Alice Sood

3 weeks ago | [YT] | 2

Alice Sood

3 weeks ago | [YT] | 3

Alice Sood

Do your best Guys👍👍👍
Today is your Lucky day🍀🌞
All the Very Very Best✌

Sab acha hoga. Just Keep Smiling and be confident😊

3 weeks ago (edited) | [YT] | 2

Alice Sood

Hey CA Inter Students,

All the very Best for tomorrow.
All the Best for Group 1👍
All the Best for Paper 1🙌

I am sure, everything is going to be great.
Believe in yourself and believe in God.

Study happily and calmly✌
Keep Smiling😊

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1 2

3 weeks ago | [YT] | 2

Alice Sood

Hey future India!
I am sure you all are Good and doing Great for the exams. 👍

Once again I want to say that:
Those students who panic, just be Calm.
Study with your calm mind.
Relax your mind. Take deep breaths for 5 minutes after every session of your study.
This will make you feel Good, Calm and Productive. ✌

Those who are Confident then maintain it.
Keep smiling and crack the exam with super good marks. 😊

Just Remember that God is always with you. 😊✌

So, now keep calm, Keep smiling and Do your Best!

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1 2

4 weeks ago | [YT] | 3

Alice Sood

All the Very Best to all the Students who have just 3 days far from your exams.🤞🤞

May these final 3 days be filled with productivity, joy and a sense of fulfillment. 👍✨

Don't be Panic this time, everything will be Great.
Just keep calm and study with a calm mind.
Don't Study anything "NEW❎", Just Revise only those topics which you have done till now.

It's time to show your full Strength 💪📖
Best Wishes to you!

4 weeks ago | [YT] | 7

Alice Sood

🚀QUICK SUMMARY

🔮SA 200

🌸Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing🌸

📑Objective of the Auditor:

1. Express an opinion on whether financial statements are true and fair.
2. Comply with auditing standards and act ethically.

📍Key Responsibilities:

* Plan and perform audit carefully to detect material misstatements.
* Exercise professional skepticism – don’t just accept information blindly.
* Obtain sufficient appropriate audit evidence.
* Maintain ethical standards – independence, honesty, and confidentiality.

🔑Key Principles:

* Materiality: Focus on errors that can influence users’ decisions.
* Reasonable assurance: Auditor provides high confidence, not absolute certainty.
* Professional judgment: Use experience to decide what to check and how.

🔮Conducting Audit:

* Follow all other SAs in the audit process.
* Document all procedures, findings, and judgments.


🔮Example;

* Small typos (immaterial) can be ignored.
* Wrong grades (material) must be corrected.
* Check carefully, question suspicious entries, and use your experience to focus on important areas.

#SA200 #standardsonauditing #cainteraudit

1 month ago (edited) | [YT] | 8

Alice Sood

🚀QUICK REVISION

📖SA 560 – Subsequent Events

📍Meaning

* Events between:

1. Financial Statement (FS) date(e.g., 31 March)
2. Auditor’s Report date(signing date)

👉 May affect FS or auditor’s opinion.


🏮Types of Subsequent Events

1. Adjusting Events (conditions existed on FS date) → Adjust FS.

* Ex: Debtor bankrupt after BS date (evidence receivable was bad).
* Ex: Court case settled confirming liability existed earlier.

2. Non-Adjusting Events (conditions arose after FS date) → Only disclosure if material.

* Ex: Fire/flood after BS date.
* Ex: Issue of shares/debentures post BS date.

---

🕹Auditor’s Responsibilities

1) Between FS date & Auditor’s Report date

* Perform procedures:

* Read board minutes.
* Inquire management/lawyers.
* Review latest interim FS.

* Ensure:
adjusting = adjusted;
non-adjusting = disclosed.

2) After Report date but Before FS issued

* If aware of event → discuss with management.
* Amend FS if necessary → auditor issues new/revised report.
* If not amended though required → modify opinion (SA 705).

3) After FS issued

No duty to perform further work.

If becomes aware of material fact:
* Discuss with management.
* If revised FS issued → new report with emphasis that it replaces earlier one.
* If not amended → auditor informs TCWG & may take legal/professional action.

