Audit
This query is : Resolved
15 May 2012
Hello everyone....I want to know that in the following cases how can I explain the things & How it can b done in practical life:-
1. Analysis of financial statements including notes to accounts.
2. Examination and analysis of financial assertions, records and statements.
3. Analyzing financial statements and identifying the potential strengths and weaknesses.
4. Ensuring compliance with relevant statutes, accounting principles, standards of auditing, legal pronouncements.
Regards,
CA Neha Sharma
1. Analysis of financial statements including notes to accounts.
2. Examination and analysis of financial assertions, records and statements.
3. Analyzing financial statements and identifying the potential strengths and weaknesses.
4. Ensuring compliance with relevant statutes, accounting principles, standards of auditing, legal pronouncements.
Regards,
CA Neha Sharma
15 May 2012
For 1 & 3: Use analytical procedures.
For ex. In case of a EPC company, compare the Total expenses in their engineering & service division to the departmental revenue. Compare & analyze wrt the industry standards.
For no.4, you ought to understand the statue & then apply your cognitive skills on the info produced by your client.
I'm certain I've not covered all the bases - these kind of Qs cannot be answered on a forum.
For ex. In case of a EPC company, compare the Total expenses in their engineering & service division to the departmental revenue. Compare & analyze wrt the industry standards.
For no.4, you ought to understand the statue & then apply your cognitive skills on the info produced by your client.
I'm certain I've not covered all the bases - these kind of Qs cannot be answered on a forum.
16 May 2020
Hi Neha, you will find this video useful in analysing the financial statements
https://youtu.be/0mPZfZANrkk
Further your queries will be answered when you will go through the entire text of Analytical Procedures at
www.deepakbora.com
If you have any other questions please feel free to contact me via queries
https://youtu.be/0mPZfZANrkk
Further your queries will be answered when you will go through the entire text of Analytical Procedures at
www.deepakbora.com
If you have any other questions please feel free to contact me via queries
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST Rate for Catering Services
- LIC maturity claim whether taxable
- TDS AND ITR ISSUE
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
