New Course
To be updated
Old Course
"Analyse with Ajmer Din"
1(a)
The auditor shall determine, from the matters communicated with those charged with governance, those matters that required significant auditor attention in performing the audit.
The auditor’s decision-making process in determining key audit matters is designed to select a smaller number of matters from the matters communicated with those charged with governance, based on the auditor’s judgment about which matters were of most significance in the audit of the financial statements of the current period.
In making this determination, the auditor shall take into account the following:
- Areas of higher assessed risk of material misstatement, or significant risks identified in accordance with SA 315
- Significant auditor judgments relating to areas in the financial statements that involved significant management judgment, including accounting estimates that have been identified as having high estimation uncertainty.
- The effect on the audit of significant events or transactions that occurred during the period.
1(b)
To comprehend the scope of these Sl. Nos, there is need to understand the concept of ‘Unbilled revenue’. In simple terms, unbilled revenue is the revenue recognized in the books of accounts before the issue of an invoice at the end of a particular period. Accounting Standard- 9 / IND AS 115 provides for recognition of revenue on full completion / partial completion of the services though the due date for issuing invoice as per the contract would be on a later date. It is advisable to refer to AS-9 / IND AS 115 for a better understanding of the concept.
Clause 5B requires the addition of unbilled revenue at the beginning of a Financial Year. Unbilled revenue which was recorded in the books of accounts on the basis of accrual system of accounting in the earlier financial year for which the invoice is issued under the GST law is required to be declared here. In other words, when GST is payable during the financial year on such revenue (which was recognized as income in the earlier year), the value of such revenue is to be declared here.
Unbilled revenue would appear in the profit and loss account of the previous year. For information of unbilled revenue at the beginning of a Financial Year, reference may be made to previous year’s audited financial statements. However, as the GST was introduced from 1st July 2017 one needs to be careful to exclude invoices raised during the period April 2017 to June 2017 from the computation.
1(c)
Enumerate the operating conditions which may cast significant doubt on going concernt
- Management intentions to liquidate the entity or to cease operations
- Loss of key management without replacement.
- Loss of a major market, key customer(s), franchise, license, or principal supplier(s).
- Shortages of important supplies.
- Emergence of a highly successful competitor.
2 (a)
In case of payroll cost - where an entity has a known number of employee at fixed rates of pay throughout the period, it may be possible for the auditor to use this data to estimate the total payroll costs for the period with a high degree of accuracy, thereby providing audit evidence for the significant item in the F.St. and reducing the need to perform tests of details on the payroll.
In case of room rental, different types of analytical procedures provide different levels of assurance, analytical procedures involving the prediction of total rental income in case of hotel taking the room tariff rates, the number of rooms and vacancy rates into consideration, can provide persuasive evidece and may eliminate the need for further verification by means of test of details provided the elements are appropriately verified.
2(b)
To be updated
2(c)
Not guilty under clause 7 of part I of the first schedule
3(a)
External Confirmation: As per SA 505, “External Confirmation”, Negative Confirmation is a request that the confirming party respond directly to the auditor only if the confirming party disagrees with the information provided in the request. Negative confirmations provide less persuasive audit evidence than positive confirmations.
The failure to receive a response to a negative confirmation request does not explicitly
indicate receipt by the intended confirming party of the confirmation request or verification of the accuracy of the information contained in the request. Accordingly, a failure of a confirming party to respond to a negative confirmation request provides significantly less persuasive audit evidence than does a response to a positive confirmation request. Confirming parties also may be more likely to respond indicating their disagreement with a confirmation request when the information in the request is not in their favor, and less likely to respond otherwise.
3(b)
In inquiring of management and, where appropriate, those charged with governance, as to whether any subsequent events have occurred that might affect the financial statements, the auditor may inquire as to the current status of items that were accounted for on the basis of preliminary or inconclusive data and may make specific inquiries about the following matters:
- Whether new commitments, borrowings or guarantees have been entered into. Subsequent Events 11 SA 560
-Whether sales or acquisitions of assets have occurred or are planned.
