1. Introduction 2. Explain your favourite Ind AS, 3. No. Of clauses in CARO 2020, 4. Valuation of NRV of inventory-it was a case cenerio.

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Interview question for Audit Executive on introduction, favourite Ind AS, clauses in CARO 2020, and valuation of NRV of inventory.

My favourite Ind AS is Ind AS 116 - Leases as it has a significant impact on financial statements and requires a thorough understanding of lease accounting.
CARO 2020 has 21 clauses that need to be complied with while conducting an audit.
Valuation of NRV of inventory involves determining the net realizable value of inventory and comparing it with the cost of inventory to determine the lower of cost or NRV.
In the case scenario, I would consider factors such as market demand, obsolescence, and damage to determine the NRV of inventory.

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