Statutory Audit - A Ready Reckoner
Book Details
CONTENTS AT A GLANCE
| Preface to the Sixth Edition | 5 |
| Detailed Contents | 11 |
DIVISION I
Appointment of Auditors
| Chapter 1 Appointment and Removal of Auditors | 1 |
| Chapter 2 Management Services and the Auditors | 15 |
| Chapter 3 Code of Ethics | 25 |
| Chapter 4 Unique Document Identification Number (UDIN) | 89 |
| Chapter 5 Audit Trail and Other Matters to be reported by Auditors under the Companies Act, 2013 | 95 |
Division II
Audit of Items of Financial Statements — Ready Reckoner
| Chapter 6 Books of Accounts and Financial Statements | 103 |
| Chapter 7 Consolidation of Financial Statements | 112 |
| Chapter 8 Audit Checklist for Share Capital | 122 |
| Chapter 9 Audit Checklist for Reserve and Surplus | 128 |
| Chapter 10 Audit Checklist for Borrowings | 131 |
| Chapter 11 Audit Checklist for Trade Receivables | 137 |
| Chapter 12 Audit Checklist for Cash and Cash Equivalents | 144 |
| Chapter 13 Audit Checklist for Inventories | 149 |
| Chapter 14 Audit Checklist for Fixed Assets and Property, Plant and Equipment (PPE) | 154 |
| Chapter 15 Audit Checklist for Intangibles | 164 |
| Chapter 16 Audit Checklists for Trade Payables and Current Liabilities | 172 |
| Chapter 17 Audit Checklists for Loans and Advances and Other Current Assets | 179 |
| Chapter 18 Audit Checklists for Provisions and Contingent Liabilities | 183 |
| Chapter 19 Audit Checklists for Sale of Products and Rendering of Services | 187 |
| Chapter 20 Audit Checklists for Other Income Comprising Interest Income, Dividend Income, Gain/Loss on Sale of Investments etc. | 190 |
| Chapter 21 Audit Checklists for Purchases | 192 |
| Chapter 22 Audit Checklists for Employee Benefits Expenses | 195 |
| Chapter 23 Audit Checklists for Depreciation and Amortisation | 197 |
| Chapter 24 Audit Checklists for Other Expenses like Power and Fuel, Rent, Repair to Building, Plant and Machinery, Insurance, Travelling, Legal and Professional, Miscellaneous Expenses | 199 |
| Chapter 25 Audit Checklists for Taxes on Income and Minimum Alternative Tax (MAT) | 201 |
| Chapter 26 Statutory Auditors’ Responsibilities in Relation to Fraud in a Company | 204 |
| Chapter 27 Materiality in Statutory Audit: Illustrative Case Studies | 207 |
| Chapter 28 How to do Risk Assessment and Audit Sampling | 214 |
Division III
Schedule III Specimen Format of Financial Statements (AS Based)
| Chapter 29 Specimen Format of Financial Statements under Schedule III for AS compliant companies | 221 |
| Chapter 30 Practice Pointer Issues on Accounting Standards | 267 |
| Chapter 31 Checklists of Accounting Standards | 299 |
Division IV
SA and CARO Checklist
| Chapter 32 Standards on Auditing (SA) Checklists | 387 |
| Chapter 33 Companies (Auditor's Report) Order, 2020 — Checklist | 453 |
Division V
Audit Programme – Audit Compliance Procedures
| Chapter 34 Business Client Information Checklist | 495 |
| Chapter 35 KYC New Client | 499 |
| Chapter 36 Illustrative Audit Programmes for Accounting System & Internal Control | 502 |
| Chapter 37 Illustrative list of Questions to Evaluate Entity Level Controls Considering Nature of Business, Size of Operation and Organisational Structure of the Entity | 567 |
Division VI
Formats of Engagement and Representation Letters, Reports
| Chapter 38 Illustrative Formats on Agreeing the Terms of Audit Engagements | 579 | |
| Chapter 39 Illustrative Format of Representation Letter | 596 | |
| Chapter 40 Specimen of Management Representation Letter on Statutory Audit (including Audit Trail) | 598 | |
| Chapter 41 Illustrative Format on an Engagement Letter for an Agreed upon Procedures Engagement | 613 | |
| Chapter 42 Illustrative Format on Engagement Letter for a Compilation Engagement | 615 | |
| Chapter 43 Illustrative Format on Engagement Letter for a Review of Interim Financial Information | 617 | |
