basis
Happy day n
the subject
Enjoy studying
this
poly for
a
use
Auditing
.
revision purposes
your If you
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am
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JANUARY 25 COMPARISON WITH PREDICTION
CHAPTER QUESTIONS MARKS
2 Documentation in SA300 5
2 Audit planning- a continuous & iterative process 5
3 Automated environement- Audit tests 4
4 Audit Evidence- Sufficiency 4
4 Segment info 5
4 Relying on the work of IA 5
7 Basis for Disclaimer of Opinion 4
8 Prior period Adverse report 5
11 Threats to independence 5
TOTAL MARKS 42
42 marks out of 70 marks
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CA CPA NIVEDHA SHANKAR +91 9884413960
PRIORITY STANDARDS
V IMP forA425
Jan 25 ·
Remarks
SA 300 Every attempt 10 marks
SA 500 Every attempt 4-6 marks
ETHICS Every attempt 4 marks
SA 200 Every attempt 3-4 marks
SA 230 Every attempt 3-4 marks
Automated Environment Every attempt 3-4 marks
SA 530 Every Alternate attempt; imp for may25
SA 210 Every Alternate attempt; imp for may25
SA 299 Not tested for 5 attempts
SA 510 Not tested for last 5 attempts
SA 320 Not tested for last 3 attempts
SA 520 Not tested for last 3 attempts
SA 550 Not tested for last 3 attempts
SA 701 KAM Not tested for last 3 attempts
SA 220 & SQC1 Not tested for last 2 attempts
SA 580 Not tested for last 2 attempts
SA 450 Not tested for last 2 attempts
CARO Not tested in Jan25; Every attempt 4 marks
SA 315 Jan'25 only for 4 marks;
Audit of Government Company Not tested for last 2 attempts
Least priority standards
SA 501 Tested in Jan 25 for 8 marks
SA 570 Tested in Jan25
SA 260 Tested in Jan25
SA 265 Tested in Sep 24
SA 710 Tested in Jan25
SA 610 Tested in Jan25
SA 560 Tested in Sep 24
SA 505 Tested in Sep 24
DISCLAIMER: Based on past attempts analysis, the
priority of the standards is given. This is not a
replacement for ICAI material.
CHAPTERS QUESTIONS
SA 200 Meaning of Audit? Relationship of Audit with diverse subjects?
Benefits of Audit?
Audit- mandatory / voluntary?
To whom report is submitted?- Reporting in EL
Scope of Audit includes?
Why are standards needed?
Difference between reasonable assurance & limited assurance engagement
SA 210 Preconditions?
4 cases
Recurring audit - When will you revise the terms?
SA 220 & SQC 1 EQCR partner?
Leadership/ Acceptance & continuance of client/ Ethical requirements / Assignment of Engagement teams /
Engagament performance / Monitoring = SQC1 & SA220
Ethics Principles of professional ethics? COPPI
Professional Skepticism?
Independence of mind and Appearance
Threats to independence? - Read examples given under each threat
SA 230 Definition
Objective & Purpose of SA230
Audit documentation includes and excludes?
Audit file?
Changes to Audit work papers?
Time limit for changes and Retention period?
SQC1 combo question with SA 230 - Completion memorandum/ Time limit/ Ownership?
Form, content and extent of Audit documentation
SA 260 & 265 Not very important for May25 exams
SA 299 Audit reporting in case of common opinion & difference of opinion
Responsibility of JA - Individual & joint resp
Advantages & Disadvantages of JA
Spl considerations regarding JA
Work divided based on?
SA 300 Prelimnary Engagement activities?
Identifying Scope, Reporting objectives, Factors in directing ET efforts? - inside points
Planning includes consideration of the timing of certain activities and audit procedures that need to be completed
prior to the performance of further audit procedures.
Audit programme- Make a sample
Constructing an audit programme - 7 points
Advantages and disadvantages of an audit programme?
Examples of considering results of preliminary engagement activities and knowledge gained in other engagements is
relevant?
Benefits of planning an audit
The NET of direction and supervision of engagement team members and review of their work vary depending on many
factors. What are thet?
SA 315 COMPONENTS OF IC - Inside points also for each
Audit procedures in RAP?
Evaluation of IC
Controls relevant to audit - SLMNCCDRS
Extent of understanding controls
Methods in Evaluation of IC
When to use manual & when to use automated controls?
