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Professional Misconduct

Auditing

asked 3 mins ago

If a firm signed a BS of entity, and the engagement partner failed to disclose a material fact. In this case, only engagement partner will be liable for misconduct under 5/1/2 or the all partners of the firm (who are not involved with that audit) will be also liable for professional misconduct?

latest answer

No answers yet!!

Chandu vadla

Chandu vadla

CA Final

11K+

0

3

Risk assessment and internal control

Auditing

answered 2 days ago

Sir if auditor is required to give Qualified opinion but he/she gave adverse opinion. Or vice versa. Does this come under inappropriate audit opinion?

latest answer

Wrong opinion is audit risk.

lohith perumalla

lohith perumalla

CA Inter

8K+

3

50

FRF

Auditing

answered on 08-Apr-24 12:20

Fair presentation vs compliance framework

latest answer

Refer SA 700 . There are two types of framework, based on presentation n disclosure. Strictly to be adhered is compliance framework. Like BANKS financial statements. Where management is allowed to add or depart from requirements is Fair presentation. Like sch III of companies act. Details u wil get further .

GOKUL KOLATE

GOKUL KOLATE

CA Inter

440

1

59

Modified opinion means in brief

Auditing

answered on 08-Apr-24 12:17

Modified opinion means in brief And what un modified ?

latest answer

These all terms will be clear as you progress with the subject further . Unmodified: is a good report. Clean report, Which means financial statements give true and fair view Modified- means which statements are not giving true and fair view. We have 3 different modified option which u will learn as a part of SA 705

GOKUL KOLATE

GOKUL KOLATE

CA Inter

440

1

38

What is prospective investor

Auditing

answered on 08-Apr-24 10:53

Prospective Investor means? In view if the auditing and investment

latest answer

Thank you Pradnya Mam..😊🙏🏻

GOKUL KOLATE

GOKUL KOLATE

CA Inter

440

2

40

FS

Auditing

answered on 05-Apr-24 15:42

What's the answer of this question

latest answer

Ok mam thank you

Ramya Telikicherla

Ramya Telikicherla

CA Inter

6K+

4

48

Clause 4 of Part 1 of Schedule 2

Auditing

answered on 04-Apr-24 12:15

Are the concept of substantial interest of the CA only related to companies or related to other constitutions like sole proprietor, firm, HUF... also ? If it is related to other constitution also, then a CA who is having substantial interest should not sign in those FS, certificates... The think that I'm having is correct ?

latest answer

Sole proprietor there is no question, firm he can have n HUF he can be a member. But audit cannot be conducted. Threat to independence exists

Sathiyanarayanan P

Sathiyanarayanan P

CA Final

6K+

1

42

SA 240 - general Doubt

Auditing

answered on 02-Apr-24 17:02

What is Financial statements level and assertion level ?

latest answer

FS- misstatement that affects the complete FS. has pervasive effect. like going concern assumption being inappropriate in preparing FS. Assertion level: only particular assertion like valuation, existence etc. is affected

M V Naresh

M V Naresh

CA Final

3K+

1

69

Sa 402 and sae 3402

Auditing

answered on 02-Apr-24 17:05

Hey... I was going through sa 402 and SAE 3402...didn't understood what is meant by ontrol objectives. Can anyone explain?

latest answer

Control objective is in simple language "Risk" for which controls are designed and implemented. Eg: for unauthorized access to be mitigated. Control objective is to prevent unauthorized access. Control will be to provide user id an password. Controls are designed to meet control objectives.

nazriya nasar

nazriya nasar

CA Final

7K+

1

47

audit of borrowings

Auditing

answered on 04-Apr-24 08:03

Bonds/debentures (along with the rate of interest and particulars of redemption or conversion, as the case may be) shall be stated in descending order of maturity or conversion, starting from farthest redemption or conversion date, as the case may be. Where bonds/debentures are redeemable by instalments, the date of maturity for this purpose must be reckoned as the date on which the first instalment becomes due. could you please give me an example for this?

latest answer

thank you so much mam

Roobashree Rajagopal

Roobashree Rajagopal

CA Inter

0

2

47

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