-Whether there have been increases in capital or issuance of debt instruments, such as the issue of new shares or debentures, or an agreement to merge or liquidate has been made or is planned.
- Whether any assets have been appropriated by government or destroyed, for example, by fire or flood.
-Whether there have been any developments regarding contingencies.
- Whether any unusual accounting adjustments have been made or are contemplated.
- Whether any events have occurred or are likely to occur that will bring into question the appropriateness of accounting policies used in the financial statements, as would be the case, for example, if such events call into question the validity of the going concern assumption.
- Whether any events have occurred that are relevant to the measurement of estimates or provisions made in the financial statements.
- Whether any events have occurred that are relevant to the recoverability of assets.
4(a)
To be Updated
4(b)
Essential features of good internal audit report
- Written with the mindset of the reader in mind (typically a busy manager with limited time to read superfluous detail).
- Constructive and generally positive in tone where possible.
- Candid and avoids anodyne language.
- Precise (avoids words or phrases such as “we found a certain number …”)
- Accurate in its findings.
- Fair and impartial, unbiased.
- Written in a style which communicates the key findings clearly and succinctly
- Enables readers to quickly absorb and understand the contents.
- It should add value.
4(c)
Consolidation of Financial Statement: As per Ind AS 110, there is no exemption for ‘temporary control’, or “for operation under severe long-term funds transfer restrictions” and consolidation is mandatory for Ind AS compliant financial statement in this case.
However, as per Section 129(3) of the Companies Act, 2013 read with rule 6 of the Companies (Accounts) Rules, 2014, where a company having subsidiary, which is not required to prepare consolidated financial statements under the Accounting standards, it shall be sufficient if the company complies with the provisions on consolidated financial statements provided in Schedule III to the Act.
R Ltd. is required to prepare its financial statements under Ind AS, it shall have to prepare Consolidated Financial Statements in accordance with Ind AS 110 as exemption for ‘temporary control’, or “for operation under severe long-term funds transfer restrictions” is not available under Ind AS 110. Paragraph 20 of Ind AS 110 states that “Consolidation of an investee shall begin from the date the investor obtains control of the investee and cease when the investor loses control of the investee”.
5(a)
(i) Mark to Market Margin: MTM margin is the notional loss, which a member or his client would incur, if the net cumulative outstanding positions in all securities were closed out at the closing price of the relevant trading day, which is different from the price at which the transaction had been entered into. For each security, this is worked out by multiplying the difference between the closing price and the price at which the trade was executed by the cumulative buy and sell open position (for buy position the close price being lower than actual trade price and for sell position the close price being higher than actual trade price). The aggregate amount computed across all securities is MTM margin payable by a member. The mark-to-market margin is payable with reference to net position at client’s level.
(ii) Volatility Margin: Volatility margin is imposed to curb excessive volatility in the market and to act as a deterrent to building up of excessive outstanding positions. Price variations on account of calls, bonuses, rights, mergers, amalgamations and schemes of arrangements are adjusted for determining volatile securities and adjustments in prices is made for the purpose of computation of volatility, when securities are traded ex-benefits. Securities that attract volatility margin and the applicable margin rates are announced on the last day of the trading cycle and are applicable from the first day of the succeeding trading cycle. The volatility margin is levied on the net outstanding positions of the member, in each security, based on the respective margin rates.
(iii) Gross Exposure Margin: Gross exposure margin is computed on the aggregate of the net cumulative outstanding positions (purchases or sales) in each security. Each Exchange determines its own rates of Gross Exposure Margin and Additional Volatility Margin based on its own risk perception of the market and other risk containment measures such as deposits and collaterals in its possession
5(b)
Agricultural Advances
- Ensure that NPA norms have been applied in accordance with the crop season determined by the State Level Bankers’ Committee in each State. Depending upon the duration of crops - short, long - raised by an agriculturist, the NPA norms would also be made applicable to agricultural term loans availed of by them. Also ensure that these norms are made applicable to all direct agricultural advances listed in Master Circular on lending to priority sector.
