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1(a) Data analytics initiatives support a wide variety of business use,  - Banking and credit card companies analyse withdrawal and spending patterns to prevent fraud and identity theft. - E commerce companies and marketing services providers do click stream analysis to identify website visitors who are more likely to buy a product. Mobile network operators examine customer data to forecast so they can take steps to prevent defections to business rivals - Healthcare organizations mine patient data to evaluate the effectiveness of treatments for cancer and other diseases. 1(b) Types of Mortgage Loan • Home Loan: This is a traditional mortgage where customer has an option of selecting fixed or variable rate of interest and is provided for the purchase of property. Top Up Loan: Here the customer already has an existing loan and is applying for additional amount either for refurbishment or renovation of the house. • Loans for Under Construction Property: In case of under construction prope

1(a) Incorrect -  If law or regulation prescribes in sufficient detail the terms of the audit engagement referred, the auditor need not record them in a written agreement, except for the fact that such law or regulation applies and that management acknowledges and understands its responsibilities as set out 1(b) Incorrect - There should be a periodic review, to assess whether the same continues to be adequate for obtaining requisite knowledge and evidence about the transaction. 1(c) Incorrect - Revenue is recognised when right to receive the payment is established 1(d) Incorrect - Every LLP is also required to submit Statement of Account and Solvency in Form 8 which shall be filed within a period of 30 days from the end of 6 months of the financial year to which the Statement of Account and Solvency relates. 1(e) Incorrect - Should be based on record of recovery. 1(f) Correct - The audit plan is more detailed than the overall audit strategy that includes the NTE of audit procedures to

1(a) Benefits of COBIT 5 COBIT 5 frameworks can be implemented in all sizes of enterprises and have following benefits - A comprehensive framework such as COBIT 5 enables enterprises in achieving their objectives for the governance and management of enterprise IT. - The best practices of COBIT 5 help enterprises to create optimal value from IT by maintaining a balance between realizing benefits and optimizing risk levels and resource use. - Further, COBIT 5 enables IT to be governed and managed in a holistic manner for the entire enterprise, taking in the full end-to-end business and IT functional areas of responsibility, considering the IT related interests of internal and external stakeholders. - COBIT 5 helps enterprises to manage IT related risk and ensures compliance, continuity, security and privacy. - COBIT 5 enables clear policy development and good practice for IT management including increased business user satisfaction. - The key advantage in using a generic framework such a

New Course To be updated Old Course 1 (a) Section 123(1) + Rule 3 Declaration of dividend out of reserve in case of inadequate or no profits 1 (b) (i) Exemption of rule 6. However only for CFS when all its other members have been intimated in writing and for which the proof of delivery of such intimation is available with the company, and do not object to the company not presenting consolidated financial statement, securities are not listed or not in the process of listing on any stock exchange and its ultimate or any intermediate holding company files CFS with the registrar which are following the applicable AS> Opinion CFS is applicable 1 (b) (ii) Term of auditor and rotation for auditor seciton 139(2) and rule 5 class of companies Every listed company or unlisted public company having paid up share capital more than or equal to Rs. 10 crores shall not reappoint individual as auditor for more than 1 term of 5 consecutive years and firm as auditor for more than 2 terms of 5 consecu