In this podcast, we will be discussing about SA 580 Written Representation. A written representation is a written statement by management provided to the auditor to confirm certain matters or to support other audit evidence. Written representations in this context do not include financial statements, the assertions therein, or supporting books and records. Written representations are an important source of audit evidence. SA 580- Written representations deals with the auditor's responsibility...

In this podcast, we will be discussing SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance & Management. SA 265 deals with the auditor’s responsibility to communicate appropriately to TCWG and management deficiencies in IC that the auditor has identified in an audit of FSs. Objective of auditor as per SA 265 To communicate appropriately to TCWG and management deficiencies in internal control that the auditor has identified during the audit and that, in...

In this podcast, I have discussed the “Concept of Materiality”. Following topics have been discussed in the podcast- SA 320 deals with the auditor's responsibility to apply the concept of materiality in planning and performing an audit of financial statements. The concept of materiality is applied by the auditor both in planning and performing the audit, and in evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements...

SA 300- Planning an audit of financial statements deals with the auditor's responsibility to plan an audit of financial statements. It states that objective of the auditor is to plan the audit so that it will be performed in an effective manner. Planning an audit is necessary to carry out it effectively in a timely manner. Besides ensuring compliance with professional standards, it helps in performing audit engagement effectively. Update: CA Final Audit Blended Batch starting from 17th June...

In this podcast, I have discussed the “Basics of Auditing”. Following topics have been discussed in the podcast- * Basic understanding of Internal Control * Meaning * Examples * Why are internal controls carried out? * Framework to conduct audit If you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help. If you are the student of EDU91 for CA Intermediate then you will get flat 50% off on CA Final Audit Classes. Also,...

In this podcast, I have discussed the “Basics of Auditing”. Following topics have been discussed in the podcast- * Type of Opinion - Clean and Modified Opinion * Qualified, Adverse and Disclaimer of Opinion * Meaning of Pervasive * Meaning of TCWG and Management * Preconditions for an audit If you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help. If you are the student of EDU91 for CA Intermediate then you will get...

In this podcast, I have discussed the “Basics of Auditing”. Following topics have been discussed in the podcast- * Meaning of Audit⁠ * Objectives of Audit as per SA 200 * Meaning of Misstatement * Meaning of AFRF If you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help. If you are the student of EDU91 for CA Intermediate then you will get flat 50% off on CA Final Audit Classes. Also, you can get a hands on...

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 what all problems you’re currently facing while preparing for the exams. I will be happy to help you. Here are...

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 Inter Audit? You need to understand that CA Inter Audit is a blend of both practical and theory. You just...

SA 600- Using the Work of Another Auditor SA 200 Reference Despite 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 the podcast “Audit By Neeraj”. Subscribe for free to receive new Audit Podcasts. Basics * Applicable in...

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 types of events: (a) Those that provide evidence of conditions that existed at the date of the financial statements;...

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 collectability of the balance due from customer. Also, physical observation of inventories is relevant evidence relating...

SA 250- Consideration of Laws and Regulation in an Audit of Financial Statements Responsibility of Management for Compliance with Law and Regulations It 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 the provisions of laws and regulations that determine the reported amounts and disclosures in an entity’s...

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 assessment procedures refer to the audit procedures performed to obtain an understanding of the entity and its...

Test of control Meaning An 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 when: * He expects that the controls are operating effectively, or * Substantive procedures alone cannot...

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, ■ in accordance with an applicable financial reporting framework; and ● To report on the financial statements, and...

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 party known as the responsible party. For expressing an opinion on “specific information” the practitioner will examine...

This Standard on Auditing (SA) outlines the responsibilities of an auditor to obtain sufficient and appropriate audit evidence in order to form reasonable conclusions and provide an opinion on financial statements. It covers all aspects of the audit process, including the design and execution of audit procedures to obtain audit evidence. Other SAs address specific topics, procedures, and evaluations related to obtaining audit evidence. This is a public episode. If you would like to discuss...

In this episode, we will discuss how Internal Control Impacts the assertions to be checked by the auditor. If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit  If you're interested in taking Audit Practical Training then check out ThinkingBridge -...

Hi Guys! In this episode we will discuss SA 240. SA 240 deals with Auditor and His Responsibilities related to Fraud. If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit  If you're interested in taking Audit Practical Training then check out ThinkingBridge -...

Hi Guys! In this episode we will discuss what is substantive procedure in audit. If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit  If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class 

In this episode we will discuss what is the meaning of assurance and we will discuss it in general language.  The motive of this episode is to make everyone understand in easy language that what is the meaning of assurance & auditing.  In general terms assurance means giving an opinion on specific information so that user of that specific information can make well informed decision. If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA...

In this episode we will discuss what is the meaning of auditing and we will discuss it in general language.  The motive of this episode is to make everyone understand in easy language that what is done in auditing.  I will not go with the technical definition of auditing at all.  In general terms auditing is all about checking that whether rules and regulations are you can say guidelines or the criteria is followed or not.

Hi guys, in this podcast we're going to discuss this SA 505. This Standard on Auditing (SA) deals with the auditor’s use of external confirmation procedures to obtain audit evidence in accordance with the requirements of SA 330 and SA 500. If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes -...