Wdome to

It Lecture

study Pattern Handwritten Notes

Concept Book

Question Bank

Paper Pattern 100 _Masks

L S
70 Masks 30 Masks

Descriptive mtas

L
Direct Conceptual Independent
Case'Scenaries

Questions Interpretational Meds

Ones
Past 2 Mca Booklet
Part 1
may take live

Concept Book 1001 Ques in

class
 Hit checking Answer sheete against suggested Answer

Checking Financial statements FS

Profit Loss

Account Balance Sheet Cash Flow Statement

Notes to Accounts

Against
Applicable Financial Reporting Framework AFRF
I 1

Process Pfepasing FS Accounting

of
I

Criterial Rules Based on which FS

ase Prepared Schedule 111 IND As
As

Based Nature
on
of Entity
listed IND A
small As

Again Audit FS Is AFRF

I

Difference Diff Between Btw

these 2
 Due to L Misstatement

S Auditor is only concerned with

Fraud Error

Material Misstatement
Badi Gaise Mummy ki Aadhi Roti
2
101.10
Subjective
T.si Amount that influences Usess of FS

µ
Shareholders Creditors Gout
Financial Institutions Employees
General Public

Why Audit Investor holding shares

Gout collecting tax FS
Rely on prepared
Bank Giving Loan
by management
mgt
They can manipulate FS

So FS are audited Auditor

by
Gives
Assurancet
cannot be connected to

Entity in
any way
 Independent Auditor

Risk Eg Article filing Bogus Expenses Claims

Control Eg Manages Approving claims

Internal Control Systems Processes implemented by

mgt to achieve
organisation
objectives
If NOT Deficiencies

Risk Assessment Procedure RAP Further Audit Procedures

FAP
Observation
L
Inquiries Inspection Substantive
L Procedures
Analytical Test of subtstantive
Procedures controls
TOC
Analytical
operating Test Procedures
Risk of Matestal Misstatements of
Effectiveness Details TOD
Romm Identify

v s those with
Management mgt charged Governance
Tewa

Managing the Entity

Day to Day Affairs strategic Direction of Entity
 CEO CFO Senior Board of Directors Audit
managers Committee

In Small Firm Both are same

Assurance I Assure you can easily get EXEMPTION

after this Batch

Increase confidence

Audit Increases Users in FS

confidence of

Assurance
Lds Type of

Absolute Reassnable Limited

Guarantee High Level Lower Level

Auditor Detailed Likited

Procedures Procedures
limitations of
Audit
Adit Review

Objectives

Reasonable Assurance Reporting as

a
Pet SAs
 Fs Mm

FS AFRF confidence of
users in FS

Preliminary
Activities

s
Reporting Planning
opinion
ILitation
thru Audit Reports
n

Execution
Based on

Audit Procedures

Audit Evidence

Sufficient Appropriate Audit Evidence SAFE

Persuasive

v v

Quantity Quality

Relevance Reliability
Eg Inventory Completeness Bank statement uls
Existence ante confirmation
 Syllabus
After Clearing CA Final Exams

N
Membership Certificate

You afe a CA

Chartered Accountants Act

code of Ethics

Professional Ethics Moral Principles

Traditional Practice

Employee Business

Auditing Accounting

Income Tax GST

C
Auditing Accounting

compilation
Historical FS Other than of
Historical FS Financial Information
 Prospective
Audit Review
v
Assurance standards on

Related services
standards standards standards
on on SRS
on
Assurance
Auditing Review
SA Engagement
Engagement
1 1 SRE SAE

N
Agreed upon
Mix Procedures as agreed with mgt Procedures

Syllabus

L
on tandards
Other Professional Other
Audits
Auditing Standards Ethics

5 masks 10 15 masks 20 25 Masks 25 35 Masks

PSU Audit

SA 800 700 Group Audit

SRE
Digital Audi
SA 800 SAE Bank Audit
CARO 2020 SRS MBE Audit
Duties of Auditor Internal Audi
Risk Assessment SDG ESG
Internal Control to Due Diligence
Applies Investigation
SOC 1 as Forensic Accounting
them
well
 Partnership LLP
Fine Proprietorship

Human Resources

Engagement Partner EP Responsibility for Audit

signs FS

Tam Manages

Team Member
Collctively called as Audit Engagement Team

Types of opinions

Unmidified Modified
clean

L v
Qualified Adverse Disclaimer
of
opinion
Addthal Nodin Audit Report

key Audit Emphasis of other

Matter KAM Matter Fom Matter Com

Most stignificance Fundamental to Uses's Understanding

of
in Audit
Is Audit or Report
 Depends on s Material Material
Misstatement Pervasive Pervasive

SAAE Received Qualified Adverse

SAAE not received Qualified Disclaimer of
opinion

0 Limitation Material Pervasive

on
scope

Disclaim's withdraw from

of
Opinion Engagement

to
concert Entity will continue operate for
Ling Foreseeable Future

Assessment performed by Mgt

checked
by Auditor

Litten Representations written Acknowledgement from Mgt

Eeg Fulfillment of Mgt's Responsibilities