Thanks Sir. i was waiting for this

Friends, How was the Audit exam ???

Paper was tough,but CA ke level ka.

wat was the core part? audit stds? any previous years questions repeated?

Dear Friends,

The audit paper was a CA Final Level paper. ICAI wanted to say that "if you think that by studying that past papers you can pass then think again". Just by rot learning nobody has ever passed a ca final exam and nobody will ever will.

Even the professional ethics questions are a first and have not been seen before...

Regards

Sanyam Sultania 

Hi Fellow Budding CAs' like myself,

The Audit paper was beyond belief. Toughest paper ever. I only have this one group left and the Audit paper completely blew my mind.

Sanyam is right.The Professional Ethics questions were a first ! Infact most of the questions were new. It makes you ask yourself if you think you are prepared, are you REALLY prepared ?

Especially after an easy paper SFM, this was a complete setback. 

I pray Law goes well. And I am someone who has scored a 57 in Audit before, a 70 in IDT. So my preparation in Audit was up to mark, but then this paper was just a major REALITY CHECK !

I didn't find anything easy in today's paper except Professional Ethics, Bank Audit, CARO.

Paper was just a Indept Hard core conceptual Paper. But Me to get Minimum 55 - 60 I found it easy & very Practical. All Questions of Prof Ethics were avaialbe but not in PM. they were all a mix of 2 things togather. See the question of CA & Lawyer & also the Visiting card part in it. Wow such a suberb Ques. Advocates permitted by Bar council to Practice as dvocates are Exempted from C A Act for practicing both CA & Law togatehr. They can do it. But yes for Visiting card. he is guilty. Card cannot be printed in a combined form as mentioned in the quest. See question asked in Nov 199. same but Visiting card Point is not there. Anyway Paper was Very Very Conceptual

What's the answer to company have operations in foreign country with political unrest? Is it SA 705

He will make a qualification stating Conditions beyond control & can have a Material Effect but shall make necessary Modifications in the Subsequent Year to the effect of any Major variations & shall Obtain a Management Representation to this effect & also corroborate all necessary & available evidence of the Unrest situations in the country of unrest & where the Office. Also obtain a Report & certificate to this effect from the auditor in that Country if any for the company. In my Opinion see SA 501

Which SA are you referring to in the first part of ur answer

@ PSPSPS

Political & CIVIL unstability envoirnment on foreign land where 80% Assets of the Company is situated. Wont there be any question Company's "GOING CONCRN" assumption??

The Auditor could only get Written Represeentation from management but could neither get any report of Expert of such country nor could his substantive procedures reveal out their mere presence and value.

wont it be just for the Auditor to pull out of the assignment as if possible else provide paragraph of adverse opinion ?? .... 

shouldn't it be disclaimer of opinion instead of adverse opinion and mention going concern assumptioni inappropriate in emphasis of matter paragraph 

Check SA 501 Additional Considerations for Specific Items. This question is a Mix of 2/3 concepts involved in this question. & as Well every question was not isolated to one single concept but every question had atleast 2 things mixed in it. See the questions of Ethics. specially see the question of Lawyer. Qualified Report will be Given. But Auditor cannot withdraw from the assignment as this cannot be a Valid reason for Withdrawl. As Nither the situation is under the Managements control nor any Fraud or deviation or misstatement is there. Also the Management ha s not been non co operative. So withdrawl of Auditor cannot be Justified

All to be said claiming the Best Teachers & Classes claiming to have the best of the Material have been Just Hit / Banged against the wall by ICAI in this Audit Paper. Hats off to ICAI. to ground down the so self Proclaimed best teachers