Question
During audit of XYZ Ltd., the auditor noted that the
management concealed certain pending litigations that could affect profitability. However, the CFO insisted it was not material. The auditor suspects deliberate omission. Under SA 200 and SA 240, what should the auditor do?Solution
As per SA 240, if there is a suspicion of fraud or material misstatement, the auditor must enhance audit procedures and consider modifying or qualifying the opinion.
Which of the following is a key factor considered in calculating the Loss Given Default (LGD) in credit risk models?
Which of the following is a characteristic of a global financial center?
1) Presence of a large number of financial institutions and services.
Legal risk in a bank can lead to which of the following?
                     I.       claims against institution,<...
As per Section 47 of the Companies Act, 2013, every member of a company limited by shares and holding equity share capital therein, shall ha...
Export/import to which of these countries cannot generally be settled through Asian Clearing Union mechanism?
For more than three years (unsecured) doubtful advances, provision will be made for
Consider the following statements about the budget estimates of fiscal year 2023-24.
1. The share of subsidies is more than the share of defen...
Which of the following best describes a "bulge bracket" investment bank?
The Prime Minister’s Task Force on MSMEs has set annual lending targets for banks. What is the recommended year-on-year growth in credit and accounts ...
What does MRR stand for?
