(3)

CTEI

PART-I

Case Scenario - I:
GNH & Co., Chartered Accountants, has been appointed as the statutory
branch auditors of Chandigarh branch of HFC Bank, a nationalized bank.
While carrying out the audit, the following key issues were identified:
Issue 1 : Consortium Cash Credit Facility granted to XLtd.: HFC Bank is a
consortium member providing cash credit facilities of 50 crores to X Ltd.,
with HFC's share being 10 crores. Over the past two quarters, interest
amounting to 1.75 crores have been debited in cash credit account of XLtd.,
while credits in the account amounts to only 7 1.25 crores. Despite this
shortfall, the account has been classified as performing asset, based on a
certificate from the lead bank (UNC Bank Limited).
Issue 2 : Asset Classification of SJ Ltd.: SJ Ltd.'s account has seen no
recovery for the past 18 months. However, the bank has not applied NPA
norms or income recognition norms to this account. The management justifies
this by stating that the account is guaranteed by the central government and
that NPA and income recognition norms are not applicable. Government has
not invoked the guarantee.
Issue 3 : Loan Application from ABC Traders: ABC Traders has applied for a
cash credit limit from HFC Bank for supporting working capital requirements
on account of business expansion. In discussions with ABC Traders, HFC
Bank has requested different forms of security, depending on the nature of the
assets offered, which includes immovable property (warehouse), goods in
provided the
stock, accounts receivable, and insurance policies. Borrower
security and was sanctioned cash credit limit of 4.50 Crores.
branch) has
Issue 4: Precision Engineering (one of the borrowers of the
utilized the entire sanctioned cash credit limit of 300.00 Lacs. Outstanding
balance as on 31t March, 2024 is 308.00 Lacs. Bank classified the account
as Substandard Asset. One fine day DGM (Inspection) of Bank was passing
through the area in which borrower is located and observed that building
occupied by the borrower is damaged and there is no machinery, stock and
available
other assets available in the premises. Borrower was not
telephonically and no contact could be made with him. He ordered
independent verification of assets and report was submitted that no security
mortgaged with bank is available. Report has been accepted by the bank
is available as
authorities. Only a piece of land with realizable value 25 Lacsconsidering the
of now. Bank made a provision in its books of accounts
account as Substandard Asset.
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Based on the above facts, answer the following Q. Nos. 1 to 4

1
ABC Traders offered its warehouse as security for the loan. HFCBank created
a charge on the warehouse. Which form of security has been created and
whether bank is required to get stock audit done of cash credit account of ABC
Traders ? 2

(A) Security created is Pledge and bank is required to get stock audit done of
cash credit account of ABC Traders.

(B) Security created is Mortgage and bank is required to get stock audit done
of cash credit account of ABC Traders.
(C) Security created is Pledge and bank is not mandatorily required to get
stock audit done of cash credit account of ABC Traders.
(D) Security created is Mortgage and bank is not mandatorily required to get
stock audit done of cash credit account of ABC Traders.

2
Whether correct classification and provisioning norms have been applied in
the account of Precision Engineering ? 2

(A) The account is correctly classified but provision should be made for
hundred percent of the unsecured portion besides making specified
provision on secured portion.
(B) The account should have been classified as Doubtful asset and besides
making required provision on secured portion, provision should have
been made for hundred percent of the unsecured portion.
(C) The account should have been classified as loss asset and full provision
should have been made in the books of accounts.
(D) The account should have been classified as Doubtful asset and full
provision should have been made in the books of accounts.
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3. Whether the asset classitication ot acCount ofX Limited is curet

(A) Classitication is correctly done on the basis ot cernticate pruvided by

UNC Bank Limited.

(B) Classitication is coreetly done subject to contirmation ton the Central

statutory auditor of the bank.
(C) Classification is corectly done subject to coatirmation tiom the Cenral
statutory auditor of the bank and also ocher parameters specified in the
RBI guidelines have been followed.
(D) Classitication is not in order as classification has to be done on the basis
of record of recovery of the HFC Bank only.

4. Is the bank's decision not to apply NPA and income recognition norms to
account of SJ Ltd valid under regulatory guidelines ?

