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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (a)
Raman & Suman, Chartered Accountants, are the statutory auditors of Santosh
Bank Ltd. The bank uses a centralized core banking system (CBS) for processing
all transactions such as deposits, withdrawals, interest calculations, and loan
repayments.
The auditors identify a risk of material misstatement relatin... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (i)
Explain under what circumstances should an auditor design and perform
tests of controls to obtain sufficient appropriate audit evidence about the
operating effectiveness of relevant controls?
(ii)
Discuss the type and level of audit evidence required to support the
auditor’s conclusion. Also explain the level... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (b)
An established audit firm, 'ABC & Co.’, is preparing to commence the statutory
audit for its long-standing client, Nitin Handlooms Private Ltd. The engagement
partner, CA A is overseeing the planning process. Before finalizing the overall
audit strategy, he is focusing on the preliminary engagement activities. ... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (i)
Identify the three main preliminary engagement activities that CA A and his
team must perform as part of the planning process.
(ii)
Regarding the continuance of the client relationship, list three matters the
firm should consider continuing the engagement with the company.
(5 Marks) | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (c)
Sameer & Co., Chartered Accountants, are conducting the audit of ABC Ltd. for
the year ended 31st March, 2025. While testing accounts payable, the audit team
decided to examine the recorded balances appearing in the books to verify the
existence and valuation of liabilities. However, the engagement partner poi... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (i)
Explain with reference to above, concept of relevance of audit evidence.
(ii)
State why the auditor should consider both the relevance and reliability of
audit evidence while forming his opinion on the financial statements.
(4 Marks) | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (a)
WXY Ltd. is a trading company that maintains a large quantity of inventory in its
warehouse. During the year, some inventory items belonging to the company were
stored with a third-party transporter due to space constraints. At the same time,
the warehouse also contained goods received on consignment basis fro... | [
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0.022298412397503853,
-0.... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (b)
During the audit of SITU Bank Ltd, the auditor reviews the loan portfolio and
comes across the account of M/s Neem Tree Infrastructure Ltd., which has an
outstanding balance of ` 10 crore. The latest valuation report by an RBI approved
valuer indicates that the realisable value of the security available against... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (c)
An audit firm SPR &Co. is preparing the detailed audit plan for a new client,
Rajeshwari Ltd. The overall audit strategy has already been established. The
engagement partner emphasises that the plan must be sufficiently detailed to
guide the entire engagement team and ensure compliance with Standards on
Auditi... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (a)
During audit of Kavita Ltd., the auditor performs various audit procedures such as
inspection, observation, confirmation, recalculation, reperformance, and
analytical procedures. Some information obtained supports management’s
assertions, while other information appears to contradict them. The auditor also
con... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (b)
During statutory audit of Orient Chemicals Ltd., the auditor, CA Raj, obtained an
understanding of the company’s internal control system as part of identifying and
assessing risks of material misstatement.
During the audit, the auditor observed the following:
i.
The same employee was responsible for record... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (i)
The auditor’s objective in respect of such deficiencies.
(ii)
Auditor's responsibilities regarding communicating deficiencies in internal
control to those charged with governance and management.
(5 Marks) | [
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-... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (c)
ABC Ltd. is a government company whose statutory audit is being carried out by
auditors appointed on the advice of the Comptroller and Auditor General of India
(C&AG). During the audit, the C&AG considered it necessary to conduct a test
audit of the company’s accounts. He issued specific directions to the sta... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (a)
Wonder Homes Pvt. Ltd. owns a commercial building divided into several
apartments that are rented out. During the course of audit, the auditor decides to
apply substantive analytical procedures to verify the rental income instead of
performing detailed checking of individual rent agreements. The auditor predic... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (i)
Explain how the auditor’s approach in the above case represents the use
of substantive analytical procedures.
(ii)
State the circumstances where substantive analytical procedures are more
applicable. Also, discuss how analytical procedures can provide
persuasive audit evidence in such cases.
(5 Marks) | [
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-0... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (b)
As per SQC 1 - “The firm’s system of quality control should include policies and
procedures addressing each element.” In this context, describe the essential
elements that a firm’s system of quality control should include and explain the
importance of communicating these quality control policies and procedures... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (c)
Describe the essential contents of the “Basis for Opinion” section in an auditor’s
report and explain why this section is important as per the requirements of
SA 700 (Revised).
