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Civil Services Books. Science Books. Medical Books. MBA Entrance. Government Exams Books. Your post has been shared successfully. Brand: Bansal Audit Classes. Add to Wishlist. Related Online Courses. Some Offer Description come here. Tolerable Error — Maximum Error in population that auditor is ready to accept for a given sample size.
Consider both quantitative and qualitative aspects of error found while projecting. AAS — 16 Going Concern Going Concern : an entity is said to be going concern if it is likely to continue in existence for foreseeable future. Indicators : Financial 1. Operating 2. Loss of key management. Loss of major market or or supplier.
Adverse financial ratio 3. Labour unrest strikes etc. Substantial losses operating. Loss of major licence, franchise, etc. Other 1. Pending legal proceedings 2. Change in Govt. Policy affecting the entity adversely. Non-compliance with Statutory requirements 5. Short term borrowing for long term asset financing.
No payment to creditors on due date. No compliance with terms in loan agreement. Negative cash flow from operation. Rearrangement with creditors for reduction liability. Change from creditors to cash on delivery transaction with supplier. For example — labour difficulties may be solved by negotiations and compromises, or loss of some major supplier may be compensated by availability of some alternate source of supply.
This included Rs. The company had fixed assets costing Rs. The balance Rs. It has discontinued its operations for last many years. The company had made investments in various companies to the tune of Rs. Unfortunately, all the investee companies have turned out to be BIFR cases.
Nothing is expected to be realized on such investments. The company has dues from customers totaling to Rs. The accumulated losses are Rs. The 36 amounts due to suppliers are Rs. The balancing figure in the Balance Sheet refers to loan from Financial Institutions.
Workers who had put in long years of service have lodged claims for termination benefits of Rs. No accounting entry has been passed for the same since the decree on In the light of AAS, relating to Going Concern, you are asked to write appropriate paragraph of audit report. Give reason for supporting your report.
Final, Nov. Its productive fixed assets are fully depreciated. The only productive asset left is land worth Rs. The accumulated loss of the enterprise would be much higher if these losses were provided for. Even the balance amount is due for more than 3 years.
The accumulated loss of the enterprise would be much higher if the loss on account of diminution in value of investment was provide for. Thus, in view of the aforesaid financial operating and other indicators, the assumption of going concern is not appropriate.
Paragraph in the Audit Report. Thus total accumulated losses are Rs. After taking into account the above factors we are of the opinion that the company is not a going concern as on September 30, and, thus the using of going concern assumption in the preparation of financial statements is inappropriate. Policies and procedures of an audit firm for audit work generally, and b.
Procedures regarding the work delegated to assistants on an individual audit. Meaning of certain terms a. Auditor -' The person with final responsibility for the audit. Audit firm - A proprietary or a partnership firm providing audit service.
Personnel - All partners and professional staff engaged in the audit practiced of the firm. Assistants - Personnel involved in an audit other than auditor.
Implementation of Quality Control - The audit firm should implement quality control policies to ensure that all audits are conducted in accordance with Auditing and Assurance Standard AASs. Essential factors for incorporating quality control in audit work -.
Professional Requirements - Adherence to basic principles such as independence, integrity, objectivity, confidentiality, etc. Skills and competence - Audit personnel should have required degree of skill and competence. Assignment - Audit work should be assigned only to competent personnel. Delegation - There is to be sufficient direction, supervision and review of work at all levels.
Consultation - Consultancy within and outside the firm with experts. Acceptance and Retention of clients - Evaluation of prospective client and review of existing client should be done. Monitoring - Continued adequacy and effectiveness of quality control policies should be monitored. The firm's quality control policy should be effectively communicated to its personnel. Quality control for Individual Audits - The quality control policies applicable to firm should be implemented for individual audits to the extent applicable.
The audit work should be delegated to assistants with professional competence and should be appropriately directed and supervised. Audit assistants should be informed of the nature of business, accounting policies, possible accounting or auditing problems. They should be explained of what is expected of them and how to achieve it. They should be informed about the importance of audit programme, time budgets and overall audit plan. Supervision - Persons with supervisory responsibilities should a.
