Assignment Solution ACC311
(Fundamentals of Auditing) Fall 2019
Due Date: 29 November, 2019
According to Companies Act 2017 [Section 247], the person who is a partner or employee of a director, other officer or employee of the company cannot be appointed as auditor. So, the appointment of M/s Shafee & Co as external auditor is not legally permissible as Mr. Waseem – director of Barkat enterprises is also a partner of M/s Shafee & Co
According to Companies Act 2017 [Section 247], the public company having paid up capital of three million or more must hired the chartered accountant or chartered accountancy firms as external auditors. So, the appointment of Nabi Associates as external auditor is legally permissible as MTM (Pvt) have 3.2M paid up capital.
According to Companies Act 2017 [Section 247], the person who is a spouse of company’s director cannot be appointed as auditor. So, the appointment of Mr. Ahsan’s company as external auditor is not legally permissible as Mr. Ahsan is a spouse of company’s director i.e. Miss Sara.
As per Companies Act 2017 [Section 247], a persons who is Present directors, other officer or employees of the company or who held these offices during the last three years cannot be appointed as external auditor. So, Mr. Shahbaz cannot be appointed as external auditor as he holds the company office as an officer in preceding 2 years.
Mr. Zeeshan cannot be appointed as external auditor of Hussain Enterprises as he is still employee of the company which is against the conditions of Companies Act 2017 [Section 247] for appointment of auditors.
SOLVED CRW101 Quiz 2 Solution and discussion
This is to inform that Graded Quiz No. 2 of the Creative Writing course will be opened on September 02, 2019 (12:00 AM) and last date to attempt quiz will be September 06, 2019 (11:59 PM).
The Quiz will be based on Multiple Choice Questions (MCQs), covering video topics 29 to 57.
Please read all the instructions carefully before attempting the Quiz.
Note: Hands-on Exercises and Quizzes carry weight and are counted when determining eligibility for Completion Certificate.
If you want to learn how to attempt the Quiz on LMS, please watch the following orientation video from time 8:50.
Best of Luck!
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