- In respect of agricultural loans, other than those specified in the circular, ensure that identification of NPAs has been done on the same basis as non-agricultural advances.
Drawing power
- Ensure that the drawing power is calculated as per the extant guidelines (i.e. the Credit Policy of the Bank) formulated by the Board of Directors of the respective bank and agreed upon by the concerned statutory auditors. Special consideration should be given to proper reporting of sundry creditors for the purposes of calculating drawing power
- The stock audit should be carried out by the bank for all accounts having funded exposure of more than stipulated limit. The report submitted by the stock auditors should be reviewed during the course of the audit and special focus should be given to the comments made by the stock auditors on valuation of security and calculation of drawing power.
- The drawing power needs to be calculated carefully in case of working capital advances to companies engaged in construction
5(c)
Solvency Margin: Section 64VA of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 requires every insurer and re-insurer to maintain an excess of the value of assets over the amount of liabilities at all times which shall not be less than 50% of the amount of minimum capital as stated under section 6 (requirement as to capital) of the Act and arrived at in the manner specified by the regulations.
The Authority, shall specify a level of solvency margin known as ‘control level of solvency’.
In certain special circumstances, the authority may direct application of this provision with some modifications provided this shall not result in the control level of solvency being less than what is stipulated in above para.
If, at any time, an insurer or re-insurer does not maintain the required control level of solvency margin, he is required to submit a financial plan to the Authority indicating the plan of action to correct the deficiency.
If, on consideration of the plan, the Authority finds it inadequate, the insurer has to modify the financial plan.
6 (a)
For the purpose of GST Returns, the exchange rate would be ` 65 and the exports to be
disclosed in the GST Returns would be Rs. 65,00,000.
For the purpose of accounting records, the exchange rate would be ` 68 and the exports recorded in the books would be Rs. 68,00,000. The difference in revenue being ` 300,000 would have to be reduced from the Annual turnover as per the financials to arrive at the revenue as per GSTR 9.
Additionally, difference in the amount booked in the accounts and actual amount received
being Rs. 70 – Rs. 68 = Rs. 2 x $100,000 = Rs. 200,000 would be credited to the Profit and Loss
Account as Forex Gain which again needs to be reduced from the Annual turnover as per
the financials to arrive at the revenue as per GSTR 9.
6(b)
To facilitate a proper consideration, the reports of the C&AG on the audit of PSUs are presented to the Parliament in several parts consisting of the following:
(a) Introduction containing a general review of the working results of Government companies, deemed Government companies and corporations;
(b) Results of comprehensive appraisals of selected undertakings conducted by the Audit Board;
(c) Resume of the company auditors’ reports submitted by them under the directions issued by the C&AG and that of comments on the accounts of the Government companies; and
(d) Significant results of audit of the undertakings not taken up for appraisal by the Audit Board.
For certain specified states, the C&AG submits a separate audit report (commercial) to the legislature, while for other States/Union Territories with legislature, there is a commercial chapter in the main audit report. The State audit reports, contains both the results of audit appraisal of performance of selected companies/corporations as well as important individual instances of financial irregularities, wasteful expenditure, system deficiencies noticed by the statutory auditors, comments noticed in Government audit in the audit functions of certification of accounts and a general review of the working results of Government companies and corporations.
6(c)
The exemption may be granted to a member or a firm in practive to have second office withou such second office being under the separate charge of member of the institute, provided
- the second office is located in same premises or
- the second office is located in same city or
- the second office is located within the distance of 50 km from the municipal limited of a city, in which the first office is located
or
Eligibility to a peer reviewer
- A member with atleast 10 years of practice
- Is in practice
- Should have undergone practical training as prescribed by Board
- Furnish a declaration
- Signed declaration of confidentiality
- Conducted audit of level 1 entities for atleast 7 years to be eligbile for level 1 entities review
- Should not have any disciplinary action pending against him
- Not found guilty of by council
MCQ Hints
-2 CARO Applicability (1mark)
- 3 Modification of auditors opinion due to prior period item (1 mark)
To be updated
Old Course
"Analyse with Ajmer Din"
1(a)
The auditor shall determine, from the matters communicated with those charged with governance, those matters that required significant auditor attention in performing the audit.