Monitor the progress of audit; b. Become informed of and address significant accounting and auditing questions raised during the audit; c. Resolve the differences of professional judgment and consider the level of consultation as appropriate. Review - Review of work of audit staff should be carried out to ensure that the: a. Work has been performed as per the audit programme. Work performed has been adequately documented.
All significant matters have been resolved or are reflected in audit conclusions. Objectives of the audit procedures have been achieved, and e. Conclusions expressed are consistent with the work performed. Matters to be reviewed On a timely basis a.
Overall audit plan and the audit programme. Assessment of inherent and control risks. Changes to be made to audit plan and programme. Documentation of the audit evidence obtained from substantive procedures and the conclusions drawn there from. Persons not connected with audit may be requested to perform additional procedures before issuing the auditor's report. For example, provision for taxation, provision for warranty claims, provision for a loss from a law suit, accrued revenue etc.
Responsibility for Accounting Estimates - Management is responsible for making accounting estimates included in financial statement. Nature of Accounting Estimates - The determination of accounting estimates may be simple or complex, depending upon the nature of the item. Accounting estimates may be determined as part of the routine accounting system operating on a continuous basis, or may be non-routine only at the end of the period. The uncertainly associated with an item, or lack of.
Audit Procedures - The auditor should ensure that an accounting estimate is reasonable in circumstance, and when required, is appropriately disclosed in the financial statements. Following approaches should be used in the audit of an accounting estimate a. Review and test the process used by management to develop the estimate. Use an independent estimate for comparison with that prepared by management, or c. Review subsequent events, which confirm the estimate made.
Obtain external evidence, where possible, to corroborate internal evidence. Evaluate the data and assumptions on which the estimate is based and ensure reasonableness and consistency of assumptions.
Use of experts in case of complex estimating process g. Review the counting appropriateness of formula used by management. Test the calculation procedures used by management. Where possible, compare accounting estimates made for prior periods with actual results of those periods.
Evaluation of Results of Audit Procedures - The final assessment of an accounting estimate would be based on the auditor's knowledge of the client's business and its consistency with other audit evidence obtained during the audit. If he of the opinion that the accounting estimates prepared by the management is significantly different from that assesses the auditor, he should request the management to revise the same, If the management refuses to revise the estimate, it would be considered a misstatement and the auditor would need to consider its effect on the financial statements.
Reading minutes of meetings of shareholders, B. Inquiring management about significance of sub events. If another auditor audits the component of entity, principal auditor should make similar enquiries and procedures w. No adjustment. If material, Adjusted in Then only disclosure. Sources : For E. Knowledge assist him in following : i Assess risk and problems ii Plan and perform audit effectively. Better service to clients.
For this, he should perform : 1. He should obtain general understanding of A Legal and regulatory framework applicable to entity and B How entity comply with it. Perform procedures to identity non-compliance to be considered when preparing f. Inquire mgt. Sufficient and appropriate evidence for compliance with those laws and regulation having effect on material amounts and disclosures in financial statement.
If he To Regulatory Authorities Only if required by statute etc. Non-compliance has non-compliance due to Mat. Effect on f. Balances existing at beginning of the period i.
Evidence : Obtain sufficient app. Existence and Disclosure of Related Parties : 1. He should a. Review his working papers for the prior year for names of known related parties. Review shareholders records to determine the names of principal shareholders or appropriate, obtain a list of principal shareholders form the share register, d.
Review the joint venture and other relevant agreements entered into by the entity. Where the financial reporting framework requires disclosure of related party relationships, the auditor should satisfy himself that the disclosure is adequate.
Transactions with Related Parties : 1. The auditor should review information provided by directors and key management personnel of the entity identifying related party transactions. During the course of the audit, the auditor should carry out detailed procedures, which may identify the existence of transactions with related parties. The auditor needs to be alert for transactions, which appear unusual in the circumstances and may indicate the existence of previously unidentified related parties.
