Proposed Dividend : Clarification is released wrt proposed Dividend to show in notes to accounts which was applicable for may 17.
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Little ambiguity : we have to write language as per bare acts rules and standards or we can use our own language.
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Continuous Audit : In the definition of the continuous audit, what is this statement mean? “When for this purpose the staff attends at intervals, fixed or otherwise, during the currency of financial period.” What is the difference between the concurrent audit and continuous audit?
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CA IPCC PM CH 1 Q 27 : THEREIN THE ANSWER DEFINITION OF AUDIT IS MENTIONED, WHAT WE SHOULD WRITE DEFINITION OR OBJECTIVES OF AUDIT?
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Fair presentation frf : In fair presentation frf, I am unable to understand the statement “acknowledges explicitly or implicitly that to achieve fair presentation of the financial statement it may be necessary for management to provide disclosure beyond on the specifically required by framework
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The statement is not clear : An engagement team also include a member using expertise in a specialised area of accounting and auditing whether engaged or employed by the firm if any who performs audit procedures on the engagement Assignment of engagement teams
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Ch 2 Q 11 IPCC PM: Under the examples of high uncertainty and low uncertainty there are only two examples written and the practice manual we have to write all of them are only two as written in p.m.
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What to do: Sir in class you have said to include inquiry part in our answer when there is specifically asked about inquiries wrt subsequent events but ICAI has included it in every answer. For evidential, you can check Q 22 of Ch 1 and Q8c of Ch6 in CA IPCC Practice Manual 🙁
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The statement is not clear:Indicators of non compliance: Existence of an information system which fails whether by design or by accident to provide an adequate audit trail or sufficient evidence
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The statement is not clear: Point 11 last line pg 2 above matters to be communicated to TCWG? The auditor shall nonetheless be satisfied that communication with the person(s) with management responsibilities adequately informs all of those with whom the auditor would otherwise communicate in their governance capacity.
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Q21 ch 2 pg 2.25 CA IPCC pm: n this they have included SA 200 and SA 330 PART. is it necessary to include those while attempting
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Q47xi CA IPCC PM: In the answer nothing. Is written about CA practicing in India within the definition under CA Act 1949. Weird answers. Creating confusion in mind that to study in our own way or to mug up PM.
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q22 c chapter 1: sir, we have to include 1st para in our answer or not. I think it is irrelevant or not purposeful.
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Some questions: In casting totalling there are frauds which can b detected by performing casting. It is specified. InQ 24 Pg 1.30 in defalcation of cash (i) (4). It is not clear to me. InQ22 c Pg 1.26 in first para nothing is mentioned about the relationship with behavioral sciences. We have to include it or not. Q4pg 1.7 Statebriefly about audit procedures and audit techniques.In this question I am little confused that in audit procedures inquiry is included and in audit techniques also there is included. same is with casting etc.In this question first ICAI said how to do audit. Role of audit procedures in having audit.Very confusing situation. Please support Ravi Sir.
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Intro to SA: In Q17 of Chapter 1 of CA IPC PRACTICE MANUAL In point iv there is a sentence that \”engagement involving application of agreed upon procedures to information\” what is this mean?
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Q6 of Chapter 1 of CA IPCC PRACTICE MANUAL: How to remember date of applicability. And herein old std applicability date is mentioned. What r applicability date of SAs
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Audit vs Investigation: In Q 12 of Chapter 1 of CA IPCC Practice Manual, the language of the answer written therein is not understandible to me. Can I use the tabular format in answering such question as you have presented their in your study material
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Q46 c IPCC PM:Can we include procedure of appointment of subsequent Auditor in case of Other than govt Company.v
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Include or not: In Q 18 of CA IPC PM can we include some content of procedures to be applied under SA 600?
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q19 a CA IPCC PM pg 1.23 : if this ques seen for 6 marks in exams than we have to write about significant difficulties that auditor faced during the audit or the answer given in practice manual is sufficient in that case also.
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Confusion in SA 299 : Shubham asked October 3, 2017 it is a confusion that in all questions of SA 299 in practice manual duties of joint auditors are written in answers written by ICAI. In Ch 2 Q19 pg 2.22 the question is asked only about reporting responsibilities of joint auditors wrt disagreement of opinion between them. But ICAI has included whole duties and reporting responsibilities part of the standard. only the introduction and advantages and disadvantages are left. What to do in such situations. and in q 27 ch 7 the specific responsibilities of joint auditors is explained in two-three lines only whereas in some ques ICAI has included whole part of SA. What to do little confused…. 🙁
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point d : you have given eg of debtors and provision for doubtful debts are netted and shown at one place. but Schedule 3 of Companies Act 2013 mentions that “Allowance for bad and doubtful debts shall be disclosed under the relevant heads separately.” What to do :[ attributes of acceptable frf
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