The auditor’s decision-making process in determining key audit matters is designed to select a smaller number of matters from the matters communicated with those charged with governance, based on the auditor’s judgment about which matters were of most significance in the audit of the financial statements of the current period.
In making this determination, the auditor shall take into account the following:
- Areas of higher assessed risk of material misstatement, or significant risks identified in accordance with SA 315
- Significant auditor judgments relating to areas in the financial statements that involved significant management judgment, including accounting estimates that have been identified as having high estimation uncertainty.
- The effect on the audit of significant events or transactions that occurred during the period.
1(b)
To comprehend the scope of these Sl. Nos, there is need to understand the concept of ‘Unbilled revenue’. In simple terms, unbilled revenue is the revenue recognized in the books of accounts before the issue of an invoice at the end of a particular period. Accounting Standard- 9 / IND AS 115 provides for recognition of revenue on full completion / partial completion of the services though the due date for issuing invoice as per the contract would be on a later date. It is advisable to refer to AS-9 / IND AS 115 for a better understanding of the concept.
Clause 5B requires the addition of unbilled revenue at the beginning of a Financial Year. Unbilled revenue which was recorded in the books of accounts on the basis of accrual system of accounting in the earlier financial year for which the invoice is issued under the GST law is required to be declared here. In other words, when GST is payable during the financial year on such revenue (which was recognized as income in the earlier year), the value of such revenue is to be declared here.
Unbilled revenue would appear in the profit and loss account of the previous year. For information of unbilled revenue at the beginning of a Financial Year, reference may be made to previous year’s audited financial statements. However, as the GST was introduced from 1st July 2017 one needs to be careful to exclude invoices raised during the period April 2017 to June 2017 from the computation.
1(c)
Enumerate the operating conditions which may cast significant doubt on going concernt
- Management intentions to liquidate the entity or to cease operations
- Loss of key management without replacement.
- Loss of a major market, key customer(s), franchise, license, or principal supplier(s).
- Shortages of important supplies.
- Emergence of a highly successful competitor.
2 (a)
In case of payroll cost - where an entity has a known number of employee at fixed rates of pay throughout the period, it may be possible for the auditor to use this data to estimate the total payroll costs for the period with a high degree of accuracy, thereby providing audit evidence for the significant item in the F.St. and reducing the need to perform tests of details on the payroll.
In case of room rental, different types of analytical procedures provide different levels of assurance, analytical procedures involving the prediction of total rental income in case of hotel taking the room tariff rates, the number of rooms and vacancy rates into consideration, can provide persuasive evidece and may eliminate the need for further verification by means of test of details provided the elements are appropriately verified.
2(b)
To be updated
2(c)
Not guilty under clause 7 of part I of the first schedule
3(a)
External Confirmation: As per SA 505, “External Confirmation”, Negative Confirmation is a request that the confirming party respond directly to the auditor only if the confirming party disagrees with the information provided in the request. Negative confirmations provide less persuasive audit evidence than positive confirmations.
The failure to receive a response to a negative confirmation request does not explicitly
indicate receipt by the intended confirming party of the confirmation request or verification of the accuracy of the information contained in the request. Accordingly, a failure of a confirming party to respond to a negative confirmation request provides significantly less persuasive audit evidence than does a response to a positive confirmation request. Confirming parties also may be more likely to respond indicating their disagreement with a confirmation request when the information in the request is not in their favor, and less likely to respond otherwise.
3(b)
In inquiring of management and, where appropriate, those charged with governance, as to whether any subsequent events have occurred that might affect the financial statements, the auditor may inquire as to the current status of items that were accounted for on the basis of preliminary or inconclusive data and may make specific inquiries about the following matters:
- Whether new commitments, borrowings or guarantees have been entered into. Subsequent Events 11 SA 560
-Whether sales or acquisitions of assets have occurred or are planned.
-Whether there have been increases in capital or issuance of debt instruments, such as the issue of new shares or debentures, or an agreement to merge or liquidate has been made or is planned.