(4 Marks) | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (a)
Sun and Moon Credit Co-operative Society Ltd., a large scale cooperative
organisation operates in Maharashtra and engages in providing small loans to its
members. During the audit, the auditor observed that the society maintains a Cash
Book and Ledger but has not maintained separate registers for loan disburse... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (b)
During audit of PQR Ltd., the auditor observed that the company had incurred
several types of expenditure in relation to its new manufacturing plant. These
included costs for site preparation, installation of equipment, testing of machinery
before use, and professional fees paid to engineers. The company had a... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (c)
Explain the circumstances under which a professional accountant may depart
from specific procedures prescribed in the Standards and describe the
documentation and reporting obligations arising from such departures. (4 Marks) | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (a)
During an audit, the auditor becomes aware that management has imposed a
limitation on the scope of the audit after the engagement was accepted. Explain
the steps the auditor should take and possible implications on the auditor’s report
if sufficient appropriate audit evidence cannot be obtained as per the requ... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (b)
Hansa Airways has purchased a new aircraft for its fleet. The aircraft has an
airframe and engines, both of which have significant cost in relation to total cost
of the aircraft. During audit of the company’s financial statements, the auditor
noticed that the company applied a single depreciation rate to the t... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | (c)
XYZ Ltd. finalized its financial statements for the year ended 31st March 2025.
Audit is in progress and the auditor is expected to issue the report in July, 2025.
On 10th April 2025, a major debtor of the company was declared insolvent and the
company realised that the amount due from this debtor as on 31st M... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
Audit risk means the risk that the auditor gives an inappropriate audit
opinion when the financial statements are materially misstated. Audit risk
is a function of the risks of material misstatement and detection risk.
Audit risk is a technical term related to the process of auditing; it does not refer
to t... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
The identity of the entity’s related parties, including changes from the prior
period.
(ii)
The nature of the relationships between the entity and these related
parties; and
(iii)
Whether the entity entered into any transactions with these related parties
during the period and, if so, the type and purpose ... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
Identify, account for, and disclose related party relationships and
transactions in accordance with the applicable financial reporting
framework;
(ii)
Authorise and approve significant transactions and arrangements with
related parties; and
(iii)
Authorise and approve significant transactions and arrangemen... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (c)
It is important for auditor to identify scope of the engagement. Only a well
identified scope can lead to establishment of a sound audit strategy. There are
many characteristics of engagement defining its scope. Some of characteristics
are as under: -
Applicable financial reporting framework applicable to ... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (a)
Audit procedures - To establish the existence of trade payables and other current
liabilities as at the period- end | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
Check whether there are controls in place to ensure that any purchase/
expense invoice does not get recorded more than once and payable
balances are automatically recorded in the general ledger at the time of
recording of expense.
(ii)
Obtain accounts payable ageing report and trace its balances to the
gener... | [
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-0.025... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (v)
Review a trend line of purchases/ expenses and accounts payable, or a
comparison of the two over time, to see if there are any unusual trends.
Make inquiries about reasons for changes in trends from the management.
Verification of liabilities is as important as that of assets because omission,
understatement... | [
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0.0... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (b)
Engagement Team Discussions: All personnel performing an engagement,
including any experts contracted by the firm in connection with that engagement
are known to be the “Engagement Team”. The engagement team should hold
discussions to gain better understanding of the bank and its environment,
including inter... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
Errors that may be more likely to occur;
(ii)
Errors which have been identified in prior years;
(iii)
Method by which fraud might be perpetrated by bank personnel or others
within particular account balances and/or disclosures;
(iv)
Audit responses to Engagement Risk, Pervasive Risks, and Specific Risks; | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (v)
Need to maintain professional skepticism throughout the audit
engagement;
(vi)
Need to alert for information or other conditions that indicates that a
material misstatement may have occurred (e.g., the bank’s application of
accounting policies in the given facts and circumstances).
Advantages of such a discu... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
Specific emphasis should be provided to the susceptibility of the bank’s
financial statements to material misstatement due to fraud, that enables
the engagement team to consider an appropriate response to fraud risks,
including those related to engagement risk, pervasive risks, and specific
risks.
(ii)
It f... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
the overall audit strategy
(ii)
the audit plan and
(iii)
any significant changes made during the audit engagement to the overall
audit strategy or the audit plan, and the reasons for such changes.
