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The Reserve Bank of India ( RBI ) directed asset reconstruction companies ( ARCs ) to deduct management fees from their capital where certain criterion is not met . It will address the prudential concerns arising from continued recognition of unrealised income . The RBI has directed ARCs to deduct from net owned funds where the management fee is not realised in 180 days from the planning period, irrespective of when the fees were recognised . Similarly, ARCs will have to deduct unrealised management fees where the net asset value of security receipts has fallen below 50 % of the face value .
An auditor finds management has overridden controls, leading to possible material misstatements. As per SA 240, what should the auditor do?
Which of the following constitutes the most reliable audit evidence?
As per SA 230, audit working papers must be retained for:
If the auditor is unable to obtain sufficient audit evidence and the possible effect is material but not pervasive, what type of opinion is issued?
Which of the following statements is not true?
‘Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of:
Which of the following financial statements shows a company's retained earnings over time?
The scope of internal audit is decided by the :
Suppose an NPO receives a donation of $10,000 from a donor. The entry to record this transaction would be as follows?
A sale of Rs. 25,000 to A was entered as a sale to B. This is an example of _
