Advanced Auditing, Assurance and Professional Ethics - Nov 2024 RTP

The view of Company Secretary is correct as the company meet the qualifying threshold i.e. Top 1000 listed entity by market capitalisation at the end of the current year. (d) The view of Company Secretary is incorrect since Integrated Reporting is voluntary for the top 1000 listed entities. Integrated Reporting comprises 6 categories of capital. The company observed that it has capitalised intangible assets (patent) and roof top solar equipment in the balance sheet. In the Integrated Report patents and…

CA Vijay qualified as CA in November 2022 started his professional practice in Delhi. Since he has enough time to devote on other activities, he is considering the following four options: 4 NOVEMBER 2024 EXAMINATION REVISION TEST PAPER ADVANCED AUDITING, ASSURANCE AND PROFESSIONAL ETHICS Part-time tutorship under the coaching organisation of the Institute. Editorship of journals other than professional journals. Acting as recovery consultant in the banking sector. Owning agricultural land and carrying out agriculture activity. Do you think CA…

RPS Ltd., at its annual general meeting, appointed Mr. R, Mr. P, and Mr. S as joint auditors to conduct the audit for the financial year 2023-24. For the valuation of the newly constructed infrastructure project of the company, Mr. R, Mr. P, and Mr. S decided to consult their own known engineers. Due to differences of opinion, each joint auditor sought advice from their respective engineers. As a result, significant discrepancies were found in the valuation reports provided by…

Mudit & Associates is appointed as Statutory Auditors of GRF Private Limited for the financial year 2023-24. The company is into the business of Health Club, Fitness Centre and gym costumes. CA M is the Engagement Partner for the audit assignment. CA M observed the following points while auditing: (i) Customer's base is reducing continuously due competition and discount war existing in the market. tough (ii) Payments of creditors are delayed and made with overdue interest. (iii) Company has not…

The extract of the financial statements of Nex Limited for the financial year 2023-24 is as follows: Particulars Trade Receivable - Unsecured considered Good 8 Rupees (in Crores) 225.00 NOVEMBER 2024 EXAMINATION REVISION TEST PAPER ADVANCED AUDITING, ASSURANCE AND PROFESSIONAL ETHICS Provision for Bad and Doubtful Debts 50.00 Stock of Raw Materials 180.00 Total of Assets 950.00 Stock of Finished Goods 250.00 CA Yash is the statutory auditor of Nex Ltd. for the FY 2023-24. During the course of audit…