Audit evidence

answered on 24-Apr-24 18:38

Ma’am On screen appropriate shown quantity of audit evidence, is wrong rather it would be quality right ?

latest answer

Appropriate is Quality ( Relevance) and sufficient is Quantum.

master coach

CA Final

★ 630

1

76

SA 315 and SA 330 doubt

answered on 24-Apr-24 11:51

In SA 315 , we identify and assess the risk of material misstatement . Means in SA315 , we check is the controls are effective or not. Then why in SA 330 , again we apply test of control to check effectiveness of controls. Please clarify?

latest answer

We only check the design of internal control in SA 315 . Basically whether control is present or not. Once we decide it’s there, we need to check if it’s operating or not. In SA 330, we check if controls are operating effectively or not. So if SA 315 suggest controls exists and implemented, in SA 330, we perform test of controls to ensure they are operating also effectively or not .

Anirved Rahatgaonkar

CA Inter

★ 0

1

103

Audit of F/S - Share capital

answered on 21-Apr-24 21:39

Mam in disclosure we need to disclose shares issued as bonus in last 5 years My doubt F/s are prepared on 31/3/2020 Bonus shares were issued on 1/2/2015 As five from date of issue is 1/2/2020 So do we need to disclose now I.e on 31/3/2020

latest answer

Bonus issued in FY 14-15 So 5 years 14-15 15-16 16-17 17-18 18-19 These will be reported only upto 31-3-2019 Not after that

lohith perumalla

CA Inter

★ 8K+

1

94

Professional Ethics Part 1 Clause -11 (Engaging in Business or occupation

answered on 20-Apr-24 21:39

Ma'am in general permission Private tutorship is given and under Special permission part time or private tutorship is given ? So which has to follow ma'am ?

latest answer

Specific permission is required and also adherence to many guidelines which I have explained in the topic regarding name n all. Also information in detail should be provided to icai . No misrepresentation can be done

M V Naresh

CA Final

★ 3K+

1

83

Professional Ethics

answered on 19-Apr-24 21:59

If Member (Not having COP )Engages in Management Consultancy and other services. Will he be regarded as CA deemed to be in practice?

latest answer

Thanks Ma'am

M V Naresh

CA Final

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2

94

SA 530

answered on 19-Apr-24 09:57

Mam what is difference between strata and clusters?

latest answer

Strata is in relation to a heterogenous population. Where population is divided into like stratum and then sample is picked from the sub group. (stratum) which is called as strata. Clusters is dividing entire population into small groups. Need not be heterogeneous. Once divided into groups, using random number table or any other method , clusters are selected. Then each items of the selected cluster undergoes detailed checking . They are two complete different methods under statistical sampling

lohith perumalla

CA Inter

★ 8K+

1

96

Standards of Auditing

answered on 18-Apr-24 22:32

For Audit , what are the applicable SA for may24.There are so many SA , it's not possible to do all of them. For exemption in audit, is it necessary to do all SA or not ?

latest answer

😀👍

pradyumna hariramani

CA Inter

★ 290

15

133

Which option is correct Madam. A? or D?

answered on 18-Apr-24 09:07

Institute has given option A as answer at one place whereas D in another. Also please do share the reason behind the answer Madam.

latest answer

Thanks Madam

Dheebhan Mahalingam T

CA Final

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3

94

Sa 510

answered on 16-Apr-24 11:52

Mam precedesor auditor of xyz Ltd is AB&co where B is engagement partner. Current auditor is BC&co now also B is engagement partner Is now SA 510 is applicable mam?

latest answer

It will be applicable as we discuss auditors in the context of firm. For his wrong opinion, the new firm will be liable. Therefore, it’s important for him to verify the opening balances. However, usually in case of companies, u need to check with the concept of rotation and also about common partners . There could be familiarity threat so same engagement partner will not be appointed as a measure of safeguard to any threat to independence.

lohith perumalla

CA Inter

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1

101

SA 805

answered on 15-Apr-24 19:51

If the complete set of financial statements contain qualified opinion and we can give unmodified opinion on Single Financial statement and State the modification in other matters . Was my understanding correct ma'am ?

latest answer

Thank you ma'am

M V Naresh

CA Final

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