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Start learning 50% faster. Sign in nowProfessional Judgement is the application of relevant training, knowledge and experience within the context provided by auditing, accounting and ethical standards in making informed decisions about the courses of action that are appropriate in the circumstances of the audit engagement. It is required with respect to Materiality and audit risk, nature, timing and extent (NTE) of audit procedures, evaluating sufficiency & appropriateness of audit procedures, evaluating management judgement in applying applicable FRF and drawing conclusions based on audit evidence As per the SA 200, the other key requirements of an Independent Auditor include: · Ethical requirements – comply with relevant ethical requirements and it includes adhering to independence with respect to audit engagements. code of ethics are issued by ICAI. Examples – integrity, objectivity, professional competence and due care, confidentiality, professional behaviour · Professional Skepticism – attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud and a critical assessment of audit evidence. Alertness is required with respect to Contradictory audit evidence, reliability of documents, conditions indicating possible fraud, circumstances requiring audit procedures in addition to those suggested in SAs. · Sufficient Appropriate Audit Evidence and Audit Risk - Sufficiency refers to quantum and appropriateness refers to quality. Purpose is to reduce audit risk to an acceptably low level and thereby enable the auditor to draw reasonable conclusions on which to base the auditor’s opinion.
By Selling 3 dozen oranges for rupees 405, a trader loses 25%. How many oranges should he sell for 288 if he needs to earn a profit of 20% in the transa...
A trader bought an article for Rs. 3000 and marked it 20% above of its cost price. If he sold it after giving a discount of Rs. 120 then find the profit...
A shopkeeper marks an article at 40% above the cost price and gives a discount of 20%. If the cost price of the article is ₹500, find the profit.
An item costs ₹2,000 less than ₹5,000. The dealer offers a discount of 10% and the retailer further offers a discount of 5% on its CP. The final SP ...
A man purchases some number of apples at the rate of 36 apple for Rs. 1. How many for a rupee did he sell to gain 12.5%.
An item is initially priced 36% higher than its cost price. After applying a 25% discount, it sells for a profit of Rs. 30. If, instead, the item is mar...
The cost of a piece of diamond varies with the square of its weight. A diamond of Rs.6,084 value is cut into 3 pieces whose weights are in the ratio 3 :...
Two back-to-back discounts of 25% and 20% are equivalent to a single discount of 'd%'. Calculate the value of '2d'