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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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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) \nAn audit firm SPR &Co. is preparing the detailed audit plan for a new client, \nRajeshwari Lt(...TRUNCATED) | [0.02734028920531273,-0.002417141804471612,-0.026204492896795273,-0.020059019327163696,-0.0365423448(...TRUNCATED) |
Inter_P5_Audit_Auditing_and_Ethics_January_2026_MTP_Series_1_Questions.pdf | Audit | MTP | January_2026 | "(a) \nDuring audit of Kavita Ltd., the auditor performs various audit procedures such as \ninspecti(...TRUNCATED) | [-0.013124793767929077,-0.006929424125701189,-0.0034823415335267782,-0.024771176278591156,-0.0134701(...TRUNCATED) |
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