🎙️ Audit by Neeraj

In this podcast, we will revise Few topics of Chapter-1.Basics Covered-* Meaning and Nature of Auditing* Audit Objective & Opinion* Misstatement* Materiality* Applicable Financial Reporting Framework (AFRF)* Types of Audit Opinion* TCWG vs Management* Preconditions for an Audit* Internal Control (IC)* Test Checking & Sampling* Professional Judgment* Audit Process & Framework* Risk of Material Misstatement (ROMM)* When to Test Internal ControlStay tuned for more revision sessions to strengthen your CA Final Audit preparation! 🎧🔥Refer your friends also.RegardsNeeraj AroraThanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift A for Audit From Promotion or other tabs to your Main Inbox* Check whether A for Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Also - add aforaudit@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

🚀 CA Inter Audit Podcast: Mastering Audit Risk & Risk Assessment! 🎧In this episode, we dive deep into Chapter 3 – Audit Risk and Risk Assessment for CA Inter Audit exams. 📚We will discuss SA 315 Identifying and Assessing the Risk of Material Misstatement Through Understanding the Entity and Its Environment.If you found this podcast insightful, imagine what structured classes can do!This discussion will help you build a strong conceptual foundation for exam success. Don't miss out! 🎯All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether Audit by Neeraj is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Also - add auditbyneeraj@substack.com to your contacts in your email account.Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

🚀 CA Inter Audit Podcast: Mastering Audit Risk & Risk Assessment! 🎧In this episode, we dive deep into Chapter 3 – Audit Risk and Risk Assessment for CA Inter Audit exams. 📚 Gain clarity on:✅ Meaning of Audit Risk✅ Components of Risk of Material Misstatement – Inherent Risk, Control Risk & Detection Risk✅ Elements of Detection Risk & Other Key Insights✅ Significant Risk & Factors for Judgment in Identifying It✅ Understanding the Relationship Between Risk of Material Misstatement & Detection RiskIf you found this podcast insightful, imagine what structured classes can do!This discussion will help you build a strong conceptual foundation for exam success. Don't miss out! 🎯All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether CA Inter Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

We’ve released a new podcast on Chapter 11 – Ethics & Terms of Engagement to help you revise on the go! 🎙️ This scoring chapter (10-11 marks in ICAI exams) is crucial, so make sure you go through it carefully.🔊 What’s Covered?✅ Independence of Auditor✅ Threats to Independence✅ Safeguards for Auditors✅ Guidelines for Applying Safeguards✅ Exam-Oriented Discussion on Threats to Independence🎧 Listen now & revise anytime, anywhere!Make sure to listen, revise, and strengthen your understanding of this crucial chapter! 🚀All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether CA Inter Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

🎙 Welcome to the CA Inter Audit Podcast – Ethics & Terms of Engagement!In this episode, we discuss key topics from Chapter 11 – Ethics & Terms of Engagement, an important and scoring chapter in ICAI Exams (worth around 10-11 marks).These podcasts are designed to help you revise on the go—whether you're traveling or taking a walk. However, they are not a substitute for full classes.🔹 Topics Covered:✅ Ethics & Its Importance✅ Principle-Based vs. Rule-Based Approach✅ Fundamental Principles of Professional Ethics:* Integrity* Objectivity* Professional Competence & Due Care* Confidentiality* Professional BehaviorMake sure to listen, revise, and strengthen your understanding of this crucial chapter! 🚀All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether CA Inter Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

In this podcast, we will be discussing about SA 580 Written Representation.A written representation is a written statement by management provided to the auditor to confirm certain matters or to support other audit evidence. Written representations in this context do not include financial statements, the assertions therein, or supporting books and records.Written representations are an important source of audit evidence.SA 580- Written representations deals with the auditor's responsibility to obtain written representations from management and, where appropriate, those charged with governance.Objectives of auditor in accordance with SA 580-* To obtain Written Representations* To support other evidence* To respond appropriatelyPodcast covers more about SA 580 Written Representation -* From whom Written representations are requested by auditor?* Written representations about management's responsibilities* Why Written representations about management responsibilities are necessary?* Description of management's responsibilities in the Written representations* Other Written representations* Additional Written representations about information provided to the auditor* Written representations about specific assertions* Date of and Period(s) covered by Written Representations* Form of Written representations* Doubt as to the reliability of Written representations* Requested Written representations not provided* Disclaimer of opinion in case of non-reliability of Written Representations about management's responsibilities or failure to provide such Written RepresentationsIf you are the student of EDU91 for CA Intermediate (till 31st December 2024) then you will get flat 50% off on CA Final Audit Classes.Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether CA Inter Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

