Tagged: Statutory Audit

Before You Accept 0

Before You Accept……………..

CA Goodbrother is a newly qualified Chartered Accountant . Realising that he was not cut out for the tribulations of a job he decided to set-up his own firm and start his practice. For...

archives 0

In the Archives……

In order to explain the importance of documenting audit evidence Vijay’s friend narrated a particular instance. “CA Kingmaker was a practicing chartered accountant who was the statutory auditor of Queen Ltd a listed company....

Document 0

We Hereby declare………..

Written Representations from the Management of the Company or Management Representations as they are more commonly known generally refer to letters by the management to either the auditor or the shareholders outlining their responsibilities...

Letter Write 0

Put it in writing contd……..

After listening to all this Vijay interjects and asks “What if the Management refuses to allow us to seek an external confirmation??” “What should we do in that situation??” To this his friend replies...

Letter Write 0

Put it in writing………..

Having explained to Vijay the various ways to go about the audit of Inventories, Litigations and Claims his friend now set out to explain to him the process of third party confirmations and Written...

Store Count 0

Are you taking stock……..??contd

2.) If inventory count is held at a date other than Balance Sheet Date:       Verify that the movement in inventory in the intervening period between the Balance Sheet date and the date on...

Store Count 0

Are you taking stock……..??

Vijay’s friend put forth a case study in front of Vijay. “Aaaaaa ltd is a leading manufacturer of dairy products in the country. It had parlours all over the country but only a single...

magni 0

Did you gather it right (contd)…….??

2.) Sufficiency of Audit Evidence refers to the quantum of audit evidence required to satisfy the auditor of the existence of  insignificant (or zero) level of  risk of material mis-statement. It is  influenced by...

magni 0

Did you gather it right ……..??

Having gained an overview of what audit was Vijay started for work. Before he could start his work his senior came to him and asked him what all evidences he had planned to gather...

Vat 0

Basics of Audit Contd….

FS – Financial Statements    FRF – Financial Reporting Framework i.e. Applicable Laws and Regulations for preparation & presentation of FS Mis-Statement refers to the Differences between the actual/reported Financial Statements and the Financial Reporting...