financial statements by (d) Documentary evidences are more reliable than oral expressing an independent representations. The main objective of an (b) Internal evidence will be more reliable, when related independent audit is to lend internal controls are satisfactory credibility to financial (c) Evidence obtained by the auditor himself is more information contained in reliable than evidence obtained from entity. Reliability of Audit Evidence: (a) External evidence is usually more reliable than internal Objective : evidence. but should also appear to Depending upon nature, may be classified as: Visual, exist to all reasonable Documentary, and Oral Evidence persons” . Visibility : Types of Audit Evidence: “Independence of auditors Depending upon its source may be classified as: Internal, must not only exist infact, and External. Sufficiency of evidence refers to quantum of evidence and appropriateness refers to relevance and reliability . confused with the visible Sufficient and Appropriate Audit Evidence: standards of independence.
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It that the evidence through the performance of compliance and stipulates independence is a condition substantive procedures to enable him to draw reasonable conclusions there from on which to base his opinion on the of minds and personal character and should not be financial statements. to the wishes or directions Objective: Audit evidence is one of the basic principles and requires that of another person who the auditor should obtain sufficient and appropriate audit might have engaged him. Meaning: SA-200 Independence Any information, verbal or written obtained by the auditor on implies that the judgment of a person is not subordinate which he bases his opinion. Last Minute Study Trick CHAPTER-2 (BASIC CONCEPTS IN AUDITING) AUDITOR’S INDEPENDENCE CARO 2004 The pronouncements of the Institute (ICAI)ĭue to: Use of judgment Use of Test Checking Weaknesses in internal control Persuasive nature of evidence Conclusion and Reportingĭetermined by: The terms of the engagement The requirements of the relevant legislation e.g. Accounting Systems and Internal Controls 9.
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Integrity, Objectivity and Independence 2. SA 200 BASIC PRINCIPLES GOVERNING AN AUDIT 1. OBJECTIVES OF AUDIT PRIMARY OBJECTIVE(SA 200A)Įxpression of Opinion on True & Fair view of Financial StatementsĬonsideration of Risk of Material misstatements resulting from Fraud and Errorįraud & Error’s Detection & prevention’s duty is by management not by auditor, while auditor’s duty to consider the impact of fraud & investigation. Personal Qualities : Objectivity, integrity, independence, confidentiality, communication skills reliability and trust. Technical Qualities : Sound knowledge of accountancy, auditing, taxation & corporate laws. External Auditor (Statutory Auditor) Appointed by Company Internal Auditor Appointed by Management 2. Statutory Audit (Required under Law) Voluntary Audit (Not required under law)
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Objectives and Scope of the Audit of Financial StatementsĪuditor’s Responsibility relating to Fraud in an Audit of Financial Statements. Systematic, critical examination of records for a special purpose. Include: (a) Balance Sheet (b) Profit & Loss Account (c) Cash Flow Statement (d) Notes on accounts and Explanatory statements Independent Examination of financial information contained in financial statements. ACCOUNTINGĬoncerned with recording of Transactions and Preparation of Financial Statements (June ’11) Tel: +91 80596-35006 Write me at: ĬHAPTER-1 (NATURE OF AUDITING) Audit: Independent Examination of financial information contained in financial statements for expressing an opinion regarding true & fair view. YOGESH GUPTA Student CA-Final, CS-Executive Bachelor in Buss. Prepared by: Yogesh Gupta For more notes: Summarize Notes On Audit for CA-I/PCC Please read your book book first and after go through these these notes, it is writing in a summarizing manner, when you read this at the time of revision, this will help you.