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CA IPCC : Question Paper (with Answers) - AUDITING & ASSURANCE May 2014

15 pages, 30 questions, 1 questions with responses, 1 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 6 : AUDITING AND ASSURANCE Question No.1 is compulsory. Attempt any five questions from the remaining six questions. Question 1 Discuss the following: (a) "Statements" and "Guidance Notes" of ICAI-whether mandatory or recommendatory? (5 Marks) (b) As an auditor what are the essential points to be borne in mind while examining a voucher? (5 Marks) (c) Payment of interest out of capital during construction period. (5 Marks) (d) What is Modified Reports? Discuss disclosure pattern when the auditor includes an Emphasis of Matter paragraph in the Auditor's Report. (5 Marks) Answer (a) Statements and Guidance Notes of ICAI whether mandatory or recommendatory: (i) Statements: The Statements have been issued with a view to securing compliance by members on matters which, in the opinion of the Council, are critical for the proper discharge of their functions. Statements therefore are mandatory. Accordingly, while discharging their attest function, it will be the duty of the members of the Institute to ensure that statements are followed and complied with. (ii) Guidance Notes: Guidance Notes are primarily designed to provide guidance to members on matters which may arise in the course of their professional work and on which they may desire assistance in resolving issues which may pose difficulty. Guidance Notes are recommendatory in nature. A member should ordinarily follow recommendations in a guidance note relating to an auditing matter except where he is satisfied that in the circumstances of the case, it may not be necessary to do so. Similarly, while discharging his attest function, a member should examine whether the recommendations in a guidance note relating to an accounting matter have been followed or not. If the same have not been followed, the member should consider whether keeping in view the circumstances of the case, a disclosure in his report is necessary. There are, however a few guidance notes in case of which the Council has specifically stated that they should be considered as mandatory on members while discharging their attest function. (b) Examining a Voucher: The essential points to be borne in mind while examining a voucher are: The Institute of Chartered Accountants of India

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