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Sourabh MittalSourabh Mittal asked 1 year ago

Sir
I find some mistakes in one of your additional sheet ie PARAM ADDL QUESTION FOR N21 EXAM.
CNO647.500 , Pg29
question is of peer review chapter but answer is of professional ethics totally wrong answer.
Pls consider it as improvement.

1 Answers
RaviRavi Staff answered 12 months ago

Hello Sourabh 
thanks for bringing it to our notice.
below is correct answer
Selection of Assurance Service Engagements for Review: The Statement on Peer Review defines the scope of peer review which revolves around compliance with technical, ethical and professional standards; quality of reporting; office systems and procedures with regard to compliance of assurance engagements; and, training programmes for staff including articled and audit assistants involved in assurance engagements. The entire peer review process is directed at the assurance services.

Assurance Services means assurance engagements services as specified in the “Framework for Assurance Engagements” issued by the Institute of Chartered Accountants of India and as may be amended from time to time. Assurance engagements does not include management consultancy engagements or engagements solely to assist the client in preparing, compiling or collating information other than financial statements.
 
In the given situation, CA. Sudarshan is appointed as a peer reviewer for M/s Preet Associates, has asked for all management consultancy engagements and engagements solely to assist the client in preparing, compiling or collating information other than financial statements carried out by M/s Preet Associates for her peer review. In view of above, Peer Review of management consultancy engagements and engagements solely to assist the client in preparing, compiling or collating information other than financial statements at the time of execution step by CA. Sudarshan is not correct as management consultancy engagements and engagements solely to assist the client in preparing, compiling or collating information other than financial statements are not covered in the scope of Assurance engagement and Peer Review is directed at assurance engagement only.

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