What treatment should be given to interest for the purpose of income recognition if government guaranteed advance becomes NPA?
Anonymous Quiz
12%
a) interest on such advance should always be taken to income
6%
b) interest on such advance should never be taken to income
60%
c) interest on such advance should not to be taken to income unless interest is realized
22%
d) interest on such advance should be taken to income irrespective of interest is realized or not
Temporary Audit File does not include-
Anonymous Quiz
11%
a) communications with other auditors, experts and other third parties
9%
b) letters of representation or confirmation received from the client
27%
c) conclusions reached by the auditor
52%
d) legal and organizational structure of the entity.
If the assessment of going concern is made by management but the period covered for assessment is less than 12 months the auditor shall:
Anonymous Quiz
33%
a) Cover such period as covered by management even though its less than 12 months
50%
b) Request management to extend its period of assessment to at least 12 months.
12%
c) Not make evaluation of management assessment of going concern assumption
5%
d) None of the above
Every company having: 1. net worth of rupees__________________, or 2. turnover of rupees________________, or 3. a net profit of rupees __________________, 4. during the immediately preceding financial year shall constitute a CSR Committee.
Anonymous Quiz
54%
a) five hundred crore or more; one thousand crore or more; five crore or more
22%
b) one thousand crore or more; five hundred crore or more; five crore or more
19%
c) five crore or more; one thousand crore or more; five hundred crore or more
5%
d) None of the above
Identify the correct option:
__________________ gives permission,
1. For additional Disclosures or 2. To amend requirement of Financial Reporting Framework, for better financial presentation
__________________ gives permission,
1. For additional Disclosures or 2. To amend requirement of Financial Reporting Framework, for better financial presentation
Anonymous Quiz
70%
a) Fair presentation Framework
21%
b) Compliance Framework
7%
c) Equitable presentation Framework
2%
d) Docility Framework
A response that indicates a difference between information requested to be confirmed, or contained in the entity’s records, and information provided by the confirming party.
Anonymous Quiz
60%
a) deviation
15%
b) exception
22%
c) misstatemen
3%
d) error
Identify the incorrect one:
Anonymous Quiz
21%
Joint auditor is bound by views of the majority regarding matters to be covered in the audit report.
15%
In case of disagreement in opinion, joint auditor shall express their opinion in common audit report
15%
In case of disagreement reference shall be made under the heading “EOM Para” as per Revised SA 706”.
49%
d) All are incorrect.
565. Casual vacancy (resignation) in the office of an auditor of a non-government company be filled by the Board of Directors, appointment shall also be approved by the company at a general meeting __________ of the recommendation of the Board.
Anonymous Quiz
80%
a) within three months
12%
b) within six months
2%
c) within four months
6%
d) None of the above
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Identify the incorrect option , as per SA 610 Statutory auditor shall determine, can he take direct assistance from Internal Auditor. It depends on following:
Anonymous Quiz
26%
Level of Competence
25%
Objectivity of Internal Auditor
16%
Systematic & Disciplined Approach
33%
Prohibition by law