Question 1

During audit planning, how do you determine materiality and its impact on your procedures?

Accepted Answer

Materiality is determined by assessing the size and nature of potential misstatements that could influence the economic decisions of users. Factors such as company size, industry standards, and financial stability are considered. Materiality impacts audit procedures by focusing efforts on areas with higher risk of material misstatement, ensuring efficient and effective auditing.

Question 2

How do you respond if you detect possible fraud or suspicious transactions while planning the audit?

Accepted Answer

If I detect possible fraud or suspicious transactions during audit planning, I would first gather sufficient evidence to support my findings. Then, I would escalate the issue to my audit manager or partner, adhering to the firm's policies. It is crucial to maintain confidentiality and document all findings thoroughly to ensure proper handling of the situation.

Question 3

How do you ensure independence and objectivity, especially when faced with management pressure or prior relationships?

Accepted Answer

To ensure independence and objectivity, I adhere strictly to professional guidelines and ethical standards. I maintain a clear separation between personal relationships and professional responsibilities, and I always communicate openly with management about potential conflicts of interest. If faced with pressure, I focus on facts and data to support my conclusions, ensuring that my work remains unbiased.

Question 4

Describe your process for risk assessment. Can you share a situation where you identified a material risk others overlooked?

Accepted Answer

My risk assessment process involves identifying potential risks, evaluating their impact and likelihood, and developing mitigation strategies. In a previous role, I identified a material risk in a client's supply chain that others had overlooked, which could have disrupted production. By addressing it early, we avoided significant delays and costs.

Question 5

Walk me through your approach to planning a statutory audit—from client onboarding to final reporting. What key stages and risks do you consider?

Accepted Answer

My approach to a statutory audit begins with client onboarding, where I gather preliminary information and understand their business environment. The next key stage is risk assessment, where I identify potential areas of material misstatement and plan audit procedures accordingly. Throughout the audit, I maintain clear communication with the client to address any issues promptly. Finally, in the reporting stage, I prepare the audit report, ensuring it reflects the findings accurately and provides value to stakeholders by highlighting key insights and recommendations.

Question 6

If you’re assigned an audit where the previous auditor resigned due to management non-cooperation, what steps do you take before accepting the engagement?

Accepted Answer

Before accepting the engagement, I would first conduct a thorough risk assessment to understand the reasons behind the previous auditor's resignation. This includes meeting with management to discuss their willingness to cooperate and reviewing any available documentation. I would also consult with the audit committee and legal counsel to ensure there are no ethical conflicts or unresolved issues that could impede the audit process.

Question 7

How do you assess and test internal controls during a statutory audit? Can you give an example of when weak controls changed your audit approach?

Accepted Answer

To assess and test internal controls, I start by understanding the client's control environment through walkthroughs and discussions with management. I then perform tests of controls to evaluate their effectiveness. For example, during an audit, I discovered that a client had weak segregation of duties in their cash handling process. This finding led me to increase the extent of substantive testing in that area to mitigate the risk of material misstatement.

Question 8

Suppose there’s a major IT system change mid-year. Management says controls are unaffected. How will you independently verify this?

Accepted Answer

To verify that controls are unaffected, I would first review the system change documentation and identify critical controls. Then, I would perform a walkthrough of the affected processes, conduct testing of key controls, and compare pre- and post-change control environments. Engaging with IT and internal audit teams would also help ensure comprehensive validation.

Question 9

Describe a situation where you uncovered a control weakness. How did you address it with management and in your audit report?

Accepted Answer

While auditing the accounts payable process, I discovered a control weakness related to inadequate segregation of duties. I immediately communicated this finding to management, highlighting the potential risk of fraud. In my audit report, I recommended implementing automated approval workflows to strengthen controls. Management appreciated the proactive approach and swiftly adopted the recommendations, enhancing the overall control environment.

Question 10

How do you evaluate the effectiveness of IT controls? What audit tools or procedures do you use for IT environments?

Accepted Answer

To evaluate the effectiveness of IT controls, I begin with a risk assessment to identify critical areas. I use audit tools such as ACL or IDEA for data analysis and conduct walkthroughs and tests of controls to ensure compliance with policies. I also review access controls, data integrity, and change management processes to ensure they align with industry standards.

Question 11

Suppose you receive a whistleblower complaint about inventory fraud. What’s your investigative process as an auditor?

