AdvAudit & Professional Ethics

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CA Avishi Gupta CA Vinay Kumar

AUDIT Chapter Reference
Ch Chapter
1 Quality control SQC 1 and 220
2 SA 240, 250, 260, 299, 402, 200,210, 230
3 SA 300, 450, 520, 540, 610, 620
4 SA 265, 330, 315, 320
5 SA 500,501, 505, 510, 530, 550
6 SA 560, 570, 580
7 SA 700, 701, 705,706,710,720 TYK
8 SA 800, 805, 810
9 SRS 4400, 4410
10 SRE 2400, 2410
11 SAE 3400, 3402, 3420
12 Digital audit
13 Group audit
14 Bank audit
14 NBFC
15 PSU audit
16 Internal audit
17 Due diligence, Investigation and Forensic
Audit
18 SDG and ESG
19 Professional Ethics
Initial Wording (A-Z) Index

TOPIC Pg No.
A 1-2
B 2
C 3
D 4-5
E 5
F 6
G 6
H 7
I 8
J -
K 9
L 9
M 10-11
N 11
O 11
P 12
Q -
R 12
S 13
T 14
U 15
V -
W 15-21
X -
Y 21
Z -
 Ref Question Pg Other
A A A A
Ch 9 TYK-2 A Chartered Accountant is offered appointment for a compilation engagement to be
performed under SRS 4410. Is he required to comply with ethical requirements of Code of 9.20
Ethics? Discuss briefly.
Ch 12 CS- A large passenger carrier is having an AI bot for passenger ticket booking with following
12.37
processes
Ch 13 TYK-6 A Ltd. holds the ownership of 10% of voting power and control over the composition of Board
of Directors of B Ltd. While planning the statutory audit of A Ltd., what factors would be
13.34
considered by you as the statutory auditors of A Ltd for the audit of its consolidated financial
statements prepared under Ind AS?
Ch 19 TYK-7 A partner of a firm of chartered accountants during a T.V. interview handed over a bio-data
of his firm to the chairperson. Such bio-data detailed the standing of the international firm
with which the firm was associated. It also detailed the achievements of the
19.160
concerned partner and his recognition as an expert in the field of taxation in the
country. The chairperson read out the said bio-data during the interview.
Discuss whether this action by the Chartered Accountant would amount to misconduct or
Ch 19 TYK-9 A practising Chartered Accountant uses a visiting card in which he designates himself,
19.160
besides as Chartered Accountant, Cost Accountant. Is this a misconduct?
Ch 19 illus-38 Accepting Appointment as an Auditor: Chapter 7 of Council General Guidelines 2008 19.115
Ch 4 TYK-6 According to you, which basis system of control has been violated? Also list down the other
general conditions pertaining to such system which needs to be maintained and checked by 4.62
the management.
Ch 19 illus-13 Advertisement of Professional Attainments - offer document - Clauses (6) and (7) of Part I of
19.62
the First Schedule
Ch 19 illus-12 Advertisement of Professional Attainments - personal letter heads,: Clause (7) of
19.62
Part I of the First Schedule
Ch 17 TYK-17 Advise Management about the difference in forensic accounting and audit 17.75
Ch 14 TYK-10 Advise the auditor with reference to auditor procedures to be taken and reporting
14.123
requirements on the same in view of CARO 2020
Ch 14 TYK-5 Advise your views on the issue which were brought to your notice by your Audit Manager.
14.73
Ch 19 illus-24 Allowing a Member Not Being a Partner to Sign Certificate: As per Clause (12) of
19.86
Part I of the First Schedule
Ch 19 illus-5 Allowing to Practice in a Chartered Accountant’s name - Clause (1) of Part I to the First
19.43
Schedule
Ch 2 TYK-2 Although she has ensured that there are no threats to her independence, she feels
requirement of audit committee to be beyond its purview. What is your opinion in this 2.51
regard?
Ch 19 TYK-8(a) An advertisement was published in a Newspaper containing the photograph of Mr. X, a
member of the institute wherein he was congratulated on the occasion of the opening 19.160
ceremony of his office.
Ch 6 TYK-1 Analyse the issues involved and give your views as to whether or not the Auditors could
6.24
accede to the request of the Board of Directors
Ch 4 TYK-7 Analyse the Risk of Material Misstatement and find out the overall Audit Risk. 4.62
Ch 19 illus-39 Appointment as a Statutory Auditor of a PSUs’/Govt Company(ies)/Listed Company(ies) and
19.118
Other Public Company(ies): Chapter IX of Council General Guidelines 2008
Ch 19 illus-17 Appointment of Auditor by Board: Clause (9) of Part I of First Schedule 19.74
Ch 13 CS- As a statutory auditor how would you deal with it? - 20% shares of Child Ltd were sold by
13.29
Parent
Ch 13 TYK-5 As a Statutory Auditor, how would you deal? 13.34
Ch 17 TYK-13 As an auditor of the Company, you have been asked to investigate the matter. What are the
17.75
major areas that you would verify in this regard?

By CA Vinay Kumar
By CA Avishi Gupta Page 1
 Ref Question Pg Other
Ch 13 TYK-7 As an auditor, how will you draft the report in case: 13.34
Ch 7 TYK-7 As an expert you are required to advise the auditor about the requirements regarding
auditor’s report for audits conducted in accordance with both Standards on Auditing issued 7.95
by ICAI and International Standards on Auditing.
Ch 4 TYK-12 As an internal auditor, you are required to briefly discuss the general condition pertaining to
the internal check prevalent in internal control system. Do you think that there was proper 4.63
division of work in BSF Limited? If not, why?
Ch 17 TYK-12 As an investigating accountant what will be your areas of verification and the procedure to be
17.75
followed for verification of defalcation of inventory?
Ch 14 TYK-2 As statutory central auditors of a Nationalized bank, what special points are to be borne in
mind in the audit of compliance with "Statutory Liquidity Ratio" (SLR) requirements? 14.73

Ch 3 TYK-3 As the audit partner what factors shall be considered in the development of overall audit
3.58
plan?
Ch 3 TYK-1 As the auditor how do you minimize the risk of material misstatements? 3.58
Ch 14 ICS-2(5) As these allowances involve significant judgment and estimates, she
wants to state how it was addressed by her. How she can do that? - loan losses using 14.119
ECL - Ind AS 109
Ch 2 TYU-4 At what time he should communicate such identified “Key audit matter”? 2.35
Ch 12 TYK-3 Auditor should scope in ITGCs to tests when there are IT dependencies identified in the
12.53
system. Briefly describe the types of IT dependencies.
Ch 7 illus-9 Auditor wants to draw the user’s attention towards such matters, though his opinion
7.41
is not modified in respect of such matters
Ch 11 TYK-1 Ayurda Ltd.is a fast-growing and award-winning SaaS software company which is
headquartered in Mumbai. It also has offices in the UK and provides cloud-based
professional services automation (PSA) software solutions to professional services
11.34
organizations around the world. They want to engage you to provide an assurance report
for one of its major clients over the controls it operates as a service organisation. Can you
provide such an assurance report?
B B B B
Ch 3 TYK-9 Being the head of the audit team, you are, therefore, required to draw an audit programme
initially in respect of its revenue and expenditure considering the above mentioned facts 3.59
along with other relevant points relating tosuch complex
Ch 12 TYK-1 Briefly describe the advantages and challenges of Auditing digitally. 12.53
Ch 12 TYK-5 Briefly describe the cyber security Framework. 12.53
Ch 15 TYK-4 Briefly discuss the issues addressed by Performance Audits conducted in accordance with the
15.35
guidelines issued by C&AG.
Ch 17 TYK-16 Briefly discuss the key content of Forensic Accounting and Investigation Report. 17.75

By CA Vinay Kumar
By CA Avishi Gupta Page 2
 Ref Question Pg Other
C C C C
Ch 6 ICS-2(3) CA Namit’s conclusion will lead him to give which type of audit opinion 6.16
Ch 10 TYK-4 CA. Pankaj Chaturvedi has issued a review report dated 28.7.2022 for financial results of a
company for quarter ending 30.6.2022. Describe his responsibility, if any, for events 10.47
occurring from 1.7.2022 till date of review report in accordance with SRE 2410.
Ch 3 illus-1 Can CA. Kishore rely on such report?- physical verification of inventory 3.31
Ch 8 TYU-3 Can he accept such engagement? - offered audit of trade receivables 8.15
Ch 16 TYU-1 Can he be appointed in this leading position of said company? 16.13
Ch 1 TYK-1 Can he consult with engagement quality control reviewer? Discuss. 1.26
Ch 8 TYK-1 Can he express unmodified opinion in respect of trade receivables? If so, discuss those
8.31
circumstances.
Ch 8 TYU-6 Can he issue an unmodified opinion on summary financial
8.26
statements derived from audited financial statements?
Ch 16 TYU-2 Can he perform such type of activities in capacity of internal auditor of
16.14
company?
Ch 10 TYU-1 Can Roma Limited get its financial statements reviewed from a professional
10.5
accountant in practice?
Ch 16 TYU-3 Can statutory auditor place total reliance on work performed by internal
16.27
auditor in this regard?
Ch 15 TYU-2 Can you gauge likely nature of such responsibility thrust upon auditors of above PSU? 15.28
Ch 12 TYU-2 Can you list out examples of few situations (in brief) of tests performed by him using
12.30
CAATs
Ch 18 TYU-1 Can you list some of its expected benefits? 18.9
Ch 11 TYK-1 Can you provide such an assurance report? 11.34
Ch 19 illus-37 Ceiling limit for signing the Tax Audit Reports: Council General Guidelines 2008 19.114
Ch 10 ICS-1(2) choose the appropriate sentence beginning with “Our responsibility XXXX 10.44
Ch 5 TYK-4 Comment with respect to Standards of Auditing relating to the confirmation process and
5.30
how to deal the non-receipt of confirmation
Ch 19 illus-18 Communication by incoming auditor with previous auditor+ failed to ascertain
19.75
compliance of requirement of Sec 139 & 140: Clause (8) of Part I of First Schedule
Ch 19 illus-15 Communication with the Previous Auditor - accepting tax audit without sending any
19.67
communication to the previous tax auditor: Clause (8) of Part I of the First Schedule
Ch 19 illus-16 Communication with the Previous Auditor - sent letters under certificate of
19.68
posting to the previous auditor: Clause (8) of Part I of the First Schedule
Ch 7 TYK-4 Compare and explain the following:
(i) Reporting to Shareholders vs. Reporting to those Charged with Governance (ii) Audit 7.94
Qualification vs. Emphasis of Matter.
Ch 10 ICS-1(5) Complete the paragraph 4 of case study from following options - Based on our
10.44
review conducted as stated
Ch 15 TYK-7 Comptroller & Auditor General appointed Verma & Associates, a chartered accountant firm,
to conduct Performance audit of MAP Ltd., a public sector undertaking of Government of
India. The firm conducted the audit with a view to check all the expenses of the unit are in
15.36
conformity with the public interest and publicly accepted customs. The audit report
submitted by audit firm was rejected by C&AG. Give your opinion on the action of C&AG.

Ch 4 TYK-7 Compute the overall Audit Risk if looking to the nature of business there are chances that
40% bills of services provided would be defalcated, inquiring on the same matter 4.62
management
Ch 6 ICS-2(4) Consider the following statements: - going concern 6.16
Ch 15 ICS-1(4) Considering nature of audit finding described at para [D] of case concerning delay in
completion of work of thermal power plant, the said audit finding is likely to fall in 15.33
domain
Ch 7 TYK-6 Considering this the statutory auditors are determining as to how to address these
7.95
observations in terms of their reporting requirement. Please advise.
D D D D

By CA Vinay Kumar
By CA Avishi Gupta Page 3
 Ref Question Pg Other
Ch 14 TYK-1 Define NBFC. Also give a brief description about types of NBFCs covering any five NBFCs. 14.121
Ch 9 TYK-5 Define the characteristics of Compilation Engagement. What should be the approach of CA P
9.20
for performing the Engagement ?
Ch 4 TYU-1 Describe why above finding would change auditor’s assessment in relation to above 4.17
Ch 19 illus-29 Disclosure of Client’s Information- shared some of the vital information of his
19.93
client’s business: Clause (1) of Part I of the Second Schedule
Ch 19 illus-26 Disclosure of Information- did not fill in the columns which solicit information about
19.89
his engagemen: As per Clause (2) of Part III of First Schedule
Ch 14 TYU-2 Discuss any five areas pertaining to advances of the branch which you would verify to ensure
14.68
no revenue leakage
Ch 7 TYK-10 Discuss as to how CA Omkar should deal with the situation in the auditor’s report. 7.96
Ch 8 TYU-3 Discuss brief outline of his audit approach in such a situation 8.15
Ch 5 TYU-1 Discuss from what sources she can obtain reliable audit
5.4
evidence in this regard
Ch 5 TYU-4 Discuss how he should proceed in the above matter as auditor of TS Ltd 5.5
Ch 5 TYU-7 Discuss how it is going to affect his audit of the company 5.9
Ch 9 TYK-4 Discuss main documentation requirements to be taken care of by a practitioner while
9.20
performing a compilation engagement under SRS 4410.
Ch 5 CS (D)-1(2) discuss responsibilities of auditor in regard to information prepared by company
5.13
involving such an expert
Ch 6 TYU-3 Discuss the approach to be adopted by her in examining the “going concern”
6.7
assumption keeping in view above with specific reference to cash flow forecast
Ch 11 TYK-2 Discuss the significance of Pro forma financial information included in prospectus of a
11.34
company.
Ch 11 TYK-3 Discuss the term “Pro forma adjustment” under SAE 3420. 11.34
Ch 2 TYU-5 Discuss where responsibility for such lapses would lie in line with SA 299? 2.40
Ch 16 TYK-5 Discuss whether Mr. A, statutory auditor, can ask direct assistance from Mr. B, internal
16.30
auditor as stated above in view of auditing standards.
Ch 1 TYK-3 Discuss whether Ramanujan’s view is in order 1.26
Ch 8 TYU-5 Discuss whether there exists any additional reporting responsibility for
auditor in such a situation in respect of audit report on summary financial 8.26
statements.
Ch 10 TYK-1 Discuss why “inquiry” is important as an audit procedure in an engagement to review
10.47
financial statements
Ch 8 TYU-4 Discuss why it would be practically difficult for CA G to perform such an audit -offered
8.16
audit of trade receivables appearing
Ch 2 TYK-4 Discuss why the potential effects of inherent limitations of an auditor’s ability to detect
material misstatements described in SA 200 are far greater in respect of non-compliance with 2.51
laws and regulations?
Ch 10 TYK-2 Discuss, any five procedures, by which he can update his understanding of the company for
10.47
carrying out quarterly review.
Ch 2 TYU-1 Discuss, how you should proceed to deal with above situation, 2.21
Ch 9 TYU-2 Discuss, how you should proceed to deal with the matter? - theft loss of its
9.17
inventories over period of time at storage location visited infrequently.
Ch 10 TYU-2 Discuss, how you would proceed further in the matter under SRE 2400 10.27
Ch 10 TYU-3 Discuss, how you would proceed to deal with the same in review report? 10.42
Ch 11 TYK-4 Discuss, how, a Chartered Accountant can be associated with prospective financial
11.34
information without violating relevant provisions of the CA Act, 1949
Ch 19 illus-28 Disrepute to the Profession - used his influence to get a loan and thereafter
19.90
failed to repay: Clause (2) of Part IV of First Schedule
Ch 13 TYK-8 Do you agree with the view of M Ltd.? Decide, assuming, that M Ltd. is required to prepare its
13.35
financial statements under Ind AS.
Ch 2 TYU-3 Does above situation has any bearing on your responsibilities as statutory auditor of the
2.28
company?
Ch 1 TYK-2 Does CA firm have responsibility in relation to quality control for above said
1.26
engagement? Discuss with reasons.

By CA Vinay Kumar
By CA Avishi Gupta Page 4
 Ref Question Pg Other
Ch 14 TYU-3 Does it meet the requirements of Division III of Schedule III of Companies Act,
14.116
2013?
Ch 3 TYU-3 Does she require refreshening of her knowledge? 3.16
Ch 5 TYU-2 Does the above case highlight to a situation of “impracticability of
5.5
attendance” at inventory counting in terms of requirements of SA 501?
Ch 5 TYU-6 Does there exist any responsibility on his part in such a situation 5.9
Ch 13 TYU-3 Draft a suitable para by making necessary assumptions. 13.28
Ch 8 TYU-2 Draft a suitable para to be included in the report for this purpose 8.8
Ch 14 TYK-10 Draft the points of audit check that are very relevant to this area of checking. 14.74
Ch 7 illus-1 Draft the relevant portion of the auditor’s report 7.11
Ch 17 TYK-4 Due diligence is different from audit” – Explain the difference between due diligence and
17.74
audit.
Ch 7 TYK-10 During the course of audit, CA Omkar obtained certain audit evidence which were not
consistent with the affirmation made in the financial statements. Discuss as to how CA Omkar 7.96
should deal with the situation in the auditor’s report.
Ch 3 TYU-3
During the course of audit, she embarked upon extensive procedures relating to verification 3.16
of receipt of foreign contributions to rule out “round-tripping”
Ch 4 illus-1 During the process of extracting the exception reports, the auditors noted numerous
4.11
purchase entries without valid purchase orders.
Ch 18 TYU-1 Dwell upon what is your understanding of “Sustainability reporting”? 18.9
E E E E
Ch 4 TYU-5 Elaborate how he should proceed to deal with the above matter 4.52
Ch 12 TYK-9 Emerging technologies can bring great benefits, but they also come with a varied set of
substantial risks. Give some examples of technology risks of digital system and the control 12.54
considerations to consider while assessing technology risk.
Ch 19 illus-22 Engaging into a Business- trading in commodity derivatives: As per Clause
19.84
(11) of Part I of First Schedule
Ch 12 TYK-8 Enterprises are adopting emerging technologies at a rapid pace to create synergies and
harness the latest technologies. Give 3 examples of automated tools used as a part of
12.54
emerging technologies along with the risk and audit considerations associated with these
tools.
Ch 19 illus-40 Entire Audit Fees Received in Advance: Chapter X of Council General Guidelines, 2008 19.119
Ch 15 TYK-1 Enumerate the contents of Audit Report presented by C & AG. 15.35
Ch 17 TYK-15 Enumerate the steps to be undertaken in case of forensic accounting process. 17.75
Ch 4 TYK-4 Explain briefly the Flow Chart technique for evaluation of the Internal Control system 4.62
Ch 7 illus-1 Explain how CA Sameer will deal with the above situation in his auditor’s report 7.11
Ch 2 TYK-7 Explain the responsibilities of the joint auditors with respect to such joint audit 2.52
Ch 3 TYK-2 Explain the responsibility of auditors, in case, report made by Mr. Y’s actuary, later on, was
3.58
found faulty.
Ch 14 TYK-3 Explain the scope of concurrent audit of a bank with reference to Reserve Bank of India
14.73
guidelines.
Ch 8 TYK-3 Explain, by giving examples, meaning of special purpose framework. 8.31
Ch 5 CS (M)-1(3) External confirmations for receivables are not reliable in which of the
5.14
following situations:

By CA Vinay Kumar
By CA Avishi Gupta Page 5
 Ref Question Pg Other
F F F F
Ch 19 illus-32 Failed to exercise Due Diligence - certified the circulation figures: According to
19.103
Clause (7) of Part I of Second Schedule
Ch 19 illus-27 Failed to Supply Information Called For- many reminders from ICAI he fails to reply
regarding the date of leaving the service: As per Clause (2) of Part III of the First 19.89
Schedule
Ch 19 illus-30 Failure to Disclose Material Facts - loan was not reflected in the books of
19.101
account.: As per Clause (5) of Part I of Second Schedule
Ch 19 illus-35
19.108
Failure to Keep Money in Separate Bank Account: Clause (10) of Part I of Second Schedule
Ch 12 CS-
12.35
Following are the illustrative steps for performing audit of above said block chain:
Ch 5 TYU-7 Further, on the basis of samples selected, he concludes erroneously that
work-in progress inventories amounting to ` 5 crore in financial statements are 5.9
materially misstated
G G G G
Ch 17 TYK-14 General objective of an audit is to find out whether the financial statements show true and
fair view. On the other hand, investigation implies systematic, critical and special examination 17.75
of the records of a business
Ch 12 TYK-8 Give 3 examples of automated tools used as a part of emerging technologies along with the
12.54
risk and audit considerations associated with these tools.
Ch 12 TYK-10 Give example of emerging technologies available for Next Generation Audit along with the
12.54
risks associated with it.
Ch 2 TYK-6 Give your comments with respect to such situation 2.52
Ch 19 illus-34 Grossly Negligent in Conduct of Duties - value of investments was inflated: As
19.106
per Clause (7) of Part I of Second Schedule
Ch 5 TYK-2 Guide GHK Associates with 'Examples of Matters' that may be relevant when obtaining an
understanding of the methods used by the management with reference to the relevant 5.29
Standards on Auditing.
Ch 1 TYK-5 Guide MB & Associates about the matters to be considered with regard to the integrity of a
1.26
client, as per the requirements of SQC 1.

By CA Vinay Kumar
By CA Avishi Gupta Page 6
 Ref Question Pg Other
H H H H
Ch 13 TYK-9 H Limited is an Investment Company preparing its Financial Statements in accordance with
Ind AS. The Company obtains funds from various investors and commits its performance for
fair return and capital appreciation to its investors. During the year under audit, it had been 13.35
observed that the Company had invested 25% in S1 Ltd., 50% in S2 Ltd. and 60% in S3 Ltd. of
the respective share capitals of the Investee Companies.
Ch 19 TYK-1 He also advised them on Portfolio Management Services whereby he managed
19.159
portfolios of some of his clients. Is P guilty of professional misconduct?
Ch 3 TYU-2 He has further made up his mind to decide about sample size at time of performing various
3.16
planned procedures
Ch 19 illus-8 Hosting Details on Website: Guidelines + Clause (6) of Part I of the First Schedule 19.55
Ch 5 CS-2(4) how CA Sceptic needs to plan the future course of action? - likelihood of misappropriation of
5.19
funds and the financial statements as a whole
Ch 5 TYU-1 How can she challenge management’s assertion regarding the completeness of
5.5
export revenues
Ch 1 TYK-4 How can the stalemate be ended? 1.26
Ch 9 TYK-3 How do “related services” differ from assurance engagements? 9.20
Ch 7 TYU-3 How do you view decision to include above matter in “Emphasis of Matter”
Paragraph by auditor of the company? - claims raised by the company on its clients relating to 7.48
cost overruns necessitated due to delays
Ch 14 TYU-3 How do you view the above situation? Discuss. - Cash Credit limit and Drawing
14.68
Power
Ch 5 TYU-8 How do you view the above transaction as auditor of “ 5.12
Ch 1 TYU-2 How does it reflect upon quality control system of firm? 1.7
Ch 5 TYK-1(II) How is an auditor supposed to deal when attendance at physical inventory counting is
5.29
impracticable?
Ch 12 TYU-3 How RPA can be used to automate the hiring process? 12.46
Ch 8 TYU-2 How she should ensure that report would not be misused 8.8
Ch 7 TYK-8 How should CA Saroj deal with this matter in the auditor’s report for the FY 2022-23? 7.95
Ch 6 TYU-4 How should it impact the auditor’s opinion in case management itself discloses the
inappropriateness of its use of going concern assumption of 6.8
accounting now?
Ch 2 TYK-5 How should the audit team deal with the situation? 2.52
Ch 5 TYU-2 How should the auditor proceed in above situation? 5.5
Ch 5 TYK-1(I) How sufficient appropriate audit evidence regarding the existence and condition of inventory
5.29
may be obtained?
Ch 11 TYU-1
How the matter should be proceeded with? - Depreciation reflected on proposed
11.13
fixed assets to be acquired in prospective financial information has
been calculated in acc with provisions of the Income Tax Act
Ch 2 TYK-3 How you can proceed to verify that company is compliant with new regulatory
2.51
requirements? Besides, what does above situation underscore to you as an auditor?
Ch 2 TYU-1 how you should proceed to deal with above situation, as auditor of the company, paying
2.20
special attention to risk of material misstatement
Ch 4 TYU-3 How you would deal with above matter as internal auditor of the company? 4.33
Ch 5 TYU-5 How you would proceed to deal with the situation as auditor of
5.7
the company?
Ch 5 TYU-6 However, there is a lingering doubt in his mind regarding opening inventories
5.9
reflected in financial statements

By CA Vinay Kumar
By CA Avishi Gupta Page 7
 Ref Question Pg Other
I I I I
Ch 17 TYK-6 Identify activity being performed by CA Sanjana and discuss its nature. 17.74
Ch 4 TYU-4
4.33
Identify and explain component of internal control alluded to in above scenario
Ch 10 ICS-1(1) Identify the most appropriate option: - name of addressee is missing from text
10.43
of draft review report
Ch 1 ICS-1(2) Identify the most appropriate statement from below in this regard. 1.23
Ch 1 ICS-1(3) identify the most appropriate statement from below: - engagement quality
1.23
control review
Ch 4 CS-1(3) Identify the most appropriate statement. - Trade receivables turnover ratio
4.59
has increased
Ch 7 TYU-2 Identify what auditors are trying to report and under what heading such
7.47
matter should be reflected in audit report of the company?
Ch 17 TYU-1 Identify what he is trying to do as part of due diligence 17.13
Ch 18 TYU-2 Identify which of the capitals of “Integrated Reporting” are being referred to at [i]
18.11
and [ii] respectively?
Ch 6 ICS-2(2) Identify which set of audit procedures are relevant - company is facing a downfall
6.15
in business - Going Concern
Ch 17 TYK-10 In a Company, it is suspected that there has been embezzlement in cash receipts. As an
17.75
investigator, what are the areas that you would verify?
Ch 14 TYK-4 In a particular account there was no recovery in the past 18 months. The bank has not
applied the NPA norms as well as income recognition norms to this particular account. When
queried the bank management replied that this account was guaranteed by the central
14.73
government and hence these norms were not applicable. The bank has not invoked the
guarantee. Please respond. Would your answer be different if the advance is guaranteed by a
State Government?
Ch 14 TYK-4 In course of audit of Good Samaritan Bank as at 31st March, 23 you observed the following:
14.73
Ch 14 TYK-10 In the course of audit of Skip Bank Ltd., you found that the Bank had sold certain of its non-
performing assets. Draft the points of audit check that are very relevant to this area of 14.74
checking.
Ch 3 TYK-6 In this respect management would like to understand that as per SA 210 (auditing standard
referred to by the auditors), if the agreed terms of the engagement shall be recorded in an
3.58
engagement letter or other suitable form of written agreement, what should beincluded in
terms of agreed audit engagement letter?
Ch 12 TYK-7 In view of above you are required to briefly discuss the meaning of data analytics and
12.53
example of such data analytics techniques.
Ch 17 TYK-14 In view of the above, you are required to brief out the difference between Audit and
17.75
Investigation.
Ch 16 CS-1 In view of the management, the internal audit system is not mandatory. Comment. 16.5
Ch 3 TYU-2 Is above approach proper? 3.16
Ch 1 TYU-5 Is above reporting qualitative and in line with requirements of SA-220? 1.19
Ch 1 TYU-2 Is approach of Sudhanshu proper? 1.7
Ch 2 TYK-1 Is B required to go by majority opinion of 2-1? 2.51
Ch 9 TYK-2 Is he required to comply with ethical requirements of Code of Ethics? Discuss briefly. 9.20
Ch 5 TYU-3 Is her approach proper? Irrespective of the merits of the approach followed by her 5.5
Ch 8 TYU-1 Is her approach proper? offered professional work of audit of F Stt prepared specifically
for meeting requirements of a loan agreement - disclose this fact in 8.8
“Other matter Paragraph”
Ch 12 TYU-1 Is her view proper? - cyber risks are issues of IT and result only in information
12.22
loss to an entity
Ch 13 TYK-11 Is the contention of CA Pradyuman correct? - purpose of audit of consolidated financial
statements either his firm is required to conduct an audit of all the component’s financial
13.35
statements or he needs the working papers of the component auditors.