In this podcast, we will be discussing SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance & Management.SA 265 deals with the auditor’s responsibility to communicate appropriately to TCWG and management deficiencies in IC that the auditor has identified in an audit of FSs.Objective of auditor as per SA 265To communicate appropriately to TCWG and management deficiencies in internal control that the auditor has identified during the audit and that, in the auditor’s professional judgment, are of sufficient importance to merit their respective attentions.To understand the complete SA 265, listen to the podcast.If you are appearing for the upcoming attempts of ICAI CA Audit Exam then this podcast will definitely be of a great help.If you are the student of EDU91 for CA Intermediate (till 31st December 2024) then you will get flat 50% off on CA Final Audit Classes. Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether CA Inter Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

In this podcast, I have discussed the “Concept of Materiality”. Following topics have been discussed in the podcast-SA 320 deals with the auditor's responsibility to apply the concept of materiality in planning and performing an audit of financial statements.The concept of materiality is applied by the auditor both in planning and performing the audit, and in evaluating the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements and in forming the opinion in the auditor’s report. If you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help.If you are the student of EDU91 for CA Intermediate then you will get flat 50% off on CA Final Audit Classes.Also, you can get a hands on experience of Auditing with us.Planning for ACCA? If yes, then we can learn Auditing together.Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether CA Inter Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

SA 300- Planning an audit of financial statements deals with the auditor's responsibility to plan an audit of financial statements. It states that objective of the auditor is to plan the audit so that it will be performed in an effective manner.Planning an audit is necessary to carry out it effectively in a timely manner. Besides ensuring compliance with professional standards, it helps in performing audit engagement effectively.Update: CA Final Audit Blended Batch starting from 17th June 2024.Adequate planning benefits the audit of financial statements in several ways, including the following:-* Helping the auditor to devote appropriate attention to important areas of the audit.* Helping the auditor identify and resolve potential problems on a timely basis.* Helping the auditor properly organize and manage the audit engagement so that it is performed in an effective and efficient manner.* Assisting in the selection of engagement team members with appropriate levels of capabilities and competence to respond to anticipated risks, and the proper assignment of work to them.* Facilitating the direction and supervision of engagement team members and the review of their work. Assisting, where applicable, in coordination of work done by others such as experts.Therefore, planning an audit ensures that audit risk is reduced to an acceptable low level. When audit work is adequately and properly planned, it reduces the risk of inappropriate opinion by the auditor.If you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help.If you are the student of EDU91 for CA Intermediate then you will get flat 50% off on CA Final Audit Classes.Also, you can get a hands on experience of Auditing with us.Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether CA Inter Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

In this podcast, I have discussed the “Basics of Auditing”. Following topics have been discussed in the podcast-* Basic understanding of Internal Control* Meaning* Examples* Why are internal controls carried out?* Framework to conduct auditIf you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help.If you are the student of EDU91 for CA Intermediate then you will get flat 50% off on CA Final Audit Classes.Also, you can get a hands on experience of Auditing with us.Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether CA Inter Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

In this podcast, I have discussed the “Basics of Auditing”. Following topics have been discussed in the podcast-* Type of Opinion - Clean and Modified Opinion* Qualified, Adverse and Disclaimer of Opinion* Meaning of Pervasive* Meaning of TCWG and Management* Preconditions for an auditIf you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help.If you are the student of EDU91 for CA Intermediate then you will get flat 50% off on CA Final Audit Classes.Also, you can get a hands on experience of Auditing with us.Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether Audit by Neeraj is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

In this podcast, I have discussed the “Basics of Auditing”. Following topics have been discussed in the podcast-* Meaning of Audit⁠* Objectives of Audit as per SA 200* Meaning of Misstatement* Meaning of AFRFIf you are appearing for the upcoming attempts of ICAI CA Intermediate Audit Exam then this podcast will definitely be of a great help.If you are the student of EDU91 for CA Intermediate then you will get flat 50% off on CA Final Audit Classes.Also, you can get a hands on experience of Auditing with us.Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift Audit by Neeraj From Promotion or other tabs to your Main Inbox-* Check whether Audit by Neeraj is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add auditbyneeraj@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

