Is preparation of Summary of Completion or Completion Memorandum mandatory in each audit assignment ?
public poll
d. No, it is not mandatory. It can be prepared if audit team finds it useful. – 42
👍👍👍👍👍👍👍 68%
a. Yes, it gives bird's eye view of significant matters in audit assignement – 12
👍👍 19%
b. Yes, its mandatory and it should be in format that experienced auditor should be able to understand it. – 5
👍 8%
c. No, such requirement doesnt exist in India, It is required for european audits – 3
👍 5%
👥 62 people voted so far.
public poll
d. No, it is not mandatory. It can be prepared if audit team finds it useful. – 42
👍👍👍👍👍👍👍 68%
a. Yes, it gives bird's eye view of significant matters in audit assignement – 12
👍👍 19%
b. Yes, its mandatory and it should be in format that experienced auditor should be able to understand it. – 5
👍 8%
c. No, such requirement doesnt exist in India, It is required for european audits – 3
👍 5%
👥 62 people voted so far.
AuditGuru | CA Ravi Taori | AIR via @vote
Is preparation of Summary of Completion or Completion Memorandum mandatory in each audit assignment ? public poll d. No, it is not mandatory. It can be prepared if audit team finds it useful. – 42 👍👍👍👍👍👍👍 68% a. Yes, it gives bird's eye view of significant…
Answer to MCQ is "d"
d. No, it is not mandatory. It can be prepared if audit team finds it useful.
Explanation
As per SA 230, it is not mandatory to prepare summary of completion or completion memorandum. It depends on usefulness to audit team.
d. No, it is not mandatory. It can be prepared if audit team finds it useful.
Explanation
As per SA 230, it is not mandatory to prepare summary of completion or completion memorandum. It depends on usefulness to audit team.
Is it mandatory to perform test of controls for all relevant controls of the company each year ?
public poll
b. No, it should be done once in three years. – 66
👍👍👍👍👍👍👍 52%
a. Yes, test of control is fundamental audit procedure. – 45
👍👍👍👍👍 35%
c.Yes, it is mandatory as per SAs. – 16
👍👍 13%
d. No, It can be done every alternate year.
▫️ 0%
👥 127 people voted so far.
public poll
b. No, it should be done once in three years. – 66
👍👍👍👍👍👍👍 52%
a. Yes, test of control is fundamental audit procedure. – 45
👍👍👍👍👍 35%
c.Yes, it is mandatory as per SAs. – 16
👍👍 13%
d. No, It can be done every alternate year.
▫️ 0%
👥 127 people voted so far.
AuditGuru | CA Ravi Taori | AIR via @vote
Is it mandatory to perform test of controls for all relevant controls of the company each year ? public poll b. No, it should be done once in three years. – 66 👍👍👍👍👍👍👍 52% a. Yes, test of control is fundamental audit procedure. – 45 👍👍👍👍👍 35% c.Yes, it…
Answer to MCQ is B
b. No, it should be done once in three years.
Explanation
As per SA 330-If there have not been any changes in the test of controls , the auditor shall test the controls at least once in every third year of audit.
b. No, it should be done once in three years.
Explanation
As per SA 330-If there have not been any changes in the test of controls , the auditor shall test the controls at least once in every third year of audit.
Identify the sequence in which the following things take place for the purpose of removal of auditor appointed under section 139 of the Companies Act,2013 before the expiry of his term, as per section 140 of the Companies Act,2013 to be read with rule 7. 1
public poll
a) 2 ; 3 ; 1 – 35
👍👍👍👍👍👍👍 90%
b) 3 ; 2 ; 1 – 2
▫️ 5%
c) 1 ; 2 ; 3 – 2
▫️ 5%
d) 1; 3 ; 2
▫️ 0%
👥 39 people voted so far.
public poll
a) 2 ; 3 ; 1 – 35
👍👍👍👍👍👍👍 90%
b) 3 ; 2 ; 1 – 2
▫️ 5%
c) 1 ; 2 ; 3 – 2
▫️ 5%
d) 1; 3 ; 2
▫️ 0%
👥 39 people voted so far.
Identify the sequence for the removal of auditor appointed under section 139 before the expiry of his term, as per section 140 of the Co’s Act ,2013 to be read with rule 7. 1)Special resolution of shareholders 2)Board resolution 3)Approval of CG
public poll
a) 2 ; 3 ; 1 – 92
👍👍👍👍👍👍👍 95%
b) 3 ; 2 ; 1 – 5
▫️ 5%
c) 1 ; 2 ; 3
▫️ 0%
d) 1; 3 ; 2
▫️ 0%
👥 97 people voted so far.
public poll
a) 2 ; 3 ; 1 – 92
👍👍👍👍👍👍👍 95%
b) 3 ; 2 ; 1 – 5
▫️ 5%
c) 1 ; 2 ; 3
▫️ 0%
d) 1; 3 ; 2
▫️ 0%
👥 97 people voted so far.
Can statutory auditor Take Direct Assistance in external confirmation procedure from Internal Auditor?
public poll
c. Yes, it makes audit efficient and effective. – 43
👍👍👍👍👍👍👍 41%
a. Yes, its common work for both auditors. – 25
👍👍👍👍 24%
d. No, we cannot, as external auditor should have control over external confirmation process. – 25
👍👍👍👍 24%
b. No, internal auditor is not concerned with such audit procedure. – 11
👍👍 11%
👥 104 people voted so far.
public poll
c. Yes, it makes audit efficient and effective. – 43
👍👍👍👍👍👍👍 41%
a. Yes, its common work for both auditors. – 25
👍👍👍👍 24%
d. No, we cannot, as external auditor should have control over external confirmation process. – 25
👍👍👍👍 24%
b. No, internal auditor is not concerned with such audit procedure. – 11
👍👍 11%
👥 104 people voted so far.
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Forensic audit of cricket association in India
Forensic audit of cricket association in India
dna
10th status report: Forensic audit may spell trouble for some associations
According to the COA, this is necessary to ensure that the newly-elected office bearers of the state associations can start with a clean slate and put in place appropriate systems and controls regarding utilisation of funds disbursed by the BCCI.
AuditGuru | CA Ravi Taori | AIR via @vote
Identify the sequence for the removal of auditor appointed under section 139 before the expiry of his term, as per section 140 of the Co’s Act ,2013 to be read with rule 7. 1)Special resolution of shareholders 2)Board resolution 3)Approval of CG public…
Answer to MCQ is "a"
Explanation
As per the combined reading of section 140 of the Companies Act ,2013, and rule 7
1. Board resolution will be passed
2. Within thirty days of the resolution passed by the Board application shall be made to CG.
3.Within sixty days of receipt of approval of the CG special resolution at the general meeting shall be passed by the company.
Explanation
As per the combined reading of section 140 of the Companies Act ,2013, and rule 7
1. Board resolution will be passed
2. Within thirty days of the resolution passed by the Board application shall be made to CG.
3.Within sixty days of receipt of approval of the CG special resolution at the general meeting shall be passed by the company.