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.
In this podcast, I have discussed the “Basics of Auditing”. Following topics have been discussed in the podcast-
Basic understanding of Internal Control
Meaning
Examples
Why are internal controls carried out?
Framework to conduct audit
If you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help.
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All the best. God bless you!
❤️ Neeraj Arora
और हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀
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In this podcast, I have discussed the “Basics of Auditing”. Following topics have been discussed in the podcast-
Type of Opinion - Clean and Modified Opinion
Qualified, Adverse and Disclaimer of Opinion
Meaning of Pervasive
Meaning of TCWG and Management
Preconditions for an audit
If you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help.
If you are the student of EDU91 for CA Intermediate then you will get flat 50% off on CA Final Audit Classes.
Also, you can get a hands on experience of Auditing with us.
Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.
All the best. God bless you!
❤️ Neeraj Arora
और हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀
How does this work?
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This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com
In this podcast, if have discussed the “Basics of Auditing”. Following topics have been discussed in the podcast-
Meaning of Audit
Objectives of Audit as per SA 200
Meaning of Misstatement
Meaning of AFRF
If you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help.
If you are the student of EDU91 for CA Intermediate then you will get flat 50% off on CA Final Audit Classes.
Also, you can get a hands on experience of Auditing with us.
Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.
All the best. God bless you!
❤️ Neeraj Arora
और हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀
How does this work?
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In this podcast, you'll learn about the language style you should use when answering questions in the CA Exams held by ICAI.
With the May 2024 exams coming near, many students are wondering how they should write their answers. They're asking if they have to use the exact language from the ICAI Study Material.
Share this podcast with your friends also.
Also, let me know in comments what all problems you’re currently facing while preparing for the exams. I will be happy to help you.
Here are my social media handles-
Twitter: https://twitter.com/neerajarora91
Linkedin: https://www.linkedin.com/in/neerajarora91/
All the best. God bless you!
❤️ Neeraj Arora
और हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀
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In this podcast, we're going to talk about how to get ready for the CA Inter Audit exams happening in May 2024. Since the exams are getting closer, students are feeling nervous about how to prepare & revise well in the audit subject.
Audit is a vast subject that needs you to understand the concepts and also remember important words to pass the ICAI CA Inter Exam.
How to study CA Inter Audit?
You need to understand that CA Inter Audit is a blend of both practical and theory. You just cannot emphasize on any one aspect. ICAI is asking questions from both sides, with theory being the main aspect. But at times, there are questions asked which are entirely concept-based, and no rote learning will help you here. So, you need to become a mix of Rancho and Chatur to clear your ICAI CA Inter Audit Exam for May 2024.
Whenever we go to Vaishno Devi, we say, "Paudi Paudi Chadhta Jaa, Jai Mata Di karta ja." Similarly, for completing the syllabus which might once seem so humungous to you, just write down the topics and start tackling them one by one. You will be surprised to see how fast you are actually finishing the entire syllabus. Refer to marathons, class notes, and charts for better understanding.
Study from ICAI material. If you are studying from others' notes, make sure you are benchmarking them with the ICAI material. No need to switch the material just a month before exams.
A detailed discussion on this has been done by me & Vrinda in this podcast.
Listen carefully to this podcast.
Remember the tips we talk about so you don't forget important stuff when you're studying and going over the CA Inter Audit syllabus.
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🔴 Also, CA Inter & Final Audit Classes are available on www.edu91.org.
Please let us know your views in the comment box.
RegardsNeeraj AroraSeekhna Shuru Toh Jeetna Shuru!
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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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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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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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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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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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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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In conducting an audit of financial statements, the overall objectives of the auditor are
● To obtain reasonable assurance about
whether the financial statements as a whole
are free from material misstatement,
■ whether due to fraud or error,
■ whether the financial statements are prepared,
■ in all material respects,
■ in accordance with an applicable financial reporting framework; and
● To report on the financial statements, and communicate as required by the SAs, in accordance with the auditor’s findings.
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What is an assurance engagement?
