In this post we have provided Gauhati University Auditing and Corporate Governance Solved Question Paper 2024 Which can be very useful for your upcoming examination.
Gauhati University (GU) BCom 6th Semester Auditing and Corporate Governance Solved Question Paper 2024
2024
COMMERCE(Honours Core)
Paper: COM-HC-6016
4 (Sem-6/CBCS) HC 1 (ACG)
(Auditing and Corporate Governance)
Time: Three hours
The figures in the margin indicate full marks for the questions.
Write the answers to the two Groups in separate books.
Group – A (Auditing) Marks: 40
1. Answer as directed: 1×4=4
(i) Auditing does not depend on Accounting. (State whether the statement is True or False)
Answer: False
Explanation:- Yes, auditing depends on accounting. Auditing is the process of examining and verifying the accuracy and fairness of financial records, which are primarily based on accounting practices. Accounting involves recording, classifying, and summarizing financial transactions, while auditing assesses whether those financial statements are accurate and comply with relevant laws and regulation.
(ii) Internal audit is done by the staff of the employer. (Fill in the blank)
Answer: Internal
(iii) A voucher is an evidence in writing. (Comment on the statement)
Answer: The statement is correct. A voucher serves as written evidence for the authenticity of a transaction and is used for recording accounting entries.
(iv) When an auditor gives opinion subject to certain observation, such opinion is termed as qualified opinion.
Answer: Qualified.
2. Answer the following: 2×3 = 6
(a) What do you mean by audit programme?
Answer: An audit programme is a detailed plan or roadmap outlining the specific procedures and steps an auditor will follow to conduct an audit. It defines the scope of the audit, the audit techniques to be used, the areas to be audited, the timeline, and the responsibilities of the audit team. It ensures that the audit process is systematic, organized, and thorough.
(b) Mention two objectives of audit report.
Answer:
1. Provide an Independent Opinion: The audit report aims to offer an unbiased and independent opinion about the financial statements' accuracy, reliability, and fairness, based on the audit findings.
2. Inform Stakeholders: The report serves to inform stakeholders, such as investors, management, regulators, and creditors, about the company's financial health and whether the financial statements comply with accounting standards and regulations.
(c) What is the meaning of continuous audit?
Answer: Continuous audit is a system of audit where the auditor and his staff Examines all the transactions and books of accounts in details continuously throughout the year at regular intervals i.e. weekly or fortnightly or monthly etc.
Please Note: We are currently working on the complete solution and will upload it as soon as possible
-000000-