Jaspreet Singh asked 3 years ago
SA 700
- Under SA 700, difference between financial reporting framework and compliance framework? like report mein differences kaise pta chalega? because mostly SA refer to the accounts and financial statements being prepared as per the FRF?
- if the audit report for the company covers a period of calendar year instead of financial year, then how will the reporting be done?
SA 299 - A company is having joint auditors. one of the joint auditor resigns during the course of audit. Can the other joint auditor continue and complete the audit or is there a casual vacancy under section 139(8) to be filled? What’ll be the sequence of completion?
SA 600 AND AUDIT OF CFS and sec 129(3) - If a principal auditor while checking the audit reports of components of holding company finds that the f.st. of the components are as per calendar year starting from 1st January, then what all compliances will be required to be met?
SA 706 - Sir, KAM is not a substitute for disclosures in financial statements so can a matter which has been classified as KAM be also disclosed under the heading EOM? I.E. CAN A MATTER BE DISCLOSED UNDER BOTH EOM AND KAM?
1 Answers
Ravi Staff answered 3 years ago
SA 700
At the time of giving opinion, wordings used, will help us to identify, whether it is Fair FR or Compliance FRF, if FAIR word is used it is FAIR FRF else Compliance
SA 299
Joint auditor were appointed by shareholders, they wanted JA so there intention should be respected, further if there is resignation Sec 140 will be attracted, so appointment of joint auditor should be done under sec 139(8)
SA 600
Consolidation can be done if difference is not more than 6 months as per AS, material transactions between 31st Dec & 31st Mar should be given effect in subsidiary financial statements, this point can be highlighted by giving OMP
SA 706
No, matter will be explained in KAM, this is requirement of SA 706