Subject Code - Eco 12 Questions of ECO 12 1. Distinguish between Internal Audit and Statutory Audit. Can the statutory auditor rely upon the internal audit in carrying out his functions as a statutory auditor ? 2. What do you understand by " outstanding assets " and " outstanding liability"? What are the duties of an auditor in relation to outstanding liabilities? 3. What is the status of the auditor in a company? How can be protect the rights of the shareholders of the company? 4. What do you understand by management audit ? How does it help management in improvement of effectiveness? 5. Write short notes on the following: *. Errors of commission * Contingent Liabilities * Divisible Profits * Audit report
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