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.
RBI on 27.04.2021 has issued guidelines for the appointment of Statutory Central Auditors of commercial banks (excluding RRB), Urban cooperative banks (UCBs) and NBFCs including Housing Finance Companies.
Whenever an Auditor finds any new investments of either long term or short term of unrelated assets on the face of company Balance Sheet during audit, there is a need to verify and confirm the source for the investment.
31 March 2021 at 10:19
Cyber security risks and controls are within the scope of the auditor's concern only to the extent that it could impact the financial statement. For this purpose, the auditor needs to have an understanding of the impact of IT on the financial statement.
30 March 2021 at 15:50
The branches that are required to be covered for reporting on Internal Financial Control will be determined and scoped in by the Statutory Central Auditors.
Audit trails are records (manual or electronic) that chronologically catalogue events to provide supporting documentation used to establish authentication and integrity of a transaction.
13 March 2021 at 12:15
Let us review the role of an audit committee and the applicability of the audit committee as per the Companies Act, 2013 to understand its importance in Corporate Governance & role in Internal Financial Control.
The general purpose financial statements of an entity are prepared using the going concern basis of accounting unless the management intends to liquidate or to cease the operations or there is no realistic alternative to do so.
Master GSTR-9 and 9C with India's First Unique Live Course with Live practical training
CAclubindia