Examine Identified related party transactions: 1. In examining the identified related party transactions, the auditor should obtain sufficient appropriate audit evidence as to whether these transactions have been properly recorded and disclosed.
Given the nature of related party relationships, evidence of related party transactions may be limited. Because of such transactions, the auditor would consider performing procedures such as: a.
Confirming the terms and amount of the transaction with the related party. Obtaining confirmation from persons associated with the transaction, such as, banks, lawyers, guarantors and agents.
Management Representations: The auditor should obtain a written representation from management regarding: a. The completeness, accuracy and validity of information provided regarding the identification of related parties; and b. The adequacy of related party disclosure in the financial statements. Audit conclusion and Reporting: If he is unable to obtain sufficient appropriate audit evidence concerning related parties and transactions with such parties or concludes that their disclosure in the financial statements in not adequate, he should express a qualified opinion or a disclaimer of opinion in his audit report, as may be appropriate.
Considerations for The Auditor of the Client When the services provided by service organisations are limited to recording and processing of transactions of the client and the client retains authorization and maintenance of accountability, the client might be able to implement effective policies and procedures within its organisations. However, the client may have to rely upon the policies and procedures of the service organisation where the latter executes the transactions and maintains accountability on behalf of the client.
While planning his audit, the auditor should determine the significance of activities performed by the service organisation and their relevance to the audit. Terms of contract. Material financial statement assertions that are affected by the use of the service organisation. Inherent risks associated with those assertions. The capability and financial strength of the service organisation. Documentation of systems manual of the service organisation.
If the information he is able to gather is insufficient, he should consider the need to request the auditor of the service organisation to furnish him information on specified areas. The above description is accurate; ii. The systems controls have been placed in operation; and iii.
The accounting and internal control systems are suitably designed to achieve their stated objectives. Such reports help the auditor of the client in obtaining an understanding of the accounting and internal control systems installed and operated by the service organisation. The systems controls have been placed in operation; iii. The accounting and internal control systems are, suitably designed to achieve the stated objectives; and iv.
The accounting and internal control systems are operating effectively based on the results of the tests of control. In addition to the report on operating effectiveness, the service organisation's auditor should identify the tests of controls performed and their results.
The client's auditor should consider whether the controls tested by the other auditor are relevant to the client's transactions. The client's auditor can also use such reports as an evidence of lower control risk assessment. Based on the control risk assessment, the client's auditor determines the nature, timing and extent of substantive procedures. He may also request the auditor of the service organisation to perform substantive tests in certain areas.
However the audit report of the client should not contain reference to the report received from the service organisation's auditor. Reporting : Auditor Report opinion is on current period financial statements as a whole, including corresponding figures. The agreement should be in writing. Audit Engagement Letters: The auditor should send an engagement letter, preferably before the commencement of the engagement, to help avoid any misunderstanding. Principal contents of audit engagement letter a.
Objective of Audit of financial statements. Management's responsibility for the financial statements. Management's responsibility for selection and consistent application of accounting policies and accounting standards. Management's responsibility for preparing the financial statements on a going concern basis. Management's responsibility for making judgements and estimates that are reasonable and prudent. Management's responsibility for the maintenance of adequate records and internal controls.
The scope of audit, including reference to applicable legislation, regulations, etc. The fact that having regard to test nature of an audit, persuasive rather than conclusive nature of audit evidence together with inherent limitations of internal control system, there is an unavoidable risk that some fraud and error may remain undetected. Unrestricted access to whatever records, documentation and other information requested in connection with audit.
Additional matters in the engagement letter a. Planning of the audit b. Written confirmation from management in connection with audit c. Request for the client to confirm the terms of engagement by acknowledging the receipt of the engagement letter. Any other reports or letters the auditor expects to issue. Fees and billing arrangements. Involvement of other auditors and experts g. Arrangement with predecessor auditor. Any restrictions of the auditors liability, where such possibility exists.