(A) The bank is correct to the extent of not applying the NPA noms for
provisioning purposes. However., this exemption is not available in
respect of income recognition norms.
(B) The bank is not correct for not applying the NPA norms for provisioning
purposes. But this exemption is available in respect of income

recognition norms.
(C) The bank is corect in not applying the NPA noms and income
recognition norms as both are not applicable.
(D) The bank is not correct in not applying the NPA norms and income

recognition norms as both are applicable.

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5.
Managemnt of ECX Systems Linited acknowledged that going concern
assumption will not be suitable while preparing financial statements and
inlorms the auditor that the lact of uncertainty related to going concern would
suitably be disclosed in the notes of accounts. How should the auditor address
this while preparing Independent Auditor's Report ? 2
(A) To include a separate section under the heading "Material
uncertainty
related to Going Concern" in the auditor's report as per the requirement
of SA S70.

(B) To include a separate section under the heading "Key Audit

the auditor's report as per the
Matters" in
requirement of SA 701.
(C) To includea sub section under the
heading "Material uncertainty related
to Going Concern" under separate section of*Key Audit
Matters'" in the
auditor's report as per the requirement of SA 705.
(D) To include a separate section under the heading "Key Audit
the auditor's report as per the requirement of SA 570.
Matters" in

6. Which of the following statements is not correct about Limited

Liability
Partnership (LLP) ? 2
(A) An LLP is required to maintain Statements of costs of goods
purchased,
inventories, work-in-progress, finished goods and costs of goods sold.
(B) An LLP is called small LLP, the Turnover of which, as per the Statement
of Accounts and Solvency for the immediately preceding
financial year.,
does not exceed forty lakh rupees (? 40,00,000) or such higher amount,
not exceeding fifty crore rupees, as may be prescribed;
(C) Every LLP would be required to file annual return in Form 11 with ROC
within 30 days of closer of financial year. The annual return will be
available for public inspection on payment of prescribed fees to
Registrar.
(D) The auditor may be appointed by the designated partners of the LLP at
any time for the first financial year but before the end of first financial
year.

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In case any intangible asset is not in active use by the entity, the auditor should
check whether: - 2
A) The deletion with respect to the intaneible asset has been
recorded in the
books of accounts post-approval by the entity's
management.
B) The amortization charge has ceased bevond the date of
deletion.
C) The deletion with respect to the intangible asset has been
recorded in the
books of accounts post-approval by the entity's management and the
amortization charge shall be continued.
(D) The deletion with respect to the intangible asset has been recorded in the
books of accounts post-approval by the entity's management and the
amortisation charge has ceased beyond the date of deletion.

Case Scenario IIl:

PKH & Associates, a Chartered accountant firm, is practicing in Mumbai
since last two decades. Rahul got the opportunity to work as an article clerk
with PKH & Associates. After completion of formalities of article clerk
registration, Rahul is placed in the statutory audit team of the firm. CA P, the
partner heading audit team, planned to take Rahul in the audit work of M/s
Fox India Limited for the financial year 2023-24. Till last year, CA Kwas the
head of the audit team for audit of M/s Fox India Limited. As it is the first
assignment of Ralhul, he was instructed by the partner to go through the audit
file of M/s Fox India Limited for the financial year 2022-23 and familiarize
himself with audit procedures and methodology to be followed for upcoming
audit assignment.
found revised
On-going through the audit file of F.Y 2022-23, Rahul
tax
engagement letter, other working papers relating to MAT & Deferred
calculations and the following extract on verification of expenses:
Name of concern M/s. Fox India Limited
Financial Year 2022-23
Prepared by D (05.05.2023)
Reviewed by F (06.05.2023)
Approved by CA K (07.05.2023)

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Sr. Nature of Procedure Extent of Basis of Done
No. Check Sample by
1 Vouch few expense invoices 10% Random D
available in record of concern Sampling
2 Trace these invoices into the account 10% Random D
books of the concern. Sampling
3. Verify few invoices with the GST Random D
10%
data of the concern Sampling
Rahul immediately drafted a revised engagement letter for the financial year
2023-24 and also specified the scope of audit to include the following
statements:
Statement I : reliability and sufficiency of financial information
Statement II :proper disclosure of financial information,
Statement III: responsibility of an auditor to prepare the financial
statements, and
Statement IV: coverage of all aspects of entity relevant to the financial
statements being audited.
He thought that it is mandatory to obtain engagement letter every year and
handed over revised draft to CA P. CA Pis surprised as to why Rahul drafted
the same and explained him the situations under which it is necessary to obtain
a revised engagement letter.
Before finalizing the audit report of M/s. Fox India Limited for the F.Y
2023-24, Rahul performed the following procedures regarding subsequent events:
(i) Obtained an understanding of procedures established by the company to
ensure that subsequent events are identified.
(ii) Inquired management of the company as to whether any subsequent
events have occurred which affects the financial statements as on
31.03.2024.