By CA Vinay Kumar
By CA Avishi Gupta Page 8
 Ref Question Pg Other
Ch 13 TYK-12 Is the principal auditor correct in asking the branch auditors for sharing the summary and the
13.36
working papers for his review
Ch 6 TYU-1
Is there any responsibility cast upon you as auditor of the company in the above situation? - 6.5
lodged claim with the insurance co & same is shown as claim receivable
Ch 6 TYU-2 Is there any responsibility thrust upon him as auditor of the company - dividend is
proposed to equity shareholders & such proposal has good chance of 6.5
being approved in the AGM
Ch 14 TYU-2 Is there any specific reporting requirement under CARO, 2020 for statutory auditor of a
14.109
company engaged in housing finance activities?
Ch 19 TYK-16 Is this correct as per the Professional Ethics and ICAI’s guidelines and pronouncements? 19.162
Ch 4 TYU-1 it is noticed that surveyors in claims under property insurance policies
beyond estimated amounts of `30 lac are to be appointed by Divisional Claims 4.17
Committee
Ch 5 TYU-8 It was noticed by you that the company has sold machinery of ` 1 crore & The
transaction has been done at normal market rates applicable to such used 5.12
machinery.
K K K K
Ch 14 TYK-6 Kamna & Co LLP, a firm of Chartered Accountants, was appointed as auditor of an NBFC. The
audit work has been completed. The audit team which was involved in the fieldwork came
across various observations during the course of audit of this NBFC and have also limited
understanding about the exceptions which are required to be reported in the audit report. 14.122
They would like to understand in detail regarding the obligations on the part of an auditor in
respect of exceptions in his report so that they can conclude their work. Please explain.

L L L L
Ch 8 TYK-2 List out few factors affecting auditor’s determination of the acceptability of the applied
8.31
criteria before accepting audit of summary financial statements.
Ch 9 TYK-1 List out few intended purposes of a “compilation engagement.” 9.20
Ch 13 TYU-1 List out some procedures he should perform to verify completeness of this
13.16
information - all the components have been included in CFS
Ch 12 TYU-3 List out tentative few such steps. 12.46
Ch 17 TYK-2 List out the contents of your Due Diligence Review Report that you will submit to your USA
17.73
based Client
Ch 17 TYK-7 List out the points you will cover in your investigation before submitting your report to the
17.74
General Manager

By CA Vinay Kumar
By CA Avishi Gupta Page 9
 Ref Question Pg Other
M M M M
Ch 13 TYK-8 M Ltd. acquired 51 % shares of S Ltd. on 01-04-2019 and sold 25% of these shares during the
financial year 2019-20. M Ltd. did not prepare Consolidated Financial Statements for the
financial year 2019-20 on the plea that the control was only temporary. Do you agree with 13.35
the view of M Ltd.? Decide, assuming, that M Ltd. is required to prepare its financial
statements under Ind AS.
Ch 19 TYK-6 M/s XYZ, a firm in practice, develops a website “xyz.com”. The colour chosen for the
website was a very bright green and the web-site was to run on a “push” technology
where the names of the partners of the firm and the major clients were to be displayed on 19.160
the web-site without any disclosure obligation from any regulator. Is this website in
compliance with guidelines issued by ICAI in this regard?
Ch 19 illus-36 Maintenance of Books of Account - did not maintain books of account for his
professional earnings on ground that his income is less than limits u/s 44AA: Council 19.112
General Guidelines 2008
Ch 19 illus-4 Maintenance of Branch Office in the Same City 19.37
Ch 7 illus-8(2) management has not undertaken physical verification of inventories at
7.35
periodic intervals
Ch 19 illus-1 Member is suspended and is not holding Certificate of Practice, he cannot in any other
19.26
capacity
Ch 16 TYK-4 Moon Ltd. of which you are the Statutory Auditor, have an internal audit being conducted by
an outside agency. State the factors that weigh considerations in opting to make use of direct 16.30
assistance of the internal auditors for purpose of statutory audit.
Ch 19 TYK-11 Mr. A is a practicing Chartered Accountant working as proprietor of M/s A & Co. He went
abroad for 3 months. He delegated the authority to Mr. Y a Chartered Accountant his
19.161
employee for taking care of routine matters of his office. During his absence Mr. Y has
conducted the under mentioned jobs in the name of M/s A & Co.
Ch 19 TYK-13 Mr. A, a newly qualified Chartered Accountant, started his practice and sought clients
through telephone calls from his family and friends, almost all of them employed in one or
the other retail trade business. One of his friends Mr. X gave him an idea to start online
services and give stock certifications to traders with Cash Credit Limits in Banks. Mr. A
started a website with colorful catchy designs and shared the website 19.161
address on his all social media posts and stories and tagged 30 traders of his local
community with the caption “Easy Online Stock Certification Services”. Besides, Mr. A
entered in an agreement with a Digital Marketer to give him 5% commission on
each service procured through him. Discuss if the actions of Mr. A are valid in the light of the
Professional Ethics and various pronouncements and guidelines issued by ICAI.
Ch 19 TYK-14 Mr. D, a practicing CA, is appointed as a Director Simplicitor in XYZ Pvt. Ltd. After one year of
appointment, Mr. D resigned as the Director and accepted the Statutory Auditor 19.161
position of the company. Is Mr. D right in accepting the auditor position?
Ch 19 TYK-15 Mr. F, a Chartered Accountant, gave advisory services to PQR Pvt. Ltd. Further, he gave
them GST consultancy, compilation engagement for historical financial information
and helped in ERP set up. Later, the company turned out to be a part of a group of companies
19.161
involved in money laundering. Mr. F was asked to provide details of the companies.
Mr. F refused on the grounds that he gave only consultancy services to the company and
wasn’t supposed to keep any information about the company.
Ch 14 TYK-9 Mr. G wants to know the differences in the presentation requirements between Division II
14.122
and Division III of Schedule III of the Companies Act, 2013. Help
Ch 19 TYK-2 Mr. G, a Chartered Accountant in practice as a sole proprietor has an office in Mumbai near
Church Gate. Due to increase in professional work, he opens another office in a
suburb of Mumbai which is approximately 80 kilometers away from the 19.159
municipal limits of the city. For running the new office, he employs three retired Income-
tax Officers. Is Mr. G guilty of professional misconduct?

By CA Vinay Kumar
By CA Avishi Gupta Page 10
 Ref Question Pg Other
Ch 19 TYK-4 Mr. K, a practicing Chartered Accountant gave 50% of the audit fees received by him
to a non-Chartered Accountant, Mr. L, under the nomenclature of office allowance
19.159
and such an arrangement continued for a number of years. Discuss this in the light of
Professional Ethics.
Ch 19 TYK-10 Mr. Nigal, a Chartered Accountant in practice, delivered a speech in the national
conference organized by the Ministry of Textiles. While delivering the speech, he told to
the audience that he is a management expert and his firm provides services of taxation
and audit at reasonable rates. He also requested the audience to approach his firm 19.160
of chartered accountants for these services and at the request of audience he also
distributed his business cards and telephone number of his firm to those in the
audience. Comment
Ch 19 TYK-17 Mr. S is a practising chartered accountant based out of Chennai. During the weekends, he
involved himself in equity research and used to advise his friends, relatives and other
known people who are not his clients. Apart from this, he was also involved as a paper-
setter for Accountancy subject in the school in which he studied. He also owned 19.162
agricultural land and was doing agriculture during his free time. During the
year 20X1, heavy losses were incurred in agricultural activity due to natural calamities and
misfortune, and he lost almost all of his wealth and became undischarged insolvent.
Ch 19 TYK-16 Mr. S, the auditor of ABC Pvt. Ltd. has delegated following works to his articles 19.162
Ch 19 TYK-5 Mr. X who passed his CA examination of ICAI on 18th July, 2022 and started his practice from
August 15, 2022. On 16th August 2022, one female candidate approached him for articleship.
In addition to monthly stipend, Mr. X also offered her 1 % profits of his CA firm. She
agreed to take both 1 % profits of the CA firm and stipend as per the rate
prescribed by the ICAI. The Institute of Chartered Accountants of India sent a letter to Mr. X 19.159
objecting the payment of 1 % profits. Mr. X replies to the ICAI stating that he is paying 1 %
profits of his firm over and above the stipend to help the articled clerk as the financial
position of the articled clerk is very weak. Is Mr. X liable to professional misconduct?