Accepted Answer

Upon receiving a whistleblower complaint, my first step would be to assess the credibility of the information. I would then gather relevant documentation and evidence related to the inventory records. Next, I would conduct interviews with key personnel involved in inventory management. Throughout the process, maintaining confidentiality and objectivity is crucial to ensure a thorough investigation.

Question 12

What steps would you take if you suspect management override through unusual journal entries?

Accepted Answer

If I suspect management override, I would first review the unusual journal entries for patterns or inconsistencies. Next, I would investigate further by consulting with other team members and reviewing supporting documentation. Finally, I would recommend implementing or strengthening internal controls to prevent future occurrences.

Question 13

After issuing your audit report, you learn of a material fraud that occurred before the balance sheet date. What are your responsibilities?

Accepted Answer

Upon learning of the material fraud, my responsibility is to assess the impact on the audit report. I would discuss the findings with management and the audit committee, and consider if the report needs to be withdrawn or revised. It's crucial to document the process and ensure all stakeholders are informed promptly to maintain integrity and compliance with auditing standards.

Question 14

How do you maintain professional skepticism during audit, especially with persuasive management?

Accepted Answer

To maintain professional skepticism, I prioritize evidence-based auditing by thoroughly examining supporting documents and questioning inconsistencies. I also stay informed about industry trends and maintain open communication with my team to cross-verify findings, ensuring my conclusions are independent of management's influence.

Question 15

You find a large number of post-dated cheques in the cash book. What audit considerations arise, and how would you handle them?

Accepted Answer

The presence of a large number of post-dated cheques could indicate potential liquidity issues or attempts to manipulate financial statements. I would assess the impact on cash flow and verify whether these cheques are recorded in the correct accounting period. I would also evaluate the rationale behind issuing post-dated cheques and review related internal controls to ensure they prevent misstatement. Additionally, I would discuss with management the reasons for this practice and document my findings in the audit report.

Question 16

How do you design substantive audit procedures and select samples? Give an example involving a high-risk account.

Accepted Answer

To design substantive audit procedures, I start by assessing the risk level of the account, focusing on materiality and nature of transactions. For high-risk accounts, I develop detailed procedures like transaction testing and analytical reviews. For example, when auditing a high-risk revenue account, I select samples based on stratified sampling to ensure coverage of significant transactions and verify them against supporting documents for accuracy.

Question 17

Explain the procedure for sending external confirmations to debtors and creditors. What would you do if you receive several negative or no responses?

Accepted Answer

The procedure involves preparing confirmation requests, sending them to debtors or creditors, and ensuring follow-up. If I receive negative or no responses, I would verify the details internally, reach out to the parties for clarification, and document any discrepancies or resolutions.

Question 18

During a stock count, you observe that physical inventory does not match the books, and management provides only ad hoc explanations. How do you proceed?

Accepted Answer

I would start by conducting a detailed investigation to identify any potential reasons for the discrepancy. This would involve verifying all inventory records, reviewing recent transactions, and checking for any recording errors. I would also engage with management to understand their explanations and seek additional documentation to support their claims. If necessary, I would recommend implementing stronger controls to prevent future discrepancies.

Question 19

While reviewing board minutes, you find off-balance sheet arrangements. How do you ensure all material items are captured in the accounts?

Accepted Answer

To ensure all material items are captured, I would first conduct a thorough review of the board minutes to identify any off-balance sheet arrangements. I would then cross-reference these findings with existing financial statements and consult with relevant departments to gather additional documentation. Finally, I would ensure the appropriate disclosures and adjustments are made in the accounts to reflect these items accurately.

Question 20

What are your audit procedures for revenue recognition under Ind AS 115/AS 9? Can you share a tricky situation you’ve handled?

Accepted Answer

For auditing revenue recognition under Ind AS 115/AS 9, I begin by understanding the client's revenue streams and identifying performance obligations. I then assess the transaction price and its allocation to each obligation. I also verify the timing of revenue recognition, ensuring it aligns with the transfer of control. A tricky situation I handled involved a client with bundled contracts, where I had to carefully evaluate each component to ensure accurate revenue allocation. I collaborated with the client to gather necessary documentation and applied professional judgment to resolve the issue.

Question 21

If management is reluctant to provide documents for related party transactions, what’s your response as an auditor?

Accepted Answer

As an auditor, I would first request the documents formally, explaining the necessity for transparency in related party transactions. If management remains reluctant, I would communicate the potential implications for the audit and financial reporting. If the issue persists, I would escalate the matter to senior management or the audit committee to ensure compliance with auditing standards.

Question 22

The company’s trade receivables have jumped sharply, and management blames “aggressive credit sales.” What steps do you take to check existence and recoverability?

Accepted Answer

To check the existence and recoverability of trade receivables, I would first review the aging report to identify overdue accounts. Next, I would perform confirmations with a sample of customers to verify balances. I would also assess the adequacy of the allowance for doubtful accounts by analyzing past collection patterns and current economic conditions. Finally, I would discuss with management their credit policies and any changes made recently.

Question 23

You notice significant, unexplained revenue fluctuations each quarter, but management attributes it to seasonality. How do you validate their explanation?

Accepted Answer

To validate management's explanation, I would analyze historical revenue data to identify patterns consistent with seasonality. I would also compare these trends to industry benchmarks to ensure alignment. Finally, I would review any external factors, such as market changes or economic conditions, that might explain the fluctuations.

Question 24

Describe how you verify completeness and disclosure of related party transactions during a statutory audit.

Accepted Answer

To verify the completeness and disclosure of related party transactions during a statutory audit, I first examine the entity's internal controls and processes for identifying such transactions. I cross-check these with board meeting minutes and shareholder agreements. Then, I ensure all identified transactions are disclosed according to the relevant accounting standards, such as IAS 24, by reviewing financial statements and notes. Finally, I corroborate this information with confirmations from related parties and third-party documentation to ensure accuracy and completeness.

Question 25

What audit evidence would you collect for related party loans and advances?

Accepted Answer

To audit related party loans and advances, I would collect evidence such as loan agreements, board meeting minutes approving the transactions, confirmation from related parties, and an analysis of interest rates to ensure they are at arm's length. Additionally, I would review repayment schedules and test the accuracy and completeness of disclosures in the financial statements.

Question 26

How do you ensure completeness of related party disclosures as per Companies Act and relevant standards?

Accepted Answer

To ensure completeness of related party disclosures, I start by identifying all potential related parties through a thorough review of the company's organizational structure and transactions. I cross-reference this information with the Companies Act and relevant accounting standards to ensure compliance. Regular audits and checks, along with maintaining detailed documentation of all transactions, help in verifying the accuracy and completeness of disclosures.

Question 27

The company has large advances to suppliers outstanding for over two years. How do you evaluate their validity?

Accepted Answer

To evaluate the validity of large advances to suppliers outstanding for over two years, I would perform an aging analysis to determine how long these advances have been outstanding. Reviewing supplier contracts and agreements would help verify the terms and conditions under which the advances were made. Additionally, I would reconcile these advances with supplier statements and correspondence to ensure they are legitimate and determine if any follow-up actions are necessary.

Question 28

If you find statutory dues records incomplete and management unable to reconcile them, what audit steps will you follow?

Accepted Answer

In such a situation, I would first perform a preliminary analysis to understand the extent of the discrepancies. Next, I would engage with the management to gather any available supporting documents. I would then cross-verify these with third-party confirmations or external records where possible. Finally, I would document my findings and recommend corrective actions to ensure future compliance.

Question 29

During your audit, you find a significant unrecorded liability just before signing the audit report. What immediate actions do you take?

Accepted Answer

Upon discovering a significant unrecorded liability, my first step would be to gather all relevant information to assess its impact on the financial statements. I would then immediately inform the audit team and senior management to discuss the implications. If necessary, I would propose adjustments to the financial statements and ensure that the audit report reflects the updated information, maintaining transparency and compliance with auditing standards.

Question 30

What are the main challenges in auditing provisions and contingent liabilities? Share a practical example.

Accepted Answer

Auditing provisions and contingent liabilities is challenging due to their inherent uncertainty and the need for significant judgment in estimating amounts. For example, auditing a company's legal provision requires assessing the likelihood of an unfavorable outcome and estimating potential financial impacts. This involves reviewing legal opinions, management's assumptions, and historical data to ensure accurate representation in financial statements.

Question 31

What's your process for checking compliance with TDS, GST, and other statutory dues?

