🎙️ Audit by Neeraj

In this podcast, you'll learn about the language style you should use when answering questions in the CA Exams held by ICAI. With the May 2024 exams coming near, many students are wondering how they should write their answers. They're asking if they have to use the exact language from the ICAI Study Material.Share this podcast with your friends also.Also, let me know in comments wh

In this podcast, we're going to talk about how to get ready for the CA Inter Audit exams happening in May 2024. Since the exams are getting closer, students are feeling nervous about how to prepare & revise well in the audit subject. Audit is a vast subject that needs you to understand the concepts and also remember important words to pass the ICAI CA Inter Exam.How to study CA Int

SA 600- Using the Work of Another AuditorSA 200 ReferenceDespite delegating work or using work of other auditors/experts, the auditor is responsible for the final opinion. Can rely on others' work, provided he exercises adequate skill and care and is not aware of any reason to believe that he should not have so relied. (na rely karne ka koi reason nahi tha)Thanks for listening to t

SA-560 “Subsequent Events” deals with the auditor’s responsibilities relating to subsequent events in an audit of financial statements. Financial statements may be affected by certain events that occur after the date of the financial statements. Many financial reporting frameworks specifically refer to such events. Such financial reporting frameworks ordinarily identify two t

Relevance means the relationship of the evidence with the audit procedure and the assertion being checked.A given set of audit procedures may provide audit evidence that is relevant to certain assertions, but not others.For example, confirmation of balance from a customer is a relevant evidence as regards existence of receivable, but it may not be relevant as regards the collectabi

SA 250- Consideration of Laws and Regulation in an Audit of Financial StatementsResponsibility of Management for Compliance with Law and RegulationsIt is the responsibility of management,* with the oversight of those charged with governance,* to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations,* including compliance with

Audit evidence to draw reasonable conclusions on which to base the auditor’s opinion is obtained by performing: (a) Risk assessment procedures; and (b) Further audit procedures, which comprise: * Test of controls, when required by the SAs or when the auditor has chosen to do so; and * Substantive procedures, including tests of details and substantive analytical procedures.Risk as

Test of controlMeaningAn audit procedure * designed to evaluate the operating effectiveness of controls * in preventing, or detecting and correcting, material misstatements at the assertion level.Why and When (Circumstances)?The auditor shall design and perform tests of controls to obtain sufficient appropriate audit evidence as to the operating effectiveness of relevant controls w

In conducting an audit of financial statements, the overall objectives of the auditor are● To obtain reasonable assurance about* whether the financial statements as a whole* are free from material misstatement,■ whether due to fraud or error,* thereby enabling the auditor to express an opinion on■ whether the financial statements are prepared,■ in all material respects,■

What is an assurance engagement?Assurance engagement is a kind of service engagement (arrangement) in which a person gives his opinion on specific information.The person giving an opinion is called a practitioner.The practitioner is usually appointed by the intended user, who is the person who will be using the information.The “Specific Information” is prepared by another par