Ch 19 TYK-8(b) Mr. X, a Chartered Accountant and the proprietor of X & Co., wrote several letters to
the Assistant Registrar of Co-operative Societies stating that though his firm was
19.160
on the panel of auditors, no audit work was allotted to the firm and further requested him to
look into the matter.
N N N N
Ch 17 TYK-6 Name any three other areas where identified activity can be undertaken. 17.74
Ch 7 illus-8(1) No balance confirmation was received - Company has created provision for
7.35
doubtful debts - receivables which are older than 36 months
Ch 19 illus-33 Not Exercising Due Diligence - did not complete his work relating to audit: According
19.103
to Clause (7) of Part I of Second Schedule
O O O O
Ch 4 TYU-5
On reviewing internal controls of the company, he is of the view that there can be possible 4.52
situations where insurance premiums for keeping insurance
Ch 2 TYU-3 Outline briefly in context of possible non-compliance with laws by the company. 2.28
Ch 5 TYU-7
5.9
Outlining the above risk involved, discuss how it is going to affect his audit of the company

By CA Vinay Kumar
By CA Avishi Gupta Page 11
 Ref Question Pg Other
P P P P
Ch 13 TYK-4(b) Permanent Consolidated Adjustments. 13.34
Ch 3 TYK-5 Please advise as per SA 220. 3.58
Ch 4 TYK-8 Please advise the management and the auditor on the steps that should be taken for the
4.63
same.
Ch 6 CS (M)-1(2) Please choose the mitigating measure as the management is unable to pay
6.18
lease rentals
Ch 19 TYK-11 Please comment on eligibility of Mr. Y for conducting such jobs in name of M/s A & Co. and
19.161
liability of Mr. A under the Chartered Accountants Act, 1949.
Ch 13 TYK-2 Please elaborate on the situations wherein the requirement related to preparation of
13.34
consolidated financial statements may not apply.
Ch 14 TYK-5 Please explain what points are required to be known in respect of separate report to be given
14.122
by you to the Board of Directors of this NBFC.
Ch 14 TYK-4 Please explain what verification procedures should be performed in relation to audit of NBFC -
14.122
Investment and Credit Company (NBFC-ICC).
Ch 5 CS-2(3) Please guide CA Sceptic in establishing this link based on the guidance available in SA 550 and
5.18
SA 240
Ch 16 TYK-3 Please guide him for the applicability of the same and who can be appointed as an internal
16.30
auditor and what work would be reviewed by him.
Ch 5 CS-2(1) Please guide the engagement team on the further course of action as per SA 550 5.18
Ch 6 TYU-5
6.10
Point out, if there is any, anomaly in written representation reproduced below.
Ch 19 illus-23 Power of Signing Reports and Financial Statements- power of attorney to an
19.86
employee: Under Clause (12) of Part I of First Schedule
Ch 7 illus-2 presentation in the auditor’s report if the auditor has determined there are no key audit
7.25
matters to communicate
Ch 19 illus-2 Providing Management Consultancy and Other Services - select and recruit personnel,
19.31
conduct training programmes for and on behalf of a client
Ch 19 illus-3 Putting Name Board of the Firm at Residence 19.36
R R R R
Ch 13 TYK-5 R Ltd. owns 51% voting power in S Ltd. It however, holds and discloses all the shares as "Stock-
in-trade" in its accounts. The shares are held exclusively with a view to their subsequent 13.34
disposal
Ch 19 illus-25 Referral Fee from Lawyer: Clause (2) of Part II of First Schedule 19.88
Ch 19 illus-9 Responding to Tenders: Clause (6) of Part I of the First Schedule 19.55
Ch 13 TYK-4(a) Responsibility of holding company for preparation of Consolidated Financial Statements.
13.34
Ch 19 illus-19
19.77
Restriction on fees based on a Percentage: According to Clause (10) of Part I of First Schedule

By CA Vinay Kumar
By CA Avishi Gupta Page 12
 Ref Question Pg Other
S S S S
Ch 19 illus-6 Sale of Goodwill: Clause (2) of Part I to the First Schedule 19.46
Ch 15 TYK-5 Sam, the FM of the company is of the opinion that now the company is subject to stringent
control by BSE and the markets, therefore the auditing requirements of a limited company
15.35
in private sector under the Companies Act 2013 would be applicable to the company and
the C&AG will not have any role to play. Comment
Ch 19 illus-10 Securing Professional Work: Clause (6) of Part I of the First Schedule 19.56
Ch 3 TYU-5 Should he choose to rely upon inventory valuation work performed by internal auditor? 3.31
Ch 1 TYU-4 Since expert opinion was provided by ICAI, engagement team was of the view that
appointment of engagement quality control reviewer has lost 1.18
its relevance
Ch 19 illus-7 Soliciting Professional Work: Clause (6) of Part I of the First Schedule 19.54
Ch 19 illus-20 Specific Permission to be Obtained - accepts appointment as a full-time lecturer in a
19.83
college: Clause (11) of Part I of the First Schedule
Ch 19 illus-21 Specific Permission to be Obtained - took over as executive chairman of Software
19.83
Co: As per Clause (11) of Part I of First Schedule
Ch 4 TYK-9 Specify the adequate system towards collection of money. 4.63
Ch 17 TYK-9 Specify the areas which you will cover in your investigation. 17.75
Ch 14 TYK-11 Specify the various peculiarities which may necessitate special audit consideration to be
14.74
taken care by you?
Ch 16 TYK-2 State the important aspects to be considered by the External auditor in the evaluation of the
16.30
Internal Audit Function.
Ch 15 TYK-3 State the matters that a Comprehensive Audit by C&AG may cover in reporting on the
15.35
performance and efficiency of this project.
Ch 6 TYK-2 State the reporting requirement if any, in the Independent Auditor's Report in respect of
6.24
this matter.
Ch 17 TYK-3 State what may be your areas of analysis in order to ensure that the assets are not stated at
17.74
overvalued amounts.
Ch 19 illus-31
Submitting Information as Authorised Representative- certain information and explanations - 19.101
false and misleading : As per Clause (5) of Part I of Second Schedule
Ch 17 TYU-2 Suggest any one procedure you would perform as an investigator to bring out the facts 17.55
Ch 14 TYU-1 Suggest few audit procedures for above NBFC-P2P 14.109
Ch 16 TYK-6 Suggest the ideal reporting structure of the Chief Internal Auditor that HR head may propose
16.31
to the Managing Director?
Ch 14 TYK-7 Suggest the main areas of coverage with regard to foreign exchange transactions of the said
14.73
branch under concurrent audit.

By CA Vinay Kumar
By CA Avishi Gupta Page 13
 Ref Question Pg Other
T T T T
Ch 19 illus-11 Tax Consultant - visiting card in which he designates himself,: Section 7 r/w Clause (7)
19.61
of Part I of the First Schedule
Ch 15 ICS-1(2) The above audit finding is likely to fall in which areas? - non-adherence of One-
15.33
time settlement (OTS) guidelines of state government
Ch 2 TYU-5 The actual audit procedures pertaining to “testing controls over batch
2.40
processing” were performed by team of DES & Associates
Ch 16 TYK-10 The Audit committee requested Mr. A to present their analysis on the implementation of
recommendation of previous audit report and highlight critical areas which need immediate
16.31
attention of Audit Committee? What should be the steps followed by internal auditor to
address this requirement of Audit Committee?
Ch 16 TYK-7 The Audit committee requested Mr. A to present their Internal Audit plan for next financial
year? What approach would Mr. A follow to prepare the internal audit plan for next year? 16.31

Ch 16 TYK-8 The Audit committee requested Mr. to perform detailed analysis of their expenses in
previous year and report all risks and underlying gaps? What audit approach should Internal 16.31
Auditor follow to identify such gaps?
Ch 16 TYK-9 The Audit committee requested Mr. to present detailed report on their finding and areas
where immediate action is needed to mitigate critical risks? What should be the content of 16.31
internal audit report to address this requirement of the Audit Committee?
Ch 3 TYK-8 The auditor did not enter into any formal agreement with auditor expert Please advise 3.59
Ch 1 ICS-1(2) The auditor has reasoned that risk of material misstatement has been assessed to be low
1.23
based upon his understanding of the company
Ch 14 TYK-4 The bank’s advance portfolio comprised of significant loans against Life Insurance Policies.
14.73
Write suitable audit program to verify these advances.
Ch 12 CS- The CEO of a hotel realized their business had become the victim of wire fraud
12.23
when the accounts payable executive began to receive insufficient fund notifications
Ch 4 TYK-10 The effectiveness of controls cannot rise above the integrity and ethical values of the people
4.63
who create, administer, and monitor them. Explain
Ch 1 TYU-4 The engagement team is stuck up with some issue pertaining to a particular Ind AS 1.18
Ch 7 illus-9(2) The financial statements of 5 branches are included in the Standalone Financial 7.42
Ch 6 ICS-1(5) The fire event occurring on 27.6.2023 in the company’s plant requires the following
6.13
action on part of management: -
Ch 12 ICS-1(4)
The kind of services being provided by an entity described at [D] above, are example of use of 12.51
- certifying of e-mails by just e-mailing to them to an e-mail specifically created
Ch 5 CS-2(2) The main factor giving rise to risk of material misstatement is: 5.19
Ch 3 TYK-7 The management has refused the information to the auditor saying that the review of prior
3.59
period information should not be done by the auditor. Please advise.
Ch 15 TYK-8 The objectives of audit in connection with a State Electricity Distribution Company were to
15.36
ascertain whether the:
Ch 5 CS (M)-1(1) The objectivity of the management’s expert is likely to be lesser if: 5.14
Ch 15 TYK-1 The reports of the Comptroller and Auditor General of India on the audit of PSUs are
presented to the Parliament and to various state legislatures to facilitate a proper 15.35
consideration. Enumerate the contents of Audit Report presented by C & AG.
Ch 2 TYU-2 The statutory auditor of the company finds that no action has been taken by
the company on the said deficiencies pointed out in reports of internal 2.21
auditor
Ch 14 TYK-7 The Statutory Auditor of the NBFC company is required to give a report to the Board of
14.122
Directors. What shall be the content of the Auditor’s Report to the Board.
Ch 3 TYU-1 There was nothing in his working papers showing understanding of nature of
3.16
business of company
Ch 7 illus-9(1) Thermal power project comprises of plant and equipment & capital work in progress 7.41