---

📝Written Representation

* Management confirms all subsequent events up to report date have been identified & disclosed.

🧾Documentation

* Procedures performed.
* Nature of subsequent events.
* Whether adjusting/non-adjusting.
* Actions taken (adjust, disclose, modify).

#SA560 #standardsonauditing #cainteraudit #subsequentevents

1 month ago | [YT] | 8

Alice Sood

⏱️QUICK REVISION⏱️

📑SA 550 – Related Parties

🏮Meaning

* Related Party means Person/entity having control, significant influence, or close family/ownership relationship with the company.
* RPTs (Related Party Transactions) Deals with related parties (loans to directors, sales to subsidiaries, contracts with relatives, etc.).
* Risk if Not at arm’s length, high chance of fraud, concealment, misstatement.

---

🕹Objectives

* Identify related party relationships & transactions.
* Assess risk of misstatement in RPTs.
* Obtain sufficient appropriate audit evidence (SAAE).
* Ensure adequate disclosure in FS.

---

⚔️Responsibilities:

🔮Management should:

* Maintain related party registers.
* Disclose all RPTs in FS.
* Provide written representation.

🔮Auditor should:

* Evaluate completeness & accuracy of disclosures.
* Be sceptical about unusual transactions.

---

🔐Audit Procedures

1. Risk Assessment

* Ask management about related parties & RPTs.
* Understand controls for identifying & approving RPTs.

2. Audit Work

* Inspect registers, board minutes, contracts.
* Verify authorization & terms (arm’s length or not).
* Confirm balances with related parties.
* Test completeness of disclosures in FS.
* Look for **unusual transactions**.

3. Undisclosed Related Party Found

* Discuss with management.
* Understand purpose & nature of transaction.
* Do extra audit procedures.
* Consider impact on audit report.

---

🔖Communication

* Inform TCWG if related parties or RPTs are not properly disclosed.

🔖Representation

* Written rep from management: all RPs & RPTs disclosed and recorded.

📝Reporting

* Adequate disclosure → Unmodified opinion.
* Inadequate disclosure → Qualified/Adverse opinion (SA 705).
* Unable to obtain evidence → Disclaimer.

📌Examples

* Parent ↔ Subsidiary transactions.
* Director’s relative supplies goods to company.
* Loan given to director at 0% interest.

#SA550 #standardsonauditing #cainteraudit #relatedparties

1 month ago | [YT] | 7

Alice Sood

📚QUICK REVISION

📌SA 610 – Using the Work of Internal Auditors

🗂Meaning

* Internal Auditors = employees of entity, focus on internal control & risk mgmt.
* External Auditor = independent auditor, gives opinion on FS.
* SA 610 → how external auditor can use internal auditors’ work while staying responsible.

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🏮Objectives

* Evaluate if IA’s work can be used.
* Use it only if IA is objective, competent, and systematic.
* Decide areas where reliance is possible.
* Ensure responsibility for audit opinion remains with external auditor.

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📒When Reliance Allowed?

✅ If:

Objectivity → IA reports to audit committee / no management pressure.
Competence → qualified, trained, experienced staff.
Systematic Approach → proper documentation, quality reviews, methodology.

❌ Not for:

* High risk areas (fraud, mgmt override).
* Areas needing significant judgment (going concern, overall FS opinion).

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📍How to Use IA Work?

1. Evaluate internal audit function (independence, skills, methodology).
2. Decide areas to use work (routine, low-risk, less judgmental).
3. Test quality → review docs, re-perform samples, check evidence.
4. *Direct Assistance → IA may perform audit procedures under external auditor’s supervision (only if law permits).

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📑Documentation

* Evaluation of IA’s objectivity, competence, systematic approach.
* Nature & extent of work used.
* Results of review / re-performance.
* Basis for direct assistance decision.

---

🧾Reporting

* No reference to IA in auditor’s report.
* Final responsibility **always stays with external auditor.

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#SA610 #standardsonauditing #cainteraudit

1 month ago | [YT] | 7