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Professional Misconduct
Auditing
answered on 15-Apr-24 19:47
If a firm signed a BS of entity, and the engagement partner failed to disclose a material fact. In this case, only engagement partner will be liable for misconduct under 5/1/2 or the all partners of the firm (who are not involved with that audit) will be also liable for professional misconduct?
latest answer
Liability is for the firm . Engagement partner is working in a capacity of partner.
Chandu vadla
CA Final
β 11K+
3
95
Risk assessment and internal control
Auditing
answered on 10-Apr-24 20:02
Sir if auditor is required to give Qualified opinion but he/she gave adverse opinion. Or vice versa. Does this come under inappropriate audit opinion?
latest answer
Wrong opinion is audit risk.
lohith perumalla
CA Inter
β 8K+
3
112
FRF
Auditing
answered on 08-Apr-24 12:20
Fair presentation vs compliance framework
latest answer
Refer SA 700 . There are two types of framework, based on presentation n disclosure. Strictly to be adhered is compliance framework. Like BANKS financial statements. Where management is allowed to add or depart from requirements is Fair presentation. Like sch III of companies act. Details u wil get further .
GOKUL KOLATE
CA Inter
β 660
1
132
Modified opinion means in brief
Auditing
answered on 08-Apr-24 12:17
Modified opinion means in brief And what un modified ?
latest answer
These all terms will be clear as you progress with the subject further . Unmodified: is a good report. Clean report, Which means financial statements give true and fair view Modified- means which statements are not giving true and fair view. We have 3 different modified option which u will learn as a part of SA 705
GOKUL KOLATE
CA Inter
β 660
1
95
What is prospective investor
Auditing
answered on 08-Apr-24 10:53
Prospective Investor means? In view if the auditing and investment
latest answer
Thank you Pradnya Mam..πππ»
GOKUL KOLATE
CA Inter
β 660
2
116
FS
Auditing
answered on 05-Apr-24 15:42
What's the answer of this question
latest answer
Ok mam thank you
Ramya Telikicherla
CA Inter
β 6K+
4
95
Clause 4 of Part 1 of Schedule 2
Auditing
answered on 04-Apr-24 12:15
Are the concept of substantial interest of the CA only related to companies or related to other constitutions like sole proprietor, firm, HUF... also ? If it is related to other constitution also, then a CA who is having substantial interest should not sign in those FS, certificates... The think that I'm having is correct ?
latest answer
Sole proprietor there is no question, firm he can have n HUF he can be a member. But audit cannot be conducted. Threat to independence exists
Sathiyanarayanan P
CA Final
β 6K+
1
89
SA 240 - general Doubt
Auditing
answered on 02-Apr-24 17:02
What is Financial statements level and assertion level ?
latest answer
FS- misstatement that affects the complete FS. has pervasive effect. like going concern assumption being inappropriate in preparing FS. Assertion level: only particular assertion like valuation, existence etc. is affected
M V Naresh
CA Final
β 3K+
1
126
Sa 402 and sae 3402
Auditing
answered on 02-Apr-24 17:05
Hey... I was going through sa 402 and SAE 3402...didn't understood what is meant by ontrol objectives. Can anyone explain?
latest answer
Control objective is in simple language "Risk" for which controls are designed and implemented. Eg: for unauthorized access to be mitigated. Control objective is to prevent unauthorized access. Control will be to provide user id an password. Controls are designed to meet control objectives.
nazriya nasar
CA Final
β 7K+
1
91
audit of borrowings
Auditing
answered on 04-Apr-24 08:03
Bonds/debentures (along with the rate of interest and particulars of redemption or conversion, as the case may be) shall be stated in descending order of maturity or conversion, starting from farthest redemption or conversion date, as the case may be. Where bonds/debentures are redeemable by instalments, the date of maturity for this purpose must be reckoned as the date on which the first instalment becomes due. could you please give me an example for this?
latest answer
thank you so much mam
Roobashree Rajagopal
CA Inter
β 0
2
98
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