CA Final All Audit notes

CA final audit concept capsule 34 Do you know that banks can sell their NPA’s to other banks or to asset reconstruction companies? No, before selling those NPS bank need to ensure certain points which are as follows 1) they should have reminded in the books of Bank as NPA for at least 2 years 2)…

CA final audit concept capsule 33 Many students face difficulty in understanding meaning of due diligence, Investigation & forensic accounting let’s try to clearly understand the meaning of these concepts. 1) Due diligence is conducted before entering into any business transactions. It is like tak…

CA Final Audit Concept Capsule – 32 In CA Final Audit, we have a chapter SDG and ESG. Many students fail to understand the main crux of this chapter. Here, we will understand what this chapter is all about. In the process of doing business, many companies cause harm to environment & consume a lot …

CA final audit concept capsule 31 In the digital audit and assurance chapter, we have this concept, digital audit and auditing Digitally most of the students will be confusing with respect to these two concepts. We will discuss them clearly. Digital Audit - client is using technology for his busin…

CA Final Audit Concept Capsule 30 Do you know that a charted accountant in practice cannot accept his fees based on percentage of profits or contingent upon Future profits for his professional works? However, he can accept fee on percentage basis in case of following services that he provides. 1)…

CA FINAL AUDIT CONCEPT CAPSULE 29 Whether a Chartered Accountant in practice become Director of a Company? See the answer lies in which type of Director he wants to become. 1) Managing director/Whole time director - A chartered accountant, in practice, cannot become a managing director or a whole-…

CA Final Audit, Concept Capsule, 28 A chartered accountant, in practice, can audit and sign historical financial statements. This we know, right? Now, whether a chartered accountant can also sign forecasted financials? Generally, a chartered accountant shall not associate his name with an estimate…

CA Final Audit Concept Capsule 27 It is quite common for chartered accountants in practice to receive certain monies from their client for the purpose of incurring certain expenditures on behalf of client like paying their taxes, duties, gov fees, etc. Do you know that those monies that are receiv…

CA Final Audit Concept capsule -26 Whether a chartered accountant in practice can do as many number of audits as he wants? Unfortunately, the answer is no Icai has put certain limitations in case of tax audit. A chartered accountant can do maximum of 60 tax audits per year. Coming to statutory a…

CA Final Audit Concept Capsule - 25 Do you know that after you qualify CA, In case you set up a practice, you have to disclose to ICAI the amount of Fee that you received from your practice? However, disclosure of fee is required only in the following situations 1) For Non public interest entiti…

CA Final Audit Concept capsule - 24 Chartered accountants can practice in the form of networks. Now what are these networks? Two or more firms can come together to form a network here or some of important points with respect to network firms. 1) network can be in the form of a mutual entity, partn…

CA Final Audit Concept capsule - 23 we have learnt about denial of service attack in digital audit chapter, but have you ever thought how this denial of service attack occurs practically? Let us take example of Flipkart server, which has capacity to handle 10,00,000 requests at the same time, now …

CA final audit concept capsule-22 You would have heard the term IT dependency in your digital audit chapter. Did you ever thought is meant by this IT dependency? See, it is simple, depending on information technology for various purposes is known as IT dependency .The name itself gives its meanin…

CA Final Audit Concept Capsule - 21 As per Clause 7 of CORO 2020, Auditor has to report whether the company is regular in depositing undisputed statutory dues. One tricky question that can be asked on these concepts where students might get confused is… Let's say a company is making a lump sum pa…