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The Arogya Bank Ltd. was having 130 branches all over India by the year ending 31 st March, 2026. 10 branches of the bank were already covered for…

CA Final · Advanced Auditing, Assurance and Professional Ethics · MTP · November 2026

The Arogya Bank Ltd. was having 130 branches all over India by the year ending 31 st March, 2026. 10 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 2025-26. (i) Bareilly branch, which started foreign exchange business from December 2025. (ii) Ambala branch, whose aggregate deposits were more than 45% of the aggregate deposits of the bank. (iii) Kota branch, which deals in treasury functions like investments and inter-bank borrowings but not in bill re-discounting. Sukh and Associates, Chartered Accountants were appointed as the stock auditors by the Bank's Audit Committee for ten branches for the year 2025-26. The Bank's management appointed and fixed the remuneration of Sukh and Associates, Chartered Accountants as the statutory auditors also for the year 2025-26, for the same ten branches for which they were given the assignment of stock audit. At the Kochi branch of the bank, there were high-value cash deposits in one of the current accounts during June 2025. Your firm has been appointed as the concurrent auditors for the Kochi branch for the year 2025-26. The cash collected by the branch was remitted to the currency chest on the very same day. However, during the concurrent audit for the month of April 2025 itself, the auditor noticed that the branch was unable to show intimations sent via e-mail to the currency chest for the cash remittance. Based on the above facts, answer the following MCQs:

(A) Bank's Management can appoint and fix the remuneration of statutory auditors only in consultation with the Audit Committee of the Board of Directors.

(B) Sukh and Associates, Chartered Accountants were already appointed for stock audit by the audit committee, therefore only audit committee was authorised to appoint or fix their remuneration as statutory auditors.

(C) Sukh and Associates, Chartered Accountants were already appointed for stock audit by the audit committee, so the Bank's Management is authorised to appoint the same firm as the statutory auditors without consulting the audit committee or members in the Annual General Meeting.

(D) Bank's Management cannot appoint or fix the remuneration of the statutory auditor unless the same is passed by a resolution in the Annual General Meeting of the Bank.

The Arogya Bank Ltd. was having 130 branches all over India by the year ending 31 st March, 2026. 10 branches of the bank were already covered for…

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