bodies presents several unique challenges due to their structure, funding mechanisms, and administrative practices.

Complex and Decentralized Operations

One of the major challenges in auditing local bodies is the decentralized nature of their