Assurance engagement is a kind of service engagement (arrangement) in which a person gives his opinion on specific information.
The person giving an opinion is called a practitioner.
The practitioner is usually appointed by the intended user, who is the person who will be using the information.
The “Specific Information” is prepared by another party known as the responsible party.
For expressing an opinion on “specific information” the practitioner will examine and will obtain sufficient and appropriate evidence
The practitioner evaluates the specific information against a standard benchmark or suitable criteria and will obtain sufficient and appropriate evidence and then give his opinion on whether the specific information is as per the suitable criteria or not.
What is Auditing?
Auditing is an assurance service, in which auditor (The person who conducts audit) gives an opinion on financial information.
In auditing
Auditor is the practitioner
Financial information is the “Specific information” or the “Subject Matter” on which auditor gives his opinion.
The Persons running the entity whose audit is being conducted are responsible for preparing financial information are known as responsible party.
The users of the financial statements, for example in case of a company the shareholders of the company, are the intended users.
The auditor will examine the financial information against the financial reporting framework and will obtain sufficient and appropriate audit evidence and will express his opinion on the basis of sufficient and appropriate audit evidence that whether the financial information is prepared as per the financial reporting framework.
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This Standard on Auditing (SA) outlines the responsibilities of an auditor to obtain sufficient and appropriate audit evidence in order to form reasonable conclusions and provide an opinion on financial statements. It covers all aspects of the audit process, including the design and execution of audit procedures to obtain audit evidence. Other SAs address specific topics, procedures, and evaluations related to obtaining audit evidence.
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In this episode, we will discuss how Internal Control Impacts the assertions to be checked by the auditor.
If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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Hi Guys! In this episode we will discuss SA 240. SA 240 deals with Auditor and His Responsibilities related to Fraud.
If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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Hi Guys! In this episode we will discuss what is substantive procedure in audit.
If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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In this episode we will discuss what is the meaning of assurance and we will discuss it in general language.
The motive of this episode is to make everyone understand in easy language that what is the meaning of assurance & auditing.
In general terms assurance means giving an opinion on specific information so that user of that specific information can make well informed decision.
If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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In this episode we will discuss what is the meaning of auditing and we will discuss it in general language.
The motive of this episode is to make everyone understand in easy language that what is done in auditing.
I will not go with the technical definition of auditing at all.
In general terms auditing is all about checking that whether rules and regulations are you can say guidelines or the criteria is followed or not.
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Hi guys, in this podcast we're going to discuss this SA 505. This Standard on Auditing (SA) deals with the auditor’s use of external confirmation procedures to obtain audit evidence in accordance with the requirements of SA 330 and SA 500.
If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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Hi Guys! In this episode of the podcast, we will revise CA Intermediate/Final SA 500 Audit Evidence.
SA 500 explains what constitutes audit evidence in an audit of financial statements, and deals with the Auditor's responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor's opinion.
To know more in detail about SA 500 listen to this podcast till the end. In this podcast, we will revise SA 500 in a quick and summarized manner which will help you to score high marks in your upcoming CA Intermediate exams.
If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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Hi Guys! In today's episode, we're going to talk about SA 501. The name of this SA is: AUDIT EVIDENCE — SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS
This SA deals with specific consideration by an auditor to obtain sufficient & appropriate audit evidence with aspect to certain aspects of:-
Tune in to the podcast to revise SA 501 in a lucid manner.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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In this episode, we're going to talk about SA 220, which is Quality Control for an Audit of Financial Statements. Here we talk about the assignment of engagement teams.
SA 220 deals with the
Listen to the entire podcast to revise SA 220.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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In this episode, we're going to talk about SA 220, which is Quality Control for an Audit of Financial Statements. This is the 2nd part of SA 220, here we talk about the responsibilities of an engagement partner.
SA 220 deals with the
Listen to the entire podcast to revise SA 220.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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In this episode, we're going to talk about SA 220, which is Quality Control for an Audit of Financial Statements. This is the 1st part of SA 220 podcast, here we talk about the basics of this SA.
