CA Final Advanced Auditing, Assurance and Professional Ethics MTP May 2024: Question Paper and Solutions

How to Prepare for CA Final Advanced Auditing, Assurance and Professional Ethics

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Question directory and available solutions

49 indexed questions. Open a question to read its full statement and available answer.

1. Rohita & Co. Chartered Accountants, mainly into statutory audit and tax audit, has received an order in writing from the Central Government, in…
2. During the audit of Good Bank Ltd., the auditors and the management had a certain difference of opinion as to the amount and the items which needs…
3. Sam Ltd. appointed M/s Ajeet & Co., Chartered Accountants as Statutory Auditor. The Statutory Auditor found the Internal Audit function reliable and…
4. ABC Limited is a public company listed on the National Stock Exchange, having its registered office in Delhi. The company is primarily engaged in…
5. MN & Associates, a firm of Chartered Accountants, having CA. M and CA. N as partners, is based at Mumbai. MN & Associates are appointed to conduct…
6. Sun Chemicals Ltd., a prominent player in India's industrial landscape, has been etching its mark since its inception in 2008, headquartered in the…
7. While conducting the statutory audit of Tasty Foods Limited, CA. Careful has planned attendance at physical inventory count of the company from 29th…
8. While conducting audit of CGX Limited, a listed company, for year 2022-23, CA. Srishti notices that company has extinguished following material…
9. FAB Limited is availing the services of Atiya Private Limited for its payroll operations. Payroll cost accounts for 63% of total cost for FAB…
10. TPX & Co., Chartered Accountants is a large audit firm. It maintains audit documentation both electronically and in physical form (hard files). The…
11. IT dependencies also arise due to “system generated reports" and “interfaces”. How do such IT dependencies arise? Why it is important to identify IT…
12. CA. Gyan is a Chartered Accountant in practice and also an engineer by qualification. He wants to pursue a registered valuer course and work as a…
13. Jagdish Pvt. Ltd. is engaged in the business of real estate. The auditor of the company requested the information from the management to review the…
14. RML & Associates are one of the joint auditors of IND Bank for the year 2022-23. While auditing IND Bank, they are analysing industry data relating…
15. Mr. Mayank, a Chartered Accountant was the auditor of 'Chew Limited' for the year 2021-22 and 2022-23. During the financial year, the investment…
16. The audit report of Rare (P) Ltd for F.Y. 2022-23 was issued by SRM & Co. on 23rd July, 2023. However, a case was filed against Rare (P) Ltd on 9th…
17. CTO Limited is engaged in the fintech business. It is a member of few prominent industry chambers and trade associations and has come under…
18. CA. Navya is the statutory auditor of Lakshay Ltd. for the Financial year 2022-23. In respect of loans and advances of 75 Lakh given to Hariharan…
19. Naresh & Co., Chartered Accountants, have been appointed Statutory Auditors of Suchi Ltd. for the F.Y. 2022-23. The audit team has completed the…
20. Direct Benefit Transfer (DBT) is a major reform initiative of the Government of India to ensure better and timely delivery of benefits from…
21. GeM (e-market place) is a public procurement portal which provides opportunities to start-ups, entrepreneurs etc. to showcase their innovative…
22. When auditor's report on the audited financial statements contains a qualified opinion, but the auditor is satisfied that the summary financial…
23. CA. Z, in practice, is desirous of filling Multi-purpose Empanelment form (MEF) for inclusion of his name in panel for allotment of statutory audit…
24. CA. Puranjay is performing a forensic accounting engagement involving gathering of evidence in relation to suspected fraud of substantial amount in…
25. An auditor was auditing the quarterly financial results prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure…
26. CA. Arvind and CA. Deepak were jointly appointed as auditors of Pullcord Ltd. to ensure efficient audit and reporting, Arvind and Deepak took the…
27. Mr. L, (friend of Mr. M) a CA in practice invited Mr. M to set up a 'Network Firm' along with 2 more friends. All the four auditors agreed to the…
28. Maulik and Javeri Associates is a Firm of Chartered Accountants that provides assurance services to many companies, including listed companies. The…
29. Meera Films Ltd. is a distributor of movies in the state of West Bengal. The Company has a significant interest in other operating segments and…
30. M/s Vrinda & Associates (referred to as 'auditor') have been appointed as one of the statutory central auditors of ICCB Bank, (referred to as…
31. Nandini Ltd. a chemical manufacturing company, having its factory located at Kanawali Village, for the year 2022-23 appointed Vasu & Co. as their…
32. Pine & Associates is the statutory auditor of BB Ltd., a listed company and started its operations 6 years ago. The fieldwork during the audit of…
33. Aditya Ltd. was engaged in the business of owning and managing hotels and resorts, selling tourism packages and performing airline bookings for…
34. Suneel was appointed as the auditor of PCM Ltd. for the financial year 2022-23. During the course of planning for the audit, CA. Suneel intends to…
35. Gravity Ltd. is a medium-sized manufacturing company that is planning to implement a new digital system to streamline its production processes and…
36. Mr. S is a practising Chartered Accountant based out of Chennai. During the weekends, he involved himself in equity research and used to advise his…
37. BPMR and Associates, a renowned audit firm in the field of CA practice for the past three decades, was appointed to conduct the statutory audit of…
38. NRF Bank Ltd. is suffering from huge number of NPAs. During the month of April 2023, the management of the bank decided to sell some of its NPAs.…
39. A special notice has been issued for a resolution at 4th annual general meeting of TRIM Ltd., providing expressly that CA. Lucky shall not be…
40. Naveen Ltd. is a chair manufacturing company having its corporate office in Maharashtra. The company is in the process of expansion and has acquired…
41. You have recently joined a listed company after qualifying CA final exams through campus placement programme conducted by ICAI. The company you have…
42. STU & Associates have been the statutory auditors of the listed company "First and Last Ltd.," operating in the petrochemical industry, for the past…
43. Jinchandra & Co., Chartered Accountants, has been appointed statutory auditor of Gurudeva Ltd. for the F.Y. 2022-23. The audit team has completed…
44. During the course of an audit of a state government department, the Office of the Comptroller & Auditor General of India (CAG) observed that the…
45. CA. Evan has been in practice for two years and runs his proprietorship firm in the name of “Evan & Co.” He maintains notes in his mobile where he…
46. You have been appointed to compile the financial statements of the Kings & Company (a partnership firm) for tax purposes. During the course of your…
47. SAE 3400 explains that prospective financial information can take the form of a forecast, a projection, or a combination of both. In this context,…
48. The manager of Miskin (P) Ltd. approached CA. Rahul in need of a certificate in respect of a consumption statement of raw material. Without having…
49. Mr. Rajat, while reviewing the anti-fraud controls for a construction company, found that the company has witnessed a few frauds in the past mainly…