The documentation of the overall audit strategy is a record of the key decisions
considered necessary to pro... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (a)
Inspection involves examining records or documents, whether internal or external,
in paper form, electronic form, or other media, or a physical examination of an
asset. Inspection of records and documents provides audit evidence of varying
degrees of reliability, depending on their nature and source and, in th... | [
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-... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (b)
Going concern is one of the fundamental accounting assumptions. The enterprise
is normally viewed as a going concern, that is, as continuing in operation for the
foreseeable future. It is assumed that the enterprise has neither the intention nor
the necessity of liquidation or of curtailing materially the scale... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (c)
Audit of Receipts: The audit of receipts is neither all pervasive nor as old as
audit of expenditure but has come to stay in some countries. Such an audit
provides for checking; | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
whether all revenues or other debts due to government have been correctly
assessed, realised and credited to government account by the designated
authorities;
(ii)
whether adequate regulations and procedures have been framed by the
department/agency concerned to secure an effective check on
assessment, collec... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (v)
review of systems and procedures to see that the internal procedures
adequately secure correct and regular accounting of demands collection
and refunds and pursuant of dues up to final settlement and to suggest
improvement. The basic principle of audit of receipts is that it is more
important to look at the gen... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (a)
The nature and extent of audit procedures necessary to obtain sufficient appropriate
audit evidence regarding opening balances depend on such matters as:
•
The accounting policies followed by the entity.
•
The nature of the account balances, classes of transactions and
disclosures and the risks of material m... | [
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0.021... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (b)
As per SA 210 “Agreeing the Terms of Audit Engagements”, in order to establish
whether the preconditions for an audit are present, the auditor of Wing Ltd, CA G
shall:
(1)
Determine whether the financial reporting framework is acceptable; and
(2)
Obtain the agreement of management that it acknowledges and
u... | [
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0.021344374865293503,
-0... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
For the preparation of the financial statements in accordance with
the applicable financial reporting framework;
(ii)
For the internal control as management considers necessary; and
(iii)
To provide the auditor with:
•
Access to all information such as records, documentation
and other matters;
•
Additional... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (c)
Standard on Auditing (SA) 705 “Modifications to the Opinion in the Independent
Auditor’s Report” deals with the auditor’s responsibility to issue an appropriate
report in circumstances when, in forming an opinion in accordance with SA 700
(Revised) “Forming an Opinion and Reporting on Financial Statements”, the ... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
The auditor concludes, based on the audit evidence obtained, that the
financial statements as a whole are not free from material misstatement; or
(ii)
The auditor is unable to obtain sufficient appropriate audit evidence to
conclude that the financial statements as a whole are free from material
misstatement. | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (a)
The auditor cannot obtain absolute assurance that financial statements are free
from material misstatement because the process of audit suffers from certain
inbuilt or inherent limitations. Preparation of financial statements involves making
many judgments by management. These judgments may involve subjective
... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
Obtain a listing of fixed deposits opened during the period under audit
along with the applicable interest rate and the number of days for which
the deposit was outstanding during the period.
(ii)
Verify the arithmetical accuracy of the interest calculation made by the
entity by recomputing i.e. multiplying t... | [
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0.018870888277888298,
-0.00... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (v)
Also, obtain a copy of Form 26AS (TDS withholding by the bank/ financial
institution) and reconcile the interest reflected therein with the calculation
shared by client. | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
Check names entered in the Students Fee Register for each month or term,
with the respective Class Registers, showing names of students on rolls
and test amount of fees charged; and verify that there operates a system
of internal check which ensures that demands against the students are
properly raised.
(ii) ... | [
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0.038601353764534,
-0.043165... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (v)
See that free studentship and concessions have been granted by a person
authorised to do so, having regard to the Rules prepared by the Managing
Committee.
(vi)
Confirm that fines for late payment or absence, etc. have been either
collected or remitted under proper authority.
(vii)
Confirm that hostel dues wer... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (a)
Some examples of circumstances where the auditor may consider it
necessary to include an Emphasis of Matter paragraph.
•
An uncertainty relating to the future outcome of exceptional litigation or
regulatory action.
•
A significant subsequent event that occurs between the date of the financial
statements and... | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (b)
For additions during the period under audit, obtain a listing of all additions from
the management and undertake the following procedures: | [
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0.00970966275781393,
... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
For all material additions, verify whether such expenditure meets the
criterion for recognition of an intangible asset as per AS 26.
