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SA220
Auditing
answered on 05-Feb-24 21:29
In SA220 it is given that, Monitoring process has to be followed by the firm . But there is no clarification that in the firm is quality control review team responsible for monitoring or all the members of the firm should do monitoring except the engagement partner ? Or what? Also , if the quality control review team is performing the review, why there is need of monitoring process ? Also , is monitoring a part process of the quality control review team?
latest answer
Monitoring simply means to keep the firm's quality control policies and procedures are updated. Firms top management will be responsible for the same. Reviewer has a defined meaning. not everything will be reviewed by them. Before closing the audit, a review will be conducted to ensure firms quality control polices are adhered to or not. basically work of one partner will be reviewed by another. Also, there will be a mechanism in the firm where other employees can also give feedback based on which top management can consider changes to be made. Conclusion: Monitoring is checking whether policies are adequate or not, any change needed or new policies need to be designed based on changes.
Anirved Rahatgaonkar
CA Inter
★ 0
1
269
FEMA
Corporate & Other Laws
answered on 08-Feb-24 14:23
Maam.. Do we have to focus on prohitibited cap acc transaction for prii. And also on permissible transaction for both proi and prii
latest answer
You will have to focus on both the transactions.
07- Issac Jolly-XII C
CA Inter
★ 16K+
1
374
Exemption in FM
Exams
answered on 13-Feb-24 14:39
Sir, My friend has completed CA Inter grp 1 long ago. In May-23 attempt in Second Grp he got Adv accounting exemption and in Nov 23 he got exemption in FM but not passed grp Now will he allowed To write only Audit in May 24 or he should also write FM
latest answer
What have you passed earlier?
Surya Prakash
CA Final
★ 19K+
9
455
Branch account
Accountancy
answered on 09-Feb-24 19:02
Does Branch profit is recorded as other income In statement of profit and loss of schedule 3 Or branch account is consolidated with the head office books?
latest answer
No. Not required
Atharv Sankliya
CA Final
★ 3K+
3
293
Marginal cost of Capital
Financial Management
answered on 09-Feb-24 12:55
I am unable to understand part C of illustration 18 in Chapter 4(page 4.37 old syllabus). Kindly assist. Thank you
latest answer
Understood sir. So an additional amount of 2950 over retained earnings(14750-11800) shall be raised as debt in order to maintain optimum structure. I misunderstood that the entire 14750 will be invested from capital thus leading to change from optimum structure. Thanks for clarifying.
Aswin Chandar
CA Final
★ 40K+
5
507
Prospectus and allotment
Corporate & Other Laws
answered on 08-Feb-24 17:21
Minimum subscription Assume minimum subscription stated in prospectus is 6,00,000 Company decided to issue 1,00,000 shares at 120 Face value 100 Application money is 7 80,000 shares are subscribed. Here how to find minimum subscription compliance is met or not
latest answer
Thank you mam✨
Krishnan K
CA Inter
★ 5K+
8
846
Capital gains
Direct Taxation
answered on 07-Feb-24 21:49
Sir in above problem indexed cost of acquisition is on 5lakhs but why 8 lakhs in 2nd question
latest answer
Please share the screenshot.
Jyoti Dulli
CA Inter
★ 6K+
1
195
Investment decisions video no. 128 illustration 49
Financial Management
answered on 12-Feb-24 15:34
sir while computing Net ICO, we took S.V of the old machine as Rs.300000(Market value). we can compute Book value at the end of Y2 from the given data (purchase price- Depreciation for 2 years) but why didn't we compute BV and compare SV and BV for the tax Implication( tax on gain or tax saving on loss)? for the computation of Net ICO?
latest answer
Could you please post the question and tag the video
Roobashree Rajagopal
CA Inter
★ 1K+
2
297
NCI impairement
Financial Reporting
answered on 17-Feb-24 15:45
While calculating impairement loss of pluto ltd why intially good will is not added to CGU C and then find impairement? In all othercases we first allocate impairment loss out of goodwill..why it is not happening here?
latest answer
I see it is allocated to goodwill. Can you recheck once.
binu mathew
CA Final
★ 0
1
170
Doubt regarding the Illustration
Financial Reporting
answered on 05-Feb-24 12:35
Dear Sir, In case Assumption 2 has the following sentence only (i.e., In question Assumption 2, Management Budget/ Forcastes have clearly stated they have an intention to sell the asset in the near future and replace it. Should we not Impair the Asset since the management has no intention to keep the asset in near future Hence the question of value in use will it not become irrelavent?
latest answer
If we cannot determine value in use, we will need to compute fv less cost to sell. An asset has to be impaired if there are indicators of impairment.
Vanacharla Sai Pavan Kumar
CA Final
★ 8K+
4
317