In this podcast, you'll learn about the language style you should use when answering questions in the CA Exams held by ICAI. With the May 2024 exams coming near, many students are wondering how they should write their answers. They're asking if they have to use the exact language from the ICAI Study Material.Share this podcast with your friends also.Also, let me know in comments what all problems you’re currently facing while preparing for the exams. I will be happy to help you.Here are my social media handles-Twitter: https://twitter.com/neerajarora91Linkedin: https://www.linkedin.com/in/neerajarora91/All the best. God bless you!❤️ Neeraj Aroraऔर हाँ, सीखते रहें, क्यूँकि सीखना शुरू तो जीतना शुरू 🚀Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.How does this work?* You subscribe to my write-ups. (No cost at all)* Check your email after subscribing.Shift A for Audit From Promotion or other tabs to your Main Inbox* Check whether A for Audit is in the promotion tab.* Click and Drag it to your Inbox.* Click yes on Do this for future Dialog box at the bottom left.Check the instructions in the picture below.Also - add aforaudit@substack.com to your contacts in your email account. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

In this podcast, we're going to talk about how to get ready for the CA Inter Audit exams happening in May 2024. Since the exams are getting closer, students are feeling nervous about how to prepare & revise well in the audit subject. Audit is a vast subject that needs you to understand the concepts and also remember important words to pass the ICAI CA Inter Exam.How to study CA Inter Audit?You need to understand that CA Inter Audit is a blend of both practical and theory. You just cannot emphasize on any one aspect. ICAI is asking questions from both sides, with theory being the main aspect. But at times, there are questions asked which are entirely concept-based, and no rote learning will help you here. So, you need to become a mix of Rancho and Chatur to clear your ICAI CA Inter Audit Exam for May 2024.Whenever we go to Vaishno Devi, we say, "Paudi Paudi Chadhta Jaa, Jai Mata Di karta ja." Similarly, for completing the syllabus which might once seem so humungous to you, just write down the topics and start tackling them one by one. You will be surprised to see how fast you are actually finishing the entire syllabus. Refer to marathons, class notes, and charts for better understanding.Study from ICAI material. If you are studying from others' notes, make sure you are benchmarking them with the ICAI material. No need to switch the material just a month before exams.A detailed discussion on this has been done by me & Vrinda in this podcast.Listen carefully to this podcast. Remember the tips we talk about so you don't forget important stuff when you're studying and going over the CA Inter Audit syllabus.Thanks for reading Audit By Neeraj! Subscribe for free to receive new posts and support my work.🔴 Also, CA Inter & Final Audit Classes are available on www.edu91.org.Please let us know your views in the comment box.RegardsNeeraj AroraSeekhna Shuru Toh Jeetna Shuru! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

SA 600- Using the Work of Another AuditorSA 200 ReferenceDespite delegating work or using work of other auditors/experts, the auditor is responsible for the final opinion. Can rely on others' work, provided he exercises adequate skill and care and is not aware of any reason to believe that he should not have so relied. (na rely karne ka koi reason nahi tha)Thanks for listening to the podcast “Audit By Neeraj”. Subscribe for free to receive new Audit Podcasts.Basics* Applicable in situations * where an auditor * reporting on the financial information of an entity, * uses the work of another auditor * On  the financial information of components* included in the financial information of the entity.* This Standard does not deal with those instances where two or more auditors are appointed as joint auditors nor does it deal with the auditor’s relationship with a predecessor auditor.* When the principal auditor concludes that the financial information of a component is immaterial, the procedures outlined in this standard do not apply.For CA Inter & Final Classes, checkout EDU91CA Final Classes: https://www.edu91.org/s/pages/ca-finalACCA Classes: www.learn91.comGet Affordable CA Inter & Final Classes with high-value-added services.Revise SA 600 quickly-Want to download the pdf of this- FREE RESOURCES For CA Inter & Final Classes, checkout EDU91CA Final Classes: https://www.edu91.org/s/pages/ca-finalACCA Classes: www.learn91.comGet Affordable CA Inter & Final Classes with high-value-added services. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