(iii) Read the entity's latest subsequent interim financial statements.

(iv) Read the minutes of meetings of M/s. Fox India Limited that have been
held up to 31.03.2024
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ave facts answer the following Q Nos Sto 11
calegethe information pertaining to F.Y 2022-23 in relation
2

Th sanhe as a part tof Audit plan

a Ihe ste as a part of Audit programme
The same n as a part of Audit guidelines
The sane as a part of Audit procedures

Mhch of the andit procedure performed (before finalizing the audt report of
2
Vs For Ind1a Limited) by Rahul is not as per SA S60 ?
(A) Provedure (i)
B) Provedure (ii)
C) Procedure (ii)
D) Procedure (iv)

10. Which of the following would not form part of the explanation given by CA P
2
to Rahul 9
() A recent change of senior management.
(B) Asignificant change in nature or size of the entity's business.
(C) Replacement of CA K by CA P
(D) Achange in legal or regulatory requirements.

letter
11. Which of the statements included by Rahul in revised draft engagement
IS incorrect ? 2

(A) Statement I
(B) Statement II
(C) Statement III
(D) Statement IV

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Case Scenario- III:
to
auditor of a manufacturing entity. Pursuant
CA F has been appointed as an
planned to assess the risk of material misstatement. During
appointment, CAF
CA F observed that entity has jdentified various controls to
this process,
implemented a control (named TARGET)
mitigate the risk. The entity has
systems are processed to meet
whose objective is to ensure that production
financial reporting objectives.
CA F was wandering as to how
On completion of risk assessment procedure,
verify the existence of related party relationships and transactions. So,
he can
suggested following ways to
he consulted one of his colleagues. CA Z, who
identify the same:
(i Information supplied by the entity to regulatory authorities.
(ii) Entity's income tax returns.
(iii) Inventory records maintained by the entity.
(iv) Life insurance policies acquired by the entity.
CA F
On-going through the financial statement provided by the entity,
observed that the entity has significantly borrowed the amount during the
financial year 2023-24. CA F wanted to ensure that all borrowing on the
balance sheet represent valid claims by banks or other third parties.
Accordingly, he performed the following procedures:
(i) Reviewed subsequent transactions after the end of the reporting period.
(ii) Recomputed the interest on borrowing.
(iii) Reviewed board minutes for approval of new lending agreements.
(iv) Agreed loan balance and loan payables to the loan agreement.
CA F decided to perform analytical procedures to obtain audit evidence as to
overall reasonableness of purchase quantity and price. For this, CA F
scrutinized raw material consumed as per manufacturing account and
compared the same with previous years with closing stock. The variations
observed were discussed with the management of the entity.
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Based on the above facts, answer the following Q. Nos. 12 to 15
12. Do you agree with all the ways suggested by CA Z to CA F? 2
(A) No, suggestion (i) is not correct
(B) No, suggestion (i)) is not correct
(C) No, suggestion (11) is not correct
(D) No, suggestion (iv) is not correct

13. CA F performed which of the following analytical procedure to obtain the

audit evidence with respect to the overall reasonableness of purchase quantity
and price of raw material ? 2

(A) Consumption Analysis

(B) Stock Composition Analysis
(C) Trend Analysis
(D) Ratio Analysis

14. Control "TARGET" will be categorised in which of the following ? 2

(A) Data center and network operations

(B) Program Control
(C) Processing control
(D) Application Control

2909295
15. Which of the procedures performed by CA F is suitable for satisfaction of
concern regarding borrowing ? 2

(A) Procedure (i)

(B) Procedure (i)
(C) Procedure (iii)
(D) Procedure (iv) -

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 (2)

