MCQ 5 — NOCLAR × SA 250 A threshold + nature-of-engagement trap CA R is a partner of an audit firm.

MCQ 5 — NOCLAR × SA 250

A threshold + nature-of-engagement trap

CA R is a partner of an audit firm.

Consider the following three assignments being handled by R:

Entity X: Its shares are listed on a recognised stock exchange in India and its net worth is ₹275 crore. R is appointed as statutory auditor and expresses an opinion on whether its financial statements give a true and fair view.

Entity Y: Its shares are listed on a recognised stock exchange in India and its net worth is ₹275 crore. R is engaged only to perform a limited review of its interim financial information.

Entity Z: Its shares are not listed on a recognised stock exchange in India and its net worth is ₹600 crore. R is appointed as statutory auditor.

During each engagement, R becomes aware of a suspected environmental-law violation that could potentially cause serious harm to the public.

Which ONE of the following correctly identifies the engagements to which Section 360 NOCLAR provisions, in their capacity as professional accountant in public practice, apply under the current ICAI framework?

A. X only.

B. X and Y only.

C. X and Z only.

D. X, Y and Z.