Professional Ethics

answered on 05-Jul-25 14:51

Ma'am, how will we understand this question is asking about Clause 5 and 6 of Part 1 of 2nd Sch?

latest answer

Clause 5- -When the CA is duty-bound to disclose something important, but does not do so, leading to potential misguidance. -May be unintentional (negligence) or intentional Example A CA issues a financial report but omits disclosing a known contingent liability The CA knows the fact and knows it’s important but fails to disclose it. Clause 6- When the CA is associated with a financial statement that contains a misstatement and the CA knows it, but does not report it. Generally intentional or reckless, as the misstatement is known and the CA doesn’t act on it In simple terms, clause 5 is omission , CA KNEW IT BUT DIESNT TELL reveal it. Clause 6 , he knows there is wrong but doesn’t disclose it.

R M

CA Final

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1

31

SA 240

answered on 03-Jul-25 11:48

Maam, in case of management fraud, auditor cant use enquiry as an RAP..so what steps will he take. [Video Time Stamp: 06:44]

latest answer

He can question to management and TCWG where he believes there could be risk of material misstatement. Inspection of certain documents which look doubtful. Analytical procedures by comparing data with past and present year.. to understand any unusual changes

SANSKRITI BADRI 2111339

CA Final

★ 3K+

1

29

Auditing and sm

answered on 02-Jul-25 11:03

Are 1FIN study material wordings as per icai style only? I'm studying sm and audit our 1FIN books.. is it enough to qualify

latest answer

Yes

anju B

CA Inter

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3

54

Clause -3 Projections

answered on 03-Jul-25 11:53

"If a Chartered Accountant in practice signs a project report containing 5-year financial projections, would it be considered a certification and could it amount to professional misconduct?" [Video Time Stamp: 01:42]

latest answer

It depends on what is the certificate about. If he Prepares report with clear disclaimer and no certification, it won’t amount to misconduct. If Signs project report using “Certified by CA” on projected data, then it will amount to misconduct.

Harini Desu

CA Final

★ 80

1

21

SA 299

answered on 25-Jun-25 17:23

As per the explanation given in the video for Question 3, only CA Z who brought up the matter and did not issue a separate audit report, will be responsible for the fraud detected in the branch. However, as per the answer key given, it is mentioned that all 3 joint auditors will be responsible. Kindly clarify.

latest answer

Yes. When all the partners jointly take a Decision , they will all be responsible, when matter is brought to notice by one partner, they resolve it together

Irfanah Ilias

CA Final

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1

30

Question 2

answered on 19-Jun-25 18:29

Here in the case CA Keshav if aggrees to Pay Rs.100000 every month till the loan is repaid ? Then it comes under usual Transaction. Am I right Mam ?

latest answer

If 100000 is an instalment towards repayment of amount.

Harini Desu

CA Final

★ 80

1

44

SA210, SA220

answered on 12-Jun-25 13:28

Could you specify the page number in the textbook for the topic SA 210 and SA 220 ?

latest answer

Chapter 11 page 11.6

Merlin Mathew

CA Inter

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1

40

Clause 7

answered on 03-Jun-25 19:27

Mam if CA clears ACCA then can he name as CA Mr.X ACCA?

latest answer

Yes you are allowed. You can use it as additional qualification . ACCA is permitted by icai.

Harini Desu

CA Final

★ 80

1

38

Sir auditing book not available in free resuouresess

answered on 03-Jun-25 19:28

Sir auditing books not available in free resuouresess

latest answer

Which book are u referring to?

RHeRajhans Gupta

CA Final

★ 0

1

46

Public Disclosure as WR

answered on 27-May-25 11:51

It was earlier said that the Public Disclosure should not be considered as WR. But, now in this video it is said that, if there is Public Disclosure, WR is not required. Can you please clarify?

latest answer

Actually both mean the same. Anything that needs to be public disclosure, WR About the same is not required to be obtained by the auditor.

Mergu Nikhil

CA Final

★ 110

1

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