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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…

CA Final · Advanced Auditing, Assurance and Professional Ethics · MTP · November 2024

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 concurrent audit and the Bank's Audit Committee decided to include the below mentioned branches for concurrent audit from the year 2023-24. Udaipur branch which deals in treasury functions like investments and interbank borrowings but not in bill re-discounting.Varanasi branch which started foreign exchange business from February 2024.Chandigarh branch whose aggregate deposits were more than 35% of the aggregate deposits of the bank. Globe and Associates, Chartered Accountants were appointed as the stock auditors by the Bank's audit committee for four branches for year 2022-23. The Bank's management appointed and fixed the remuneration of Globe and Associates, Chartered Accountants as the statutory auditors also for the year 2022-23, for the same five branches for which they were given the assignment of stock audit. At the Kolkata branch of the bank there were high value cash deposits in one of the current accounts during April 2023. Your firm has been appointed as the concurrent auditors for the Kolkata branch for the year 2023-24. The cash collected by the branch was remitted to currency chest on the very same day but, during the concurrent audit for the month of April 2023 itself the auditor noticed that the branch was unable to show intimations sent via e-mail to currency chest for the cash remittance. Based on the above facts, answer the following MCQs:

(A) Globe and Associates, Chartered Accountants cannot accept the appointment as it was not offered by the audit committee and Bank's management is not authorised to appoint the auditors.

(B) Globe and Associates, Chartered Accountants can accept the appointment as they were already appointed for the stock audit of those branches by the audit committee.

(C) Globe and Associates, Chartered Accountants can accept the appointment as they have been appointed statutory auditors for the same five branches for which they were conducting stock audit.

(D) Globe and Associates, Chartered Accountants cannot accept the appointment as the audit firms should not undertake statutory audit assignment while they are associated with internal assignments in the Bank during the same year.

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…

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