- Whether any assets have been appropriated by government or destroyed, for example, by fire or flood.
-Whether there have been any developments regarding contingencies.
- Whether any unusual accounting adjustments have been made or are contemplated.
- Whether any events have occurred or are likely to occur that will bring into question the appropriateness of accounting policies used in the financial statements, as would be the case, for example, if such events call into question the validity of the going concern assumption.
- Whether any events have occurred that are relevant to the measurement of estimates or provisions made in the financial statements.
- Whether any events have occurred that are relevant to the recoverability of assets.
4(a)
To be Updated
4(b)
Essential features of good internal audit report
- Written with the mindset of the reader in mind (typically a busy manager with limited time to read superfluous detail).
- Constructive and generally positive in tone where possible.
- Candid and avoids anodyne language.
- Precise (avoids words or phrases such as “we found a certain number …”)
- Accurate in its findings.
- Fair and impartial, unbiased.
- Written in a style which communicates the key findings clearly and succinctly
- Enables readers to quickly absorb and understand the contents.
- It should add value.
4(c)
Consolidation of Financial Statement: As per Ind AS 110, there is no exemption for ‘temporary control’, or “for operation under severe long-term funds transfer restrictions” and consolidation is mandatory for Ind AS compliant financial statement in this case.
However, as per Section 129(3) of the Companies Act, 2013 read with rule 6 of the Companies (Accounts) Rules, 2014, where a company having subsidiary, which is not required to prepare consolidated financial statements under the Accounting standards, it shall be sufficient if the company complies with the provisions on consolidated financial statements provided in Schedule III to the Act.
R Ltd. is required to prepare its financial statements under Ind AS, it shall have to prepare Consolidated Financial Statements in accordance with Ind AS 110 as exemption for ‘temporary control’, or “for operation under severe long-term funds transfer restrictions” is not available under Ind AS 110. Paragraph 20 of Ind AS 110 states that “Consolidation of an investee shall begin from the date the investor obtains control of the investee and cease when the investor loses control of the investee”.
5(a)
(i) Mark to Market Margin: MTM margin is the notional loss, which a member or his client would incur, if the net cumulative outstanding positions in all securities were closed out at the closing price of the relevant trading day, which is different from the price at which the transaction had been entered into. For each security, this is worked out by multiplying the difference between the closing price and the price at which the trade was executed by the cumulative buy and sell open position (for buy position the close price being lower than actual trade price and for sell position the close price being higher than actual trade price). The aggregate amount computed across all securities is MTM margin payable by a member. The mark-to-market margin is payable with reference to net position at client’s level.
(ii) Volatility Margin: Volatility margin is imposed to curb excessive volatility in the market and to act as a deterrent to building up of excessive outstanding positions. Price variations on account of calls, bonuses, rights, mergers, amalgamations and schemes of arrangements are adjusted for determining volatile securities and adjustments in prices is made for the purpose of computation of volatility, when securities are traded ex-benefits. Securities that attract volatility margin and the applicable margin rates are announced on the last day of the trading cycle and are applicable from the first day of the succeeding trading cycle. The volatility margin is levied on the net outstanding positions of the member, in each security, based on the respective margin rates.
(iii) Gross Exposure Margin: Gross exposure margin is computed on the aggregate of the net cumulative outstanding positions (purchases or sales) in each security. Each Exchange determines its own rates of Gross Exposure Margin and Additional Volatility Margin based on its own risk perception of the market and other risk containment measures such as deposits and collaterals in its possession
5(b)
Agricultural Advances
- Ensure that NPA norms have been applied in accordance with the crop season determined by the State Level Bankers’ Committee in each State. Depending upon the duration of crops - short, long - raised by an agriculturist, the NPA norms would also be made applicable to agricultural term loans availed of by them. Also ensure that these norms are made applicable to all direct agricultural advances listed in Master Circular on lending to priority sector.
- In respect of agricultural loans, other than those specified in the circular, ensure that identification of NPAs has been done on the same basis as non-agricultural advances.
