Answer to MCQ is "b"
Explanation
No, it should contain statement about overall Internal Financial Controls not just IFCFR

IFC is broader term covers following controls Operational + Fraud Prevention + IFCFR. IFCFR is part of IFC. In listed companies board has to take of whole IFC and not just IFCFR. See this short video https://youtu.be/e77LhoRYnEY

New conflict of interest norms proposed for CA Firms. Big fours may loose revenue.
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Forbes.com explains benefits to students by waking up early
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Some fixed assets owned by company are installed at homes of employees. What should be written in location column of Fixed Asset Register?
public poll

b. Actual address of home of employee – 41
👍👍👍👍👍👍👍 50%

c. Name & Designation of employee – 32
👍👍👍👍👍 39%

a. Registered address of company – 7
👍 9%

d. Simply not applicable – 2
▫️ 2%

👥 82 people voted so far.

Whistle blower mechanism working in India. Corporate Governance is getting better.
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Credit Rating Firms under Radar, Serious Issue. Why Auditors be given all the blame ?
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Answer to MCQ is "C"

c. Name & Designation of employee
Explanation

As per guidance note on CARO, if assets are at residence of employee then we have to specify name & designation in location column of fixed asset register.

Dedicated to all CA students, when anyone tries to act smart regarding our ca journey. Na teer chala na goli lekin shikar hojayega :)
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Good thing for CAs, now video conferencing allowed.
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- Loan 100Cr -- Int Accrued & Due 10Cr -- Int Accrued But Not Due 20Cr -- Principal due within 3 mts 30Cr What should appear under other current liability in balance sheet ?
public poll

d. 40 Cr – 53
👍👍👍👍👍👍👍 63%

b. 60 Cr – 22
👍👍👍 26%

c. 30 Cr – 6
👍 7%

a. 160 Cr – 3
▫️ 4%

👥 84 people voted so far.

Answer to MCQ is "C"

Explanation

Interest Accrued and 20 Cr Interest Accrued & Due 10 Cr both will be shown in other current liability. Further 30 Cr due within 3 months will also be shown in other current liability.

So in totality 60 Cr will be shown in other current liability.

Correct answer is "B" ignore above typo error, reason given is correct.

This one thing can bring real positive change in life of students.

Go for it. You will be blessed!!!
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One Accounting Standard implementation will increase assets & liabilities of 75 indian companies by over Rs 1,00,000 Crore.
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If Inherent Risk is 40%, Control Risk is 50% and Acceptable Audit Risk is 5%, What should be Detection Risk?
public poll

b. 25% – 58
👍👍👍👍👍👍👍 67%

d. 10% – 15
👍👍 17%

a. 20% – 11
👍 13%

c. 2% – 2
▫️ 2%

👥 86 people voted so far.

This can be big game changer for audit firms. Everyone will run to increase there revenue. Law firms won't be happy.
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Answer to MCQ is "b"

Explanation

Audit Risk = Inherent Risk x Control Risk x Detection Risk

AR = IR x CR x DR

0.05 = 0.4 x 0.5 x DR
0.05 = 0.2 x DR
DR = 0.05 / 0.2
DR = 5/20

DR = 25%

Some students used "+" instead of "x" , so be careful.

See how forensic audit report is playing important role in insider trading and family dispute at famous kirloskar group of maharashtra.
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Chartered Accountants need not to be a Graduate to become Registered Valuer: ICAI
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If risk increases sample size increases. What will happen if population size increases?
public poll

c. Negligible Effect on Sample Size – 64
👍👍👍👍👍👍👍 62%

a. Sample Size Increases – 30
👍👍👍 29%

d. Both are unrelated – 8
👍 8%

b. Sample Size Decreases – 2
▫️ 2%

👥 104 people voted so far.