Which of the following is appropriate with respect to principle based approach to independence
Anonymous Quiz
75%
Requires to exsercise professional judgement
4%
No professional judgement required
12%
Strictly follow the rules
8%
Narrow outlook and rigid
During the audit, management requests that the engagement be changed to a review engagement because the company’s requirements have changed due to a restructuring of its business.
Anonymous Quiz
15%
auditor should never agree to a change in the terms of the audit once the audit has commenced
77%
auditor may agree to the change because it constitutes a reasonable justification.
3%
auditor should agree to the change because management has requested it.
5%
auditor should agree to the change only if the audit evidence obtained so far is insufficient.
An auditor is planning the audit of ABC Ltd. The audit plan helps the auditor in several ways. Which of the following is NOT a benefit of audit planning?
Anonymous Quiz
3%
Helping the auditor devote appropriate attention to important areas of the audit.
7%
Helping the auditor identify and resolve potential problems on a timely basis.
80%
Eliminating the need for direction, supervision and review of engagement team members.
10%
Assisting in selecting engagement team members with appropriate competence & assigning work to them
Which of the following statements best describes the nature of audit planning?
Anonymous Quiz
20%
Audit planning is a discrete phase that is completed before commencement of audit fieldwork.
0%
planning is required only for initial audit eng & need not be performed for recuring audit eng
9%
Audit planning begins only after all audit evidence for the current year has been obtained
71%
Audit planning is a continual and iterative process that often begins shortly after previous audit
Before identifying and assessing the risks of material misstatement, the auditor needs to consider certain matters as part of audit planning. Which of the following is NOT one of those matters?
Anonymous Quiz
4%
Determining materiality
16%
Performing analytical procedures as risk assessment procedures.
9%
Obtaining a general understanding of the legal and regulatory framework applicable to the entity.
71%
Issuing the final audit report and forming the audit opinion.
CA Final Audit: Professional Ethics Revision in One Shot with chart Book
https://youtu.be/B0R-6DOW6qo
https://youtu.be/B0R-6DOW6qo
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CA Final Audit: Professional Ethics Revision in One Shot with chart Book
In this video, we will revise Professional Ethics for CA Final Audit using the CA Final Audit Summary Chart Book, making it easier to quickly revise important concepts and provisions before your CA Final Audit examination.
🔹 Summary Chart Book : https:…
🔹 Summary Chart Book : https:…
Audit Firm is considering accepting new audit engagement. Before accepting, firm considers integrity of principal owners, competence of team etc
Which of the following is also relevant to consider
Which of the following is also relevant to consider
Anonymous Quiz
10%
Obtaining confirmation from all employees of the entity.
77%
Communicating with the predecessor auditor.
4%
Re-performing the entire previous year’s audit.
10%
Obtaining approval from all shareholders before accepting the engagement.
Audit team continues to follow the audit programme prepared earlier without reviewing or updating
Which of the following is the most appropriate conclusion?
Which of the following is the most appropriate conclusion?
Anonymous Quiz
7%
audit programme need not be reviewed once it has been approved by the principal.
2%
Assistant can ignore approved programme if he notices change in client business
89%
audit programme should be periodically reviewed to ensure it remains adequate
2%
Periodic review is unnecessary as changing audit programme introduces rigidity
😁1
Why is it not practicable to develop one audit programme that can be applied to all businesses under all circumstances?
Anonymous Quiz
88%
Because businesses differ in nature, size, composition, and effectiveness of internal control
2%
Because audit programmes are required only for large companies.
8%
Because auditors are not required to specify the nature of work in an audit programme.
2%
Because every audit engagement must be conducted without any predetermined procedures
Which of the following factors would NOT ordinarily affect the nature, timing and extent of such direction, supervision and review?
Anonymous Quiz
0%
Size and complexity of the entity
14%
Area of the audit being performed
5%
Assessed risks of material misstatement
82%
Personal preference of engagement team members regarding the audit procedures
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CA Inter RTP, MTP & Previous Year Papers
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Which of the following is not part of contents of audit plan
Anonymous Quiz
11%
planned risk assessment procedures
7%
planned further audit procedures
49%
Planned procedures for determining the overall audit strategy
33%
Other planned audit procedures
A beautiful story of Lord Ganesha that every student should know
Once, Lord Shiva asked Lord Ganesha and Lord Kartikeya to go around the world and return first.
Kartikeya immediately set off on his peacock to travel around the world.
But Ganesha simply walked around his parents three times.
When asked why, Ganesha replied:
“For me, my parents are my entire world.”
Lord Shiva and Goddess Parvati were pleased with his wisdom and declared Ganesha the winner.
The lesson for us is simple:
Success is not always about being the fastest.
It is about having the wisdom to choose the right path.
Dear students, don’t compare your journey with others. Someone may reach their goal before you, but that doesn’t mean your journey is wrong.
May Lord Ganesha remove all obstacles from your journey and bless you with knowledge, wisdom, confidence and success.
Happy Ganesh Chaturthi!
Comment what is one obstacle you want Lord Ganesha to help you overcome this year? 👇
Once, Lord Shiva asked Lord Ganesha and Lord Kartikeya to go around the world and return first.
Kartikeya immediately set off on his peacock to travel around the world.
But Ganesha simply walked around his parents three times.
When asked why, Ganesha replied:
“For me, my parents are my entire world.”
Lord Shiva and Goddess Parvati were pleased with his wisdom and declared Ganesha the winner.
The lesson for us is simple:
Success is not always about being the fastest.
It is about having the wisdom to choose the right path.
Dear students, don’t compare your journey with others. Someone may reach their goal before you, but that doesn’t mean your journey is wrong.
May Lord Ganesha remove all obstacles from your journey and bless you with knowledge, wisdom, confidence and success.
Happy Ganesh Chaturthi!
Comment what is one obstacle you want Lord Ganesha to help you overcome this year? 👇
❤8
Audit risk refers to the risk that the auditor:
Anonymous Quiz
2%
May suffer loss due to litigation arising from the audit
81%
May express an inappropriate audit opinion when the financial statements are materially misstated
2%
May express an adverse opinion when the FS are fairly presented
15%
May fail to detect every fraud committed by management
❤1
CA Final Audit Digital Audit & Assurance Revision | Complete Digital Audit Revision
https://youtu.be/dgYQe9TVtgg
https://youtu.be/dgYQe9TVtgg
YouTube
CA Final Audit Digital Audit & Assurance Revision | Complete Digital Audit Revision
CA Final Audit Digital Audit & Assurance Revision – In this video, we revise Digital Audit and Assurance concepts from the CA Final Audit syllabus in an easy and exam-oriented manner.
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🔹Summary Chart Book - https://lecturepedia.co.in/product/ca-final-audit…
For purposes of the SAs, audit risk does NOT include the risk that the auditor:
Anonymous Quiz
6%
Expresses an inappropriate opinion when financial statements are materially misstated
15%
Expresses an unmodified opinion when financial statements contain material misstatements
54%
Expresses an opinion that financial statements are materially misstated when they are not
26%
Fails to detect material misstatements arising due to fraud