Drawing power
- Ensure that the drawing power is calculated as per the extant guidelines (i.e. the Credit Policy of the Bank) formulated by the Board of Directors of the respective bank and agreed upon by the concerned statutory auditors. Special consideration should be given to proper reporting of sundry creditors for the purposes of calculating drawing power
- The stock audit should be carried out by the bank for all accounts having funded exposure of more than stipulated limit. The report submitted by the stock auditors should be reviewed during the course of the audit and special focus should be given to the comments made by the stock auditors on valuation of security and calculation of drawing power.
- The drawing power needs to be calculated carefully in case of working capital advances to companies engaged in construction
5(c)
Solvency Margin: Section 64VA of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015 requires every insurer and re-insurer to maintain an excess of the value of assets over the amount of liabilities at all times which shall not be less than 50% of the amount of minimum capital as stated under section 6 (requirement as to capital) of the Act and arrived at in the manner specified by the regulations.
The Authority, shall specify a level of solvency margin known as ‘control level of solvency’.
In certain special circumstances, the authority may direct application of this provision with some modifications provided this shall not result in the control level of solvency being less than what is stipulated in above para.
If, at any time, an insurer or re-insurer does not maintain the required control level of solvency margin, he is required to submit a financial plan to the Authority indicating the plan of action to correct the deficiency.
If, on consideration of the plan, the Authority finds it inadequate, the insurer has to modify the financial plan.
6 (a)
For the purpose of GST Returns, the exchange rate would be ` 65 and the exports to be
disclosed in the GST Returns would be Rs. 65,00,000.
For the purpose of accounting records, the exchange rate would be ` 68 and the exports recorded in the books would be Rs. 68,00,000. The difference in revenue being ` 300,000 would have to be reduced from the Annual turnover as per the financials to arrive at the revenue as per GSTR 9.
Additionally, difference in the amount booked in the accounts and actual amount received
being Rs. 70 – Rs. 68 = Rs. 2 x $100,000 = Rs. 200,000 would be credited to the Profit and Loss
Account as Forex Gain which again needs to be reduced from the Annual turnover as per
the financials to arrive at the revenue as per GSTR 9.
6(b)
To facilitate a proper consideration, the reports of the C&AG on the audit of PSUs are presented to the Parliament in several parts consisting of the following:
(a) Introduction containing a general review of the working results of Government companies, deemed Government companies and corporations;
(b) Results of comprehensive appraisals of selected undertakings conducted by the Audit Board;
(c) Resume of the company auditors’ reports submitted by them under the directions issued by the C&AG and that of comments on the accounts of the Government companies; and
(d) Significant results of audit of the undertakings not taken up for appraisal by the Audit Board.
For certain specified states, the C&AG submits a separate audit report (commercial) to the legislature, while for other States/Union Territories with legislature, there is a commercial chapter in the main audit report. The State audit reports, contains both the results of audit appraisal of performance of selected companies/corporations as well as important individual instances of financial irregularities, wasteful expenditure, system deficiencies noticed by the statutory auditors, comments noticed in Government audit in the audit functions of certification of accounts and a general review of the working results of Government companies and corporations.
