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SQC 1

Auditing

answered on 14-Feb-24 17:43

This is the one of the point in evaluating the client's integrity before accepting such engagement by the auditor. "Information concerning the attitude of client's principal owners, key management and those charged governance towards such matters as aggressive interpretation of accounting standards and the internal control environment" What does it mean by this? Could anyone please explain this with an example?

latest answer

understanding client's reputation , through news outside, media information etc,

Chandu vadla

Chandu vadla

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Audit strategy audit planning audit programme

Auditing

answered on 13-Feb-24 18:21

Can any one explain 3rd point in a simple English

latest answer

Thank you bajaj garu

Mr M

Mr M

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SA 402

Auditing

answered on 12-Feb-24 21:06

What's the difference between Type 1 and Type 2 audit reports? And what are their relevance? Can anyone please explain this?

latest answer

Go through the video. detailed explanation available

Chandu vadla

Chandu vadla

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Alternative answer

Auditing

answered on 14-Feb-24 20:16

Ma'am, Will it be OK if we add about external confirmation. As the question wasn't directly indicating to fraud . I was thinking to add external confirmation too means that auditor all first confirm from that consultation firm and then we can right about fraud too Will it be OK?

latest answer

Okk mam ,understood

Hrishikesh Pradhan

Hrishikesh Pradhan

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Professional Ethics

Auditing

answered on 11-Feb-24 18:18

If a member who is not in practice will provide the Management Consultancy and other services. Will he be regarded as a member deemed to be practice ?

latest answer

Yes

M V Naresh

M V Naresh

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risk

Auditing

answered on 10-Feb-24 10:35

What is the difference between significant risk and significant uncertainties in audit?

latest answer

any uncertainty that cast a significant doubt on the entity's ability to continue as a going concern. like net losses , pending litigation , the outcome of which could have adverse impact on entity's cashflows etc.

Swathi Krishna

Swathi Krishna

CA Final

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Professional Ethics

Auditing

answered on 08-Feb-24 16:02

Schedule 1 , Part 1 clause (a) Can a ca in practice allow to practise in his name with his employee (Who is not a CA )

latest answer

No

M V Naresh

M V Naresh

CA Final

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95

Familiarity threats to independence

Auditing

answered on 08-Feb-24 18:13

Former partner of audit firm being a director or senior employee of the client , is an example of familiarity threats. But till how much time 1, 2 etc years the audit firm cannot do audit of the client ?

latest answer

This is applying safeguards to eliminate the threat, Min 2 years. However, if by any change there is compromise on objectivity, then we consider threat to still exist and dont accept the engagement.

Anirved Rahatgaonkar

Anirved Rahatgaonkar

CA Inter

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1

100

Others

Auditing

answered on 08-Feb-24 10:42

Are there videos for audit of banks,audit of certain items of financial statements and the last two chapters..I can’t find it ..also is company audit going to be tested in the exam ?

latest answer

Ok sir

SANSKRITI BADRI 2111339

SANSKRITI BADRI 2111339

CA Inter

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Where is overvaluation if assets

Auditing

answered on 07-Feb-24 18:45

In this video only Hidden liabilities only explained not there anything about Over or under valuation of assets

latest answer

Overvaluation is when assets are shown at the value more than the actual value. Fictitious assets recorded, Assets not considered for impairment when required, closing stock being overvalued (actual value 20000, recorded at 70000 to increase profitability etc.)

Surya Prakash

Surya Prakash

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