Question
During the audit of ABC Ltd., the auditor identifies
that a major debtor who owed ₹2 crore has declared bankruptcy post year-end but before signing of the audit report. What should the auditor do?Solution
This is an “adjusting event” under AS-4 (or Ind AS 10), as the condition existed at the balance sheet date and needs to be reflected in the financials.
What covers professionals for negligence and errors or omissions that injure their clients?
Which of the following is NOT a key expense considered in premium calculation?
Which one of the principles of insurance denotes a positive duty of the person seeking insurance to voluntarily disclose accurately and fully?
Coverage for property taken or destroyed by breaking and entering the insured’s premises, burglary or theft, forgery or counterfeiting, fraud, kidnap ...
Which of the following is a public sector general insurance company in India?
The primary categories of insurance business in India are:
What is the purpose of a deductible in an insurance policy?
_____________ is the only public sector company in the field of life insurance in India
In the context of insurance, what does "exposure" refer to?
The minimum paid-up capital requirement for setting up a general insurance company in India is:
