Auditing and Ethics - Sep Rtp 2024 RTP

Which assertion has been affected in the case of fixed assets? (a) Existence (b) Rights and obligation (c) Completeness (d) Measurement Cash and cash equivalents were not properly classified by the client. Which of the following is incorrect disclosure of the same? (a) Balances with banks (b) Cheques and drafts on hand (c) Cash on hand (d) Earmarked balances with banks (e.g.: unpaid dividend) General MCQs 6.

CA Chatur provides accounting and book keeping services to Shiv Ganga Limited. He is also offered an audit of the accounts to the Shiv Ganga Limited. Which threat to independence may be involved in accepting such an engagement? (a) Self-interest threats (b) Self-review threats (c) Familiarity threats (d) Advocacy threats CA Sargun is conducting statutory audit of branch of KBC Bank. During the course of audit, it is noticed that one borrower has availed a housing loan and a car…

Car Loan should be classified as “Non-Performing Asset” in accordance with RBI norms on asset classification. However, Housing Loan should be classified as Standard asset. (c) Both Housing loan as well as car loan should be classified as “NonPerforming Assets” in accordance with RBI norms on asset classification. (d) Both Housing as well as car loans should be classified as Standard assets. Sagar Finance Corporation Limited is a government company. The audit of the company is conducted by statutory auditors…

Kriti, a CA student, has joined articles in a reputed audit firm. She considers audit engagement to be an “assurance engagement”. Her understanding is that audit engagement is the only kind of assurance engagement in which practitioner gives a written assurance report in appropriate form. However, her friend Somaya, does not agree with her. She is of the view that assurance engagements are not restricted to audit alone. Besides, Somaya also thinks that assurance engagements can also relate to matters…

CA N, engagement partner of LPS & Associates, is planning for audit of a large company. As part of preliminary engagement activities being performed in this regard, he wants to ensure that compliance with 43 SEPTEMBER 2024 EXAMINATION REVISION TEST PAPER INTERMEDIATE EXAMINATION independence requirements is adhered. How shall he form a conclusion that audit firm complies with independence requirements? Chapter 3 – Risk Assessment and Internal Control

Companies are increasingly using data analytics for managing their operations. Auditors can also obtain good results by using data analytics. What are the tools and techniques used by auditors in applying the principles of Data Analytics and in which areas data analytics can be used by auditors? Chapter 4 – Audit Evidence

Quality Products Limited is engaged in manufacturing of bicycles. As part of manufacturing activities, it sends raw material to some business entities and procures finished components from them. As on 31st March 2024 inventories lying with such business entities are material. Being statutory auditor of Quality Products Limited, how you will obtain sufficient appropriate audit evidence regarding existence and condition of inventories lying with such business entities? Chapter 5 – Audit of Items of Financial Statements 13. The financial statements…