CA Inter with Ankush Chirimar Classes

📢 Attention Students! The Intermediate Admit Cards are now available for download. Click the link below to access your admit card: 🔗 https://share.google/ULQWtSuu6TLAPhTHn Please download and print your admit card at the earliest and verify all details. Best of luck with your preparation! ❤️

Just Take this Bold Move and last time me apna best dekr dikhado sabko ki who youu aree❤️🔥 Your Law is my Responsibility ❤️ Your Law Didi✨

Tomorrow's Topics with Detailed Revision Videos SA 315, 320 & 330 https://youtu.be/Dw1cYuqoeW0?si=AoFBeVB1l5wuRyUv SA 450 https://youtu.be/cTA-FMAOIKw?si=WQQWmouioaauq1zY React with a ❤️ if you accept this Challenge! I CHALLENGE YOU TO GET ALL MCQs RIGHT 😎 Your Audit is My Responsibility 😉

What the score?

Answer ( Explanation in comment)

MCQ 5- A listed entity is audited by two joint auditors, P & Q. During planning, they agree on the division of work. P is responsible for the northern division and Q for the southern division. The following events occur: 1. P identifies a significant deficiency in internal control in the northern division but waits until the audit report date to communicate it to TCWG because management has already promised to rectify it. 2. Q believes that a significant accounting matter identified during the audit should be communicated to TCWG, but P argues that communication is unnecessary because Q has already documented the matter in the audit file. 3. During the audit, the joint auditors discover that the original audit plan is no longer appropriate because of a significant unexpected change in circumstances. They modify the audit plan but do not document the reasons for the change. 4. After the audit report is issued and the final audit file has been assembled, P discovers that a modification to an existing working paper is necessary. P makes the modification but records neither the reason for the modification nor when/by whom it was made and reviewed. 5. The joint auditors have signed the work allocation document but have not communicated it to TCWG. Which of the following identifies all the incorrect actions? A. 1, 2 and 3 only B. 1, 3, 4 and 5 only C. 1, 2, 3, 4 and 5 D. 2, 3 and 4 only

Answer ( Explanation in Comment)

MCQ 4: While planning the audit of ABC Ltd., the engagement partner prepares the following documents: Document X Identifies the characteristics of the engagement defining its scope. Determines reporting objectives and timing. Considers significant factors directing the engagement team’s efforts. Considers results of preliminary engagement activities. Determines the nature, timing and extent of resources necessary. Document Y Nature, timing and extent of planned risk assessment procedures under SA 315. Nature, timing and extent of planned further audit procedures at assertion level under SA 330. Other audit procedures required to comply with SAs. During the audit, a major unexpected event occurs and the partner changes both documents. However, the partner documents only the revised versions and not the reasons for the changes. Which of the following is most appropriate? A. Document X is the audit plan and Document Y is the overall audit strategy; neither the changes nor their reasons need separate documentation. B. Document X is the overall audit strategy and Document Y is the audit plan; the auditor is required to update/change them as necessary during the audit, and significant changes made to them and the reasons for those changes are required to be documented. C. Both Documents X and Y collectively constitute the overall audit strategy, while the audit plan is prepared only after completion of risk assessment procedures. D. Document X is the overall audit strategy, but Document Y is not part of the audit plan because procedures under SA 315 and SA 330 are determined independently of SA 300.

🙈🙈

Answer ( Explanation in comment)

MCQ 3: A company appoints three joint auditors — A, B and C. After mutual discussion, they allocate work as follows: A → all revenue and receivables B → all inventory and fixed assets C → all liabilities and expenses They prepare a work allocation document and all three sign it. However, they do not communicate the work allocation document to those charged with governance. During the audit, A discovers a material misstatement in inventory that was audited by B. A believes that since inventory was specifically allocated to B, A has no responsibility whatsoever regarding the matter. B subsequently issues a report to the engagement partner stating that the inventory area is satisfactory. Which statement is most appropriate? A. The allocation is invalid because joint auditors cannot divide the audit according to identifiable areas. B. The allocation is valid, but the work allocation document need not be communicated to TCWG because it is an internal document between joint auditors. C. The allocation can be made by mutual discussion and is generally in terms of identifiable units or specified areas; however, the work allocation document is required to be signed by all joint auditors and communicated to TCWG, and allocation of work does not completely eliminate the joint auditors’ collective responsibility for matters prescribed under SA 299. D. Once work is allocated and signed by all joint auditors, each joint auditor is exclusively responsible for the allocated area and has no responsibility to consider matters audited by another joint auditor.

Answer (Explanation in comment)

MCQ 2 : During the audit of LMN Ltd., the auditor identifies: Matter 1: A significant deficiency in internal control. Matter 2: A deficiency in internal control that is not significant but, in the auditor’s professional judgment, is sufficiently important to merit management’s attention. Matter 3: A significant accounting judgment made by management. Matter 4: The auditor’s planned scope and timing of the audit. The auditor proposes the following communication: “Since Matter 1 will be communicated to those charged with governance in writing under SA 265, Matter 2 need not be communicated to management. Further, Matters 3 and 4 need not be communicated because the auditor’s opinion is ultimately based only on sufficient appropriate audit evidence.” Which of the following is correct? A. The auditor’s proposal is entirely correct. B. Only the statement regarding Matter 2 is incorrect. C. The proposal is incorrect because Matter 1 is required to be communicated in writing to TCWG, Matter 2 may require communication to management at an appropriate level, and SA 260 also requires communication of significant audit matters including the planned scope and timing and significant qualitative aspects of accounting practices, including accounting policies and significant accounting estimates/disclosures. D. Matter 2 must necessarily be communicated in writing to TCWG, while Matters 3 and 4 are matters exclusively between the auditor and management.

Answer (Explanation in comment)

MCQ 1 : While conducting the audit of XYZ Ltd., the engagement partner is reviewing whether the audit documentation prepared by the engagement team is adequate. Consider the following statements: 1. Audit documentation should be sufficient to enable an experienced auditor, having no previous connection with the audit, to understand the nature, timing and extent of the audit procedures performed. 2. Such documentation should enable the experienced auditor to understand the results of the audit procedures performed and the audit evidence obtained. 3. Audit documentation should enable the experienced auditor to understand significant matters arising during the audit, the conclusions reached thereon, and significant professional judgments made in reaching those conclusions. 4. Audit documentation is required to include every matter considered by the auditor during the audit, even if the matter had no significance to the audit. Which of the following is correct? A. 1, 2 and 3 only B. 1 and 4 only C. 2, 3 and 4 only D. 1, 2, 3 and 4

Extremely sorry for the delay guys. Better late than never 😅 Hope you all are set for the MCQs🤩🤩

MTP 2 Detailed Discussion is OUT✅ Do Watch jldi jldi to get full Confidence in your Law Exam Link to Watch Video - https://youtu.be/ctQpFLaOE1o?si=Jh_adh5tyvQmbGmP Link to Join Telegram for all the Summarised Handwritten Notes 😉 - https://t.me/CACSVidhijain Drive Link for all the free Resources - https://drive.google.com/drive/folders/1wBnzRN1olUXarck3q5MJxNT9kkjcBnmP Hum Sab Sath Hai ❤️ Your Law Didi 🌸

MCQs at 8.30pm, Get Ready 🙈

Amendments for CA Inter Audit Sep'26 ✨ Clarifying again, that there is no Amendments as such for CA Inter Audit Sep'26 attempt, except below - Small Company Limit is changed from 4/40 cr to 10/100 cr ✅ You can definitely refer the Revision Videos posted on Youtube ❤️

5th MCQ Detailed Explanation ❤️😊