A practicing Chartered Accountant has been engaged by a company to perform certain procedures relating to its trade payables. Such agreed upon…
CA Intermediate · Auditing and Ethics · MTP · January 2025
A practicing Chartered Accountant has been engaged by a company to perform certain procedures relating to its trade payables. Such agreed upon procedures includes verification of purchases from related parties, sending confirmation letters and reporting factual discrepancies to the management of the company. Which of the following statement is correct in this context?
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: Audit of Items of Financial Statements, Ethics and Terms of Audit Engagements
Related Questions in this Topic
- XYZ & Co., Chartered Accountants, are statutory auditors of JKL Ltd., a manufacturing company, for the financial year en...
- An auditor wants to ensure that he has complete knowledge of all locations where a company's inventories are stored. Sin...
- LR & Co., Chartered Accountants, are conducting the statutory audit of Beta Exports Ltd. for the financial year ended 31...
- During the statutory audit of Gala Retail Limited for the year ended 31st March, 2026, the Bank Reconciliation Statement...
- During the statutory audit of Very Good Electricals Limited for the year ended 31st March, 2026, S & Co., Chartered Acco...