🎙️ Audit by Neeraj This podcast will help you in learning and revising audit concepts

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 cannot emphasize on any one aspect. ICAI is asking questions from both sides, with theory being the main aspect. But at times, there are questions asked which are entirely concept-based, and no rote learning will help you here. So, you need to become a mix of Rancho and Chatur to clear your ICAI CA Inter Audit Exam for May 2024.
Whenever we go to Vaishno Devi, we say, "Paudi Paudi Chadhta Jaa, Jai Mata Di karta ja." Similarly, for completing the syllabus which might once seem so humungous to you, just write down the topics and start tackling them one by one. You will be surprised to see how fast you are actually finishing the entire syllabus. Refer to marathons, class notes, and charts for better understanding.
Study from ICAI material. If you are studying from others' notes, make sure you are benchmarking them with the ICAI material. No need to switch the material just a month before exams.
A detailed discussion on this has been done by me & Vrinda in this podcast.
Listen carefully to this podcast.
Remember the tips we talk about so you don't forget important stuff when you're studying and going over the CA Inter Audit syllabus.
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Please let us know your views in the comment box.
RegardsNeeraj AroraSeekhna Shuru Toh Jeetna Shuru!



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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)
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Basics
* Applicable in situations 
* where an auditor 
* reporting on the financial information of an entity, 
* uses the work of another auditor 
* On  the financial information of components
* included in the financial information of the entity.
* This Standard does not deal with those instances where two or more auditors are appointed as joint auditors nor does it deal with the auditor’s relationship with a predecessor auditor.
* When the principal auditor concludes that the financial information of a component is immaterial, the procedures outlined in this standard do not apply.
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Revise SA 600 quickly-
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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; and
(b) Those that provide evidence of conditions that arose after the date of the financial statements.The objectives of the auditor are to:
(a) Obtain sufficient appropriate audit evidence about whether events occurring between the date of the financial statements and the date of the auditor’s report that require adjustment of, or disclosure in, the financial statements are appropriately reflected in those financial statements; and
(b) Respond appropriately to facts that become known to the auditor after the date of the auditor’s report, that, had they been known to the auditor at that date, may have caused the auditor to amend the auditor’s report.
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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 to existence, but is not appropriate evidence to ensure that the entity owns the inventories.
On the other hand, audit evidence from different sources or of a different nature may often be relevant to the same assertion. For example, Checking the terms of the agreement and confirming the same from the third party.
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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 financial statements.
Policies are Procedures Implemented by Management to assist in the prevention and detection of non-compliance with laws and regulations.
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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 environment, including the entity’s internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels.
For CA Inter & Final Classes, checkout EDU91
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ACCA Classes: www.learn91.com
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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com