31 episodes

This podcast is dedicated for Audit Discussions. I will be explaining important concepts of Audit and will also try to invite Industry Experts so that the listeners can not only get theoretical knowledge but can also have practical view of the Audit subject.

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

    • Education

This podcast is dedicated for Audit Discussions. I will be explaining important concepts of Audit and will also try to invite Industry Experts so that the listeners can not only get theoretical knowledge but can also have practical view of the Audit subject.

www.aforaudit.com

    31 SA 600 Using the Work of Another Auditor

    31 SA 600 Using the Work of Another Auditor

    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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    • 15 min
    30 SA 560 Subsequent Events

    30 SA 560 Subsequent Events

    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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    • 19 min
    29 Relevance of Audit Evidence With Example

    29 Relevance of Audit Evidence With Example

    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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    • 4 min
    28 SA 250

    28 SA 250

    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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    • 18 min
    27 Risk assessment and Response With Example

    27 Risk assessment and Response With Example

    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.
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    • 10 min
    26. Test of Control

    26. Test of Control

    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 provide sufficient appropriate audit evidence at the assertion level.
    In designing and performing tests of controls, the auditor shall obtain more persuasive audit evidence the greater the reliance the auditor places on the effectiveness of a control.
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    • 15 min

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