Accepted Answer

To ensure compliance with TDS, GST, and other statutory dues, I start by maintaining an updated calendar of due dates and requirements. I regularly review government notifications for any changes in regulations. I perform monthly reconciliations of tax liabilities and payments, ensuring accurate and timely filings. Additionally, I conduct periodic audits to verify compliance and address any discrepancies immediately.

Question 32

How do you audit for compliance with CARO requirements regarding statutory liabilities?

Accepted Answer

To audit for compliance with CARO requirements regarding statutory liabilities, I first review the company's records for any statutory dues. I then verify whether these dues have been paid within the prescribed time limits and cross-check this information with bank statements. Additionally, I assess the adequacy of the company's internal controls in managing these liabilities and ensure that any discrepancies are reported in the audit findings.

Question 33

Describe your approach to auditing investments in shares, debentures, and securities.

Accepted Answer

My approach involves first understanding the client’s investment portfolio and the relevant accounting standards. I would then assess the valuation methods used, verify ownership and existence through confirmations, and review the compliance with regulatory requirements. Finally, I would evaluate the internal controls related to investments to ensure accurate reporting.

Question 34

While auditing, you suspect fixed assets have been overvalued through inflated invoices. How do you investigate this?

Accepted Answer

I would begin by reviewing the invoices in question, checking for irregularities such as missing information or unusual pricing. Next, I would cross-verify the invoice details with the suppliers to confirm their authenticity and ensure the prices align with market rates. Additionally, I would analyze the asset valuation methods used to ensure they comply with accounting standards and are not artificially inflating asset values.

Question 35

Explain the procedures for verifying existence and valuation of fixed assets during a statutory audit.

Accepted Answer

To verify the existence and valuation of fixed assets during a statutory audit, I start with physical verification to confirm the assets are present and in use. Next, I review supporting documentation like invoices, title deeds, and maintenance records to ensure ownership and condition. Finally, I assess the valuation methods used, such as cost or revaluation model, to ensure compliance with relevant accounting standards.

Question 36

How do you audit inventory—including stock counts, valuation, and cut-off procedures?

Accepted Answer

To audit inventory, I start with planning and understanding the client's inventory system. I perform stock counts by observing physical counts and reconciling them with records. For valuation, I ensure the method used (FIFO, LIFO, etc.) is appropriate and consistently applied. Cut-off procedures are verified by reviewing transactions around the year-end to ensure they are recorded in the correct period. This comprehensive approach helps ensure inventory accuracy and compliance with accounting standards.

Question 37

How do you distinguish between capital and revenue expenditure during audit of asset purchases?

Accepted Answer

Capital expenditure is incurred to acquire or improve long-term assets and is capitalized on the balance sheet, affecting depreciation. Revenue expenditure is for day-to-day operations, recorded in the income statement, impacting profit. During audits, I assess the nature, purpose, and timing of each expense to ensure accurate classification.

Question 38

How do you approach audit of significant year-end transactions between group companies with limited documentation?

Accepted Answer

In auditing significant year-end transactions with limited documentation, I start by assessing the overall risk and understanding the business rationale behind the transactions. I then gather available documentation and corroborate it with independent sources, such as bank statements or confirmations. I also ensure that I communicate with management to understand the context and obtain any missing information. Lastly, I document my findings and discuss them with my team to ensure a comprehensive audit approach.

Question 39

You’re auditing a company with foreign subsidiaries. If a foreign auditor reports a material misstatement, but management wants a clean opinion, what do you do?

Accepted Answer

If faced with a material misstatement reported by a foreign auditor, I would first assess the validity and impact of the findings. I would discuss the implications with management, emphasizing the importance of transparency and compliance with auditing standards. If management insists on a clean opinion despite the findings, I would document the disagreement and consider issuing a qualified opinion to maintain professional integrity.

Question 40

Explain the special considerations when auditing listed companies versus unlisted ones.

Accepted Answer

Auditing listed companies involves stricter regulatory requirements due to the involvement of public investors. These companies must adhere to additional disclosure obligations and are subject to closer scrutiny by regulatory bodies. In contrast, unlisted companies typically have fewer disclosure requirements, but auditors still need to ensure compliance with relevant accounting standards.

Question 41

What steps do you take for auditing group companies and consolidated financial statements?

Accepted Answer

I start by understanding the group structure and identifying significant entities. Next, I conduct a risk assessment and review intercompany transactions for accuracy. Finally, I focus on consolidation adjustments to ensure compliance with accounting standards and eliminate any intra-group balances.

