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Detailed explanation of each & every topic of AUDIT for better understanding

Questions › Author "devyanisiddhapura-4gmail-com"
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What do we mean by the term Subject Matter? It is frequently used. But i am unable to understnd what the term means to convey
DevyaniDevyani asked 5 years ago • 
1012 views4 answers0 votes
Sir what will be impact on Partnership Firm and on other partners when one of the partner of a CA Firm does something very wrong (professional or other misconduct)? Under discliplinary proceedings only CA in default is punished. But what impact it can have on other partners and/or that particular CA Firm? Kindly guide me.
DevyaniDevyani asked 5 years ago • 
580 views1 answers0 votes
Can an Proprietor(who is a CA and holds CoP) be also called as Engagement Partner? Because in definition the word partner in the firm is used. Partner is defined as one who binds the firm. Whereas definition of firm is explained as a sole practioner/proprietor or partnership or corporation of Professional accountants. So engagement partner is only with respect to Partnership firms?
DevyaniDevyani asked 5 years ago • 
1060 views1 answers0 votes
What do we mean by engagement partner? By reading definition in SQC 1, i am able to understand Engagement partner as each and evrry partner of a CA firm whether or not he has signed the audit report. Is that correct? Or does it mean ONLY that partner who has conducted that audit of and engagemnt and has signed the report?
DevyaniDevyani asked 5 years ago • 
4340 views3 answers0 votes
Guidance notes: Sir in module, info. provided under each guidance note is limited. when reading it, one may feel it is just a brief and not whole guidance note being explained. So, kindly let me know where can I find complete guidance note? also for exams, one what is provided in audit module is sufficient or the complete guidance note needs to be studied? Sir I tried to find that on our institute's website, but i only found one which was already printed in module
DevyaniDevyani asked 5 years ago • 
836 views1 answers0 votes
in relation to SA 720 : In case other info. is misstated which is provided in annual report (except FST), and mgmt disagrees to rectify. we write it in OMP. Now the query is can we write it in KAM para instead of OMP?
DevyaniDevyani asked 6 years ago • 
854 views1 answers0 votes
3 questions : if misstatement is found of Prior periods, although audit is done for PY, yet management can rectify it?(whether such misstatements are material or not) The auditor shall ask TCWG to correct uncorrected misstatement. This includes material as well as not material uncorrected misstatements You said take written representation for immaterial misstatement. So these Written note is immaterial according to auditor’s judgment or mgmt’s judgment?
DevyaniDevyani asked 6 years ago • 
2106 views3 answers0 votes
Sir few of my friends denied that form 3CD & FST alongwith are prepared by auditor and not assessee. also there is signature of CA at the end of form 3cd and financial statements. so CA only prepares all along with 3CA / 3CB… and CA himself uploads them. are my collegues correct?
DevyaniDevyani asked 6 years ago • 
1790 views5 answers0 votes
It is mandatory to continue opting for presumptive income u/s 44ad for 5 years so that a person is not banned from falling under presumptive taxation for 5years. So my question is what if the person automatically falls out of presumptive taxation in current year due to turnover above 2 Cr. , will he be banned from using presumptive taxation for next year where his turnover fell below 2 Cr.?
DevyaniDevyani asked 6 years ago
983 views2 answers0 votes
Under Clause 12, of 3CD, when will a person have presumptive income? is it only when an individual is carrying on more than one businesses? And u also told earlier that income from all businesses gets added up to calculate Turnover limit u/s 44ab then how is it possible that a person can have presumptive income?
DevyaniDevyani asked 6 years ago • 
796 views1 answers0 votes
Clause 11 on 44AA. Is books of accounts required to be maintained by all other than "FIGA-METaL" (shortcut)? and if no then if other assessee has not maintained the books then will CA need to report in 3cb?
DevyaniDevyani asked 6 years ago • 
1253 views3 answers0 votes
lecture not working
DevyaniDevyani asked 6 years ago • 
779 views1 answers0 votes
Auditor applies Performance Materiality in all the areas?
DevyaniDevyani asked 6 years ago • 
1111 views3 answers0 votes
if assertion are true financial data are also true
DevyaniDevyani asked 6 years ago • 
960 views1 answers0 votes
what is the difference between inherent risk and significant risk?
DevyaniDevyani asked 6 years ago • 
14366 views1 answers0 votes
how to certain questions and ans asked by others so that i can refer them later on? do we have such facility? if yes, then from where (which option) can i get them later on?
DevyaniDevyani asked 6 years ago
843 views1 answers0 votes
Sir Risk of MM = Control Risk + Inherent Risk. But Control risk = after applying Internal controls on Inherent risk, we are not able to identify or detect misstatement. Then whats the difference between Risk of MM and Control Risk? I feel both same because Control risk is applied on inherent risk only and risk of material misstatement also includes Inhr. risk and control risk
DevyaniDevyani asked 6 years ago • 
1565 views3 answers0 votes
What exactly do we mean by ASSERTION LEVEL? You mentioned that risk is identified @ assertion level. For instance, assertion for Fixed asset i.e. its existence, completeness, etc, how can it be identified while seeing FST? you also said that if there is high risks involved in these features, we will be careful about those while conducting audit. But how can we know whether there is high risk of misstatement in such assertions, just by seeing FST?
DevyaniDevyani asked 6 years ago
1585 views3 answers0 votes
when the auditor approaches expert, the payments made to experts is born by Company or Auditor, since expert advice may involve huge costs?
DevyaniDevyani asked 6 years ago • 
754 views1 answers0 votes
Sir my Principal asks to do 100% audit of every entity. whether small or big, like checking vouchers 100%. and that is very exhaustive and tedious task. he doesn't allow us to use software in which books are maintained for checking. Instead he asks to take print outs of every account and then check. Sir my question is that whether the way my principal asks to do audit is correct or not? (I really respect him since he is quite knowledgeable but I asked this because 100% audit has made me to dislike audit completely)
DevyaniDevyani asked 6 years ago • 
875 views1 answers0 votes
where is example file for overall audit strategy on the website sir?
DevyaniDevyani asked 6 years ago • 
1070 views1 answers0 votes
WHY RAVI TAORI SIR VIDEO….
DevyaniDevyani asked 6 years ago
934 views1 answers0 votes
can a CA/CA firm accept audit of an entity where his (auditor's) team includes a person who has been / who is employee of that entity?
DevyaniDevyani asked 6 years ago
776 views1 answers0 votes
Under New Course, do I need to read SM(new course) and/or PM(old course) for Professional Ethics, SA, Co. Audits, other audits, etc or your books and video lectures are sufficient?
DevyaniDevyani asked 6 years ago • 
861 views2 answers0 votes
in comparative FST, PY's misstatement is qualified by CA in CY. Can he qualify although the audit was not done by him in PY? and…….. in Corresponding fig. approach, does auditor need to mention in OMP that in PY some misstatements were found and its description?
DevyaniDevyani asked 6 years ago • 
981 views1 answers0 votes
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