Clause 10 , Part 1, Second schedule

answered on 04-May-25 14:17

Mam, If Client has given the money for two purposes, ex : Advance tax and GST payment , but at time of GST payment the money is not sufficient so CA has used the client money which has given for Advance tax. Is this fine mam ?

latest answer

The money was given for a specific purpose Using it for a different purpose (GST), even for the same client, amounts to: -Breach of fiduciary duty. -Violation of the intended use of client funds. So he will be guilty

Sai Vema

CA Final

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62

Clause -4 , Part -1 , Schedule 2

answered on 02-May-25 00:44

Mam, If a director of a ABC ltd company joined as a partner in CA firm which is audit firm of ABC ltd, can the Firm continue as auditors of that company ?

latest answer

No they cannot. It’s self interest and familiarity threat.

Sai Vema

CA Final

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39

clause -6

answered on 01-May-25 10:57

Mam, in this question , Mr. Old introduced to Mr. young but not for any specific work, then when Mr. Young accepted the assignment, why it is considered as Original work ?

latest answer

You are right. Introduction doesn’t mean solicitation. But this question is in reference to understanding the clause 6. It’s assumed that client will take up the decision to pass on original work to him.

Sai Vema

CA Final

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40

Depreciation

answered on 01-May-25 10:59

Is depreciation on fixed asset allowable for hospitals and schools if they are registered as trust or society ?

latest answer

Yes, depreciation on fixed assets is allowable for hospitals and schools registered as a trust or society, subject to certain conditions under the Income Tax Act, 1961

Mebin Baby

CA Inter

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1

46

Compliance of the SA's

answered on 27-Apr-25 18:28

Mam NFRA requires experts in reviewing the auditors work, are those experts can be a CA's or someone else?

latest answer

Thank you Mam

Harini Desu

CA Final

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49

Companies governed by NFRA

answered on 01-May-25 11:00

1. Body corporates are required to file NFRA-01 whether LLP's are required to do so ? or LLP's if covered under specified class then only applicable ? 2. If the NFRA applicability comes under year 1 and subsequently not covered in the year 2 then year 3,4,5 still NFRA control is applicable. Meanwhile if the threshold satisfies in the year 3 or 4 then it would be continued or not ?

latest answer

If the LLP falls under the NFRA thresholds, then yes, Form NFRA-1 must be filed by the auditor of such an LLP. The responsibility to file NFRA-1 lies with the auditor, not the LLP.

Harini Desu

CA Final

★ 80

3

58

Designation as Chartered accountant

answered on 25-Apr-25 13:29

Hi Mam, Is prefix CA can be used in invitations issued to other than close friends, relatives

latest answer

Yes he can use the prefix CA . But any other way of soliciting will not be permitted

priyadharshini priya

CA Final

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Sqc 1

answered on 25-Apr-25 13:33

Engagement performance brief please

latest answer

Engagement Performance ensures that audit work is done carefully, checked properly, and follows all the rules — so the final output is reliable and of good quality.

Eswar Aakash

CA Inter

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45

CA INTER

answered on 19-Apr-25 10:05

IS THIS APPLICABLE FOR CA INTER?

latest answer

Yes it is

ANIRUDH CPR

CA Inter

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1

47

Audit procedures

answered on 18-Apr-25 17:54

Please help me with difference of 1. Further Audit Procedures 2. Other Audit Procedures 3. Additional Audit Procedures 4. Alternative Audit Procedures

latest answer

👍

V S

CA Final

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48