What is CAprep (caprep.co.in) and how does it help CA students?

CAprep (caprep.co.in) supports ICAI Chartered Accountancy students across CA Foundation, CA Intermediate and CA Final. It includes 13,000+ past questions, timed mock exams with AI answer-sheet evaluation, and CApex study support.

Does CAprep cover official ICAI PYQs, RTPs, and MTPs?

Yes, CAprep indexes over 13,000+ official ICAI Past Year Questions (PYQs), Revision Test Papers (RTPs), and Mock Test Papers (MTPs) categorized by level, subject, chapter, year, month, and marks with step-wise suggested answers.

Can I practice on both web and the CAprep Android mobile app?

Yes, CAprep offers seamless cross-platform sync across caprep.co.in on the web and the official CAprep Android Mobile App with full offline bookmarking, practice quizzes, and live AI support.

ALEXA Private Limited has been operating in India for the past 15 years with three group companies – one subsidiary in India and the other two in…

CA Final · Advanced Auditing, Assurance and Professional Ethics · RTP · May 2024

ALEXA Private Limited has been operating in India for the past 15 years with three group companies – one subsidiary in India and the other two in Singapore and Germany. The acquisitions of these subsidiaries were gradual, with control obtained after initial investments. The statutory auditors have determined that all group companies are significant for the audit of consolidated financial statements. For the year ending March 31, 2023, the audited financial statements of all components are available, except for the German company, whose audit has been delayed and won't be completed before the release date of the consolidated financial statements (CFS) of the parent company. The financial statements of the German company for the consolidation audit of CFS, what could be the possible situation?

(A) Since the audit of the German company is in progress, its financial statements subject to audit can be considered by the auditor of the parent company. Audited and signed financials can be provided to auditors even after the release of audited CFS, as this is a matter of documentation only.

(B) If the auditor does not receive audited financial statements of the German company, he should modify his audit report.

(C) The management should provide management accounts to the auditors of CFS, and the auditor can mention this point in the "other matters" paragraph in his audit report, which is an acceptable approach.

(D) The auditor should exclude the financial statements of the German company from the CFS.

ALEXA Private Limited has been operating in India for the past 15 years with three group companies – one subsidiary in India and the other two in…

Suggested Answer and Working Notes:

Related Questions in this Topic