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SA 320 MATERIALITY
Auditing
answered on 28-Jun-24 22:02
if i have done audit of A&co (manf steel) and materiality used was 5% on sales, This year i started audit of B&co (manf seet) Can same materiality 5% on sales be used
latest answer
You need to pick appropriate benchmark looking at the nature of entity. I have given examples in the video regarding picking up appropriate benchmark, go through that. it will make the understanding more clear.
R Yashwanth Kumar
CA Final
★ 87K+
3
454
Income from Salary
Direct Taxation
answered on 30-Jun-24 15:59
In this question, will my answer be wrong if I deduct Rs. 50000 from Salary as standard deduction?
latest answer
In the question, if they give income from salaries then we do not reduce standard deduction. Else we will reduce. Always advised to write note on the same.
Priyanga K
CA Inter
★ 985
1
255
Illustration-3 (Consolidated FS)
Financial Reporting
answered on 12-Jul-24 11:52
Sir, In Step 4 Analysis of Reserves of Orange County, I have a doubt related to Fair value Adjustments In Revaluation of PPE we took 300 on Date of Acquisition as we increase FV but On Date of consolidation why we took 300 (Where they mentioned in question that FV doesn't changed) I'm asking just like in case of inventory we took at FV so on DOA we took 100 ,but on DOC we doesn't took 100 as they mentioned inventory sold in this way did they said about PPE anywhere in question ?
latest answer
That FV adjustment is for DOA only. If there is a subsequent FV adjustment, it will be given separately.
Surya Prakash
CA Final
★ 19K+
1
296
Possibility of Preparing and Writing Both Groups
Exams
answered on 26-Jun-24 07:15
Nor do I doubt myself nor Do I doubt IndigoLearn's Material. But I need some confidence that's it. Would it be possible to study, revise and clear both the groups in CA inter in 6 months?
latest answer
Thank you 🙏🏻
Shrishanth Krishnamoorthy
CA Inter
★ 535
2
461
Out of syllabus
Auditing
answered on 26-Jun-24 22:33
I also observed that the SAs which are not in final syllabus like 200, 230 are included. Plz check the syllabus. The package seems to be more generic than specific to Final. You have neglected few pages in syllabus as I have pointed out in my earlier query. I am not very happy with this.
latest answer
Inter syllabus of audit and final has no comparison. So we do not include and mix like that. Added SAs in details, only because audit final expectation is thorough knowledge of inter and final .
Jaya
CA Final
★ 3K+
10
496
SA220 and SQC1
Auditing
answered on 28-Jun-24 22:04
I was going thru this SA and found that you haven't handled topics fom page 1.19 to 1.21. The differences with sqc1 and sa220, mechanisms for review control. Why
latest answer
Difference is covered in SQC 1. please go through it. Including review mechanism. let me know if you have further doubt for the same.
Jaya
CA Final
★ 3K+
3
512
conditional and joint probability
CFA
answered on 26-Jun-24 12:15
can you please tell where is this topic in the CFA material, I can only find conditional expectations and expected values in the text
latest answer
this is a pre read required for you to understand next topic / video on conditional expectations and expected value. For this video, Missed prefixing the video name with words "Pre- read" Thanks for highlighting - did that
Kaarthick Abishek
CFA L1
★ 0
1
317
MRL
Auditing
answered on 25-Jun-24 21:11
Can we also obtain MRL for items where Misstatements were found but were not material. It was actually the case in audit conducted by our firm.
latest answer
Yes MRL can be obtained as corroborative audit evidence as per auditors professional judgement. As per SA 450, we document about these matters that remain uncorrected. As a supporting evidence, he can take MRL .
Hrishikesh Pradhan
Qualified CA
★ 18K+
1
395
Council general guidelines,ch 9
Auditing
answered on 26-Jun-24 11:51
Management consultancy fees paid by gmc govt co is 1 cr and stat audit fees also 1cr Can the same CA in practice give both service
latest answer
Ok maam understood
R Yashwanth Kumar
CA Final
★ 87K+
3
435
Overhead chapter
Costing
answered on 01-Jul-24 17:24
What does this question mean? Illustration 2 Part d Can someone explain that part please
latest answer
At what production level in % terms or in unit terms will OH recovery rate of 15 exactly recover the full overhead without any loss or gain
Ramya Navanitham
CA Final
★ 75
1
400