CA, CS, CMA : Explore the ethical issues in auditing, their consequences, and strategies for maintaining integrity. Understand how ethical stand...
CA, CS, CMA : Learn how to set audit materiality, performance materiality, and determine sample sizes using Excel. Enhance audit accuracy and co...
CA, CS, CMA : Explore significance of ISA 580 and crucial role of Management Representation Letters in audits. Learn their purpose, reliability,...
Company Law : Coffee Day Enterprises Limited (CDEL) operates in various sectors, including coffee retailing, logistics, financial services, and...
CA, CS, CMA : SAS 500 is the fifth of the 16 SAS, which will become effective once posted by ICAI SRO i.e ISAI. The prime objective is to drasti...
Corporate Law : NFRA recommends 40 Auditing Standards for LLPs under the LLP (Amendment) Act 2021, effective from April 2026, for approval by the ...
CA, CS, CMA : Framework for Social Audit Standards defines and describes the elements and objectives of a social audit performed by social audit...
CA, CS, CMA : ICSI Social Audit Standard – 16 (ICSI SAS-16) aims to aid the Social Auditors with necessary instructions or guidelines for the ...
CA, CS, CMA : ICSI Social Audit Standard – 15 (ICSI SAS-15) aims to aid the Social Auditors with necessary instructions or guidelines for the ...
CA, CS, CMA : ICSI Social Audit Standard – 14 (ICSI SAS-14) aims to aid the Social Auditors with necessary instructions or guidelines for the ...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
Company Law : Further deferral of SA 701 cannot be permitted and it remains applicable for audits of financial statements for periods beginning ...
IASB of ICAI invites comments on a new Standard on Internal Audit (SIA) 000 – Managing the Internal Audit Function. Comments are most helpful if they indicate a clear rationale and, where applicable, provide a suggestion for alternative wording.
In 2016, ICAI issued the revised auditors reporting standards i.e. Revised SA 700 –‘Forming an Opinion and Reporting on Financial Statements, Revised SA 705 – ‘Modifications to the Opinion in the Independent Auditors Report and Revised SA 706
The practice of appointing more than one auditor to conduct the audit of large entities is followed for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulations.
In the year 2016, ICAI revised the extant suite of auditor’s reporting standard (i.e. SAs 700, 705, 706) and also issued a new standard SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report
Standard on Auditing (SA) 720 (Revised) deals with the auditor’s responsibilities relating to other information, whether financial or non-financial information (other than financial statements and the auditor’s report thereon), included in an entity’s annual report. An entity’s annual report may be a single document or a combination of documents that serve the same purpose.
The external auditor has sole responsibility for the audit opinion expressed, and that responsibility is not reduced by the external auditor’s use of the work of the internal audit function or internal auditors to provide direct assistance on the engagement.
1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report.
We have been taught that an audit conducted with a view to give an opinion about the truthful and fairness of financial statements, it does not include the objective to find out frauds / errors. Though the principle has remained constant, the expectations thereof have gone a sea change.
The scope of internal auditing within an organization involves topics such as an organization’s governance, risk management and management controls. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation professionals, and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.
A chartered accountant is mandated to conduct statutory and other audit of banking industries. This is in compliance of various statutes applicable to audits, there are kind of audits and there are many ways to appoint the auditors for the Banking Sector.
