CA Inter Audit

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Answer -

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Question of the day -
The working papers of the branch auditor are also the property of the Principal Auditor and the Management of the Company, so they have right to access them. State the relevant SA and comment.

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Choosing of appropriate accounting policies in relation to various accounting issues like choosing method of charging depreciation on fixed assets or choosing appropriate method for valuation of inventories are responsibilities of:

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Correct answer: (c) Audit file
Explanation: Examples of Audit Documentation are Audit programmes, Analyses, Issues memoranda, Summaries of significant matters, Letters of confirmation and representation, Checklists, Correspondence (including e-mail) concerning significant matters

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Which of the following is not an example of audit documentation:
(a) Audit programmes
(b) Summaries of significant matters
(c) Audit file
(d) Checklists.

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Students can attach handwritten answers in a PDF or images in the reply to this question.

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Suggested Answer -

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Question of the day -
Before accepting the audit engagement, the firm wants to access the integrity of prospective clients. With regard to the assessment of integrity, which matters should be considered by the audit firm?

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Correct answer: (b) audit effectiveness

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Sampling risk can lead to two types of erroneous conclusions one of them is when test of control appears to be more effective than they actually are which affects _________ and is more likely to lead to an inappropriate audit opinion.

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Students can attach handwritten answers in a PDF or images in the reply to this question.

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Correct answer: (b) greater

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Potential effects of inherent limitations on an auditor's ability to detect material misstatements are _________ for conditions that may cause an entity to cease to continue as a going concern.

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Suggested Answers -

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Auditor shall agree terms of audit engagement with MGMT or TCWG, as appropriate. The agreed terms of audit engagement shall be recorded in audit engagement letter or other suitable form of written agreement. Who gives engagement letter to whom & what is included in such a letter?

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Correct answer: (d) Shortages of important supplies

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Which of following is an example of operating event/conditions?
(a) Adverse key financial ratios
(b) Inability to pay creditors on due dates
(c) Indications of withdrawal of financial support by creditors
(d) Shortages of important supplies

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Students can attach handwritten answers in a PDF or images in the reply to this question.

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Suggested Answer -

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Question of the day -
The actions of the engagement partner and appropriate messages to the other members of the engagement team, in taking responsibility for the overall quality on each audit engagement, emphasise the importance to audit quality. Explain w.r.t SA 220

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Correct answer: (d) The sufficient appropriate audit evidence has been obtained;

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Which is not Specific Evaluation by Auditor?
A. FS adequately disclose significant accounting policies selected & applied
B. Accounting policies selected & applied consistent with AFRF & appropriate
C. Accounting estimates made by MGMT are reasonable
D. SAAE has been obtained