(ii)
Ensure that no intangible asset arising from research (or from the research
phase of an internal project) should be recognised. Expenditure on
research (or on the research... | [
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0.02235584892332554,
... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (c)
The auditor has no obligation to perform any audit procedures regarding the
financial statements after the date of the auditor’s report. However, when, after
the date of the auditor’s report but before the date the financial statements are
issued, a fact becomes known to the auditor that, had it been known to ... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (i)
Discuss the matter with management and, where appropriate, those
charged with governance.
(ii)
Determine whether the financial statements need amendment and, if so,
(iii)
Inquire how management intends to address the matter in the financial
statements.
OR | [
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Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_2_Question.pdf | Audit | MTP | January_2026 | (c)
Professional skepticism refers to an 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.
In this situation, several observations such as contradictory sales invoices, altered
document... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (a) DOX Limited, a service provider company engaged in providing courier
services pan-India as well as internationally, has appointed an internal
auditor, Mr. G, in accordance with requirements of the Companies Act,
2013 during financial year 2023-24. The company’s annual turnover
during year 2022-23 and 2023-24 ha... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (b)
Up and High Private Limited has started its export business during the
year 2023-24. The company was catering to domestic market only in
past years. CA H, statutory auditor of the company, is of the view that
the company has understated its revenue by ` 50.00 lacs in the year
2023-24 by not complying with requ... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (i)
Discuss responsibilities of statutory auditor to communicate with
management in the above situation in accordance with SA 450.
Also explain the usefulness of such communication.
(ii)
If management refuses to correct misstatement as communicated
by the statutory auditor, how should he proceed?
(4 Marks) | [
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-... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (c)
Prudent Enterprises Private Limited has incurred and fully spent for the
first time Corporate Social Responsibility (CSR) expenditure amounting
to ` 14.50 lacs in pursuance to provisions of section 135 of Companies
Act, 2013. The expenditure was spent for women empowerment
programmes through an implementing ag... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (d)
CA Tripad (engagement partner) based at New Delhi is external auditor
of Lap of Nature, a firm, since last three years. The firm is engaged in
business of providing tourism services including holiday packages to its
club members. It has also provided auditor including his team members
free holiday for a week e... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (a) Mention any four financial events or conditions that, individually or
collectively, may cast significant doubt on the entity’s ability to continue
as going concern.
(4 Marks) | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (c)
The auditor carries out his work by obtaining audit evidence through
performance of audit procedures. However, there are practical and legal
limitations on ability of auditor to obtain audit evidence. Give one
example each for such practical and legal limitations.
(3 Marks) | [
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-... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (d)
Goods and Services Tax Network (GSTN) is a not for profit, limited by
shares, company. Its 50% shareholding is with Union Government and
50% with different State Governments. The company provides IT
infrastructure
and
services
to
various
stakeholders
including
governments and tax payers. The company is i... | [
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0.03873498365283012... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (a) Suniti, a CA student, is part of an engagement team conducting audit of
a company TIM Private Limited. According to audit programme, she is
responsible for verifying purchases and PPE items appearing in books
of accounts from records/bills of company. Besides, she has also been
entrusted
responsibility
to... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (i)
One purchase bill amounting to ` 5.00 lacs pertaining to TIM
Industries has been entered in books of TIM Private Limited.
(ii)
The management has refused to provide a written representation
relating to physical verification of inventories during the year. She
has brought it to knowledge of engagement partner ... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (b)
CA B is statutory auditor of Boom Payments Bank for year 2023-24.
During the year, banking regulator has imposed restrictions on Bank
from accepting new deposits due to non-compliance in conducting KYC
in large number of accounts and violation of rules aimed at preventing
money laundering. There is material un... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (c)
Auditor shall develop an audit plan that includes description of audit
procedures. Specify requirements in this regard.
(3 Marks) | [
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-0.... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (d)
What is meant by audit documentation? What are objectives of an
independent auditor in accordance with SA 230?
(3 Marks) | [
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0... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (a) You are part of engagement team conducting audit of an entity engaged
in manufacturing business. State few audit procedures you would
undertake to perform to verify that recorded sales in financial statements
represent goods actually sold during the period and recorded sales are
not overstated.
(4 Marks) | [
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0.0226442851126194,
0.0... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (b)
While performing statutory audit of Contra Industries Private Limited, a
company engaged in manufacturing and assembling of LED lights, CA
Varun has decided to attend physical inventory count process of the
company on 30th and 31st March, 2024. The inventories are lying at three
different locations - two such ... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (c)
The auditor should decide whether relevant information is properly
disclosed in the financial statements. Explain with reference to scope of
audit.
