Audit for CA Inter by CA SANIDHYA SARAF

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2.A practicing Chartered Accountant is appointed by a company to perform certain agreed-upon procedures relating to its trade payables. Such agreed upon procedures include verifying listing with books of accounts, sending confirmation letters and reporting factual discrepancies to company management. Which of statements is correct in this context? (a) The practicing CA shall perform work in accordance with Standards on Related Services and SA 220. (b) The practicing CA shall perform work in accordance with Standards on Related Services and SQC 1. (c) The practicing CA shall perform work in accordance with Standards on Auditing including SA 220. (d) The practicing CA shall perform work in accordance with Standards on Assurance Engagements and SQC 1.

1.CA Y has started planning for audit of a listed company. In this respect, he is considering all the matters relating to acceptance of client, assessment of compliance with ethical requirements including independence, consideration regarding the use of analytical procedures to be performed as risk assessment procedures and to have common understanding regarding terms of engagement with management. Which of the following does not fall under the preliminary engagement activities of planning process? (a) Considering all matters relating to acceptance of client. (b) Assessing ethical requirements including independence. (c) Using analytical procedures to be performed as risk assessment procedures. (d) Establishing common understanding regarding terms of engagement.

2.Jasmine was of the view that audited financial statements are not a guarantee against probable wrong doings in the financial matters of companies. What kind of assurance does audit of financial statements provide? (a) It provides reasonable assurance meaning a low level of assurance. (b) It provides reasonable assurance meaning a high level of assurance. (c) It provides reasonable assurance meaning an absolute level of assurance. (d) It provides reasonable assurance meaning a moderate level of assurance.

1.While performing procedures on designed sample, the engagement team identified certain misstatements in selected sample and projected these to the entire population of revenues. According to the requirements of the Standards on Auditing, which statement is correct in this regard? (a) Anomalous misstatement is auditor’s best estimate of misstatement in population. (b) The projected misstatement plus anomalous misstatement, if any, is best estimate of misstatement in population. (c) When projected misstatement exceeds tolerable misstatement, sample provides a reasonable basis for conclusion about tested population. (d) When projected misstatement plus anomalous statement, if any, exceeds tolerable misstatement, sample provides a reasonable basis for conclusion about tested population.

3.Sagar Finance Corporation Limited is a government company. The audit of the company is conducted by statutory auditors appointed by Comptroller and Auditor General of India (C&AG). Who is empowered to conduct “supplementary audit” of Sagar Finance Corporation Ltd.? (a) Central Government (b) C&AG (c) Another independent auditor appointed by C&AG (d) Another independent auditor appointed by Ministry of Corporate Affairs

2.CA Sargun is conducting statutory audit of branch of KBC Bank. During the course of audit, it is noticed that one borrower has availed a housing loan and a car loan from the branch. Housing loan EMIs are overdue for 120 days as on date of Balance sheet. Car loan EMIs are overdue for 60 days as on date of Balance sheet. Which of the following statements is appropriate? (a) Housing Loan should be classified as “Non-Performing Asset” in accordance with RBI norms on asset classification. However, Car loan should be classified as Standard asset. (b) Car Loan should be classified as “Non-Performing Asset” in accordance with RBI norms on asset classification. However, Housing Loan should be classified as Standard asset. (c) Both Housing loan as well as car loan should be classified as “Non Performing Assets” in accordance with RBI norms on asset classification. (d) Both Housing as well as car loans should be classified as Standard assets

1.CA Chatur provides accounting and book keeping services to Shiv Ganga Limited. He is also offered an audit of the accounts to the Shiv Ganga Limited. Which threat to independence may be involved in accepting such an engagement? (a) Self-interest threats (b) Self-review threats (c) Familiarity threats (d) Advocacy threats