One of the areas in which a CA renders services is assurance engagement. Discussing Auditing Standards on Other Assurance Services including Certifications, Projections and Provisional Statements.
ICAI has issued a revised Code of Ethics 2019 which is applicable from 1st April 2020. The purpose of the Code is to promote an ethical culture in auditing.
Information collected from underlying entity records and processes, as well as information from the performance of various audit activities and testing procedures forms part of "Internal Audit Evidence" based on which auditor forms his opinion.
An Audit Committee is required to formulate the overall internal audit plan of the company which includes planning the scope, functioning, periodicity, and methodology for conducting the internal audit.
In small to mid-sized firms, audits are carried out by article trainees, new paid audit assistants without properly meeting the Standards for Auditing set out by ICAI. Hence, it is very important to know where to apply these standards and the relevance of such standards.
Discussing the account statement analysis in the case of Cash Credit and Term Loan Accounts as these are the advances that contribute maximum in the bank’s fund based advance portfolio.
The main purpose of reviewing a financial statement is to allow professionals to report whether anything has caught their attention which causes them to believe that financial statements aren't prepared in all material respect.
SA 700 deals with the responsibility of auditors in forming their opinion on financial statements. This standard also deals with the content and form of the auditor's report that is issued as an outcome of the audit of the financial statements.
The main focus of Surprise Checks under Audit is on internal control; they check whether the system of internal control is operating effectively or not.
The verification of a Bank Reconciliation Statement is to be done in all types of audit and is considered a basic task to be carried out by the auditors.
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