Mr. Vijay Kapoor, Chartered Accountant, has been appointed the statutory auditor by M/s. XYZ Private Limited for the audit of their financial statements for the year 2015-16. The company has mentioned in the audit terms that they will not be able to provide internal audit reports to Mr. Vijay during the course of audit. Advise, whether Mr. Vijay should accept the proposed audit engagement and on what grounds he can accept/ refuse the proposal? i) As per SA 210 the auditor can refuse to accept the audit engagement as the management is not giving access to internal audit reports which are necessary in determining the internal controls in the company. ii) There is no limitation on the scope of the auditor’s work, so the auditor should accept the appointment. iii) The auditor can accept the audit engagement if the management gives representation on its responsibility. Which of the following option is correct: - Study24x7
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Finance/CA
40 followers study24x7 05 Apr 2021 04:20 PM study24x7 study24x7

Mr. Vijay Kapoor, Chartered Accountant, has been appointed the statutory auditor by M/s. XYZ Private Limited for the audit of their financial statements for the year 2015-16. The company has mentioned in the audit terms that they will not be able to provide internal audit reports...

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A

(ii) only

B

Both (i) and (iii)

C

Both (ii) and (iii)

D

(iii) only

MBA/Management CLAT/CE-Law Finance/CA
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