Question
Why did RBI impose a penalty of Rs 10,000 each on Bank
of America, N.A. and HDFC Bank Ltd.?Solution
Bank of America, N.A. was penalized for violating RBI's instructions on reporting requirements under the Liberalised Remittance Scheme of FEMA 1999. HDFC Bank faced a penalty for violating directions related to the acceptance of deposits from non-residents.
Which of the following is NOT part of auditor’s understanding of the entity and its environment under SA 315?
……… is an audit on a legal entity (the auditee) by two or more auditors to produce a single audit report, thereby sharing responsib...
Which of the following deductions is/are available as deduction from income under both the old and new tax regime of Income Tax?
An auditor identifies a significant risk around revenue cut-off due to manual end-period adjustments and complex multi-element contracts. The client pro...
An auditor finds material misstatements due to fraud but the management refuses to take corrective action. What should be the auditor’s next step?
‘Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of:
The scope of internal audit is decided by the :
Vouching primarily relates to:
Which of the following provides the most reliable audit evidence?
An auditor concludes financial statements give a true and fair view, except that inventory of Rs. 50 lakh was not physically verified due to management ...
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