A practicing Chartered Accountant is appointed by a company to perform certain agreed-upon procedures relating to its trade payables. Such agreed…

CA Intermediate · Auditing and Ethics · MTP · September 2024
A practicing Chartered Accountant is appointed by a company to perform certain agreed-upon procedures relating to its trade payables. Such agreed upon procedures include verifying listing with books of accounts, sending confirmation letters and reporting factual discrepancies to company management. Which of statements is correct in this context?
(A) The practicing CA shall perform work in accordance with Standards on Related Services and SA 220.
(B) The practicing CA shall perform work in accordance with Standards on Related Services and SQC 1.
(C) The practicing CA shall perform work in accordance with Standards on Auditing including SA 220.
(D) The practicing CA shall perform work in accordance with Standards on Assurance Engagements and SQC 1.

Suggested Answer and Working Notes:

Correct Answer: Option (B)

The practicing CA shall perform work in accordance with Standards on Related Services and SQC 1.

Topics: Ethics and Terms of Audit Engagements

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