Nature, objective and scope of audit

answered 24 hrs ago

Please explain the answers with reasons

latest answer

If possible, all mam

ARTHI VELLIANGIRI

CA Inter

★ 2K+

2

40

LLP

answered 1 day ago

Screenshot attached partners in LLP and partnership firm practicing CA Firms

latest answer

LLP can have individuals and body corporate as partners. LLP can be a practicing CA firm

R Yashwanth Kumar

CA Final

★ 58K+

1

25

Value weighted selection and stratified sampling

answered 2 days ago

How can we differentiate stratified sampling and value weighted selection? In material it is given that stratified sampling can be done on the basis of monetary value similar as value weighted

latest answer

Value weighted , the population need not be heterogeneous. Even for similar population, we can use value weighted. Focusing on heigh value items more as we look for material misstatement: Stratification usually is for heterogenous population. Basically , the approach differs .

Visruth Vichu

CA Inter

★ 890

1

22

Audit evidence

answered 2 days ago

Ma’am On screen appropriate shown quantity of audit evidence, is wrong rather it would be quality right ?

latest answer

Appropriate is Quality ( Relevance) and sufficient is Quantum.

master coach

CA Final

★ 630

1

25

SA 315 and SA 330 doubt

answered 2 days ago

In SA 315 , we identify and assess the risk of material misstatement . Means in SA315 , we check is the controls are effective or not. Then why in SA 330 , again we apply test of control to check effectiveness of controls. Please clarify?

latest answer

We only check the design of internal control in SA 315 . Basically whether control is present or not. Once we decide it’s there, we need to check if it’s operating or not. In SA 330, we check if controls are operating effectively or not. So if SA 315 suggest controls exists and implemented, in SA 330, we perform test of controls to ensure they are operating also effectively or not .

Anirved Rahatgaonkar

CA Inter

★ 0

1

41

Audit of F/S - Share capital

answered on 21-Apr-24 21:39

Mam in disclosure we need to disclose shares issued as bonus in last 5 years My doubt F/s are prepared on 31/3/2020 Bonus shares were issued on 1/2/2015 As five from date of issue is 1/2/2020 So do we need to disclose now I.e on 31/3/2020

latest answer

Bonus issued in FY 14-15 So 5 years 14-15 15-16 16-17 17-18 18-19 These will be reported only upto 31-3-2019 Not after that

lohith perumalla

CA Inter

★ 8K+

1

35

Professional Ethics Part 1 Clause -11 (Engaging in Business or occupation

answered on 20-Apr-24 21:39

Ma'am in general permission Private tutorship is given and under Special permission part time or private tutorship is given ? So which has to follow ma'am ?

latest answer

Specific permission is required and also adherence to many guidelines which I have explained in the topic regarding name n all. Also information in detail should be provided to icai . No misrepresentation can be done

M V Naresh

CA Final

★ 3K+

1

30

Professional Ethics

answered on 19-Apr-24 21:59

If Member (Not having COP )Engages in Management Consultancy and other services. Will he be regarded as CA deemed to be in practice?

latest answer

Thanks Ma'am

M V Naresh

CA Final

★ 3K+

2

52

SA 530

answered on 19-Apr-24 09:57

Mam what is difference between strata and clusters?

latest answer

Strata is in relation to a heterogenous population. Where population is divided into like stratum and then sample is picked from the sub group. (stratum) which is called as strata. Clusters is dividing entire population into small groups. Need not be heterogeneous. Once divided into groups, using random number table or any other method , clusters are selected. Then each items of the selected cluster undergoes detailed checking . They are two complete different methods under statistical sampling

lohith perumalla

CA Inter

★ 8K+

1

54

Standards of Auditing

answered on 18-Apr-24 22:32

For Audit , what are the applicable SA for may24.There are so many SA , it's not possible to do all of them. For exemption in audit, is it necessary to do all SA or not ?

latest answer

😀👍

pradyumna hariramani

CA Inter

★ 290

15

91