(3 Marks) | [
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-0... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (d)
SQC 1 dwells upon engagement quality control review (EQCR) as part
of system of quality control in a firm. Why is such a review required? For
which type of engagements EQCR is mandatory?
What should be approach of firm for engagements for which EQCR is
not mandatory?
(3 Marks) | [
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-0... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (a) WTE Private Limited is engaged in business of manufacturing a product
liable to GST @ 5%. The input raw materials for manufacturing this
product are liable to GST @ 12% and 18%. As a result, at the end of
financial year, ITC on inputs amounting to ` 60 lacs is accumulated in
Electronic Credit ledger and refunda... | [
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-0... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (b)
The objective of an auditor in accordance with SA 315 is to identify and
assess risks of material misstatement at financial statement level and
assertion level. Which specific activities an auditor is required to perform
for the purpose of identifying and assessing risks of material
misstatement?
(4 Marks) | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (c)
You have been appointed as an auditor of ABC Hotel, a three star hotel,
for Financial Year 2022-23. As an auditor what are the special points
that need to be considered in verifying the Inventories in the nature of
food and beverages?
(3 Marks) | [
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0.0035278897266834974,
0.020220279693603516,
... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (d)
Professional Behaviour is one of the fundamental principles governing
professional ethics. Explain its meaning. Also, give example of a
situation where a Chartered Accountant fails to follow this principle.
(3 Marks) | [
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0.... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (a) CA Z is appointed as statutory auditor of BETA Private Limited for the
year 2023-24. There exists an internal audit function in the company
headed by its Chief Internal Auditor, CA K. Valuation of trade receivables
of company is assessed as area of higher risk by statutory auditor. He
wants to take direct as... | [
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0.0176... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (i)
assign checking of accuracy of aging of trade receivables to Chief
Internal Auditor?
(ii)
assign evaluation of adequacy of provision based on aging of trade
receivables to Chief Internal Auditor?
(4 Marks) | [
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0.017697593197226524,
0.0... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (b)
The audit of Government expenditure is one of the major components of
Government audit. Briefly explain the basic standards set in relation to
audit of Government expenditure.
(4 Marks)
OR | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (c)
Cinescreen Multiplex Ltd. is operating cinemas in different locations in
Mumbai and has appointed you as an internal auditor. What are the
areas that need to be verified in relation to receipts from sale of Tickets?
(4 Marks) | [
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0.0036841235123574734,
0.05380815640091896,
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Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (d)
Given below is a table containing Column A and Column B. Column A
contains description of certain controls in an automated environment.
Complete Column B by stating appropriate type of control.
Column A (Description of control in an
automated environment)
Column B (Type of
control)
Reasonableness checks
... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_May_2024_MTP_1_Questions.pdf | Audit | MTP | May_2024 | (e)
An engagement partner takes overall responsibility for maintaining audit
quality in an audit engagement in accordance with SA 220. What are his
objectives in taking and emphasizing such responsibility? (3 Marks) | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (a)
DEF Ltd. is a profit-oriented company engaged in the FMCG sector. During the
audit for the financial year ended 31st March 2025, the auditor observed that the
company’s profit before tax from continuing operations has been highly volatile
over the past few years due to fluctuations in input costs and competiti... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (b)
OPQ Ltd. is a widely held company engaged in manufacturing activities. The
management of the company is responsible for preparation of financial
statements. The shareholders of the company are not involved in day-to-day
operations.
Downloaded From www.castudynotes.com
Join Us on Telegram http://t.me/canotes_i... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (c)
CA A is the statutory auditor of AB Ltd., a company engaged in manufacturing
high-precision industrial components used in the automobile sector. The company
has experienced significant fluctuations in its gross profit ratio and raw material
consumption during the current year as compared to previous years.