SA 220 deals with the
Listen to the entire podcast to revise SA 220.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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In this episode, we're going to talk about SA 701, which is Communicating Key Audit Matters in the Independent Auditor’s Report.
We have talked about KeyAuditMatters: Those matters that, in the auditor’s professional judgment, were of most significance in the audit of the financial statements of the current period. Key audit matters are selected from matters communicated with those charged with governance.
Listen to the entire podcast to revise SA 701.
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Hello everyone, welcome to our podcast "Audit By Neeraj".
In today's episode, we're going to revise SA 700: Forming an Opinion and Reporting on Financial Statements.
SA 700 (Revised) deals with the auditor’s responsibility to form an opinion on the financial statements (FS) and also with the form and content of the auditor’s report issued as a result of an audit of FS.
Listen to the entire podcast to revise SA 700.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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As per SA 240, the responsibility for the prevention and detection of fraud and error rests with the management through the implementation of an adequate system of internal control. Such a system reduces but does not eliminate the possibility of fraud and error.
Listen to the entire podcast to revise SA 240.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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In this episode, we will cover the inherent limitations of auditing. There are four inherent limitations of auditing and all are very important from the exam point of view.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
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As per SA 200, "Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing",
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In this video, we will revise one of the most important concepts in the world of auditing. Audit Procedure and Assertions.
Audit procedures are the methods that auditors use for obtaining audit evidence to form a basis for their opinion on financial statements. They are performed in order to test various audit assertions related to a different class of transactions and account balances.
Listen to the full podcast to gain clarity on audit procedures and assertions.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
If you're a CA Final student listening to this podcast then you should check out other CA Final Lectures by Neeraj Sir: https://www.edu91.org/s/store/courses/CA%20Final%20Audit
If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class
Hello guys, in this episode we're going to talk about Audit Risk.
Audit risk is the risk that the auditors express an inappropriate audit opinion on financial statements. It is the risk that auditors give an unqualified or clean opinion on the financial statements that contain a material misstatement. This is a very important podcast, this topic looks simple but a lot of students still get confused and do not fully understand this topic.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
If you're a CA Final student listening to this podcast then you should check out other CA Final Lectures by Neeraj Sir: https://www.edu91.org/s/store/courses/CA%20Final%20Audit
If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class
Hello everyone, In today's episode, we will learn about the flow of events in an audit. We will also discuss the Important SAs. Tune into the podcast and get a good understanding of the topic: Flow of events in Audit.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
If you're a CA Final student listening to this podcast then you should check out other CA Final Lectures by Neeraj Sir: https://www.edu91.org/s/store/courses/CA%20Final%20Audit
If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class
Hi Guys, In this episode, we will learn about the responsibilities of Management, Internal Control and other small topics. We will also discuss the importance of these topics.
In the audit subject, if your basics are not clear then you will face difficulty in understanding the practical applicability of the important terms and provisions. Please make sure that you're listening to the podcast with full attention so that you not only understand the concept but also retain them for a long period of time.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
If you're a CA Final student listening to this podcast then you should check out other CA Final Lectures by Neeraj Sir: https://www.edu91.org/s/store/courses/CA%20Final%20Audit
If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class
In this podcast we have discussed, the types of opinion and the meaning of pervasive with respect to the effect of misstatement on financial statements.
Dive into the field of the audit with us by subscribing to the podcast. Oh by the way, you can download the episodes also so that you can listen to them whenever you want.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
If you're a CA Final student listening to this podcast then you should check out other CA Final Lectures by Neeraj Sir: https://www.edu91.org/s/store/courses/CA%20Final%20Audit
If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class
Audit by Neeraj for CA Inter - Chapter 1 - Episode 1. We will be talking about "Nature, Objective and Scope of Audit. This episode will not only help you revise the topics easily but will also lay a strong foundation for further studies in the audit.
If you're liking our podcast "Audit By Neeraj", then you will definitely enjoy the detailed course of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit
If you're a CA Final student listening to this podcast then you should check out other CA Final Lectures by Neeraj Sir: https://www.edu91.org/s/store/courses/CA%20Final%20Audit
If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class