Sa 501 litigation and claims

answered on 10-Mar-24 22:22

Incase of misstatements whether auditor can himself communicate with external legal council or only through the way of management only he will communicate to external legal council

latest answer

any planned procedure is always communicated with management.

Sentoor Kumaran

CA Inter

★ 2K+

2

70

Threats

answered on 07-Mar-24 12:19

We are going to audit an educational institution, which we had studied earlier. Is it possible to occur threats in audit?.

latest answer

Yes familiarity threat

Kurva Mahender

CA Foundation

★ 5K+

1

64

Bank audit

answered on 05-Mar-24 23:16

Is it only Central auditors are responsible for obtaining understanding of IT controls?

latest answer

no. branch auditors will also be required to get an understanding of the same

Chandu vadla

CA Final

★ 11K+

1

47

SA 299 - Joint Audit of FS

answered on 05-Mar-24 23:18

Hello mam, In this question, CA Z could have provided a separate audit report. agreed. But he has communicated the same to other auditors. Isnt this "matters brought to notice of joint auditors" that come under common audit area which makes everyone responsible?

latest answer

When it comes to opinion, though its a shared responsibility, they cannot come to one conclusion. or give two opinions in one report. as you righty said it comes as a common responsibility, i.e the reason all of them should be responsible for the opinion given by them, so separate reporting is important.

Susee Arunachalam

CA Final

★ 26K+

1

63

Audit evidence

answered on 03-Mar-24 18:18

if the materiality level is high, then should the items for sampling be high or low?

latest answer

Depends upon the assessment of ROMM. the final understanding is Audit risk should be low. If ROMM is high. the detection risk should be low. So more samples to be selected. Materiality lower. If ROMM is low, the detection risk will be high. So less samples can be selected. Materiality high

Roobashree Rajagopal

CA Inter

★ 0

2

89

SA 705

answered on 16-Apr-24 11:55

While solving the questions of SA 705 I can't able to write which opinion to give , becoz as at ca final level question doesn't specify whether mistatemement is persvasive or not , so how should I deal with it

latest answer

U have to analyse the question and look at the misstatement arising . With the question, u wil be able to understand if misstatement could have material impact or not. Be inter or final, misstatement is pervasive or not , we have to determine. When it’s substantially impacting many assertions , or overall financial; it’s pervasive ,otherwise not. U can also forward to question, where I can help you interpret the same .

Vamsi krishna

CA Final

★ 180

2

81

UDIN query

answered on 02-Mar-24 23:22

Now for example I am a CA Article, I have seen format of UDIN, I just wrote a random UDIN following that format. Now, bank or the client won't check every udin if it's correct or not ? How this is tackled

latest answer

the implementation of UDIN is for the very purpose of checking on malpractices by non ca's attesting documents. When these forged or wrong UDIN documents are submitted and uploaded, it will be rejected as the UDIN portal has the mechanism of tracing the same.

Hrishikesh Pradhan

CA Final

★ 2K+

1

56

Quality control

answered on 03-Mar-24 18:18

Ma'am, why in this question the change in the audit team is inappropriate ?

latest answer

Yes

Swathi Krishna

CA Final

★ 8K+

3

61

General query

answered on 02-Mar-24 12:45

Ma'am, As the wording says " doesn't follow any provision of CA Act " does it mean that even the CA is guilty under sec 22 sch 1 any part of CA Act then automatically he will be guilty under sch 2.!

latest answer

Yes, this clause if applicable to call Chartered Accountants . (whether in practice or general) Provisions, regulations and rules are specifically mentioned. Discussion regarding all the sections in the start of the chapter, example, who can be member, provisions of branch office etc. For Schedule, respective clauses explain the criteria.

Hrishikesh Pradhan

CA Final

★ 2K+

1

58

SA 810 summary financial statements

answered on 02-Mar-24 13:30

can any one clarify In Management Responsibility, 3rd Point is it Audit report of Summary Financials or audit report on complete set of financials to be included with summary financial statements

latest answer

Thank you ma'am

M V Naresh

CA Final

★ 3K+

3

64