PARTI|

A' Co.,Chtered Auuptsnts, sre appoined as stalutory auditor of

Heavy Industries Limited, a listed company engaged in manufacturing of
electrie vehicles, for the P,Y 023-24, As per the reent guideline issued
by the regulatory authority, every listed conpany is required to maintain
thedigital database of all those personnel who could access the books of
lhe company to avoid Insider Trading, In case of non-compliance, hefty
Tines may be imposed on the company, CA P is the engagement partner
from auditor firm for the audi of Heavy Industries Limited. During
planning, CA P planned that he would inquire from in-house IT Head of
the company about the maintenance of the digital database to identify
nd assess the risk of non-compliance with regulatory guidelines. In the
light of above facts, cxplain:
(6) Whether CA Pis required to consider about the maintenance of 3
digital database while framing audit strategy ?
(i) Whether thc procedures planned by CAP are in line with SA-300 ? 2

(b) Fashion Garments Limited (PGL) is a company engaged in the

manufacturing and sale of rcady-made garments. The products
manufacturcd by FGL cater to clothing rcquirements of men, women and
kids scction. Pcarl & Associates, Chartered Accountants, is the statutory
Auditor of FGL, Partner CA Pearl asked her audit assistant to go through
the segment information discloscd and presented in the financial
statements, Assistant is new to the audit engagements and seeks her
guidance on what is the key responsibility of the auditor in relation to
scyment information,
What slhould CA Pearl guide the assistant on the said matter ?
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CTEZ
What audit procedures should CA Peurl perform to ensure that methods 3
INCd by the management to presCnt scgment information are in
Iceordancc with tlhe applicable (inancial reporting framework ?

4
(c) Sparc Parts Limited reccived an input from internal auditors that internal
controls inplemented by the company appears to be reasonable but not
NO strong that any fraudulent activity can be prevented or timely detected

by such controls. Aceordingly a qualified person should head the internal

controls department. CA Raj has been appointed as an Internal Control
Hcnd of the company. His scope of work includes development of
internal controls in various departnents/areas of the company. On his
joining, he studicd the various verticals and after identifying the
important arcas (prone to fraud) implemented strong controls in those
arcas. In his mecting with senior management and statutory auditors, he
nssurcd that satisfactory control environment exists and fraud cannot
happen. Whether existence of a satisfactory control environment can be
considered as an absolute deterrent to fraud ?

2. (a) XYZ Lid, a manufacturing company engaged in the production of 5

various types of yarn, is planning to expand its operations into a new

geographical market and also add new products. Company has prepared
prospective financial infornmation to be presented to potential investors
and financial institutions to secure funding for the expansion.

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XYZ Ltd engages a firm of auditors to conduct9) 5 0 E CNYY

on this prospective financial information. Duriny We cnyND, is
auditors reviewed the assumptions made by XYZJd.'s ma»aymD d
issued a report.

Explain the key differences between prospective financil intomatu

and historical financial information. How does this distinction jmyas the
level of assurance provided in an assurance engayement n prnp
financial information ?

(b) CA H is managing partner of HK &Co,, a Chsrtered Awntat firn,

having registered office at Delhi. With the annual task of seviewiny
whether any threat to independence is observed in the firm, CA H ssud
down the following observations received from the staff and parsers f
the firm for the F.Y 2023-24:

(i) CA J, partner of the firm, performed statutory audit as well 2s nn

audit engagement for M/s, Take Away Private Limied.
(ii) CA M, partner of the firm, who has done income tax audit for MIs.
Happy Associates where in CA M has material significant jndireg
financial interest.

(iii) The costs of air travel and stay accommodation of fanily members
of audit team for audit of Chennai was borne by the client stationed
at Chennai.

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 6)
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(iv) One of the clients, M/s. Chalk Limited, threatened to replace them
as auditors because the audit teamn insisted to make provision for

expected credit loss which the company was not willing to provide.
(V) CA N, partner of the firm, who audited M/s. NM Private Limited
became arbitrator for dispute between M/s. NM Private Limited

and one of its vendors.

(Vi) CA N accepted the assignment of Tax audit (on behalf of firm) of

TRF Industries. Management agreed to pay him contingent fee for

tax audit.

3
You are requested to help CA H in classifying the type of threats to
independence in each of the above observation received from the staff

and partners of the firm.