Question 42

How do you check compliance with Schedule III of Companies Act and SEBI/other regulatory requirements?

Accepted Answer

To ensure compliance with Schedule III of the Companies Act and SEBI regulations, I regularly review financial statements to verify adherence to prescribed formats and disclosure requirements. I conduct compliance checks against a checklist of regulatory requirements and maintain thorough documentation of all compliance activities. Additionally, I stay updated on any changes in regulations to ensure ongoing compliance.

Question 43

What are your procedures for documenting audit work as per SA 230?

Accepted Answer

As per SA 230, I ensure that audit documentation is comprehensive and clear, capturing the nature, timing, and extent of audit procedures performed. I maintain a detailed record of audit evidence obtained and conclusions reached, which facilitates supervision, review, and future audits. This documentation supports the audit opinion and complies with legal and professional standards.

Question 44

What is your process for reporting to those charged with governance or the audit committee, especially when issues arise?

Accepted Answer

My process involves promptly identifying the issue and gathering all relevant facts. I ensure transparency by clearly communicating the issue's impact and potential solutions to the audit committee. I prioritize timely updates to keep them informed and involved in decision-making.

Question 45

If a CFO asks you to omit disclosure of a recent legal case, claiming it’s “not material,” how do you decide and what documentation supports your conclusion?

Accepted Answer

I would first assess the materiality of the legal case by evaluating its financial impact, potential future implications, and relevance to stakeholders. I would consult financial reporting standards and consider advice from legal counsel. To support my conclusion, I would document the analysis, including quantitative assessments and expert opinions, ensuring a transparent decision-making process.

Question 46

What is the importance of management representation letters, and how do you use them?

Accepted Answer

Management representation letters are crucial in auditing as they provide written confirmation from management regarding the accuracy of financial statements. They serve as audit evidence, supporting the auditor's opinion by confirming management's responsibilities and assertions. These letters are used to corroborate information obtained during the audit and to ensure that all relevant disclosures have been made.

Question 47

Explain the auditor’s responsibility for reporting fraud as per Companies Act, 2013.

Accepted Answer

Under the Companies Act, 2013, an auditor is required to report any fraud involving amounts exceeding the prescribed limit to the Central Government within 60 days. The auditor must also report the fraud to the company's audit committee or board of directors immediately. This ensures that significant fraudulent activities are promptly addressed and mitigated.

Question 48

How do you review board minutes and identify key matters affecting the audit?

Accepted Answer

When reviewing board minutes, I focus on sections discussing financial performance, strategic decisions, and risk management. I identify any resolutions or discussions that could impact financial statements or internal controls. This helps in assessing areas that may require further audit attention.

Question 49

How do you evaluate the adequacy and completeness of financial statement disclosures?

Accepted Answer

I evaluate the adequacy and completeness of financial statement disclosures by cross-referencing them with regulatory requirements, such as GAAP or IFRS. I analyze the statements to ensure all necessary information is disclosed and pay close attention to any inconsistencies or omissions. This process ensures transparency and compliance.

Question 50

How do you deal with disagreements with management over accounting policies or disclosure issues?

Accepted Answer

When disagreements arise over accounting policies, I first ensure I thoroughly understand the issue and the applicable accounting standards. I then present a well-reasoned argument to management, supported by relevant guidelines and examples. Open communication is key, so I encourage a collaborative discussion to find a mutually acceptable solution that upholds our financial integrity and complies with regulations.

Statutory Audit Interview Q&A

A. Audit Planning, Risk Assessment & Independence

Q1: During audit planning, how do you determine materiality and its impact on your procedures?

Q2: How do you respond if you detect possible fraud or suspicious transactions while planning the audit?

Q3: How do you ensure independence and objectivity, especially when faced with management pressure or prior relationships?

Q4: Describe your process for risk assessment. Can you share a situation where you identified a material risk others overlooked?

Q5: Walk me through your approach to planning a statutory audit—from client onboarding to final reporting. What key stages and risks do you consider?

Q6: If you’re assigned an audit where the previous auditor resigned due to management non-cooperation, what steps do you take before accepting the engagement?

B. Internal Controls & IT Systems

Q7: How do you assess and test internal controls during a statutory audit? Can you give an example of when weak controls changed your audit approach?