SA-560 “Subsequent Events” deals with the auditor’s responsibilities relating to subsequent events in an audit of financial statements. Financial statements may be affected by certain events that occur after the date of the financial statements. Many financial reporting frameworks specifically refer to such events. Such financial reporting frameworks ordinarily identify two types of events: (a) Those that provide evidence of conditions that existed at the date of the financial statements; and (b) Those that provide evidence of conditions that arose after the date of the financial statements.The objectives of the auditor are to: (a) Obtain sufficient appropriate audit evidence about whether events occurring between the date of the financial statements and the date of the auditor’s report that require adjustment of, or disclosure in, the financial statements are appropriately reflected in those financial statements; and (b) Respond appropriately to facts that become known to the auditor after the date of the auditor’s report, that, had they been known to the auditor at that date, may have caused the auditor to amend the auditor’s report.For CA Inter & Final Classes, checkout EDU91CA Final Classes: https://www.edu91.org/s/pages/ca-finalACCA Classes: www.learn91.comThanks for listening to the podcast “Audit By Neeraj”. Subscribe for free to receive new Audit Podcasts.Listen to more podcasts- This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

Relevance means the relationship of the evidence with the audit procedure and the assertion being checked.A given set of audit procedures may provide audit evidence that is relevant to certain assertions, but not others.For example, confirmation of balance from a customer is a relevant evidence as regards existence of receivable, but it may not be relevant as regards the collectability of the balance due from customer.Also, physical observation of inventories is relevant evidence relating to existence, but is not appropriate evidence to ensure that the entity owns the inventories.On the other hand, audit evidence from different sources or of a different nature may often be relevant to the same assertion. For example, Checking the terms of the agreement and confirming the same from the third party.For CA Inter & Final Classes, checkout EDU91CA Final Classes: https://www.edu91.org/s/pages/ca-finalACCA Classes: www.learn91.comGet Affordable CA Inter & Final Classes with high value-added services.Thanks for listening to the podcast “Audit By Neeraj”. Subscribe for free to receive new Audit Podcasts.Listen to more podcasts- This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

SA 250- Consideration of Laws and Regulation in an Audit of Financial StatementsResponsibility of Management for Compliance with Law and RegulationsIt is the responsibility of management,* with the oversight of those charged with governance,* to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations,* including compliance with the provisions of laws and regulations that determine the reported amounts and disclosures in an entity’s financial statements.Policies are Procedures Implemented by Management to assist in the prevention and detection of non-compliance with laws and regulations.For CA Inter & Final Classes, checkout EDU91CA Final Classes: https://www.edu91.org/s/pages/ca-finalACCA Classes: www.learn91.comGet Affordable CA Inter & Final Classes with high value-added services.Thanks for listening to the podcast “Audit By Neeraj”. Subscribe for free to receive new Audit Podcasts.Listen to more podcasts- This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

Audit evidence to draw reasonable conclusions on which to base the auditor’s opinion is obtained by performing: (a) Risk assessment procedures; and (b) Further audit procedures, which comprise: * Test of controls, when required by the SAs or when the auditor has chosen to do so; and * Substantive procedures, including tests of details and substantive analytical procedures.Risk assessment procedures refer to the audit procedures performed to obtain an understanding of the entity and its environment, including the entity’s internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels.For CA Inter & Final Classes, checkout EDU91CA Final Classes: https://www.edu91.org/s/pages/ca-finalACCA Classes: www.learn91.comGet Affordable CA Inter & Final Classes with high value-added services.Thanks for listening to the podcast “Audit By Neeraj”. Subscribe for free to receive new Audit Podcasts.Listen to more podcasts- This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com

Test of controlMeaningAn audit procedure * designed to evaluate the operating effectiveness of controls * in preventing, or detecting and correcting, material misstatements at the assertion level.Why and When (Circumstances)?The auditor shall design and perform tests of controls to obtain sufficient appropriate audit evidence as to the operating effectiveness of relevant controls when:* He expects that the controls are operating effectively, or* Substantive procedures alone cannot provide sufficient appropriate audit evidence at the assertion level.In designing and performing tests of controls, the auditor shall obtain more persuasive audit evidence the greater the reliance the auditor places on the effectiveness of a control.For CA Inter & Final Classes, checkout EDU91Get Affordable CA Inter & Final Classes with high value-added services.Listen to more podcasts- This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.aforaudit.com