In case such threats exist, what should the auditor do ? 2

FRP & Associates are the statutory auditors of Paint Private Limited. 4
(c)
Company is into the business of trading and has operations across India.
CA M, partner in charge of the audit, is carrying out the audit procedures
with his audit team. He entrusted CA Ravi, one of the team members, the
task of obtaining various audit evidences connected with the audit and

submit the same to the engagement partner for finalizing the audit report.
How can CA M ensure that the evidences collected by CA Ravi during
the audit will be sufficient for the purpose of audit or not ?

CTE2 P.T.0.
 (6)
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3. (a) ABC & Co., a Chartered Accountant firm, has been appointed as the
statutory auditors of Pen Private Limited for the F.Y 2023-24. During
audit, one of the team members. Mr. R noticed that Pen Private Limited
has purchased software amounting to 2.00 crore and the said software
1S not an integral part of the related hardware. Mr. R further observed
that Pen Private Limited has conducted some research of an internal

project work amounting to 1.00 crore. Pen Private Limited, following

Indian GAAP, has presented the aforesaid details in the Balance Sheet as
on 31 March, 2024 as follows :

Property, Plant, and Equipment

Software 2.00 crore
Research 1.00 crore
Mr. R approached the engagement partner with above details and
enquired about the correctness of the presentation made by Pen Private
Limited in terms of Schedule III to the Companies Act,
2013. Mr. R
further wanted to ensure that all additions
Intangible assets during the
year 2023-24 have been recorded appropriately in the financial
statements of Pen Private Limited. Guide Mr. R.

(b) Projects India Limited (PIL) is engaged manufacturing and trading of

disposable glasses and plates used in social gatherings/functions. XYZ &
Co., Chartered Accountants, is the statutory auditor of
PIL for theF.Y
2023-24. Analytical procedures carried out by the audit team, headed by
CA Z, indicate that company's business is
going downward and PIL
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 (7)
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could achieve only 50% of total revenue of F.Y 2022-23. Management
has not taken any steps to increase the revenue or add new products Or
customers to stabilize the revenue and profitability. Also the suppliers
are demanding cash payment at the time of purchase of raw material.
Before finalizing the audit report, audit in charge asked for a cash flow
forecast from management for the next 12 months from the end date of
financial statements. Keeping in view the above facts, answer the
following :
What can be the likely purpose of CAZ in the above situation ? 3

(ii) State any two audit procedures in relation to the cash flow forecast 2

likely to be performed by CA Z.

(c) Singh & Associates, while carrying out statutory audit of Rubber 4

Industries Limited, observed that debtors are not making payments

invoice wise. As the debtors constitute sixty percent of the total assets, so
auditors requested management to provide external confirmations of all

the debtors outstanding for an amount exceeding 1.00 Lac. However,

management resisted and no external confirmations were made available.
Auditor fim has decided to disclaim an opinion on the financial
statements and seek your guidance on amendments that should be made
in the "Basis for Opinion" section and elements required by SA 700
(Revised) which need not to be included in the auditor's report. Guide
them suitably.

CTE2 P.T.0.
 (8)
CTE2
4. (a) POR & Co., Chartered Accountants, has been appointed as statutory
auditor of MGM Ltd. The financial statements of the company have
material amount outstanding as debtors. Ageing of debtors is being done
by the internal auditors and is given by them in their monthly report.
This issue was also discussed with the management. The engagement
partner from PQR & Co. decided to give the age wise debtors as per the
report of internal auditor due shortage of time. After the audit report
was released, the engagemnent partner realized that the disclosure of the
debtors is misleading and the ageing was not done by the. internal auditor
on correct principles due to which the provision made against old debtors
was wrong. The engagement partner held the internal auditor responsible
for this. Is he correct in making statement that the internal auditor is
responsible for false provisioning ? What considerations PQR & Co.
should have undertaken before relying on the work of internal auditor ?

(b) Identify and explain the assertions that the auditor will check by 5x1
5
performing the following audit procedures
(i) Employee benefit expenses do not include the cost of any
unauthorized personnel.

(i) Allthe items of inyentory pertaining to the relevant year shall be

included regardless of the location.
(ii) Sales are recorded correctly in the books based on the invoices.
Discounts have been properly adjusted or accounted for.

