CA Final Advanced Auditing, Assurance and Professional Ethics MTP November 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. Mr. Rajan, the CEO of a mid-sized company, has received an email requesting him to urgently update his account details due to a supposed security…
2. DFL Ltd. has invited tenders for the appointment of statutory auditors, as M/s Cross Ltd., the previous auditor has retired due to completion of…
3. M/s Pihu & Associates are the statutory auditors of Brick Ltd. for FY 2023-24. During the audit, CA Arpit, the engagement partner noticed the…
4. MNO Ltd., incorporated in the financial year 1980-81, is a distinguished company specialising in the manufacturing of nickel-based batteries. As one…
5. EFG Ltd., incorporated in 1984-85, has distinguished itself as one of the most rapidly growing non-banking financial companies (NBFCs) having…
6. CA Ram and CA Lakshman are close friends and are into practice as sole proprietors. Both decided to expand their focus on taking up more assignments…
7. Spice Ltd., FMCG company, having its tea gardens in northeastern states of the country is exclusively dealing in blending, processing, packing and…
8. As auditor of Growth Limited, you have sent positive confirmation requests to 45 creditors of the company in March 2024. All of the creditors in the…
9. CA Shobit is conducting an audit of XYZ Ltd. for the year 2023-24. The company is engaged in the export of handicraft items in Europe. The audit is…
10. CA J is the statutory auditor of branch of a nationalized bank. During the audit, he is also focusing upon verification of Current Accounts &…
11. Mr. Aditya, a Chartered Accountant was the auditor of 'DRAW Limited'. During the financial year 2023-24, the investment appeared in the Balance…
12. CA Kabir, an auditor assigned to conduct a remote audit of Beetal Limited. The audit will be conducted virtually using online platforms, with the…
13. Deepti & Co., Chartered Accountants, during the audit of a Magma Ltd. found that certain machinery had been imported for production of new product.…
14. Singh Ltd. is a company registered under the Companies Act, 2013. The company is engaged in the business of loans and advances, acquisition of…
15. CA Shubh, a Chartered Accountant in practice specializing in the field of Information Systems Audit. He is considered to be one of the experts in…
16. Discuss the reporting responsibilities of statutory auditor in the following situations for year 2023-24 under CARO, 2020: (i) In the financial year…
17. One of the independent directors sought information regarding the appointment of internal auditors for the following Group Companies in accordance…
18. Pitch Private Limited requested CA Angad, a practicing Chartered Accountant, to digitally sign the form related to resignation of Mr. Ravi, one of…
19. SPS & Associates, Chartered Accountants, are statutory auditors of Grec Limited for the last two years. Grec Limited is engaged in the manufacturing…
20. CA H was appointed as a Statutory Auditor of MNL Limited, a listed company, which has three subsidiaries namely M Ltd., N Ltd., L Ltd. and also 15…
21. During the audit of Indo limited, CA Harish observed that processing of accounting data was given to a third party on account of certain…
22. You are engaged by M/s Viva Limited to examine and report on prospective financial information which the management of the company has prepared for…
23. Shri Limited, a listed Company, having its registered office at Mumbai is engaged in manufacturing of various types of yarns to be supplied to the…
24. Vicky is a financial analyst working for a large corporation that is considering the acquisition of a mid-sized manufacturing company. The initial…
25. PIHU Ltd. is a company engaged in the manufacture of Kids toys. The company sells its goods on credit basis. M/s. Mohan Sohan & Associates have been…
26. CA Rajveer is conducting an audit of a manufacturing company. To streamline the audit process, he uses a sampling tool to select a representative…
27. TK Associates a chartered accountant firm has been appointed as an auditor of the company for the financial year 2023-24. It consists of two…
28. GROSS Ltd., an unlisted company in Jamshedpur, is engaged in the business of spices. Total paid up capital of the company is 10 Crore. Details of…
29. The UNCO Bank Ltd. was having 145 branches all over India by the year ending 31st March 2023. Twelve branches of the bank were already covered for…
30. M/s AIM & Co. Chartered Accountants is a newly started firm. Their first assignment was to conduct a statutory audit of M/s DM Crackers Ltd. (a…
31. Neptune Ltd. is a company that holds significant investments in a portfolio of equity securities. Due to a decline in market values, the company's…
32. Pratibha Ltd. is a company engaged in the manufacturing of iron doors. JLN & Associates are the statutory auditors of Pratibha Ltd. for the…
33. During the course of audit of PEC Limited, CA Guru has reason to believe that a fraud involving 75 lakhs has been committed in the company by its…
34. Mr. Arjun was appointed as the engagement partner for conducting the audit of Kurukshetra Tech Ltd. for financial year 2023-24, on behalf of NEMI &…
35. CA. Kapila, in practice, is desirous of filling Multi-purpose Empanelment Form (MEF) for inclusion of her name in panel for allotment of statutory…
36. Remote audit is an audit where the auditor uses the online or electronic means to conduct the same. It could be partially or completely virtual,…
37. Studio Ltd. appointed AB & Associates and CD & Co. as joint auditors for conducting the audit for the year ending on 31st March 2024. During the…
38. Manu Finance Ltd. is a Non-Banking Finance Company and was in the business of accepting public deposits and giving loans since 2019. The company was…
39. DIGI & Associates. conducted Stock Audit of PQR Ltd. as per instructions issued by ASG Bank. However instead of visiting the site where the stock…
40. Girdhar Ltd. owns 61% voting power in Meera Ltd. It however, holds and discloses all the shares as "Stock-in-trade" in its accounts. The shares are…
41. Abhinandan Ltd., a company wholly owned by Delhi government was disinvested during the previous year, resulting in 38% of the shares being held by…
42. CA Ram, a practicing chartered accountant, is well known for his expertise in handling Goods and Services Tax (GST) cases at the GST Tribunal and he…
43. Quality Ltd. is engaged in the business of manufacturing and distribution of various Ready to cook products like vegetables, Noodles etc. The…
44. While assessing the impact of uncorrected misstatements in the audit of MINI Builders Private Limited, Mr. Gautam encountered a significant issue…
45. Consistent Enterprises Ltd., a listed company, has been voluntarily preparing and disclosing its sustainability report based on the internationally…
46. Mr. Atharv, while conducting the audit of Black Mountain Mining Ltd., which is involved in phosphate mining, decided to engage an auditor's expert…
47. Mr. Jay is a practicing Chartered Accountant working as proprietor of M/s Adhya & Co. He went abroad for 4 months. He delegated the authority to Mr.…
48. The practitioner shall not accept the compilation engagement unless the practitioner has agreed the terms of engagement with management, and the…
49. A review of financial statements includes consideration of the entity's ability to continue as a going concern. If, during the performance of the…