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Internal Audit

Additional test of control

In which circumstances additional tests of control will be performed after obtaining an understanding to plan the audit and Why?


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Reliability of audit evidence

how there is an inverse relation between materiality and degree of audit risk.Explain?

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meaning of inappropriate audit opinion

Kindly explain the meaning of inappropriate audit opinion. Reference audit risk definition?


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Verifying the documents by auditor

Internal controls to be take care by the auditor while veryifying the documents kept the client in a safe custody locker? Explain.


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Fair framework and compliance framework

Please clarify the difference between fair presentation framework and compliance framework as per SA 700?


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Key audit matter and emphasis of matter

Please clarify the difference between Key audit matter and emphasis of matter in the auditor report


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Insurance companies audit report

Is tax audit report applicable for insurance companies?


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Reasonable assurance and limited assurance

Difference between reasonable assurance and limited assurance


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Dividend policy

In dividend policy chapter  which is to be solved under Walters model of dividend policy where return on investment and cost of equity is not given but PE ratio is given there are actually 2 methods of solving first one is taking ke inverse of PE ratio and the other method is by using PE Ratio calculating MPS substituing same in formula and finding ke through quadratic equation. Can you please suggest which method should we follow in exam. 

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Engagemnet letter

Does engagement letter should include the inherent limitations of the audit?


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Quality control reviewer

Who is engagement quality control reviewer?


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Engagement documentation and audit documentation

What is the difference between engagement documentation and audit documentation.


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Professional skepticism

Professional skepticism is necessary to the critical assessment of. Audit procedures OR Audit evidence.


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External auditor as a engagement partner

Is external auditor himself can be a engagement partner to other partner of a firm ?


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Appointment of an internal auditor

An unlisted public company has to appoint internal auditor at the time of commencement year or not?


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Unmodified opinion or modified opinion

When auditor obtained sufficient appropriate audit evidence.. concludes that misstatements are pervasive only  but not material. Then auditor has to an unmodified opinion or modified opinion i.e.. Adverse or Disclaimer.


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Eligibility to be an auditor

If a persons mother and father were holding securities of rs 100000 face value each in the company X. Then that person is eligible for an auditor of Company X.


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Tolerable error

How the tolerable error is directly related to materiality?


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Random selection and haphazard selection

What is the difference between random selection and haphazard selection in audit sampling techniques.


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Sampling risk and Audit sample

What is the relationship between the sampling risk and Audit sample.


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facts in the engagement letter

Is auditor should mention the facts in the engagement letter even though they already given under law?


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Reasonable assurance engagement and limited assurance engagement

What is the difference between the reasonable assurance engagement and limited assurance engagement.


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Audit Of Automated Environment

What is the difference between Information systems and information technology in Audit Of Automated Environment?


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Cost Audit

In a regulated sector. A company has overall average turnover of Rs. 52 crores and the aggregate of individual product turnover was Rs 24 crores. Whether this company is required to get cost audit.


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Regulated sector

In a regulated sector. A company has overall average turnover of Rs. 52 crores and the aggregate of individual product turnover was Rs 24 crores. Whether this company is required to get cost audit?


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section for auditor for his willfull contravenes

If an auditor willfully  Contravenes the provisions of Section 139 to 148 then is he liable for penalty under section 147 or Penalty under section 447 or both? Explain


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Specific reserves under contractual obiliation or legal compulsion

Specific reserves may sometimes be created under contractual obiliation or legal compulsion.Explain with examples?


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Verifying profit and loss

APQ Ltd.deals in real state and classifies all of its land holding under current assets as inventor .The same is therefore. be valued at cost or market value whichever is less.How would you verify profit or loss arising on sale of plots of land by such a leader?


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CA permitted to pay security deposits

Is a CA in practice permitted to pay earnest money or security deposits in respect of tender?


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Clause 10 of part 1 of First Schedule of CA Act

In clause 10 of part 1 of First Schedule of CA Act a CA in practice is not allowed to charge fee based on percentage of profits but is he allowed to charge based on percentage of capital?


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Company registration and company incorportaion

Difference between Company Registration and Company Incorporation?


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Factors to ascertain sufficient and appropriate audit

State various factors that help to ascertain sufficient and appropriate audit?


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Written representation as an audit evidence

Is Written representation is considered as an audit evidence?


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Disclaimer of opinion

What is the meaning of  disclaimer of opinion under SA 705?


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Section 139

If Mr X is an individual auditor and also a partner of XYZ and company  Mr X is appointed as an auditor of ABC cmpany. After the expiry of prescribed term Mr X is resign from auditor of abc co. and as a partner of XYZ Company  is YZ a firm eligible as an auditor of the same company before completion of cooling period.


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Aggregate of partnership firm

Audit limit of 60 tax audit per partner will be counted per partnership firm for 1 partner or aggregate of all partnership firm in which he is a partner ?


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Assurance and consultancy in internal audit

What is the difference between assurance and consultancy in internal audit explain with clear examples


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Section 139(2)

What is meaning of not ratified in sec139(2)


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Intangible asset

Whether computer softwer of fixed asset are  intangible asset?


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