Q8: Suppose there’s a major IT system change mid-year. Management says controls are unaffected. How will you independently verify this?

Q9: Describe a situation where you uncovered a control weakness. How did you address it with management and in your audit report?

Q10: How do you evaluate the effectiveness of IT controls? What audit tools or procedures do you use for IT environments?

C. Fraud, Error & Professional Skepticism

Q11: Suppose you receive a whistleblower complaint about inventory fraud. What’s your investigative process as an auditor?

Q12: What steps would you take if you suspect management override through unusual journal entries?

Q13: After issuing your audit report, you learn of a material fraud that occurred before the balance sheet date. What are your responsibilities?

Q14: How do you maintain professional skepticism during audit, especially with persuasive management?

D. Substantive Procedures & Audit Evidence

Q15: You find a large number of post-dated cheques in the cash book. What audit considerations arise, and how would you handle them?

Q16: How do you design substantive audit procedures and select samples? Give an example involving a high-risk account.

Q17: Explain the procedure for sending external confirmations to debtors and creditors. What would you do if you receive several negative or no responses?

Q18: During a stock count, you observe that physical inventory does not match the books, and management provides only ad hoc explanations. How do you proceed?

Q19: While reviewing board minutes, you find off-balance sheet arrangements. How do you ensure all material items are captured in the accounts?

E. Revenue, Receivables, and Related Party Transactions

Q20: What are your audit procedures for revenue recognition under Ind AS 115/AS 9? Can you share a tricky situation you’ve handled?

Q21: If management is reluctant to provide documents for related party transactions, what’s your response as an auditor?

Q22: The company’s trade receivables have jumped sharply, and management blames “aggressive credit sales.” What steps do you take to check existence and recoverability?

Q23: You notice significant, unexplained revenue fluctuations each quarter, but management attributes it to seasonality. How do you validate their explanation?

Q24: Describe how you verify completeness and disclosure of related party transactions during a statutory audit.

Q25: What audit evidence would you collect for related party loans and advances?

Q26: How do you ensure completeness of related party disclosures as per Companies Act and relevant standards?

F. Liabilities, Provisions, and Statutory Dues

Q28: The company has large advances to suppliers outstanding for over two years. How do you evaluate their validity?

Q29: If you find statutory dues records incomplete and management unable to reconcile them, what audit steps will you follow?

Q30: During your audit, you find a significant unrecorded liability just before signing the audit report. What immediate actions do you take?

Q31: What are the main challenges in auditing provisions and contingent liabilities? Share a practical example.

Q32: What's your process for checking compliance with TDS, GST, and other statutory dues?

Q33: How do you audit for compliance with CARO requirements regarding statutory liabilities?

G. Assets (Fixed, Investments, Inventory)

Q34: Describe your approach to auditing investments in shares, debentures, and securities.

Q35: While auditing, you suspect fixed assets have been overvalued through inflated invoices. How do you investigate this?

Q36: Explain the procedures for verifying existence and valuation of fixed assets during a statutory audit.

Q37: How do you audit inventory—including stock counts, valuation, and cut-off procedures?

Q38: How do you distinguish between capital and revenue expenditure during audit of asset purchases?

H. Group Audits, Consolidations & Special Areas

Q39: How do you approach audit of significant year-end transactions between group companies with limited documentation?

Q40: You’re auditing a company with foreign subsidiaries. If a foreign auditor reports a material misstatement, but management wants a clean opinion, what do you do?

Q41: Explain the special considerations when auditing listed companies versus unlisted ones.

Q42: What steps do you take for auditing group companies and consolidated financial statements?

I. Audit Reporting, Compliance & Communication

Q43: How do you check compliance with Schedule III of Companies Act and SEBI/other regulatory requirements?

Q44: What are your procedures for documenting audit work as per SA 230?

Q45: What is your process for reporting to those charged with governance or the audit committee, especially when issues arise?

Q46: If a CFO asks you to omit disclosure of a recent legal case, claiming it’s “not material,” how do you decide and what documentation supports your conclusion?

Q47: What is the importance of management representation letters, and how do you use them?

Q48: Explain the auditor’s responsibility for reporting fraud as per Companies Act, 2013.

Q49: How do you review board minutes and identify key matters affecting the audit?

Q50: How do you evaluate the adequacy and completeness of financial statement disclosures?

Q51: How do you deal with disagreements with management over accounting policies or disclosure issues?