ECO 12 Solved Assignment 2023-24

    

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 on email/WhatsApp (9958676204) just after payment.

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.

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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.

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