Question
SA 315 requires understanding the entity and its
environment, including internal control, to identify risks of material misstatement. A new auditor is engaged and starts with premises including: business processes, major transactions, organizational structure, IT systems, etc. Which of the following best captures the initial objective under SA 315?Solution
• SA 315’s core requirement is risk assessment via comprehensive understanding of internal controls.
X got 32% marks and failed by 96 marks while Y got 58.5% marks and got 63 more marks than passing marks. Determine the total marks in the exam.
Monthly income of P is Rs.12000 and his monthly savings is Rs.6500. If his monthly income is decreased by 25% and monthly expenditure is decreased by 20...
In 2020, Sumit's expenditure and savings are in the ratio of 4:3 . The following year, his expenditure increases by 25% , and his savings grow by (100/3...
- A person used to earn Rs. 18000 per month and spend Rs. 12000. In the following year, his income grew by 15% and his expenditure rose by 5%. Find the perce...
A person spends 25% of their income on rent, 20% on food, 15% on transportation, and 10% on miscellaneous expenses. They donate one-third of the remaini...
Divya saves 45.5% of her total salary. Express the part of her savings in decimal form.
- A college had 5500 students in 2018, with 68% of them being girls and the remaining boys. In 2019, the number of girls increased by 40% and the number of b...
In a hospital, the ratio of nurses to doctors is 5:2. 30% of nurses and 40% of doctors are working in the emergency department, and 20% of the remaining...
- Due to a 50% rise in fuel prices, Arjun decides to reduce his usage by 40%. Find the net percentage change in his fuel expenses.
Monthly income of Ajay and Bhanu is Rs. (x + 700) and Rs. x, respectively. If monthly income of Ajay is increased by 20% while that of Bhanu is decrease...
