Audit of Financial Statements

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Description
►Comprehensive coverage of "Risk Based Audit" for audit of financial statements in simple and easy to understand language: As per Mandatory Standards on Auditing
►Key concepts, audit procedures, and requirements of Standards on Auditing explained with examples/illustrations
►Relevant extracts from Companies Act, 2013, Accounting Standards, Standards on Auditing, Guidance Notes, Implementation Guides reproduced to link with audit procedures for each financial statement area
►Potential Risks of Material Misstatements included for each financial statement area to facilitate Risk Based Audit
► Audit checklists for key financial statement areas and consolidated financial statements to ensure coverage of audit procedures
►Illustrative disclosures as per Schedule III (Division 1) and Accounting Standards for each financial statement area included in respective chapters
►Auditor's Reporting requirements as per Companies Act, CARO 2020 included for each financial statement area in respective chapters
►Practical tips, common errors in financial statements, observations of regulators, etc. included at relevant places
►Templates, checklists, and illustrative formats included to assist in documentation, obtaining information from auditee
►Coverage of latest topics such as Audit Trail, AQMM issued by ICAI
►Overview of Regulation of Auditors and Audit Quality in India
►Guidance on Areas of Focus of Regulators
►Illustrative audit reports including CARO 2020
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Contents
Chapter 1 : Structure Of Audit
Chapter 2 : Preliminary Activities, Appointment, Rotation, Resignation And Removal Of Auditors
Chapter 3 : Joint Audit
Chapter 4 : Assessment Of Risks Of Material Misstatement
Chapter 5 : Assessing Inherent Risks Of Material Misstatement
Chapter 6 : Evaluation And Response To Risk Of Fraud
Chapter 7 : Evaluation Of Information Technology Environment
Chapter 8 : Understanding Internal Controls
Chapter 9 : Using The Work Of Internal Auditor
Chapter 10 : Materiality
Chapter 11 : Response To Assessed Risks
Chapter 12 : Further Audit Procedures
Chapter 13 : Engagement Team Discussions
Chapter 14 : Audit Management And Logistics
Chapter 15 : Communication With Those Charged With Governance
Chapter 16 : Completion Of Planning
Chapter 17 : Core Concepts
Chapter 18 : Audit Evidence
Chapter 19 : Opening Balances
Chapter 20 : Audit Sampling
Chapter 21 : Audit Of Share Capital
Chapter 22 : Audit Of Reserves & Surplus
Chapter 23 : Audit Of Borrowings
Chapter 24 : Audit Of Trade Payables, Other Liabilities
Chapter 25 : Audit Of Provisions And Contingent Liabilities
Chapter 26 : Audit Of Property, Plant And Equipment
Chapter 27 : Audit Of Intangible Assets
Chapter 28 : Audit Of Investments
Chapter 29 : Audit Of Inventories
Chapter 30 : Audit Of Trade Receivables
Chapter 31 : Audit Of Loans & Advances And Other Assets
Chapter 32 : Audit Of Cash And Bank Balances
Chapter 33 : Audit Of Revenue From Operations
Chapter 34 : Audit Of Other Income
Chapter 35 : Audit Of Purchases
Chapter 36 : Audit Of Employee Benefits Expenses
Chapter 37 : Audit Of Other Expenses
Chapter 38 : Other Audit Procedures
Chapter 39 : Audit Of Related Party Transactions
Chapter 40 : Consolidated Financial Statements
Chapter 41 : Overview Of Bank Audit
Chapter 42 : Assessment Of Going Concern
Chapter 43 : Assessment Of Subsequent Events
Chapter 44 : Overview Of Standards On Auditing
Chapter 45 : Overview Of Accounting Standards
Chapter 46 : Written Representations
Chapter 47 : Audit Quality Assurance, Audit Completion And Evaluation Of Results Of Tests Performed
Chapter 48 : Communication With Those Charged With Governance
Chapter 49 : Forming An Opinion - Audit Report On The Financial Statements
Chapter 50: Overview of Regulatory Mechanism in India
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Author Details
Pranav Jain, a graduate in Chemistry (H) is a Fellow Member of ICAI in practice with 22 years of experience in Audit & Assurance both in India & abroad. He completed both his intermediate and final chartered accountancy examinations in first attempt and single sitting. He has completed Certificate Courses of ICAI on IFRS and Forensic Accounting & Fraud Detection. He is presently senior audit Pranav Jain, FCA partner with a Delhi based Chartered Accountancy firm and is heading the Quality & Assurance Team of the firm. He is a regular speaker at ICAI CPE Study Circles and other forums such as PHD Chambers of Commerce in Industry. He has also given presentation on an International Standard on Auditing at the Institute of Chartered Accountants of Barbados. He is empanelled as Technical Reviewer with Quality Review Board set up by Government of India. He is also a member of the Financial Reporting Review Group of ICAI. He is a special invitee to the Auditing & Assurance Standards Board of ICAI.