CA MCQs Quiz

CA Final DT - Ye Wale case m niche do views likhe hain, main ans m alag & notes m alag .... Main ans m turned down the application ka kuch likha hi nhi & cash release karne ko keh rahe hain

& Notes m bol rahe h ki AO not satisfied to cash release nhi hogi,

Descripve hoga to sab likh denge

Ye case MCQ m aaye to ans hoga ?

If option is

A. All Cash will be released, as application file within time

B. Cash will release as application file within time, after reducing the existing liability of tax

C. No, cash will not release as AO take down the application, he is not satisfied

D. even though AO take down application, cash will release after reducing tax liabilities if any

DT - Basic concepts

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CA Final FR Chap 1 Easy Quiz

🦅CA Final Audit - Chap 1 - Difficult level MCQs from ICAI Bos App

Q1. PMP Ltd. is an associate of PMP Inc, a company based in Kuwait. PMP Ltd. is listed in India having its corporate office at Assam. The company’s operations have remained stable over the years and the management is looking to expand the operations for which the management is considering different business ventures.

The company’s auditors issued clean audit report on the audit of the financial statements for the year ended 31st March 2022.

For the financial year ended 31st March 2023, the auditors made some changes in their audit team. While the audit partner remained the same, the field incharge has been replaced, as the field incharge who was engaged in the audit of the financial statements for the year ended 31st March 2022 has left the firm. The audit team has a new person as External Quality Control Reviewer (EQCR) who has specialized knowledge of the industry in which the company is operating. EQCR has been employed with the firm for over 2.5 years and is yet to clear his CA (Chartered Accountancy) final exams. The changes were made on the basis of the consideration that the firm has enough experience of engagement with this client.

The audit team commenced the work for audit of the year ended 31st March 2023 after detailed planning and it was observed that EQCR had various comments on certain matters which were not accepted by the audit partner. Audit partner had better understanding of the client and after assessing the comments of the EQCR did not find those relevant.

The audit partner without concurrence of the EQCR finalized the audit and issued the audit report.

In the given situation, please advise which one of the following is correct?

Options:

A. The changes in the audit team were not appropriate except for the field incharge who had left the firm. EQCR should have been a member of the Institute of Chartered Accountants of India (ICAI).

B. The audit partner did the right thing by ignoring the comments of EQCR as he is the final authority to decide on any matter and take decisions. Further EQCR was junior to the audit partner.

C. The audit partner must discuss each and every comment of EQCR with the client and ensure that a proper disclosure in respect of those points should be made either in the financial statements or the audit report.

D. EQCR had sufficient and appropriate experience. He should have been given the authority to objectively evaluate various matters, before the report is issued, the significant judgments the engagement team made and the conclusions they reached in formulating the report. By ignoring the comments of the EQCR, audit partner took additional professional responsibility on himself. By considering the comments of EQCR, he could have passed the responsibility to EQCR.