Answer to MCQ is "b"
We cannot afford lower quality, vice-versa is not true
Explanation
As per SA 500 if quality increases quantity decreases but if we get more quantity that does not reduce quality of evidence to be obtained.
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Sebi moves against 3 rating agencies over IL&FS crisis
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Forensic Audit Making Headlines Again and Again !!! It will become a norm and hence good future line of practice and job.

Times Now: ICICI Bank to rope in forensic auditor to look into charges of bungling into 31 bad loan accounts.
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The Big Four Accounting And Auditing Firms Are Becoming Challengers In Digital Transformation Services
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SA 501 guides us on how to collect evidence about —
public poll

d. All of the above – 83
👍👍👍👍👍👍👍 63%

c. Existence of Inventory – 39
👍👍👍 30%

a. Valuation of Inventory – 5
▫️ 4%

b. Completeness of Inventory – 5
▫️ 4%

👥 132 people voted so far.

CBI books Karol Bagh company for defrauding people of Rs 10,000 cr
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Answer to MCQ is "c"
Explanation

Majority went wrong in this simple SA. SA 501 focuses only on how to get evidence for "Existence" of Inventory

Finance Minister: CAG needs radical thinking in auditing PSUs
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Multi-state GST, Input Tax Credit fraud detected
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External Confirmation is allowed in
public poll

e. All of the above – 80
👍👍👍👍👍👍👍 68%

d. Only a & b – 25
👍👍 21%

a. Paper Form – 8
👍 7%

b. Electronic Form – 4
▫️ 3%

c. Other Medium – 1
▫️ 1%

👥 118 people voted so far.

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New accounting rules may deal Rs 20k crore blow to builders
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Answer to MCQs is "E" As per SA 505, Paper, Electronic or Any other Medium is allowed in external confirmation.

ICAI members can have Chartered Accountants Australia & New Zealand membership
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KEY POINTS FROM ICAI PRESIDENT NAVEEN GUPTA SIR

Date : 21st December 2018

👉 IPCC Students can give two more attempts after May 2019 in old syllabus only.

👉Declaration from Students for not showing Answer sheet to anyone Removed w.e.f from September 2018

👉 Step wise Marking in all Questions else question treated as not evaluated

👉 Pilot project for Centralised checking under the guidance of Head Examiner implemented

👉 Revaluation of Answer sheet will require ammendment in CA Act and Regulation and matter has been put up before Ministry of HRD and Ministry of Corporate Affairs.

CBI lens on Infosys staff, I-T officials & fake CA for fraud - Times of India
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FDI norms tweak: Joint audits to boost Indian entities
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