1. Internal Control:
- What are the different components of internal control?
- Explain the importance of segregation of duties in an internal control system.
- How does an internal audit help in improving internal control?
2. Vouching:
- What is the purpose of vouching in an audit?
- Explain the different types of vouchers used in an audit.
- How can an auditor detect fraudulent vouchers?
3. Verification of Assets:
- What are the different methods of verifying the existence of assets?
- How does an auditor verify the valuation of assets?
- What are the common errors and irregularities in the recording of assets?
4. Verification of Liabilities:
- What are the different types of liabilities?
- Explain the different methods of verifying liabilities.
- How does an auditor identify contingent liabilities?
5. Audit of Income and Expenditure:
- What are the different sources of income for a business?
- How does an auditor verify the expenses incurred by a business?
- What are the common irregularities in the recording of income and expenditure?
6. Final Accounts:
- What are the different components of final accounts?
- Explain the process of preparing final accounts.
- How does an auditor express an opinion on the final accounts?
7. Company Audit:
- What are the additional responsibilities of an auditor in a company audit?
- Explain the different sections of the Companies Act that an auditor must consider during a company audit.
- How does an auditor report irregularities in a company audit?
8. Audit Sampling:
- What is audit sampling?
- Explain the different types of audit sampling methods.
- How does an auditor determine the sample size in an audit?
9. Computer-Aided Audit Techniques (CAATs):
- What are CAATs?
- Explain the different types of CAATs used in an audit.
- How do CAATs assist an auditor in conducting an efficient and effective audit?
10. Ethical Issues in Auditing:
- What are the ethical principles that an auditor must follow?
- Explain the different ethical dilemmas that an auditor may face.
- How can an auditor resolve ethical conflicts?
Remember, these are just a few examples of important questions that may be asked in a B.Com 3rd Year Audit paper. The actual paper may include additional questions covering other topics and concepts from the auditing syllabus.