ECO 12 Solved Assignment 2023-24
ELEMENTS OF AUDITING
ECO 12 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
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Assignment Code: ASST/ ECO 12/2023-24
Marks: 100
Attempt all the questions.
Q1. Define the term
auditing. Differentiate between Auditing and Investigation. What is continuous
audit? Discuss its merits and demerits.
Auditing is a
systematic examination of financial information, records, statements, or
operations of an entity to ensure accuracy, reliability, and compliance with
established accounting standards and regulations. The primary objective of
auditing is to provide an independent and objective assessment of the financial
information presented by an organization. Auditors typically express an opinion
on the fairness of the financial statements, based on their examination.
Investigation:
Investigation, on the other hand, refers to the process of in-depth inquiry or
examination into specific matters, often to uncover fraud, misconduct, or
irregularities. While auditing has a broader focus on financial statements and
systems, investigation is more targeted and may involve digging into specific
transactions, events, or occurrences to determine the facts surrounding them.
Differences
between Auditing and Investigation:
Scope: Auditing
has a broader scope, covering the entire financial system and statements.
Investigation, however, has a narrower scope, focusing on specific issues or
concerns.
Objective: The
primary objective of auditing is to express an opinion on the fairness of
financial statements. Investigations are conducted to gather evidence and facts
about a particular issue or concern.
Independence:
Auditors are expected to be independent and unbiased. Investigations may be
initiated internally or externally and may involve parties with a specific
interest in the outcome.
Continuous
Audit: Continuous audit is an auditing process that involves regular and
frequent examination of an organization's financial information and internal
controls throughout the year. Unlike traditional auditing, which is conducted
annually, continuous audit is an ongoing and real-time monitoring of financial
activities. This approach utilizes technology and automated tools to streamline
the audit process.
Merits of
Continuous Audit:
Timeliness: Continuous
audit provides real-time insights into financial activities, enabling prompt
identification and resolution of issues.
Efficiency:
Automated tools used in continuous audit can enhance the efficiency of the
auditing process, reducing the need for manual intervention.
Risk
Management: Continuous audit helps in early detection of potential risks and
irregularities, allowing organizations to take preventive measures.
Demerits of
Continuous Audit:
Cost:
Implementing and maintaining continuous audit systems can be expensive,
especially for smaller organizations.
Complexity:
Continuous audit systems often require advanced technology and expertise,
making them complex to establish and manage.
Resource
Intensive: Continuous audit may require a significant investment in human and
technological resources, which may be a challenge for some organizations.
In summary,
auditing is a systematic examination of financial information for accuracy and
compliance, while investigation is a focused inquiry into specific matters.
Continuous audit involves real-time monitoring of financial activities and has
merits such as timeliness and risk management, but it may be costly and complex
to implement.
Q2. Point out the
difference between ‘Verification’ and ‘Valuation’ of assets. Discuss the
objectives of verification of assets.
Q3. Discuss the
position of an auditor in a company under the provisions of the Companies Act.
State the qualifications and disqualifications of the auditor of a company.
Q4. State the matters
upon which the auditors must form an opinion while preparing their report as
laid down in the Companies Act. What do you understand by the concept of ‘true
and fair’ in an auditor’s report?
Q5. Write short notes on the following:
a) Cost audit
b) Redemption of
preference shares
c) Vouching
d) Internal check
ECO 12 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
on email/WhatsApp (9958676204) just after payment.
ECO 12 Solved
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