Audit of Components e. Subsidiary, Branch, Division, etc When the auditor of parent company is also the auditor of its subsidiary, branch or division, he should consider certain factors like legal requirements, independence of management, degree of ownership by parent, extent of work performed by other auditors etc in deciding whether to issue separate engagement letters.
Recurring Audits The auditor should consider whether the circumstances require the terms of the engagement to be revised and whether there is a need to remind the client of the existing terms of the engagement. Board of directors or shareholders. Audit Matters of Governance interest: Those matters that arise form the audit of financial statements and are in the opinion of the auditor, both important and relevant to those charged with governance in overseeing the financial reporting and disclosures process.
Relevant Persons: a. The auditor should determine relevant persons who are charged with governance and with whom the audit matters of governance interest and to be communicated. The auditor uses his judgment to determine the relevant persons. He considers the governance structure of the entity the circumstances of engagement, relevant legislations, etc. He also considers the importance and sensitivity of the audit matters. Where it is not possible to identify the relevant persons, the auditor comes to an agreement with the entity with whom the audit matters of governance are to be communicated.
Communications of governance matters may be included in the audit engagement latter. The engagement letter may include the form of communications and the relevant persons with whom such communications shall be made. Audit matters of governance interest to be communicated. The general approach and overall scope of audit b. Any expected limitation or any additional requirements c. The selection of or changes in, significant accounting policies and practices, that have or could have a material effect on the entity's financial statements.
Audit adjustments that could have a significant effect on the entity's financial statements or auditor's report. Material uncertainties that may cast a doubt on the going concern assumption. Disagreement with management that could be significant to entity's financial statement or auditors report. Expected modifications to the auditor's report.
Material weakness in the internal control system. Questions regarding management's integrity and fraud involving management.
Timely communications: The auditor should communicate the audit matters of governance interest on a timely basis. This enables those charged with governance to take appropriate action.
Forms of communications: The communications can be made orally or in writing. The form is affected by factors such as:a. The size, operating structure, legal structure and communications process of the entity.
The nature, sensitivity and significance of the audit matters to be communicated. The arrangement made with respect" to periodic meetings or reporting of audit matters of governance interest. Oral Communications of audit matters: In this case, the auditor should document in the working paper the matters communicated and any responses to those matters.
Confidentiality: The requirements of professional pronouncements, legislations or regulations may impose obligations of confidentiality that restrict the auditor's communications of audit matters of governance interest.
In such cases the auditor may wish to consult a legal counsel. Laws and regulations: The requirements of professional pronouncements, legislations or regulations may impose obligations on the auditor to make communications on governance related matters.
These additional communications requirements may affect the form, content and timing of communications with those charged with governance. Opening or Introductory paragraph: The report should identify the financial statements that have been audited including the date and period covered by the financial statements.
Scope paragraph: The report should describe the scope of the audit by stating that the audit was conducted in accordance with the auditing standards generally accepted in India.
The report should include a statement that the audit provides a reasonable basis for opinion. Date of the report: The report should be dated as of the completion date of the audit, which should not be earlier than the date on which the financial statements are signed or approved by the management. Place of signature: The report should name the specific location which is ordinarily the city where the audit report is signed. An unqualified opinion should be expressed when the auditor concludes that the financial statements give a true and fair view in accordance with the financial reporting framework used for preparation and presentation of the financial statements.
A 'disclaimer' of opinion' should be expressed when the possible effect of a limitation on scope is so material and pervasive that the auditor is unable to obtain sufficient appropriate audit evidence and is hence unable to express an opinion on the financial statements. An 'adverse opinion' should be expressed when the effect of a disagreement is so material and pervasive to the financial statements that the auditor concludes that a qualification of the report is inadequate to disclose the misleading or incomplete nature of the financial statements.
Opinion other than an unqualified opinion: Whenever the auditor requires an opinion other than unqualified, a description of all the substantive reasons should be included in the report and quantification of the possible effect s , individually and in aggregate, on the financial statements should be mentioned in the report. Limitation on Scope: The AAS also requires that in case there is a limitation on scope that requires expression of a qualified opinion or a disclaimer of opinion, the auditor's report should describe the limitation and indicate the possible adjustments that might have been necessary had the limitations not existed.