... | [
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Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (a)
Zetta Manufacturing Ltd. is engaged in the production of textile machinery
components. During the course of audit, the auditor observed fluctuations in the
purchase quantity and prices of raw materials as compared to previous years. The
management has provided data relating to consumption, stock composition, a... | [
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-0.... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (b)
N Ltd., a manufacturing company, has availed a Cash Credit Facility of ` 1 crore
from XY Bank Ltd. As per the latest stock statements submitted for the quarter
ended 31st March 2025, the Drawing Power (DP) is ` 80 lakh. The outstanding
balance in the cash credit account as on the balance sheet date is ` 75 lakh... | [
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-0.0... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (c)
QRS & Associates, a firm of Chartered Accountants, is handling multiple audit
engagements across diverse industries. One of its clients, Nova Manufacturing
Ltd., is engaged in heavy engineering, whereas another client, Sparkle Retail Ltd.,
operates a chain of consumer retail outlets with a high volume of transa... | [
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... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (a)
Raghav Mehra & Co., Chartered Accountants, were appointed as the statutory
auditors of Jeep Manufacturing Limited for the financial year 2024–25. The
company is engaged in large-scale production of automobile components and
Downloaded From www.castudynotes.com
Join Us on Telegram http://t.me/canotes_ipcc
maint... | [
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0.019013557583093643,
0.027061128988862038,
-0.05... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (i)
Examine whether the approach of CA Raghav Mehra is correct.
(ii)
State the audit procedures that should be performed regarding opening
balances in such cases.
(5 Marks) | [
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0.04056799039244652,
-0.0134... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (b)
Arvind & Associates, Chartered Accountants, were appointed as auditors of
Stellar Appliances Ltd. for the financial year ended 31st March 2025. During the
course of audit in June 2025, the auditor observed that the company operates in
a rapidly changing market environment and there were frequent post year-end ... | [
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0.007670670282095671,
0.016253475099802017,
... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (c)
Nature Charitable Trust runs a multi-specialty hospital in Noida. The hospital
earns revenue from patients, donations, subscriptions, government grants and
income from investments.
During the audit for the year ended 31st March 2025, the auditor, CA A, observed
the following:
•
The hospital maintains a p... | [
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0.04217381402850151,
0.037896424531936646,
-0.0113... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (a)
FGH & Co., Chartered Accountants, have been appointed as the statutory auditors
of Alpha Ltd., a company engaged in manufacturing electrical equipment. The
company follows a strict reporting schedule and requires continuous interaction
with auditors during the audit process.
During audit planning, the engag... | [
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0.03530383110046387,
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0.05034927278757095,
0.008068481460213661,
... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (b)
RS & Co., Chartered Accountants, were appointed as statutory auditors of
Zifi Infra Ltd., a listed company engaged in infrastructure development. During the
course of audit, it was observed that:
•
The audit partner, CA R, had a close personal relationship with the CFO of
the company.
•
The firm had also ... | [
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0.012700971215963364,
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0.050217289477586746,
0.05583157017827034,
0.016258802264928818,
0.012457940727472305... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (c)
“Before the commencement of audit, the joint auditors should discuss and develop
a joint audit plan”. Discuss the points to be considered in developing the joint audit
plan by the joint auditors.
(4 Marks) | [
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0.0026708487421274185,
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0.043949201703071594,
0.03938630223274231,
0.... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (a)
Explain the objective of the auditor to express an appropriately modified opinion
as per SA 705 – Modifications to the Opinion in the Independent Auditor’s Report.
Also, discuss the circumstances under which the auditor is required to issue a
qualified opinion.
(5 Marks) | [
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-0.014790067449212074,
0.0019005235517397523,
-0.02672194503247738,
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0.07043308764696121,
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0.03341912478208542,
0.005923897959291935,
0.... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (b)
CD Manufacturing Ltd., engaged in the production and trading of consumer goods,
has significant inventories comprising finished goods and goods held for resale.
During the course of audit for the financial year ended 31st March 2025, the auditor
observed that inventory includes certain slow-moving and obsolete ... | [
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-0.007876158691942692,
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0.006692193448543549,
0.02432403340935707,
-0.... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (c)
YZ Limited is engaged in the business of manufacturing electrical equipment.
During the course of audit for the financial year 2024–25, CA R, the auditor,
observed that while certain expenses like rent, power and fuel were subjected to
monthly trend analysis, a large number of other expenses such as travelling... | [
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0.006698438432067633,
0.024388916790485382,
... |
Inter_P5_Audit_Auditing_and_Ethics_May_2026_MTP_Series_2_Questions.pdf | Audit | MTP | May_2026 | (a)
YZ & Co., Chartered Accountants, were appointed as auditors of Shree Ltd. for
the financial year 2024–25. The auditor proposed to sign the audit report on
30th June 2025.
Management provided written representations dated 10th June 2025 and refused
to update them closer to the date of the auditor’s report, s... | [
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0.06391496956348419,
0.015924111008644104,
0.005244856234639883,
0.010262344032526016,
0.0... |
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