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3000+ MCQs for Articleship Exam !!!


https://youtu.be/GaIRAKhobHU

Big win for independence !!!

Non-Audit services to 350 big listed companies to be terminated to avoid conflict of intrest with audit services, after lot of pressure.

http://bit.ly/2RNnoA3

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Auditor found work and reports of expert reliable, hence relied on it for material assets of company. Should he refer to expert's report in audit report ?
public poll

c. No, as it not required by SA – 60
👍👍👍👍👍👍👍 59%

a. Yes, as expert played important part in audit – 22
👍👍👍 22%

d. Yes, as material assets are involved – 14
👍👍 14%

b. No, as he is not a team member – 5
👍 5%

👥 101 people voted so far.

Audits of DMFs good opportunity for CAs, get empanelled with C&AG.
http://bit.ly/2JW3AYH
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Britain Audit Market Broken, People feel Company Accounts as work of fiction. India need to learn from it. You should remember UK is home turf of Big4s. Whether their approach is reliable ?
http://bit.ly/2FlMEfD
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Answer to MCQ is 'c'

Explanation
c. No ,as it is not required by SA.
Reference to expert report is not required in each and every audit report. Reference is required only if the auditor has modified the audit report and such reference is helpful in explaining modification in audit report.

Satyam Like Fraud at RICOH India, Subsidiary of Japnese Giant.
http://bit.ly/2zRXqE8
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NFRA the most controversial child throws first tantrums. NFRA wants all details about auditor within 30 days and annual reporting by 30th April in new 2018 rules.
http://bit.ly/2zdYRx8
Rules — http://mca.gov.in/Ministry/pdf/NFRARules2018_13112018.pdf
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In listed companies, directors responsibility statement should have responsibility statement for Internal Financial Controls over Financial Reporting (IFCFR) ?
public poll

a. Yes, it is required by Sec 134 – 61
👍👍👍👍👍👍👍 73%

b. No, it should contain statement about overall Internal Financial Controls not just IFCFR – 19
👍👍 23%

d. Yes, Internal Finanical Control is part of Internal Financal Control Over Financial Reporting – 2
▫️ 2%

c. Yes, it should be specific just controls over financial reporting – 1
▫️ 1%

👥 83 people voted so far.

New conflict of interest norms proposed for CA Firms. Big fours may loose revenue.
http://bit.ly/2z9WICy
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Can you believe it ? Artificial Intelligence detected following frauds.

One employee traveling for work checked his dog into a kennel and billed it to his boss as a hotel expense. Another charged yoga classes to the corporate credit card as client entertainment.

Wipro is also providing such softwares.
http://bit.ly/2DGtSxH
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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.
http://bit.ly/2z9WICy
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Forbes.com explains benefits to students by waking up early
http://bit.ly/2Dserbm
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