6(c)
The exemption may be granted to a member or a firm in practive to have second office withou such second office being under the separate charge of member of the institute, provided
- the second office is located in same premises or
- the second office is located in same city or
- the second office is located within the distance of 50 km from the municipal limited of a city, in which the first office is located
or
Eligibility to a peer reviewer
- A member with atleast 10 years of practice
- Is in practice
- Should have undergone practical training as prescribed by Board
- Furnish a declaration
- Signed declaration of confidentiality
- Conducted audit of level 1 entities for atleast 7 years to be eligbile for level 1 entities review
- Should not have any disciplinary action pending against him
- Not found guilty of by council
MCQ Hints
-1 Form GSTR 9C: GST Tax audit.(1 M)
-2 GST Audit and internal audit cannot be done by same firm. (2 M)
-3 SA 510 - Initial audit engagement either F.St. for previous period were not audited or were audited by a another auditor. (1 M)
-4 4410 is not an assurance (1 M)
-5 Sch II Gulity - Permanent removal of Name (1 M)
-6 Physical Verification most of A, certain B, Certain C valuewise till end of time, compare with ERP and tabulate the result (2 M)
-7 Likelyhood of occurance of risk is not a factor determining Significant risk (1 mark)
-8 Member of institute who is employed with a state corporation and a grossly negligent in the conduct of his duty will be guilty of professional misconduct (1 mark)
(a) Clause 7 Part 1 second schedule
(b) Clause 1 Part 2 second schedule (Answer)
(c) Clause 2 Part 2 sechond schedule
(d) Clause 8 Part 2 second schedule
Other Glimps of Questions but due to lack of options/Dilemma not answering (MCQ Question credit "Sonu Yadav and Kamal Kant" taken from comment on my video)
-1 Meaning of key audit matters (1mark)
-2 CARO Applicability (1mark)
- 3 Modification of auditors opinion due to prior period item (1 mark)
-4 Which of the following does not fall in mandatory revew of audit committee
(a) Statement of deviation
(b) The appointment removal and term or remuneration of the internal auditor
(c) Cost Audit report
(d) Statement of significant related party transaction submitted by management
-5 Property audit is concern with
(a) Scrutiny of executive action and decision bearing in F S. profit and loss situation of the company with special regard to interest and commonly accepted etc
(b) Assessing whether activities financial transaction and information comply in all material respect with the authority which govern audit entity
(c) examination of financial system and transaction including evaluation of compliance which affect the accuracy and completeness of account records
(d) none of above (1 mark)
(a) Scrutiny of executive action and decision bearing in F S. profit and loss situation of the company with special regard to interest and commonly accepted etc
(b) Assessing whether activities financial transaction and information comply in all material respect with the authority which govern audit entity
(c) examination of financial system and transaction including evaluation of compliance which affect the accuracy and completeness of account records
(d) none of above (1 mark)
-6 CIS Access control topic (2mark)
-7 44AB Tax audit applicability (2 mark)
-8 Mandatory review areas of audit committee topic (2 mark)
-9 CFS In group accounting policies (2 mark)
-10 PPE related topic (2 mark)
-11 Cooperative Bank FD, auditors procedures (2 mark)
Sir. Thanks a lot for taking time to analyse and write the answers. Could you please provide the answers of MCQ also? That would be of great help to us.
ReplyDeleteHi. You'r welcome. Answers of questions which were shared by Students are mentioned in the post.
DeleteOLD course MCQ LIST
ReplyDeleteQ1)Gst form annual return
Q2)44ab applicable to whom
Q3)Access control 4 options
Q4)cfs component audit required by pa/ca/not reqd
Q5)audit committee
Q6) modified opinion (sa xyz + sa xyz in options)
Q7)compilation engagement
Q.8) sec 143(3) audit report does not contain comments on-
Q. 9) stock of abc analysis limited time mcq
Q. 10) lien on fixed deposit, verification mcq
Q11) caro n.a to sec 8 company mcq
Q 12) proprietary audit
Q13) key audit matter is not a substitute to --
Q14) Internal auditor Gst auditor
Q15) ppe review question icai list
Q16) guilty under second schedule - punishment
Q 17) Initial audit engagement means - first year/or done by other auditor mcq
Q18) substantial risk does not include-
Q19) grossly negligent in duty under which clause in employment wala case
Q20) joint audit SA doesn't provide for : and I guess answer was government listed audits. Something
2 marks questions.
ReplyDeleteInternal auditor,
ppe review
cfs,
lien on fixed asset,
stock of ABC Analysis,
mandatory reviews of audit committe,
access controls,
tax audit 44 ab applicabality,
Guilty under second schedule.
use your dishwasher until you have a full load. Make sure your dishwasher is full before using it, hecause it takes the same amount of water and energy to wash a full load as it does half a load. Use the shortest cycle possible, if you can, turn the dishwasher off prior to the drying cycle, opening the door. This allows the dishes to air dry. satta king play bazaar
ReplyDelete