 
			 
              
                
                Faculty-Auditing
                
                   56 Points
                   Joined June 2013
                
               
			  
			  
             
            
             
	Hint answers of C.A. Final Advanced Auditing and Professional Ethics paper november 2013 
	
	It is very much clear from the paper that only those students who had done whole syllabus and not the selective studies or topics, could attempt it nicely.
	Q 1a.... AS11 in CASR given in accounts rtp.
	Q1b.....SA402 and SAE3402.page 1.40 of my book para"obtaining an understanding of the services provided by a service organisation" . This is same as question 17 and 24a of practice mannual, discussed and marked in our special class on practice mannual.
	Q1c....SA705(new) page 1.91 of the book annexure iii of qualified opinion in case of inability to obtain sufficient and appropriate evidences  as discussed in class also." Basis for qualified opinion " para alongwith quantification to be specifically mentioned.
	Q1d....sa 500 , 505 , and 580 to be mentioned. Finally chart given in sa705 and discussed in detail in class (qualified/disclaimer)
	Q2a.....clause 2 of part I of first schedule (page 2.10 of my book) guilty. Similar cases discussed and explained in class also.
	Q2b....clause 6 of part I of first schedule ( page 2.16 of book point 1 in clause 6) not guilty.. discussed in class.
	Q2c....srs 4410 .. same letter is given on page 1.118 of the book.
	Q2d...topic 1.17 of book SA 320 (revised). Specifically mention frf also.
	Q3a....AS 29 and AS 15 .. refer to sa 500 620 and 705 (modified opinion ) also.
	Q3b....page 3.10 and 3.12 of the book. Thoroughly discussed in class with the help of keywords also.
	Q3c...SA 520 . Topic 1.27 (SAP)of the book. thoroughly discussed in class with the help of technique to remember all four factors.
	Q3d...clause 11 of part I of first schedule. Page 2.27 of book. ( guilty assuming he is engaged in other occupation without obtaining prior and specific permission) discussed in classes on PE and practice mannual 
	Q4a...AS 23 and SA 705
	Q4b....topic 13.6 first heading. Explained in class with the help of procedure
	Q4c...rules wrt deposits not in audit but given in law books.
	Q4d.. this is ipcc level question. Either write in general or same topic is given in my ipcc book chapter 4.
	Q5a.. AS 26 and SA 705
	Q5b...page 7.14 of the book last q and its answer. Discussed in class also
	Q5c...same as q1(i) on page 7.1 of practice mannual.  Specifically covered and marked in special classes on practice mannual.
	Q5d...CARO page6.7 of the book. Procedure like animation shown in the class to be followed. Drafting discussed in class while doing q (c) on page 6.29 .
	Q6a....general points on vouching of  expenses as explained in class with the help of chart to be discussed
	Q6b....page 2.16 and 2.20 of the book . Clause 6 and 7 of part I of first schedule. Guilty for soliciting and advertising as explained in class also
	Q6c... turnover calculation for the purpose of tax audit is same as per the rule given on page 6.16 of the book. Same rule to be adopted like we adopted in case studies in caro.
	Q6d....page 18.2 of book point 2 "audit committee" wrt requirement of meetings discussed in class
	Q7a...chapter 19 on peer review .. mention stages, objectives and technical std.
	Q7b...page 8.3 of book
	Q7c...listing agreement
	Q7d....topic 10.2 of book sub heading 1
	Q7e...topic 12.2 (EIA and its format)
	
	P.S. these are my personal views and hint answers. Students should refer to icai's suggested answers also whenever published. Again icai proved that " question paper kahi se bhi aa sakta hai... sab kuchh important hai... poora syllabus karo with more emphasis on understanding the concepts so that you can apply those in exams" thank you.