Factors to determine the effect of CIS' environment on the audit a. The extent to which CIS environment is used to record, compile and analyse accounting information. The system of internal control in existence in the entity with regard to flow of complete and correct data to the processing centre and the processing, analysis and reporting tasks undertaken in the installation.
The impact of computer based accounting system on the audit trail that would otherwise exist in a manual system. Skills and competence needed in CIS environment: The auditor should have sufficient knowledge of the CIS to plan, direct, supervise, control and review the work performed.
He should consider whether any specialized skills are needed in the conduct of the audit. If the use of professional possessing specialized skill is planned, the auditor should in accordance with AAS- 9 "Using the work of an expert" obtain sufficient, appropriate audit evidence that the work performed by the expert is adequate for the purpose of the audit.
Planning an audit in CIS environment' a. The auditor should obtain an understanding of the accounting and internal control systems, sufficient to plan the audit and to determine the nature, timing and the extent of audit procedures. In planning the portions of the audit, which may be affected by the environment, the auditor should obtain an understanding of the significance and complexity of the CIS activities and the availability of data for use in the.
Matters to be considered while planning a. The CIS infrastructure hardware, operating systems and application software used by the entity. Significance and complexity of computerized processing in each significant accounting application. Determination of the organizational structure of the client's CIS activities and extent of concentration or distribution of computer processing throughout the entity.
Determination of availability of data. Potential for Computer Assisted Audit Techniques. However, programming errors may occur. Thus, an individual performing many computer related works may be in a position to perform incompatible function.
The authorization of these transactions may not be documented for Ex. Potential for use of computer-assisted audit techniques — Due to peculiarities of some transaction and systems, auditor may be required to apply CAAT. Ensure that authorized, correct and complete data is made available for processing. Provide for timely detection of errors. Ensure that in case of interruption in the working of the CIS environment due to power, mechanical or processing failures, the system restarts without distorting the completion of entries or records.
Ensure the accuracy and completeness of the output. Provide adequate data security against fire and other calamities, wrong processing, fraud, etc. Prevent unauthorized amendments to the programs. Provide for safe custody of the source code of the application software and the data files.
Assessment of Risk: Based on an understanding of the CIS environment, the auditor should make an assessment of inherent and control risks for material financial statements in accordance with AAS6 "Risk Assessments and Internal Control". Audit Procedures: The auditor should consider the CIS environment in designing audit procedures to reduce audit risk to an acceptably low level.
He should ensure that adequate procedures exist to ensure that the data transmitted is correct and complete. Documentation: a. He should document the audit plan, the nature, timing and the extent of audit procedures performed and the conclusions drawn from the evidence obtained. In CIS environment, some of the audit trail may be in the electronic form. He should satisfy himself that such evidence is adequately and safely stored and is retrievable in its entirety as and when required.
Objective: To establish standards on the auditor's use of external confirmations as a means of obtaining audit evidence. External Confirmation :- It is the process of obtaining and evaluating audit evidence through a direct communication from a third party in response to a request for information about a particular item affecting assertions made by the management.
The auditor should determine whether the use of external confirmations is necessary. Process of External Confirmations: a.
Selecting the items for which confirmations are needed. Designing the form of the confirmation request. Communicating the confirmation request to the appropriate third party.
Obtaining response from third party. Evaluating the information or absence thereof. Situations where External Confirmations may be used: a. Accounts balances and their components b. Terms of agreement or transactions with third parties. Bank Balance and other information from bankers. Stock held by third parties. Property title deeds held by third parties. Investments purchased but delivery not taken. Loans from lenders h. Long outstanding share application money. Reliability of evidence obtained by External Confirmations: It depends on a.
The application of appropriate procedures by the auditor in designing the external confirmation. Performing external confirmation procedure and evaluating the request of the external confirmation procedures. The control which the auditor exercises over confirmation request and responses. The characteristics of respondents e. Any restrictions included in the response or imposed by management. The auditor should assess whether the evidence provided by the confirmations reduces audit risks for the related assertions to an acceptably low level.
