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CA IPCC : Question Paper (with Answers) - AUDITING & ASSURANCE May 2011

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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 Comment on the following in relation to SAs: (a) The work performed by each assistant needs to be reviewed by personnel of at least equal competence. (5 Marks) (b) Audit documentation serves a number of additional purposes. (5 Marks) (c) Management is responsible for compliance with laws and regulations. (5 Marks) (d) Auditor shall establish an overall strategy that sets the scope, timing and directions of the audit, and that guides the development of the audit plan. (5 Marks) Answer (a) Reviewing the work performed by Assistant : As per SA 220 Quality Control for an Audit of Financial Statements the firm s review responsibility policies and procedures are determined on the basis that work of less experienced team members is reviewed by more experienced team members. However, it has placed the final responsibility of review of audit engagement on engagement partner. Engagement partner is the partner or other person in the firm who is a member of the Institute of Chartered Accountants of India and is in full time practice and is responsible for the engagement and its performance, and for the report that is issued on behalf of the firm, and who, where required, has the appropriate authority from a professional, legal or regulatory body. Reviews at appropriate stages, during the audit engagement allow significant matters to be resolved on a timely basis, to the engagement partner s satisfaction on or before the date of the auditor s report: The engagement partner shall ensure that reviews being performed are in accordance with the firm s review policies and procedures. A review consists of consideration whether, for example: The work has been performed in accordance with professional standards and regulatory and legal requirements; Significant matters have been raised for further consideration; Appropriate consultations have taken place and the resulting conclusions have been documented and implemented; There is a need to revise the nature, timing and extent of work performed; The Institute of Chartered Accountants of India

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