B.com Part 2 – Auditing 2006 Private Paper

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AUDITING 2006 (PRIVATE)

 

Time : 3 Hours                Max. Marks:100

 

Instructions: Attempt three questions from section A, including Question No. 1 which is compulsory. Both questions from section- B.

 

SECTION A

1.(a) Define AUDITING and what are the objects of Audits?

(b) Distinguish between ACCOUNTING and AUDITING, at least six points àf differences. (10+10)

 

2.(a) What is AUDIT PROGRAMME? Give the types of Audit Programme. (10+10)

(b) Audit Work Papers are property of Auditor. Discuss.

 

3. List the BASIC AUDIT TECHNIQUES and explain in detail any Three of them. (20)

 

4.(a) Distinguish between Cost Audit & Management Audit

(b) Internal AUDIT DEPARTMENT is necessary for large type of Organization. (10+10)

 

5.(a) Draft a clean AUDIT REPORT of Shaheen Insurance Co. for the year ending on 31-12-06.

(b) Explain the procedure of INVESTIGATION before purchase of running business. (1 0+10)

 

6(a) Write a note on “DIVISBLE PROFIT. (10+1 0)

(b) Differentiate between ‘AUDIT AND INVESTIGATION”.

 

SECTION B

 

7. What is C.B.R. and explain in details the function of C.BR

OR

Write short notes on any Three of the following:- (15)

Total and Taxable Income (ii) Person

Agriculture Income (iv) Assessee (v) Resident

 

8. Mr. Dawood is working in a private firm. He provided following details for the income year ended on June 30. 06:

(i) Salary Rs.10,000 P.M. in the pay Scale of (10,000- 1000-20,000)

(ii) Bonus equal to Sixty days Salary.

(iii) House Rent allowance 50% of Basic Salary.

(iv) Conveyance allowance Rs. 1,250 P.M.

:bR�’( #�H��e Rent Rs.6,000 P.M. (lv) Medical allowance Rs 15,000 P.A. His actual expenses were Rs. 10,000.

 

(v) Share of Profit from registered firm is Rs.15,000.

vi) Conveyance allowance Rs.800 P.M.

(vii) Entertainment allowance Rs,500 P.M.

(viii) Received gift from father worth Rs.12OOO.

(ix) Cash prize Rs. 20,000.

(x) Annual Income from agriculture is Rs.7OOOO.

Required: Compute total Income and Taxable Income of

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