CA TOPPERS 🔥 ( NOTES )

Starting live classes of Costing and FM SM by CA Aman Agarwal Date - 27 May 2024 Time - 7 PM YouTube channel - https://youtube.com/live/p1akdVRaQ5k?feature=share

Still confused! What to do September or January! Watch this video https://www.youtube.com/watch?v=NvjNggEFVuw

Sept 24 Exam Form Dates 👆

Inter Audit MCQ MAY'24 1). Choose the correct statement. (a) Audit plan sets the scope, timing and direction of the audit (b) Audit plan guides the development of overall audit strategy  (c) Overall audit strategy sets the scope, timing and direction of audit and guides the development of more detailed audit plan (d) Overall audit strategy is independent of audit plan 2). Major breakdown of machinery, approach of materiality level by auditor. (a) No need to take action as the materiality level is already set during the audit plan (b) There is change in the circumstances during audit, so materiality level needs to be revised (c) The matter is disclosed in the FS, so no impact on the materiality level  (d) The machine repairs expenses are incurred and the operations are continuing, so no need to  revise materiality level 3). Checking of contract of orders by govt. is which part of the audit procedure. (a) Reperformance (b) Observation  (c) Inspection (d) Recalculation 4). As the contract of orders by govt. is already checked by the audit assistant, is retaining a copy of the contracts for audit documentation necessary. (a) Not necessary as it is already checked (b) It only increases paperwork, so no need (c) It does not affect the disclosures in audit report, so no need (d) A copy should be maintained as a matter of continuing significance to future audits 5). Substantial repairs and change in valuation of inventory. In audit report (a) Disclaimer of opinion  (b) Adverse opinion  (c) Qualified opinion  (d) Emphasis of matters paragraph 6). Capital transactions of municipal corporation under which head (a) Miscellaneous items  (b) Capex items (c) Extraordinary items (d) PPE items 7). Which is not an operating event which affects the going concern of the entity. (a) Loss of key customers (b) Shortages of supplies (c) Emergence of a highly successful competitor (d) Conversion of credit to cash-on-delivery transactions with the suppliers 8).  The following are revalued at the respective rates. Property@5%, Plant@10%, Equipment@15% Which should be separately disclosed in the FS. (a) Only Plant (b) Only Property (c) Property and Plant  (d) Property, Plant and Equipment 9) Litigation in court. Estimated cash flows are to be treated as  (a) Sundry creditors  (b) Provision (c) Contingent liability (d) Outstanding expenses... 10). Appointment of new auditor. He did not communicate with the previous auditor. Which principle of ethics is violated (a) Integrity  (b) Objectivity  (c) Professional competence and due care (d) Professional behaviour 11). Partners of LLP are to appoint new auditor (a) Only by designated partner within 15 days from the end of the FY (b) Only by designated partner within 30 days from the end of FY (c) By all the partners within 15 days from the end of FY  (d) Only by designated partner within 60 days from end of FY 12). Partners asked auditor to prepare FS. Which type of threat to independence (a) Self-interest threat  (b) Self-review threat (c) Advocacy threat  (d) Intimidation threats 13). Which does not come under inspection (a) Checking of accounts and records, whether internal or external, in physical form  (b) Checking of accounts and records whether in electronic form or any other media (c) Counting the inventory stock physically (d) Looking at the processes physically 14). The auditor accepted to complete the preparation of FS and also to audit it. (a) Assurance engagement  (b) Review engagement  (c) I don't remember  (d) Not mentioned in standards of auditing, so don't accept. 15). Not a subsequent event (a) Events which come to the knowledge of auditor, which occured between the date of finalization of FS and date of audit report (b) Events which occur after the issue of FS (c) Events which come to the knowledge of the auditor, which occured between the date of audit report and issue of FS (d) Events which come to the knowledge of the auditor which occur on the date of FS

Students right now 🙂

Best of luck to all the students who have put in their effort for today's final exam.🤞 I hope each of you will clear this exam and see yourselves as CA finalists in the next attempt. Your hard work and dedication will surely pay off. Best of luck 🤞