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SA220- AUDIT QUALITY.
Auditing
answered on 20-Nov-24 19:38
IN THE EVENT OF AUDIT OF LISTED ENTITY THE THE QUALITY CONTROL REVIER FIRM AND REGULAR AUDIT FIRM CAN BE DIFFERENT. QUALITY CONTROL REVIER SHOULD BE IN THE SAME FIRM OF STATUTORY AUDITOR.
latest answer
These are internal policies. They should belong to same firm. Such information shared with other firm will effect confidentiality. When two firms are included in review, we call in peer review . Separate concept .
LAKSHMI NARAYANA perakam
CA Final
★ 0
1
693
Salaries
Direct Taxation
answered on 22-Nov-24 19:42
If children are not studying means can i claim education allowance as non taxable as per the attached illustration Please help me Is this answer is correct for that illustration How can the education allowance is not taxable even if children are not studying TThank you
latest answer
Amount spent is not the criteria for exemption for children education allowance.
Sruthi sruthi
CA Final
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7
699
PF
Direct Taxation
answered on 22-Nov-24 19:45
In this illustration why the employee contribution did'nt taken. Can you please explain it once more .
latest answer
If question asks for total income then 80C deduction is taken. If question asks for only salary income then employee contribution is not considered.
Merlin Mathew
CA Inter
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1
265
Which all positions of a company are termed a key managerial personal
Accountancy
answered on 19-Nov-24 14:41
Which all positions of a company are termed a key managerial personal
latest answer
"Key Managerial Personnel" (KMP) refers to the following positions within a company: Chief Executive Officer (CEO) or Managing Director (MD) or Manager: These individuals are responsible for overseeing the company's overall operations and strategic direction. Company Secretary (CS): The CS ensures the company complies with statutory and regulatory requirements and implements decisions made by the board of directors. Whole-Time Director (WTD): A director who is in full-time employment with the company, actively involved in its day-to-day management. Chief Financial Officer (CFO): The CFO manages the company's financial actions, including planning, tracking cash flow, and analyzing the company's financial strengths and weaknesses. Any other officer designated by the Board as KMP: This includes officers not more than one level below the directors in whole-time employment, as designated by the Board. Any other officer as prescribed: The Act allows for the inclusion of other officers as KMP as may be prescribed in the future.
Dova Shaji
CA Inter
★ 520
3
1K+
Why unguaranteed Residual Value is subtracted from COGS?
Financial Reporting
answered on 19-Nov-24 14:22
I did not understand why unguaranteed Residual Value is subtracted from COGS? Please explain
latest answer
The total value of car that comes back to the lessor is residual value. It is not cost of goods sold. Think of it like you sent 100 items and 2 items came back. So cost would be considered only for 98. Same way the residual value of car (Both guaranteed and guaranteed) is not cost of goods sold.
Manu Jacob
CA Final
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1
899
Casual Vacancy caused by Resignation
Corporate & Other Laws
answered on 20-Nov-24 10:18
if casual vacancy is because of the resignation of an auditor, the appointment shall be approved by the company at a general meeting convened within three months Does this provision apply to companies whose Auditors are appointed by the C&AG? Its mentioned alongside the provisions for filling casual vacancy in a non- government company
latest answer
Thank you!
Vishnu Muraleedharan
CA Final
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2
928
Why are we multiplying depreciation also with inflation rate ?
AFM
answered on 19-Nov-24 17:12
Sir, I attached a picture. Can you please tell me how my approach is my wrong ? In second picture from ICAI and how you explained in class, we are multiplying Real Cashflows with inflation for all years. Aren’t we essentially multiplying depreciation with inflation rate too ? My approach is taken because of a similar question in previous problem from ICAI. I am attaching the 3rd picture for reference. Here, dep remained constant. Please provide some understanding as to where did I go wrong in my approach.
latest answer
Sure, no worries. No need to apologise.
Annapureddy Veera Mohan Reddy
CA Final
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3
748
Impairment - Cash Generating Unit
Financial Reporting
answered on 19-Nov-24 14:23
When the asset's value in use is estimated to close to fair value less cost of disposal, we will take the assets fair value less cost of disposal as recoverable amount. In this case, whether the fair value should be taken for individual asset or the whole CGU?
latest answer
If impairment testing is for Asset - consider Asset If for CGU, consider CGU.
SANJITHA
CA Final
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277
as-2
Accountancy
answered on 19-Nov-24 07:08
whay the commission payable is not reduced ?
latest answer
NRV is already given
Gokul N. K
CA Inter
★ 0
1
718
Share appreciation rights
Financial Reporting
answered on 19-Nov-24 14:29
Sir, Can you please provide me the answer (in same ques) if expense is not recognized immediately but it is recognized over three years
latest answer
Very good question! First year = (112 x 10,000 x 95%)/3 = 354,666 Seond year = (109 x 10,000 x 92%)/3 x 2 - 354,666 = 313,867 Third Year = (114 x 10,000 x 89%) - 354,666 - 313867 = 346067
Gunda Sharan
CA Final
★ 150
1
240