By CA Vinay Kumar
By CA Avishi Gupta Page 14
 Ref Question Pg Other
U U U U
Ch 7 illus-8 Under the above circumstances what kind of opinion should CA Abhimanyu give? 7.35
Ch 7 TYK-1 Under the applicable Standards on Auditing, in what circumstances does the report of the
statutory auditor require modifications? What are the types of modifications possible to the 7.94
said report?
Ch 19 illus-1 Undertaking Tax Representation Work 19.26
Ch 19 illus-14 Using Designation of Insolvency Professional - empanelled as an Insolvency Professional has
19.62
mentioned same on his visiting cards: Clause (7) of Part I of First Schedule
W W W W
Ch 5 CS-2(3) What additional audit procedures does his team need to undertake for the conclusion? 5.18
Ch 6 CS (D)-1(1)
6.17
What additional audit procedures must the auditor undertake as per requirements of SA 570
Ch 8 TYK-4 What additional points he has to keep in mind while expressing opinion on summary financial
8.31
statements derived from such audited financial statements?
Ch 5 CS (D)-1(3) What additional procedures does the auditor need to carry out in respect of
5.13
stocks lying with consignees all over the country?
Ch 2 TYK-8 What all understanding should she obtain? 2.52
Ch 5 CS-2(2) What are fraud risk factors in given case? 5.18
Ch 2 TYU-4 What are relevant considerations in this regard and their usefulness? 2.35
Ch 18 TYK-4 What are the 6 C’s of Integrated reporting? 18.33
Ch 12 TYK-6 What are the advantages and disadvantages of remote audit? 12.53
Ch 4 TYK-2 What are the components of an internal control framework? 4.62
Ch 1 TYU-1 What are the considerations one should exercise to uphold Firm? 1.5
Ch 4 TYK-5 What are the control objectives you would like the accounting control system to achieve to
4.62
suit your purpose?
Ch 1 TYU-3 What are the factors to be evaluated by CA M if he wants to take up the engagement 1.9
Ch 18 TYK-3 What are the global trends in sustainable reporting? 18.33
Ch 17 TYK-8 What are the important steps involved while conducting Investigation on behalf of an
17.75
Incoming Partner?
Ch 18 TYK-2 What are the nine principles of BRSR? How are the nine principles of BRSR linked with the 17
18.33
UN Sustainable Development Goals?
Ch 10 TYU-4 What are the options available to her? communicated the matter to CFO and
audit committee. However, no response was received even after waiting 10.43
for a reasonable time.
Ch 15 TYK-6 What are the sources that you will use while doing the task? 15.36
Ch 12 TYK-2 What are the stages involved in understanding the IT environment and what key
12.53
considerations auditor should consider?
Ch 4 TYK-1 What benchmark should be adopted by CA. B, if ABC Limited is engaged in:
(i) the manufacture and sale of air conditioners and is having regular profits.
4.62
(ii) the construction of large infrastructure projects and incurred losses in the previous two
financial years, due to pandemic.
Ch 12 TYU-3 What could be likely benefits of using RPA in hiring process 12.46
Ch 7 TYK-9 What course of action should the statutory auditor of the company consider in such
7.96
situation?
Ch 6 CS (D)-1(4) What course of action the auditor needs to undertake? - Going Concern 6.18
Ch 2 TYU-2 What does above situation allude to statutory auditor of company? 2.21
Ch 12 TYK-4 What does cyber risk explain it with some examples. 12.53
Ch 14 TYU-1 What does depicted situation reflect? - cash credit limits to the borrowers were
enhanced during the year but there are no records pertaining to assessment of 14.67
enhanced working capital
Ch 3 TYU-1 What does it reflect upon planning of audit by CA P? 3.7
Ch 15 TYK-2 What factors should be considered by ABG & Co., while planning a performance audit of
15.35
Sugar Industry?
Ch 13 TYK-6 What factors would be considered by you as the statutory auditors of A Ltd for the audit of its
13.34
consolidated financial statements prepared under Ind AS?

By CA Vinay Kumar
By CA Avishi Gupta Page 15
 Ref Question Pg Other
Ch 3 TYK-4 What factors would be considered by you in formulating the audit strategy of the company?
3.58
Ch 17 TYK-11 What factors would you consider in assessing the future maintainable turnover? 17.75
Ch 16 illus-2 What factors would you consider in such analysis? - high employee attrition
16.24
rate
Ch 4 TYU-2 What factors you may consider for assessing audit risk? 4.17
Ch 11 TYU-3 What factors you will consider regarding the company acknowledging and
understanding its responsibility in this matter before accepting 11.30
engagement?
Ch 6 CS (D)-1(4) What if the auditor believes, on the basis of his additional audit procedures
6.18
conducted to conclude that the entity is not a Going Concern
Ch 14 ICS-1(5) what is appropriate course of action for concurrent auditor? - levying of
14.70
foreclosure charges
Ch 10 TYK-3 What is significance of “date of report” in a review report? 10.47
Ch 18 TYK-6 What is the auditor’s role on ESG aspects in an audit of financial statements of the Company
18.33
Ch 18 TYK-5 What is the methodology of providing assurance in BRSR? 18.33
Ch 1 TYU-1 What is your understanding of the functioning of the tone at the top of the Firm 1.5
Ch 15 TYK-8 What kind of audit is referred in the above scenario? Also briefly discuss the steps suggested
15.36
to the auditors for planning such an audit.
Ch 7 illus-3 What kind of opinion should CA Sudhir issue in case of XYZ Ltd - long term
7.27
funding for fixed capital req
Ch 7 illus-6 What kind of opinion should CA Yash give in such situation? - unable to verify the terms of
7.33
repayment, chargeability of interest
Ch 7 illus-7 What kind of opinion should the statutory auditor of MSD Ltd. Issue? - extraordinary event
7.34
(earthquake), which destroyed a lot of business activity - Going Concern
Ch 7 illus-5
What kind of opinion should the statutory auditors issue in such case? - unable to obtain 7.29
audit evidence about financial information of joint venture investment
Ch 6 CS (D)-1(5) What kind of written representation does the auditor need to obtain 6.18
Ch 7 illus-4 What opinion should CA Prakash express in case of ABC Ltd.? - financing
7.28
arrangements have expired and the amount outstanding was payable
Ch 9 TYU-1 What points have to be kept in mind for inclusion in report specifically for such engagement -
carry out process of confirmation of its accounts receivables having 9.9
balances in excess of `10 lacs
Ch 17 TYK-5 What points will you check in order to ensure that the manufacturing unit of SV Ltd. will be
17.74
able to meet the cash requirements internally?
Ch 3 TYU-4 What precautions have to be taken by him while expressing opinion considering possibilities
3.24
of such situations?
Ch 5 CS (D)-1(4) What procedures should the auditor need to undertake for litigation matters? 5.13
Ch 17 TYK-1 What procedures you would adopt before you could render any advice to Ceta Ltd.? 17.73
Ch 6 CS (D)-1(2) what risk assessment procedures should the auditor consider for arriving
at a conclusion based on management assertion of the entity being 6.17
Going Concern
Ch 14 TYK-8 What shall be the obligation of the Statutory Auditor in such a scenario? 14.122
Ch 5 TYU-3 what she is trying to achieve by corresponding with lawyer of the company 5.5
Ch 6 CS (D)-1(3) What should be approach of the auditor if the management agrees that the material
uncertainly exists, but the entity is Going Concern. discuss reporting 6.17
requirements
Ch 13 ICS-1(2) What should be auditor’s proper course of action pursuant to situation highlighted in para [B]
13.30
relating to financial statements of a foreign subsidiary
Ch 5 ICS-1(3) What should be CA Anu’s first and foremost response in the case of request made relating to
5.25
balance confirmation
Ch 11 ICS-1(3) What should be language of such an unmodified assurance report
11.32
regarding underlying assumptions?

By CA Vinay Kumar
By CA Avishi Gupta Page 16
 Ref Question Pg Other
Ch 5 ICS-1(1) What should be proper course of action for her in such a situation? - not responded to CA's
request - sending a balance confirmation request to which he refuses & is 5.25
not willing.
Ch 6 ICS-1(1) What should be the appropriate date of signing of the new audit report? 6.12
Ch 11 TYU-2 What should be the nature of the report to be provided by auditors of Easy Solutions
Limited specifically for use by Bansi Group and its auditors in this regard in 11.22
terms of SA 3402?
Ch 17 TYU-3 What special issues you would keep in mind while dealing with claims involving PLI
17.64
policy covering such matters?
Ch 13 TYU-2 What specific matters such written representations can include? 13.28
Ch 18 TYK-1 What type of companies are required to mandatorily furnish the Business Responsibility and
18.33
Sustainability Report (BRSR) as per the SEBI circular with effect from FY 2022-23?
Ch 3 illus-2 What types of reports/opinions he can obtain and to what extent he can rely upon the same?
3.41
- SA 620
Ch 18 CS-1(3) What would be the consideration by the auditors of Company A and B in the audit of financial
18.29
statements
Ch 18 CS-1(1) What would be the reporting requirements for each of the two companies 18.29
Ch 13 TYK-9 When checking the investment schedule of the Company, an issue cropped as to whether
there would arise any need to consolidate accounts of any such investee companies with
those of H Limited in accordance with section 129(3) of the Companies Act, 2013 which 13.35
contains no exclusion from consolidation. Analyse the issues involved and give your views.

