Risk Assessment and internal control

asked 3 hrs ago

Anyone pls clarify this..Answer is given as Option B

latest answer

No answers yet!!

Sr the Unique

CA Inter

★ 10

0

0

New Engagement letter

asked 17 hrs ago

If the Engagement Letter states that the appointment is for one year, but after the completion of that period, the client decides to continue with the same auditor, should a new engagement letter be prepared, or can the existing one be continued?

latest answer

No answers yet!!

Reshma AR Chiranjeevi

CA Inter

★ 690

0

0

SA 505

answered 1 day ago

please tell me the meaning of positive confirmation request and negative confirmation request?

latest answer

I have explained in the previous query both. Please go through the SA 505 video also, to get clarity with examples.

Venkat L

CA Inter

★ 2K+

1

0

SA 505

answered 1 day ago

Madam please tell me the meaning of positive confirmation request?

latest answer

There are two types of confirmation requests we can send to the 3rd party. Positive and Negative confirmation In positive confirmation- the third party has to reply whether they agrees or disagree. Negative - only when they disagree they will be replying. But this is risky, so it’s suitable only those areas where ROMM is less, or least exception rate is expected .

Venkat L

CA Inter

★ 2K+

2

0

Documentation

answered on 08-Mar-25 22:41

What's the difference between documentation and report in an audit

latest answer

Report is the submission made my the auditor to the client which includes opinion . The basis on which opinion is given is captured in documentation.

Sri Kanth

CA Inter

★ 650

4

22

AUDIT ENGAGEMENT

answered on 05-Mar-25 08:08

1)What is engagement in audit? 2) what is assurance engagement? 3) is assurance engagement only related to CA's?

latest answer

Relation between client and auditor is engagement. Assurance- where practitioner is required to give opinion on examination done by him In our discussion- yes. We are discussing assurance and non assurance with the point of view of a practising CA

Sandeep

CA Inter

★ 50

2

40

Engagement Letter

answered on 04-Mar-25 14:24

In illustration, it is mentioned that Company has issued the Engagement letter to all 3 Auditors. Whereas SA210 says it is the responsibility of auditor to draft and issue EL to client. Whether the EL issued by client to auditor is a valid document?

latest answer

Company issues appointment letter. Engagement letter is always from the auditor

Seema Jain

CA Final

★ 80

1

26

SA 800

answered on 25-Feb-25 23:29

Kindly explain the crux of the grey para

latest answer

The lack of neutrality in SPFs means they serve a specific purpose rather than presenting financial data for general stakeholders . Unlike general purpose which are for broad range of users or stakeholders, these are designed with specific objective and specific users .

R Monika

CA Final

★ 210

2

29

Computation of drawing power -- illustration

answered on 21-Feb-25 07:49

Hello ma'am, While refering to the illustration provided by icai i got a doubt regarding ineligible debtors. Will they provide it in question directly as ineligible debtors or some components are given to compute it ?

latest answer

Ok ma'am thank you 😀

Nagachaitanya

CA Inter

★ 4K+

2

33

Threat to Independence

answered on 20-Feb-25 20:36

"A professional accountant discovering a significant error when evaluating the results of a previous professional service performed by a member of the accountant’s firm." the scenario is self review threat. why it is under the example of self interest threat in icai sm?

latest answer

It study material, professional interest is connected to monetary aspect too. So they must have considered as self interest threat.

SURESH KUMAR RSK

CA Final

★ 200

3

29