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OpIndia: Media falsely claims that 2 out of 3 chartered accountants don’t pay income tax, here is the truth.
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Economic Times: KPMG pips Deloitte to top audit fee charts in India.
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Answer to MCQ is "c"

Explanation
Negligible Effect on Sample Size

As per SA 530. Statistical sampling is efficient. Less efforts better result. So even if population size increases no need to proportionately increase sample size. Increase is negligible , provided all variety of population is covered.

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ICAI releases Standards on Internal Audits | Taxscan
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While sampling auditor detected anomalus misstatement. Whether such misstatement should be included while projecting misstatement of population ?
public poll

a. Yes, every misstatement should be considered – 53
👍👍👍👍👍👍👍 63%

d. No, it should not be considered as per SA 530 – 22
👍👍👍 26%

b. SA is silent about it – 5
👍 6%

c. Yes, it is part of sampling – 4
👍 5%

👥 84 people voted so far.

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Answer to MCQ is "d"
Explanation

Here anomaly is a misstatement which is not expected to repeat in population. Hence it is ignored when we project misstatements in population as per SA 530.

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KPMG doubles audit revenues to become largest audit practice in India.
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Which of the following statement is most appropriate ?
public poll

b. CAG cannot be appointed for any government post after retirement including post of CAG. – 27
👍👍👍👍👍👍👍 42%

a. CAG cannot be appointed for second term. – 23
👍👍👍👍👍👍 35%

d. CAG can be appointed for any government post but not for CAG again. – 9
👍👍 14%

c.CAG can be appointed again for any post and for CAG post also. – 6
👍👍 9%

👥 65 people voted so far.

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Answer to MCQ is “b“
Explanation

CAG cannot be appointed for any government post after retirement including post of CAG.

As per Article 148
The Comptroller & Auditor-General shall not be eligible for further office either under the Government of India or under the Government of any State after he has ceased to hold his office.

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Economic Times: RBI panel may assess financials of 11 PSU banks.
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If quality of evidence increases then quantity can be reduced. And if quantity of evidence increases ?
public poll

B. We cannot afford lower quality, vice-versa is not true – 70
👍👍👍👍👍👍👍 71%

A. We can afford lower quality, vice-versa is also true – 18
👍👍 18%

C. Both are unrelated – 5
👍 5%

D. It depends on circumstances – 5
👍 5%

👥 98 people voted so far.