Ch 14 TYK-4 When queried the bank management replied that this account was guaranteed by the central
government and hence these norms were not applicable. The bank has not invoked the
14.73
guarantee. Please respond. Would your answer be different if the advance is guaranteed by a
State Government?
Ch 7 TYK-5 When the auditor modifies the audit opinion, the auditor shall use the heading “Qualified
Opinion,” “Adverse Opinion,” or “Disclaimer of Opinion,” as appropriate, for the Opinion
section.” As an expert you are required to brief the special considerations required for 7.94
expressing:
(a) Qualified Opinion; (b) Adverse Opinion and (c) Disclaimer of Opinion
Ch 13 TYK-7 When the Component(s) Auditor Reports on Financial Statements under an Accounting
13.34
Framework Different than that of the Parent?
Ch 13 TYK-7 When the Component(s) Auditor Reports under an Auditing Framework Different than that of
13.35
the Parent?
Ch 13 TYK-7 When the Parent’s Auditor is also the Auditor of all its Components? 13.34
Ch 13 TYK-7 When the Parent’s Auditor is not the Auditor of all its Components? 13.34
Ch 13 TYU-3 Where and how such information should be included in independent auditor’s report on
13.28
consolidated financial statements of company?
Ch 7 TYU-1 Where are such matters included in audit report of a listed company? - affirmed in their audit
report communication of significant audit findings including 7.21
significant deficiencies in internal control
Ch 14 TYU-1 Where does such NBFC fit into in accordance with scale-based regulations? 14.99
Ch 13 TYK-7 Where the financial statements of one or more components is not audited? 13.35
Ch 15 TYU-2(3) Whether funds (grants/subsidy etc.) received / receivable for
specific schemes from Central government or its agencies were properly 15.28
accounted for / utilized
Ch 13 TYK-1 Whether preparation of consolidated financial statements is mandatory? If yes, please
13.34
elaborate on the requirements under the statute.
Ch 15 TYU-2(2) Whether such cases are properly accounted for? 15.28
Ch 15 TYU-2(1) Whether the company has system in place to process all the accounting transactions through
15.28
IT system?
Ch 14 TYK-3 Whether the Company is an NBFC? 14.121
Ch 15 TYU-2(2) Whether there is any restructuring of an existing loan or cases of waiver / write off of debts /
15.28
loans / interest etc. m

By CA Vinay Kumar
By CA Avishi Gupta Page 17
 Ref Question Pg Other
Ch 5 CS (D)-1(1)
Which audit procedures are required for verifying existence and condition of 5.13
company’s inventories with specific reference to its nature of operations?
Ch 18 CS-1(2) Which Company has absorbed the impacts of possible future regulatory changes? What are
18.29
the steps taken by that Company for complying with the regulatory standards?
Ch 15 TYU-1 Which financial committee of Parliament deals with such matters? Outline
15.8
its main functions.
Ch 12 ICS-1(3) Which is not part of risk assessment procedures to assess cyber
12.51
security risks?
Ch 2 ICS-1(4)
Which is the most appropriate course of action for him to proceed in this matter? - non- 2.49
compliance of law prohibiting employment of child labour
Ch 5 CS-2(3) Which is the most important red flag for auditor: 5.19
Ch 12 ICS-1(5) Which of following is false in an audit described - timelines are agreed in a meeting with key
12.51
management person on an electronic meeting platform
Ch 12 ICS-1(1) which of following technologies has likely been used? - working of insurance
12.51
company in health insurance sector,
Ch 18 ICS-1(4) Which of the following activities relates to the principle that businesses should promote
18.31
inclusive growth and equitable development?
Ch 5 CS-2(1) Which of the following best describes the method that Mr. Bharose Lal can indulge to commit
5.19
fraud?
Ch 14 ICS-1(2)
14.69
Which of the following best sums up scope of KYC guidelines prescribed by RBI?
Ch 6 ICS-1(2) Which of the following does not fall under such audit procedures as per SA 560? - get
knowledge of events occurring after the balance sheet date up to 6.13
date of audit report
Ch 6 ICS-2(1) Which of the following doesn’t fall under the auditor’s responsibilities? - auditor’s
6.15
responsibilities
Ch 10 ICS-1(3) which of the following engagement standards is most appropriate to be stated - We
10.44
conducted our review of the Statement
Ch 13 ICS-1(5) which of the following is in accordance with requirements of law? - reporting under reporting
13.31
CARO,2020
Ch 6 ICS-2(5) Which of the following is most appropriate regarding “going concern”
6.16
assumption?
Ch 18 ICS-1(1) which of the following is most likely to be true? - anti-corruption/anti-bribery
18.30
policy and organization of awareness programmes
Ch 6 CS (M)-1(1) Which of the following is not a financial event/ condition that may cast significant
6.18
doubt on companies ability to continue as a going concern as per SA 570
Ch 5 CS-2(4) Which of the following is not a fraud risk factor? 5.19
Ch 3 ICS-1(3)
3.56
Which of the following is not likely to be a procedure for auditor to understand the company?
Ch 2 ICS-1(1) which of the following is not likely to be an appropriate response to outlined assessed risk of
material misstatement due to fraud? disproportionate rise in inventory 2.48
quantities
Ch 6 CS (M)-1(5) Which of the following is not main pillar of written representations? 6.19
Ch 14 ICS-1(1) which of the following is not part of duty of concurrent auditor? - dormant deposit
14.69
accounts in the branch
Ch 8 ICS-1(5) Which of the following is usually not an element of audit report on
8.29
abridged financial statements in accordance with SA 810?
Ch 5 CS (M)-1(2) Which of the following matters is irrelevant for auditor in planning attendance at
5.14
physical inventory counts?
Ch 8 ICS-1(3) Which of the following paras is most appropriate to be included under heading
8.28
“Auditor’s responsibility” in the auditor’s report?
Ch 8 ICS-1(4) Which of the following paras is most appropriate to be included under heading
8.28
“Opinion” in auditor’s report?

By CA Vinay Kumar
By CA Avishi Gupta Page 18
 Ref Question Pg Other
Ch 5 CS (M)-1(4) Which of the following procedures is not in accordance with SA 510? - new auditor
5.14
planned certain procedures with respect to opening balances
Ch 5 ICS-1(4) Which of the following procedures will not be performed by the engagement team as audit
procedures while dealing - owing to a dispute, contract got cancelled & now both 5.26
parties are under litigation
Ch 1 ICS-1(5) which of the following statements appears to be true? - effective system of
1.24
quality control
Ch 14 ICS-2(3) which of the following statements best fits into reporting requirements of an auditor? -
14.118
instances of cash embezzlement identified
Ch 8 ICS-1(2) Which of the following statements in reference to abridged financial
8.27
statements is not in accordance with the requirements of SA 810
Ch 13 ICS-1(3) Which of the following statements is correct in respect of goodwill and other
13.30
matters
Ch 15 ICS-1(5)
Which of the following statements is correct in this regard? - PSU engagements are generally 15.34
attestation engagements or direct reporting engagements
Ch 13 ICS-1(1) which of the following statements is correct? - disclosure of additional
13.29
information in consolidated financial statements
Ch 3 ICS-1(1) Which of the following statements is likely to be a complete statement? - compliance
with independence requirements and verification of integrity of 3.55
promoters
Ch 4 CS-1(5) Which of the following statements is likely to be in accordance with overall context of case
4.59
study? - Inventory turnover ratio
Ch 3 ICS-1(4) which of the following statements is likely to be true? - identify significant audit
3.56
risks pertaining to inventory valuation
Ch 8 ICS-1(1) which of the following statements is most appropriate - extract of abridged
8.27
financial statements and description
Ch 2 ICS-1(5) Which of the following statements is most appropriate about documentation of
2.49
non compliance with laws and regulations by an auditor
Ch 9 ICS-1(4) Which of the following statements is most appropriate as regards omission of
9.19
expenditure under appropriate heads
Ch 14 ICS-1(3) Which of the following statements is most appropriate as regards reporting of matters
relating to temporary over limits in cash credit accounts and 14.70
temporary overdrafts in current accounts?
Ch 4 CS-1(2) Which of the following statements is most appropriate in overall context of case study? -
4.59
operating expenses
Ch 14 ICS-2(2) Which of the following statements is most appropriate in respect of reporting
requirements relating to certificate of registration of the company 14.118
obtained from RBI
Ch 7 ICS-1(1) which of the following statements is most appropriate in terms of SA 705? - revenues
7.90
generated through cash sales
Ch 14 ICS-2(1) Which of the following statements is most appropriate in this regard as regards reporting
obligations of auditor are concerned? - resolution for non- acceptance of 14.117
public deposits
Ch 7 ICS-1(2) which of the following statements is most appropriate in this regard? - litigation
7.90
matter
Ch 4 CS-1(1) Which of the following statements is most appropriate in this regard? - revenue from
4.58
operations of company has increased by 40%
Ch 3 ICS-1(2) Which of the following statements is most appropriate in this regard? - risk
3.55
management policy of the company
Ch 2 ICS-1(2) Which of the following statements is most appropriate in this respect? - no risk of material
2.48
misstatement due to fraud related to revenue recognition
Ch 11 ICS-1(2) Which of the following statements is most appropriate regarding “use of
11.32
prospective financial information” to be included in such a report?

