Clear CA with Shubham Keswani

Happy Independence Day 🇮🇳 We all want to lead an independent life. Where we can do what we love & enjoy. I feel CA is a course that allows you to do that. It did for me. Having the comfort of this degree, you can open your wings & fly high 🕊️ Knowing even if you fall, you can land up a decent job any day. Many have this question!! “Why CA?” Here’s my answer, “To get Independent, To do what I love without the fear of failing.” Wishing that u realise the importance of this degree. For your own good. For your own happiness. For your Independence ❤️ Jai Hind 🙏 Vande matram 🇮🇳

Get Independence, from the fear of Audit ❤️ Use code: INDIA80 Join on bbvirtuals.com ✅ Let’s Learn with Fun!

Giving you a weekend break. Daily audit targets continue from Monday. Keep going 😊👍

PS: This is SM Question (Test your understanding).

5. CA. Seerat is conducting review of quarterly financial info. of a Co. of which she is also auditor. She believes that it is necessary to make a material adjustment to quarterly financial info. for it to be prepared, in all material respects, in accordance with applicable FRF. She has communicated the matter to CFO and audit committee. However, no response was received even after waiting for a reasonable time. What are options available to her? (a) Whether to modify the report (b) The possibility of withdrawing from the engagement (c) The possibility of resigning from the appointment to audit the annual FS. (d) All of the above options are available

For students who chose (a) 😅

4. Material uncertainty relating to an event or condition comes to auditor’s attention that may cast significant doubt on entity’s ability to continue as a GC & adequate disclosure is made in interim financial info. auditor modifies review report by adding an___________ para. a. MURG Para b. OM Para c. EOM Para d. None of the above

Auditor’s response to such engg!

3. If the auditor’s preliminary knowledge of the engagement circumstances indicates inability to complete review due to limitation on scope of the auditor’s review imposed by management, the auditor: a. Should accept the review engagement b. Should communicate this fact to those charged with governance c. Should not accept the review engagement d. Both (a) & (b)

2. Which of following statements is most appropriate in context of an auditor performing review of financial statements under SRE 2410? a. It is, ordinarily, necessary for him to send an inquiry letter to company’s lawyer for corroborating inquiries about company’s litigations. b. It is, ordinarily, not necessary for him to send an inquiry letter to company’s lawyer for corroborating inquiries about company’s litigations. c. It is necessary for the auditor to perform other procedures to identify events occurring after date of the review report. d. It is, ordinarily, not necessary for auditor to obtain evidence that the interim financial information agrees or reconciles with the underlying accounting records by tracing the interim financial information to accounting records.