SA 530

answered 7 hrs ago

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

19

Standards of Auditing

answered 19 hrs ago

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

61

Which option is correct Madam. A? or D?

answered 1 day ago

Institute has given option A as answer at one place whereas D in another. Also please do share the reason behind the answer Madam.

latest answer

Thanks Madam

Dheebhan Mahalingam T

CA Final

★ 20K+

3

35

Sa 510

answered on 16-Apr-24 11:52

Mam precedesor auditor of xyz Ltd is AB&co where B is engagement partner. Current auditor is BC&co now also B is engagement partner Is now SA 510 is applicable mam?

latest answer

It will be applicable as we discuss auditors in the context of firm. For his wrong opinion, the new firm will be liable. Therefore, it’s important for him to verify the opening balances. However, usually in case of companies, u need to check with the concept of rotation and also about common partners . There could be familiarity threat so same engagement partner will not be appointed as a measure of safeguard to any threat to independence.

lohith perumalla

CA Inter

★ 8K+

1

37

SA 805

answered on 15-Apr-24 19:51

If the complete set of financial statements contain qualified opinion and we can give unmodified opinion on Single Financial statement and State the modification in other matters . Was my understanding correct ma'am ?

latest answer

Thank you ma'am

M V Naresh

CA Final

★ 3K+

2

25

Professional Misconduct

answered on 15-Apr-24 19:47

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

Liability is for the firm . Engagement partner is working in a capacity of partner.

Chandu vadla

CA Final

★ 11K+

3

36

Risk assessment and internal control

answered on 10-Apr-24 20:02

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

CA Inter

★ 8K+

3

67

FRF

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

CA Inter

★ 440

1

77

Modified opinion means in brief

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

CA Inter

★ 440

1

56

What is prospective investor

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

CA Inter

★ 440

2

51