By CA Vinay Kumar
By CA Avishi Gupta Page 19
 Ref Question Pg Other
Ch 13 ICS-1(4) Which of the following statements is most appropriate regarding consolidation of
13.30
financial statements of a subsidiary acquired on 15.6.22?
Ch 14 ICS-1(4) Which of the following statements is most appropriate regarding sanction of
fresh advances to borrowers in the same industry in a month from 14.70
concurrent auditor’s perspective?
Ch 9 ICS-1(5) Which of the following statements is most appropriate regarding the assembly of the
9.19
final engagement file?
Ch 11 ICS-1(4) Which of the following statements is most appropriate regarding the examination of
prospective financial information by a Chartered accountant in accordance 11.32
with SAE 3400?
Ch 11 ICS-1(5)
Which of the following statements is most appropriate regarding UDIN in context of 11.33
examination of prospective financial information by a Chartered Accountant
Ch 10 ICS-1(4) Which of the following statements is most appropriate to be inserted in sentence beginning
10.44
with “A review is substantially XXXX"
Ch 9 ICS-1(1) which of the following statements is most appropriate? - errors in some of opening
9.18
balances
Ch 7 ICS-1(4) which of the following statements is most appropriate? - going concern 7.91
Ch 4 CS-1(4) Which of the following statements is most appropriate? - gross profit ratio 4.59
Ch 3 ICS-1(5) which of the following statements is most appropriate? - materiality levels for
3.56
financial statements as a whole
Ch 9 ICS-1(2) which of the following statements is most appropriate? - verification of all
9.18
revenues of the company
Ch 15 ICS-1(3) which of the following statements is most appropriate?- listed PSU - "mini-ratna”
15.33
PSU was also gone through
Ch 1 ICS-1(4)
which of the following statements is proper? - auditor’s reply regarding errors in data 1.23
feeding entry by junior staff in relation to accounting standards
Ch 9 ICS-1(3) which of the following statements is relevant in the context of above said engagement? -
9.18
adherence to appropriate Standards for quality control
Ch 18 ICS-1(5) Which of the following statements is true in respect of essential indicators and
18.31
leadership indicators as far as their reporting in BRSR is concerned?
Ch 14 ICS-2(4) which of the following statements meets regulatory reporting requirements? -
14.118
capital adequacy ratio
Ch 2 ICS-1(3) Which of the following statements most appropriately describes responsibilities of auditor in
relation to compliance with state pollution control legislation and 2.48
regulations?
Ch 1 ICS-1(1) Which of the following views is most appropriate in this regard? - prepare a detailed
1.22
audit plan
Ch 2 TYK-9 Which of the matters is not included in the list prepared by CA Udhav. Discuss such matter in
2.52
detail.
Ch 18 ICS-1(3) which of the NGBRC principle is referred to? - membership of various industry
18.31
chambers/ trade associations
Ch 18 ICS-1(2) which of the NGBRC principle(s) are involved? - recycle of hazardous e-waste
18.31
and disposal of paper waste
Ch 6 CS (M)-1(3)
Which one of the following is not a responsibility of the auditor relating to
6.18
communicating events or conditions identified hat may cast
significant doubt on the entity’s Going Concern assertion
Ch 15 ICS-1(1) Which Parliamentary financial committee is likely to examine above
15.33
report of C&AG and make its recommendations?
Ch 12 ICS-1(2) Which type of cyber attack is referred to situation described 12.51
Ch 7 ICS-1(3) which type of opinion is appropriate to be issued in audit report? - non-
7.91
recoverability of export receivable

By CA Vinay Kumar
By CA Avishi Gupta Page 20
 Ref Question Pg Other
Ch 7 ICS-1(5) which type of opinion is appropriate to be issued in case of this client?- not informing team
regarding inventory of finished goods lying at a location taken on 7.91
rent
Ch 6 ICS-1(4)
6.13
which type of opinion is most appropriate? - W.r.t the new audit report issued
Ch 6 ICS-1(3) which type of opinion was most likely provided by her? W.r.t the first audit report
6.13
dated 15.07.2023
Ch 13 TYK-10 While accepting the audit assignment as the principal auditor, what will be the points of
13.35
consideration for the principal auditor of the company?
Ch 14 TYK-8 While auditing FAIR Bank, you observed that a lump sum amount has been disclosed as
contingent liability collectively. You are, therefore, requested by the management to guide
14.73
them about the disclosure requirement of Contingent Liabilities for Banks. Kindly guide.

Ch 13 TYK-3 While doing the audit of Consolidated Financial Statements, which current period
13.34
consolidation adjustments are to be taken into account?
Ch 1 TYU-5 While reporting under clause vii(a) of the said order relating to regularity of
1.19
undisputed statutory dues by the company
Ch 11 ICS-1(1) Whose responsibility is to list out assumptions underlying prospective
11.32
financial information?
Ch 16 TYK-5 Will your answer be different if Mr. A asks direct assistance from Mr. B, internal auditor with
respect to external confirmation requests and evaluation of the results of external 16.30
confirmation procedures?
Ch 5 ICS-1(2)
With respect to advocate Chadha’s cold shoulder to CA Anu’s request , what she should do - 5.25
direct communication with the company’s external legal counsel
Ch 14 TYU-1 Would above information prompt auditor to suggest change in asset
14.37
classification of above accounts?
Ch 3 TYU-4 Would statutory auditor of bank be liable for above lapses? 3.24
Ch 17 TYK-6 Would your answer be different if this activity was to be performed by a person not qualified
17.74
as a Chartered Accountant? Can a non-CA perform such activity? State reason.
Ch 7 TYK-3 Write a short note on Certificate for Special Purpose vs. Audit Report 7.94
Ch 7 TYK-2 Write a short note on Emphasis of matter paragraph in Audit Reports 7.94
Ch 16 TYK-1 Write a short note on Internal Audit Report. 16.30
Ch 19 TYK-3 Write a short note on Other Misconduct. 19.159
Ch 13 TYK-4 Write a short note on: 13.34
Ch 6 CS (M)-1(4) Written Representation need to be mandatorily obtained from: 6.18

By CA Vinay Kumar
By CA Avishi Gupta Page 21
 Ref Question Pg Other
Y Y Y Y
Ch 19 TYK-12 XYZ Co. Ltd. has applied to a bank for loan facilities. The bank on studying the financial
statements of the company notices that you are the auditor and requests you to call at the
bank for a discussion. In the course of discussions, the bank asks for your opinion 19.161
regarding the company and also asks for detailed information regarding a few
items in the financial statements. What should be your response
Ch 13 TYK-7 You are appointed as an auditor of Nawab Limited, a listed company who is a main supplier to
UK building & construction market. With turnover of 2.9 billion ,company operates through 13.34
11 business units & has nearly 180 branches across countries .
Ch 14 TYK-5 You are appointed as the auditor of a NBFC registered with the RBI and which is accepting
14.122
and holding public deposits. You are considering your reporting requirement
Ch 14 TYK-13 You are auditing a small bank branch with staff strength of the manager, cashier and three
other staff S1 ,S2 and S3. Among allocation of work for other areas, S1 who is a peon also 14.74
opens all the mail and forwards it to the concerned person.
Ch 6 TYK-3 You are required to advise about date & period covered by written representation- 580. 6.24
Ch 5 TYK-1 You are required to advise M/s OPAQE & Co.,
(I) How sufficient appropriate audit evidence regarding the existence and condition of
inventory may be obtained? 5.29
(II) How is auditor supposed to deal when attendance at physical inventory counting is
impracticable?
Ch 4 TYK-3 You are required to elucidate the important points the auditor should keep in the mind while
4.62
drafting the letter of weaknesses in internal control system
Ch 14 TYK-2 You are required to explain the requirements related to registration and regulation of NBFCs
which an auditor needs to keep in his mind while planning the audit of NBFC which would 14.121
help this firm.
Ch 5 TYK-3 You are required to guide Chintan about his role if audit sampling has not provided a
5.29
reasonable basis for conclusions about the population that has been tested - SA 530.
Ch 14 TYK-9 You are required to guide your assistant about the areas to be taken care while doing
14.73
verification during the concurrent audit
Ch 14 TYK-13 You are informed that being a small branch with shortage of manpower, it is not possible
14.74
to always check the work and records. Give your comments.
Ch 14 TYK-6 You have been appointed as an auditor of LCO Bank, a nationalized bank. LCO Bank also deals
in providing credit card facilities to its account holder. The bank is aware of the fact that there
14.73
should be strict control over storage and issue of credit cards. How will you evaluate the
Internal Control System in area of Credit Card operations of Bank?
Ch 15 TYK-6 You have been appointed as auditor of a AKY Ltd. After having determined the audit
objectives, now you have been requested to draft audit criteria. What are the sources that 15.36
you will use while doing the task?
Ch 14 TYK-7 You have been appointed as Concurrent Auditor of a nationalized bank branch. The main
business at the branch is dealing in foreign exchange. Suggest the main areas of coverage 14.73
w.r.t foreign exchange transactions of said branch under concurrent audit.
Ch 5 TYU-5 Your articled clerk informs you that out of above 3creditors,
5.8
GST registrations of 25 concerns have been cancelled
Ch 14 TYK-12 Your assistant is insisting that the account must be classified as NPA since the limit was not
14.74
renewed as on 31/3/2023. What is your opinion?
Ch 4 TYK-11 Your engagement team is seeking advice from you as engagement partner regarding steps for
4.63
risk identification. Elaborate.
Ch 14 TYK-5 Your firm has been appointed as Central Statutory Auditors of a Nationalised Bank. The Bank
follows financial year as accounting year. Advise your views on the issue which were brought 14.73
to your notice by your Audit Manager.
Ch 14 TYK-1 Your firm has been appointed as Central Statutory Auditors of a Nationalised Bank. The Bank
follows financial year as accounting year. Your Audit Manager informed that the bank has
recognised on accrual basis income from dividends on securities and Units of Mutual Funds 14.72
held by it as at the end of financial year. The dividends on securities and Units of Mutual
Funds were declared after the end of financial year. Comment.

By CA Vinay Kumar
By CA Avishi Gupta Page 22