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Loans & Advance Audit
Auditing
answered 1 day ago
One topic missing in Audit of Financial Statements, Audit of Loans & Advances
latest answer
It’s available. Wil check with the team and update .
Mohammed Bin Abdulla
CA Inter
★ 2K+
1
30
SA 315 & Other Topics
Auditing
answered 21 hrs ago
Dear Mam, Is there any other material is using for teaching Audit Paper ? If suppose kindly provide the same. Because some of the concepts & topics were not found in the provided material. Ex : Significant Risk areas in SA 315 Matters to be included in Letter of Weakness Risks in CIS Environment - SA 315 Awaiting for your assistance.
latest answer
Significant risk is covered in standard. IT related risk is covered in Automated environment
Sathiyanarayanan P
CA Final
★ 6K+
4
47
Query on ICAI’s Section-Wise Weightage for Advanced Auditing
Auditing
answered on 23-Jul-24 18:22
As per the section-wise weightage issued by ICAI for Advanced Auditing, it is noted that certain Standards on Auditing (SAs) are covered in depth at the Intermediate level. Consequently, at the Final level, these SAs may be discussed primarily through case studies. Does this mean that for these SAs, we should expect only MCQs in the exam, and that descriptive questions on these SAs will not be asked? I am seeking clarification on whether the application of these SAs at the Final level will focus predominantly on case studies rather than descriptive questions.
latest answer
Yes indirectly they will be tested. A direct question from those standards will not be expected. Example- SA 320, full content is not included as a part of syllabus. But through SA 315 that could be tested. So yes , case studies we can expect .
kathiresh Kumar
CA Final
★ 15K+
1
38
SA 210
Auditing
answered on 23-Jul-24 17:59
Mam you have explained that engagement letter is given by auditor to management , then how come in this RTP engagement letter is provided by management to those joint auditors
latest answer
Thank you mam!!
Srivarshini Nallamaddi
CA Inter
★ 0
3
44
Clause 4, Part 1, Schedule II
Auditing
answered on 18-Jul-24 07:06
Mr A was a Designated Partner in LLP. He resigned from the LLP and within 1 year he accepted the assignment of Audit of That LLP. (LLP was covered under Audit requirement). He doesn't any have relative in the LLP. Whether Guilty under clause 4 Part 1, Schedule II?
latest answer
Cooling period as such isn’t mentioned. But there is threat to independence , familiarity threat, self review threat. Till such time, he can’t be the auditor .
Himanshu Somani
CA Final
★ 77K+
3
67
if it is unlisted ?
Auditing
answered on 11-Jul-24 21:45
Hi madam, in 2nd question, if the company is unlisted. then EQCR should sign the Quality control report, bcz checking independence is of Engagement partner's duty right ?
latest answer
the EQCR reviews and may provide input on the quality control report, the final responsibility for signing the report usually lies with the Engagement Partner.
bharath bagirath
CA Inter
★ 0
1
48
Acceptance of Engagement
Auditing
answered on 17-Jul-24 13:54
Hi Madam, if all the 5 contents required by SA210 present in EL , but EL is drafted and given by Management instead of Auditor. then can we consider this as EL has some discrepancies bcz Management prepared the EL ?
latest answer
Responsibility is always of the auditor to prepare it . What you have seen is appropriate. The very concept is that it will be prepared by auditor and accepted by management.
bharath bagirath
CA Inter
★ 0
4
72
Self study
Auditing
answered on 19-Jul-24 19:54
Which faculty notes are best for Audit self study??
latest answer
The material is in line with icai material covering all aspects and highlighting key points. It will be very helpful
Anuj Kr Rajput
CA Final
★ 0
2
110
Company audit
Auditing
answered on 02-Jul-24 20:07
Shd we read company audit for CA Final Nov 24 attempts
latest answer
Ok sir
R Yashwanth Kumar
CA Final
★ 71K+
2
78
SA 320 MATERIALITY
Auditing
answered on 28-Jun-24 22:02
if i have done audit of A&co (manf steel) and materiality used was 5% on sales, This year i started audit of B&co (manf seet) Can same materiality 5% on sales be used
latest answer
You need to pick appropriate benchmark looking at the nature of entity. I have given examples in the video regarding picking up appropriate benchmark, go through that. it will make the understanding more clear.
R Yashwanth Kumar
CA Final
★ 71K+
3
85
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