| Chapter 44 Illustrative Format on Engagement Letter for an Engagement to Review Historical Financial Statements | 619 | |
| Chapter 45 Illustrative Format on Independent Auditor’s Reports on Financial Statements | 622 | |
| Chapter 46 Illustrative Format on Practitioner’s Report with an Unmodified Opinion | 641 | |
| Chapter 47 Illustrative Format on Auditor’s Report on Emphasis of Matter Paragraph and Other Matter Paragraphs | 643 | |
| Chapter 48 Illustrative Formats on Auditor’s Reports with Modifications to the Opinion | 647 | |
| Chapter 49 Illustrative Formats of Auditor’s Report with Modified Opinion | 657 | |
| Chapter 50 Illustrative Formats on Auditor’s Report on Corresponding Figures and Comparative Financial Statements | 661 | |
| Chapter 51 Illustrative Formats on Auditor’s Reports Relating to Going Concern | 665 | |
| Chapter 52 Illustrative Formats on Auditor’s Report Relating to Other Information | 671 | |
| Chapter 53 Illustrative Formats on Practitioners’ Compilation Reports | 690 | |
| Chapter 54 Illustrative Formats on Review Reports on Interim Financial Information | 695 | |
| Chapter 55 Illustrative Formats on Practitioners’ Review Reports | 697 | |
| Chapter 56 Illustrative Formats on Special Purpose Financial Statements | 707 | |
| Chapter 57 Illustrative Formats on Summary Financial Statements | � | 710 |
| Chapter 58 Illustrative Format on a Report of Factual Findings in Connection with Accounts Receivable | 715 | |
| Chapter 59 Illustrative Formats on a Single Financial Statement and a Specific Element of a Financial Statement | 717 | |
| Chapter 60 Illustrative Format of an Unmodified Report on a Projection | 722 | |
| Chapter 61 Illustrative Formats on Service Organization’s Assertions | 723 | |
| Chapter 62 Illustrative Formats on Modified Service Auditor’s Assurance Reports | 726 | |
| Chapter 63 Illustrative Formats on Service Auditor’s Assurance Reports | 729 | |
| Chapter 64 Information Requests and Other Client Admin Letters – Letter of Weakness and Appendix | 733 | |
| Chapter 65 Confirmation Letter for Struck Off Status to be sent by Company | 734 | |
| Chapter 66 NOC Communication with predecessor | 735 | |
| Chapter 67 Eligibility and Independence confirmation to be appointed (or) continue as auditors | 736 |
Division VII
Revised Formats of Audit Reports (Including Audit Trail)
| Chapter 68 Revised Format of Audit Report for Private Limited Company without IFC, CARO 2020, Cash Flow | 739 |
| Chapter 69 Revised Format of Audit Report for Private Limited Company with IFC, CARO 2020, Cash Flow | 745 |
| Chapter 70 Revised Format of Audit Report for Private Limited Company without IFC, but with CARO 2020, Cash Flow | 751 |
| Chapter 71 Revised Format of Audit Report for Private Limited Company without IFC, CARO 2020 but with Cash Flow | 757 |
DIVISION IDivision VIII
Specimen Audit Report from Published Results
| Chapter 72 TCS Annual Report | 763 |
| Chapter 73 Infosys Annual Report | 777 |
Division IX
Illustrative Audit Paras for Qualification, Adverse, Disclaimer, KAM, EOM, OM Matters
| Chapter 74 Qualified Opinion – Illustrative Reporting Comments | 793 |
| Chapter 75 Material uncertainty related to Going Concern – Illustrative Reporting Comments | 848 |
| Chapter 76 Emphasis of Matter Paragraph – Illustrative Reporting Comments | 858 |
| Chapter 77 Other Matter Paragraph – Illustrative Reporting Comments | 886 |
| Chapter 78 Key Audit Matters – Illustrative Reporting Comments | 900 |
| Chapter 79 Disclaimer Opinion – Illustrative Reporting Comments | 1002 |
| Chapter 80 Adverse Opinion – Illustrative Reporting Comments | 1008 |
| Chapter 81 Other Information Paragraph — Illustrative Reporting Comments | 1011 |
| Chapter 82 Internal Controls over Financial Reporting | 1019 |
About the Author
CA Kamal Garg
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