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.
When was the first phase of the India Post Payment bank inaugurated?
The Reserve Bank of India observed ______________, 2022 as Financial Literacy week 2022.
In the context of Indian economy, which of the following is/are the purpose/purposes of ‘Statutory Reserve Requirements’?Â
1. To enable the ...
Consider the following statements regarding Pradhan Mantri Jan Aarogya Yojana (PM-JAY):
I. It targets the beneficiaries as identified by Socio-Ec...
The Paris Agreement is a legally binding international treaty on climate change whose overarching goal is to hold the increase in the global average t...
Commercial banks create money in the following ways:
Individuals can now directly purchase treasury bills, dated securities, sovereign gold bonds (SGB) and state development loans (SDLs) under RBI’s ___...
Which of the following is not included in the assets of a commercial bank in India?
Inland Waterways Authority of India is the statutory authority in charge of the waterways in India.It was constituted under IWAI Act-_______Â by the Pa...
Which one of the following measures is not likely to aid in improving India’s Balance of Payment position?