Diff between IFC and IC over FR
SA 330 What should the auditor consider for determining the extent of Test of controls?
What are the specific enquiries by the auditor when deviation in controls are detected?
What should the auditor do when he is designing FAP?
What should the auditor consider when he is using the AE reg controls from previous audits?
Nature and Extent of using the Substantive procedures?
Automated Environment Key features of an automated environment
How to understand the company's Automated Env
What are IT Risks? What are its impacts?
General IT Controls vs. Application controls; Suitability
Testing methods in an automated environment?
What are General IT Controls?
Risks arising from use of IT and what is the impact of IT related risks?
Documentation of risks of Automated Environment?
Assess and Report Audit findings?
Data Analytics
Digital audit
SA 320 What is materiality/ Performance materiality/ benchmarks
How to document materiality?
Statutory requirement of materiality
While planning audit, auditor makes a judgement abt the size of misstatement. What does this provide a basis for?
When is materiality and Audit risk considered?
When will the auditor determine whether the overall audit strategy and audit plan
SA 450 need to be revised?
Evaluation of uncorrected misstatements?
What to get from management if there are Uncorrected misstatements?
Communication to TCWG- Management corrects/ refuses PROCESS?
Objective of auditor?
SA 500 Purchase invoice- External or Internal Evidence?
If information is by the Entity, what will auditor evaluate?
Assertions? Positive? Negative? Implicit? Explicit?
Types of AE- Depending upon Nature & Source?
What are the Audit procedures? What is Inspection? What is enquiry?? Read the meanings of all AP.
Reliability of AE?
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SA 501 Not very important for May25 exams
SA 505 Not very important for May25 exams
SA 510 What are the procedures adopted by the auditor to obtain AE reg Op balances?
Opinion that the auditor has to give if accounting policies are not consistent?
Reporting regarding Op balance if there is no AE/ There is misstatement in the Op balance?
How to get Audit evidences regarding the op bal of Current assets (Inventory) & Non current assets and liabilities?
SA 520 Factors to be considered for substantive AP?
Techniques available for AP?
Reasonableness test - examples
How will auditor design the AP?
Suitability of AP for assertions?
How to determine whether data is reliable for purposes of designing
substantive analytical procedures
whether the expectation can be developed to identify a misstatement that, when aggregated with other
misstatements, may cause the financial statements to be materially misstated
SA 530 Statistical Vs. non statistical sampling; Adv of statistical?
Factors influencing sample size?
Sampling risk
Terms- Stratification, Tolerable misstatement, Tolerable rate of deviation
SA 550 Examples of relationships indicating a presence of Control or significant influence?
When will a RPT give rise to higher risk of material misstatement?
How can an auditor verify the existence of related party relationships and transactions
What are Special purpose entities?
What will auditor enquire the management?
SA 560 Not very important for May25
SA 570 Not very important for May25
SA 580 Date of Written representation?
WR about management responsibilities?
Other written representations?
How does auditor respond to a provided Written Representation?
How does auditor respond if Written Representation is not provided?
SA 600 Sec 128(1), Sec128(2), Sec 143(8)
Definitions
SA 610 not very important for May25 exams
SA 700 Basic standards Study fully
SA 701 What are KAM?
How to determine KAM?
Scope of KAM- V imp. Not a substitute for 705, 570, disclosure, separate opinion.
SA 705 Basic standards Study fully
SA 706 What is EMP/ What is OMP?
SA 710 not very important for May25 exams
Audit of cooperative societies not very important for May25 exams
Audit of government company Roles, Duties and Powers of CAG
Audit of Commercial Accounts?
How to Audit stores and Inventories?
How to audit taxes, fees, fines (Receipts)?
Objective of Government audit?
Audit of expenses?
Effeciency audit? Performance audit?
Audit of banks Learn the concepts of Mortgage, Pledge, Hypothecation, Assignment, Lien, Set off
What happens if there is erosion in the value of security?
Regulatory frameworks for bank audit?
Accounting if bills discounted is for a 2 year period?
Is netting allowed if there is Rediscounting?
Audit of other entities Local Body
Partnership firm
Company Audit This is v small now. Pls study fully
Audit of items of FS CSR- Section 135
Benami Property held
Crypto or Virtual currency
Relationship with struck off companies
PPE
CA CPA Nivedha Shankar
9884413960 www ·
thecaclassroom . Com