If the auditor is satisfied that the evidence provided by the confirmations alone is not sufficient, he should perform additional procedures.
Assertions Addressed by External Confirmations - The ability of an external confirmation to provide evidence relevant to a particular financial statement assertion varies. The external confirmation of an account receivable provides strong evidence regarding' the existence of the account as at a certain date.
Confirmations also provides evidence regarding the operation of cut-off procedures. However, such confirmation does not provide all the necessary audit evidence relating to the assertion regarding valuation. When obtaining evidence for assertions not adequately addressed by confirmations, the auditor 57 considers other audit procedures to complement confirmation procedures or to be used instead of confirmation procedures.
Timing of External Confirmations - External confirmation may be requested either at the date of financial statements or as at any other selected dates close to the date of financial statements.
The date may be settled in consultation with the management. When the level of inherent and control risk is high, the auditor may decide to confirm balances at a date other than the period end.
Design of the External Confirmation Request—The auditor should design external confirmation requests to the specific audit objective. Nature of Information being confirmed - In designing the request, the auditor consider the type of information respondents will be able to confirm readily since this may affect the response rate and the nature of evidence obtained. Respondents will be more willing to a confirmation request containing management authorisation.
Prior Experience - The auditor should consider the information from audits of earlier years while designing external confirmation requests. Form of confirmation request— Use of Positive and Negative Confirmations: Positive confirmation request - It asks the respondent to reply to the auditor in all cases either by indicating the respondent's agreement with the given information, or by asking the respondent to fill in information.
Negative confirmation request - It asks the respondent to reply only. Negative confirmation request should be used when: a. A combination of positive and negative combinations may be used. Characteristics of Respondents The reliability of evidence is affected by the respondent's competence, independence, authority to respond, knowledge of the matter being confirmed, and objectivity. Therefore, the confirmation request should be directed to appropriate individual. The auditor also assesses whether certain parties may not provide an objective or unbiased.
The auditor considers the effect of such information on designing the confirmation request and evaluating the results, including determining whether additional procedures are necessary.
Oral confirmations should be documented in work papers. The auditor in such a case, should request the management to verify and reconcile the discrepancies. If the responses received indicate a pattern of misstatements, the auditor should reconsider his assessment of inherent and control risk and also consider the effect on his audit procedures.
Management Requests When the auditor seeks to confirm certain balances or other information, and management requests the auditor not to do so, the auditor should consider whether there are valid grounds for such a request and obtain evidence to support the validity of management's requests. The auditor should also seek the management to submit its request in a written form, detailing therein the reasons for such request. If the auditor agrees to managements requests not to seek external confirmation regarding a particular matter, the auditor should — a.
If the auditor does not accept the validity of management's request and is prevented from carrying out the confirmations, there has been a limitation on the scope of the auditor's work and the auditor should consider the possible impact on the auditor's report. The auditor should, however. OBJECTIVE — To establish standards on professional responsibilities of an accountant when an engagement to compile financial statements or other financial information is undertaken and form and content of the report to issued in connection with such a compilation so that the association of name of the accountant with such financials is not misconstrued by a user of those statements or information as having been audited by him.
This requires reducing detailed data to manageable and understandable form without the requirement to test the assertions underlying that information.
A compilation engagement carried out by the accountant does not relieve the management of these responsibilities. The accountant should obtain an acknowledgement from the management of its responsibility for the appropriate preparation and presentation of financial statements or other information. Accuracy and completeness of the information supplied including maintenance of adequate accounting records and internal control.
Preparation and presentation of financial statements in accordance with applicable laws. Safeguarding the assets of the entity and preventing and detecting fraud and other irregulations. Ensuring that activities of the entity are carried in accordance with applicable laws and regulations. Ensuring complete disclose of all material and relevant information to the accountant. He should document matters which care important in providing evidence that the engagement was carried out in accordance with this Auditing and Assurance Standard and the terms of the engagement.
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