Neeraj Arora Classes

"During the audit of QRS Ltd. for the year ended 31 March 2026, the auditor observed that management had changed the method of depreciation from Written Down Value Method to Straight Line Method. The change was applied in the current year and disclosed in the notes to accounts. The auditor also reviewed whether the financial statements appropriately summarised the transactions and events recorded and evaluated the judgments made by management in selecting and applying accounting policies consistently. In the above case, which of the following represents the auditor’s responsibility while evaluating the financial statements? (a) To select the most appropriate accounting policies for the entity. (b) To prepare and present the financial statements in accordance with applicable statutory requirements. (c) To change the accounting policies where they do not reflect true and fair view. (d) To ensure that accounting policies selected by management are evaluated for appropriateness and consistent application and that relevant information is properly disclosed."

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"Which of the following statements is not included in the section with the heading “Basis for Opinion” in the Auditor’s Report? (a) Audit was conducted in accordance with the Accounting Standards. (b) Auditor is independent of the entity in accordance with the relevant ethical requirements relating to the audit and has fulfilled the auditor’s other ethical responsibilities in accordance with these requirements. (c) Description of the auditor’s responsibilities under the SAs. (d) States whether the auditor believes that the audit evidence the auditor has obtained, is sufficient and appropriate to provide a basis for the auditor’s opinion"

StrideX Footwear Ltd. is planning to strengthen its position in the sports shoe market. Before acquiring a smaller rival, the management wants to identify competitor groups based on their pricing strategies and product range to locate firms with weak competitive positions. Which strategic tool would be most useful for this purpose?