May 2014 advanced auditing and professional ethics paper once again proved that only those who have done almost whole syllabus with conceptual clarity can attempt it well.....out of 21 chapters (as per my book), questions from 15 chapters were asked.... Here are the hint answers on request of so many of my students, but it is my sincere request from this attempt students.... plz.plz. Read it only after your exams r over... till then concentrate on your studies. u r not supposed to b active on fb during exams . Question 1 A.important point to be noted is attorney of client... thus managements expert in SA 500, then only SA 620 should have been written as discussed in various questions in class. B. Chapter 1 SAE 3400 topic 1.57 starting headings C. SA 240 (topic 1.9 chart, first n last part marked as important in class) SA 580 (General n last part from summary given in book) caro and SA 705 (chart on limitations imposed by management) D. SA 505, positive and negative confirmation request, in case of doubt, more persuasive evidences are required as per SA 330... thus positive confirmation request should have been obtained (Topic 1.4 and class notes) Question2. A.clause 3 of part I of second schedule.mention SAE 3400 also as given in book, like the question given on page 2.33 after this clause. B.clause 1 and 12 of part I of first schedule, guilty... could write the position of CA in employment in a practice unit as well (as discussed in class) C.clause 3 of part II of second schedule. (Same as example 3 given in the book after this clause) Could mention clause 11 of part I of first schedule as well . D. He is in practice as well as in employment. Question relates to his misconduct done in his capacity as an employee. .like question given on page 2.30. Thus, Mention clause 2 of part II of second schedule. refer to clause 3 and 11 of part 1 of first schedule as well. Question 3 A.topic 5.14 along with its summary on page 5.17 B.section 292A of the Companies Act.though question doesnt mention whether or not it is a listed company, mention clause 49 also. C.topic 21.2 of the book.remember the chart on same explained in class D.same q as given on page 2.35 (May 98 )and both the options already discussed in class Question 4. A. As 18 , SA 550, caro. B.chapter 6 caro points wrt section 301 C. Topic 17.4 of the book in CFS Question 5. A. Topic 13.8 and 13.11 containing npa provisions wrt agricultural advances explained in class with the help of examples B.given under topic 14.5 GIC C.last heading under topic 13.14 (bank audit) Question 6. A. Topic 9.4 planning for performance audit B.topic 16.3.. operational audit-meaning and objectives, he should have covered that. C.topic 7.3 in investigation D.topic 19.1 peer review heading named assurance services shall not include Question 7 A.Topic 12.7 nbfc B. Topic 3.6 in cis C. SA 315 along with topic 12.11 RBA D. SA 315 and internal check E. SA 530 tolerable misstatement in chapter 1. Correlate with SA 320 (PM) as well( explained in class) These are my views. Dont forget to refer to suggested answers of ICAI, whenever published. May God bless you all.
Posted on: Fri, 30 May 2014 19:50:39 +0000
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