Auditing and Ethics - Jan Rtp 2025 RTP

Random sampling, Systematic sampling, Monetary unit sampling, Block sampling. (b) Systematic sampling, Haphazard sampling. (c) Random sampling, Haphazard sampling, Monetary unit sampling and Block sampling. (d) Random sampling, Haphazard sampling, Monetary unit sampling and Systematic sampling. Random sampling, Block sampling, Which audit procedure was Mr. Suresh intended to perform by comparing salary expenses? (a) Test of details. (b) Test of balances. JANUARY 2025 EXAMINATION REVISION TEST PAPER 3. 4.

Which of the following is not part of CA Raj’s responsibility with respect to the inventories held by the third parties? (a) CA Raj should request confirmation from the third party regarding the quantity and condition of the inventory held by them. (b) CA Raj should perform an independent valuation of the inventory based solely on the company’s internal records. (c) CA Raj should request the third party to allow him to physically inspect the inventories held by them. (d)…

CA Sumit, during the process of assembling the audit file after the completion of the audit, briefed his team on the changes to be made in the audit documentation. Which of the following changes can be made during the audit file assembly stage? A. Sorting, collating and cross referencing of working papers. B. Deleting or discarding superseded documents. C. Recalculation of depreciation. D. Recalculation of Interest on loans. E. Signing off of completion checklist relating to file assembly. (a) A…

RST Ltd., a retail company, has set up internal controls requiring all invoices to be stamped and signed by an authorised person in “Goods Receiving Section” of the company stating the date and time of receiving goods in premises to ensure that only those purchase bills are produced for payment for which goods have been actually received. During the audit, the auditor finds that two employees – a purchasing manager and an accounts clerk – have worked together to bypass…

During the audit of ABC Ltd., a medium-sized manufacturing company, the engagement partner is responsible for directing and supervising the work of the engagement team. The team includes both experienced members and several new trainees. Additionally, certain areas of the audit have been identified as high-risk, such as revenue recognition and inventory valuation, due to recent changes in ABC Ltd.'s accounting policies. What factors should the engagement team members consider when determining the nature, timing, and extent of direction, supervision…

The auditor of EFG Ltd., a company engaged in the Tours & Travel business, needs to obtain an understanding of the company's control environment. To do this, the auditor evaluates whether: (i) Management has created and maintained a culture of honesty and ethical behaviour; and JANUARY 2025 EXAMINATION REVISION TEST PAPER (ii) INTERMEDIATE EXAMINATION The strengths in the control environment elements collectively provide an appropriate foundation for the other components of internal control. What is included in control environment? Also…

CA Mukul is the external auditor of Beige Ltd., a large company, engaged in the manufacturing of fast-moving consumer (FMCG) goods. After assessing the internal audit function of the company, CA Mukul decided to use the internal auditor of the company to provide direct assistance. In this context, what is meant by direct assistance under relevant Standard on Auditing? Also comment whether prior to using internal auditor for direct assistance for the purpose of audit, CA Mukul is required to…