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 (9
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(1V) Ine entity owns or controls the inventoy recorded in the financlal
statements. i.e. the purchase invoices have been made the name

of the client.

(V) Inventory has been recognized at the lower of cost and net
realizable value in accordance with AS 2- Inventories.

C NHG & Co., Chartered Accountants, is statutory auditor of M'S Dav 4

Private Limited (BPL) for the F.Y 2023-24. BPL 0s engaged in providing
telecom services and received a notice from telecom regulator to deposit
fee for violating noms. BPL went into litigation and filed an appeal win
telecom appellate authority and the matter is pending for decision as at
the end of the financial year. However., the company has disclosed the
same in financial statements. Audit team members have completed the
audit procedures for the year 2023-24 and are in the process of drafting
the audit report. Audit team leader knows that matter of normns violation
and pending appeal need to be included in the audit report and seeks your
Guide him
guidance on how to report the matter in the auditor's report.
suitably.

Accountants, to conduct its

Z Ltd. engaged ABC & Co., Chartered
5
. (a)
team developed an overall
statutory audit for the F.Y 2023-24. The audit
During the audit, several
audit strategy and plan to address the risk.
of a material
significant changes occurred, including the discovery
in the scope of audit
misstatement in inventory valuation and changes
acquisition by Z Ltd. The audit
procedures due to an unexpected
changes but the auditor of
documentation for Z Ltd. should reflect these
company failed to document the audit strategy and the audit plan
a
CTE2 P.T.O.
 (10)

As a seuior autitor ot the tirnn brietly outline what nhould be ineluded in

the doumentation ot audit strategy and audit plan and how should the
audit documeutation address signitivant chunges made during the audit
engagement.

(b) SRP Limited appoted M/s JK & Co, as its statutory auditors. Auditors
while caTying out the audit observed that company has cntered into a
complex transaction having material etlect on the tinancial statenents, In
onder to have realistie intormation on the said transaction (relevant to thc
audit), audit team deeided to take assistance Irom thosc charged with
govenance. Two ot the team members were discussing to who can be

*Those charged with governance" but could not get a fair iden of the
same. Can you guide them by xplaining the same ?

(c) Helping Hands Co-operative society working for the welfare of its 4

members since last 10 years. Governing body observed that the society
had some idle funds during the F.Y 2023-24 and considering the equity
markets growth, decided to invest the same in blue chip mutual funds.
Decision brought fortune and society earned handsome return on the
investment made. Auditor of the society however gave a qualified
opinion. Management has hired you to guide where they went wrong.
Give your comments considering section 32 of the Central Act ?

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 (I1)
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(a) CA P was COnsulted by one of his riends. Mr. Robin, Robin informed
5
(0.

him that he wants to enter in cdueation sector and invest in onc of the

schools being operated in the city. The operations of the school will be
managed by Robin only and the proposed investment will be made once

CA P eontirms the revenue igures given to him (Robin) by existing

management of the school, CA P said that main source of revenue to

school is fee from students and that will be verified.

from
What special steps are involved in the verification of feces collected
students?

its 5
(b) Oval Enterprises Limited (OEL) is under legal obligation to represent
year's
current year's financial statements along with the previous
statements). Karan &
financial statements (comparative financial
statutory
Associates, Chartered Accountants, has been appointed as the
the last year's financial
auditor for the year. CA Karan noticed that
financial statement as a
statements contain an adverse opinion for the
evaluation and disclosure of the
whole due to a misstatement in the
regarding the treatment and
debtors. Guide CA Karan for his duty
What disclosures he
addressing the issue while drafting his audit report.

is required to make in this regard ?

CTE2 P.T.0.
 (12)
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(C) ldentity and explain the fundamental principles being referred to in the
following cases.
(0) Protessional accountants should act diligently and in accordance 2
with applicable technical and professional standards while
providing professional services.
(1) A professional accountant shall not knowingly be associated with 2
reports where he believes that the information contains a materially
false or misleading statement.
OR
(C) In an automated environment. there are generally four types of audit tests 4
available. As a senior auditor, it's crucial to guide your team in selecting
the appropriate audit tests based on the situation. Explain the
types of
audit tests commonly used in an automated setting and provide
insights
on how to determine when and which tests to
apply, emphasizing the role
of professional judgment in making these decisions.

CTE2
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