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Must Do List For Audit

πŸ’₯πŸ’₯πŸ’₯πŸ’₯πŸ’₯πŸ’₯“`Must do list “`
**Important Questions for May 2018 Attempt**
“`Questions number & page numbers are given at the each question ,as far as possible for me ,you can tally with April 16 edition oF PM the question in which you don’t find page number , & if you find it from PM or SM then let me know @jigarjkadiya questions mentioned just SA number at the end ,refer that particular SA“`

🎯1: Concept of true and fair view.
(page -2.12)
🎯 2: Advantages of Independent Examination.
(page 1.21)
🎯3: Basic principles of auditing. (Page 1.18)
🎯4:Principal aspects of auditing.
(page 1.16)
🎯5: Types of errors and fraud.
🎯6: Accounting Policies- Different areas where policies may be selected, disclosure
(page 2.19)
🎯 7: Discuss reliability of audit evidence (SA-500).(page 2.4)
🎯8: Techniques/ methods to obtain audit evidence (SA-500).
🎯9: Auditor may exercise his judgements to identify which risks are significant risk. Discuss
(SA-315).(page – 1.31)
🎯10: Assertions to be covered in examination of A/C balance, overall presentation and disclosure (SA-315).(page 2.20 or 2.21)
🎯11: Risk assessment Procedure (SA-315).
🎯12: Test of Controls (SA-330)
🎯 13: Substantive Procedure (SA-330).
🎯14: How an audit strategy is established? (SA-300).
🎯15: Development of overall audit plan (SA-300).
🎯16: Factors to consider when designing confirmation request (SA-505).
🎯17: Auditor’s responsibility in case of management’s refusal to allow auditor to send a
confirmation request (SA- 505).
🎯18: Audit risk and its component.
(page 3.28)
🎯19: Factors which are to be considered in determining materiality (SA-320).
🎯20: New Engagement letter requirement in recurring audit engagement (SA-210).
🎯21: Audit program.
(page 3.12)
🎯22: Short note on Audit documentation (SA-230).
🎯23:Additional no. of purposes served by audit documentation (SA-230).
🎯24: Precautions to be considered while performing audit on the basis of test checking (SA530)
🎯25: Define sampling risk and its type (SA-530).
🎯26: Random sampling (SA-530).
🎯27: Advantages of statistical sampling (SA-530).
🎯28: Surprise check.(page 3.17)
🎯29: Examination in depth. (Page 4.5)
🎯30: Internal financial controls.
🎯31: Check list, Internal control questionnaire, flow chart.
(page 4.26)
🎯32: Internal audit under section 138 of Co. Act. 2013.
🎯33: Internal check.(page 4.29)
🎯34: Specific risk relating to IC in CIS environment.
🎯35: Different design and procedural aspects of CIS.
🎯36: IC in CIS environment
🎯37: Audit trail
🎯38: Black Box and white box approach.
🎯 **39: Imp section of Co. Audit I:**
139 (1),(2), (6), 97), (8)
140 (1), (4), (5)
141 (1), (3) (b) (c) (d) (e) (f) (g) (i)
143 (1), (3), (12)
145, 146
🎯40: Applicability of CARO (2016)
(page 7.42)
🎯 41: Verification of Alternation and Reduction in Share capital
🎯42: Verification of Bonus share issue
🎯43: Verification of Buy back of securities
🎯44: Verification of payment of dividend
🎯45: Verification of Issue of Sweat equity shares
🎯 46: **Special audits**
-Hotel, club, Educational institutions, charitable institution, hire purchase
Co. , Cinema.
🎯47: Power of CAG, Performance Audit.

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πŸ•Έ **Questions from other SAs**
πŸ€ΎπŸ»β€β™‚1) Audit procedures to obtain audit evidence w.r.t. existence and condition of inventory (SA-501)
πŸ€ΎπŸ»β€β™‚2) Indicators of non-compliance with law and regulation. (SA-250).
πŸ€ΎπŸ»β€β™‚3) Reporting responsibility w.r.t. non-compliance with law and regulation. (SA-250).
πŸ€ΎπŸ»β€β™‚4) Matters to be communicated with TCWG (SA-260).
πŸ€ΎπŸ»β€β™‚5) Records/ Documents to identify related party relationship and transactions with related party (SA-
πŸ€ΎπŸ»β€β™‚6) Financial and operating event or conditions which may create doubt on entity’s ability to continue
as going concern (SA-570).
πŸ€ΎπŸ»β€β™‚7) Auditor’s Responsibility if he identifies event/ conditions which may create doubt on entity’s ability to continue as going concern (SA-570).
πŸ€ΎπŸ»β€β™‚8) Who is an expert and how is he appointed (SA- 620).
πŸ€ΎπŸ»β€β™‚9) SA-610.
πŸ€ΎπŸ»β€β™‚10) Determination of key Audit Matters (SA-701).

🎯 49: Imp Vouching and **Verification Topics**: πŸ€ΎπŸ»β€β™‚Scale of Scrap,
πŸ€ΎπŸ»β€β™‚Asset Repairing,
πŸ€ΎπŸ»β€β™‚Sale of
πŸ€ΎπŸ»β€β™‚Remuneration to Directors,
πŸ€ΎπŸ»β€β™‚Preliminary Expenditures,
πŸ€ΎπŸ»β€β™‚R& D expenditures,
πŸ€ΎπŸ»β€β™‚Retirement gratuity
πŸ€ΎπŸ»β€β™‚ Insurance Claim,
πŸ€ΎπŸ»β€β™‚Sale of investment, πŸ€ΎπŸ»β€β™‚Advertisement expenses
πŸ€ΎπŸ»β€β™‚Cut-off procedures,
πŸ€ΎπŸ»β€β™‚Restriction on Power of BOD,
πŸ€ΎπŸ»β€β™‚ Travelling Expenses, Verification of Building, πŸ€ΎπŸ»β€β™‚Investment,
πŸ€ΎπŸ»β€β™‚ bank borrowings

**All the Best**

**God bless you CA FIGHTER** πŸ™πŸ»

Must Do List For Audit 1

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