Audit Chalisa

Audit Chalisa
by CA Ravi Agarwal
Audit Chalisa
by CA Ravi Agarwal
SA 200 – Overall Objectives of the Independent Auditor and the Conduct of an Audit in accordance with Standards of Auditing
SA 210 – Agreeing the terms of Audit Engagement
SA 220 – Quality Control for an Audit of Financial Statements
SA 230 – Audit Documentation
SA 240 – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
SA 250 – Consideration of Laws and Regulations in an Audit of Financial Statements
SA 260 – Communication with Those Charged with Governance
SA 265 – Communicating Deficiencies in Internal Control to Those Charged with Governance and management
SA 299 – Joint Audit of Financial Statements

Audit Chalisa
by CA Ravi Agarwal
SA 300 – Planning an Audit of Financial Statements
SA 315 – Identifying and Assessing the Risk of material Misstatement through understanding the Entity and its Environment
SA 320 – Materiality in Planning and Performing an Audit
SA 330 – Responses to Assessed Risk
SA 402 – Audit Considerations Relating to an Entity using a Service Organisation
SA 450 – Evaluation of Misstatement identified during the Audit

Audit Chalisa
by CA Ravi Agarwal
SA 500 – Audit Evidence

SA 501 – Audit Evidence - of Specific Considerations for Selected Items
SA 505 – External Confirmations
SA 510 – Initial Audit Engagements – Opening Balances
SA 520 – Analytical Procedures
SA 530 – Audit Sampling
SA 540 – Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures
SA 550 – Related Parties
SA 560 – Subsequent Events
SA 570 – Going Concern
SA 580 – Written Representations
Audit Chalisa
by CA Ravi Agarwal
SA 600 – Using the work of Other Auditors

SA 610 – Using the work of Internal Auditors
SA 620 – Using the work of Auditor’s Expert
SA 700 – Forming an Opinion & Reporting on Financial Statements

SA 701 – Communicating Key Audit Matters in the Independent Auditor’s Report
SA 705 – Modifications to the opinion in the Independent Auditor’s Report
SA 706 – Emphasis of Matter Paragraph and Other Matter Paragraph in the Independent Auditor’s Report
SA 710 – Comparative Information – Corresponding Figures and Comparative Financial Statements
SA 720 – The Auditor’s Responsibilities relating to Other Information
SQC 1 – Quality Control for Firms that perform Audits and Review of Historical Financial Information, and
other Assurance and Related Service Engagements.
Audit Chalisa
by CA Ravi Agarwal
Clause 1 – Use of Name by others
Clause 2 – Sharing of Fees with others
Clause 3 – Accepting Fees with others
Clause 4 – Entering into Partnership with others
Clause 5 - Securing work through Wrongful means
Clause 6 – Soliciting Clients
Clause 7 – Advertising Professional attainments
Clause 8 – Communication with Previous Auditor
Clause 9 – Compliance with Companies Act 2013
Clause 10 – Charging fees on percentage of profits/ contingent findings
Clause 11 – Engaging in other business/occupation
Clause 12 – Signing by others

Audit Chalisa
by CA Ravi Agarwal
Clause 1 – Sharing of Fees with others
Clause 2 – Accepting Fees with others
Clause 1 – Not a fellow of institute (Falsely act)
Clause 2 – Does not Supply information/comply with the requirements to ICAI
Clause 3 – Inviting Professional work/ responding to tenders or enquiries
Clause 1 – Guilty of any Civil/Criminal court, imprisonment < 6 months
Clause 2 – Disrepute to Profession

Audit Chalisa
by CA Ravi Agarwal
Clause 1 – Disclosure of Confidential Information of Client
Clause 2 – Attestation without Examination
Clause 3 – Verifying estimate of earning
Clause 4 – Expressing opinion in case of Substantial Interest
Clause 5 – Non disclosure of Material Fact in Financial Statement
Clause 6 – Material Misstatement appearing in Financial Statement
Clause 7 – Due Diligence/Grossly Negligent
Clause 8 – Expressing opinion – Without sufficient information or Material exception
Clause 9 – Material Departure
Clause 10 – Using of Client Money

Audit Chalisa
by CA Ravi Agarwal
Clause 1 – Contravention of Provisions/Regulations
Clause 2 – Disclosure of Confidential Information by employee
Clause 3 – False information submitted to ICAI
Clause 4 – Defalcates money
Clause 1 – Guilty of any Civil/Criminal court, imprisonment > 6 months

Audit Chalisa
by CA Ravi Agarwal
Section 123 – Declaration of Dividend
Section 124 – Unpaid Dividend Account
Section 125 – Investor Education and Protection Fund
Section 126 – Right to Dividend, Right shares and Bonus Shares to be held in Abeyance
Section 127 – Punishment for failure to Distribute Dividend

Audit Chalisa
by CA Ravi Agarwal
Section 128 – Books of Account etc, to be kept by company

Section 129 – Financial Statement
Section 130 – Re-opening of Accounts on Court’s or Tribunals Orders
Section 131 – Voluntary Revision of Financial Statements or Board’s Report
Section 132 – Constitution of NFRA
Section 133 – CG to prescribe Accounting Standards
Section 134 – Financial Statements, Board Report, etc
Section 135 – Corporate Social Responsibility
Section 136 – Right of member to copies of audited Financial Statement
Section 137 – Copy of Financial Statement to be filed with Registrar
Section 138 – Internal Audit
Audit Chalisa
by CA Ravi Agarwal
139(1) - Subsequent Auditor of Non-Government Company

139(2) - Rotation of Auditors
139(3) - Rotation between partners of Audit Firm
139(5) - Subsequent Auditor of Government Company
139(6) - First Auditor of Non Government Company
139(7) - First Auditor of Government Company
139(8) - Filling of Casual Vacancy
139(9) - Reappointment of Auditor
139(11) - Recommendations of Audit Committee
Audit Chalisa
by CA Ravi Agarwal
140(1) - Removal before expiry of term

140(2) - Filing of Statement in case of Resignation
140(4) - Procedure of Removal
140(5) - Directions for change of Auditors
141(1)&(2) - Eligibility to be appointed as auditor

141(3) - Disqualifications
141(4) - Subsequent Disqualification
141(3)g - Ceiling on Number of Audit
Audit Chalisa
by CA Ravi Agarwal
143(1) - Right of Access

- Right to obtain Information & Explanation
- Right of Lien
- Inquire into Propriety Matters
143(2) - Reporting over Accounts and Financial Statements
143(3) - Other elements to be covered in Audit Report
143(4) - Reasons for Reservations
143(5) - Duties of Auditor of Government Companies
143(6)&(7) - Right of CAG to conduct supplementary Audit
143(8) - Audit of Branch Office (Detailed Below)
143(9)&(10) - Compliance with Auditing Standards
143(11) - Reporting on Other Matters specified by CG
143(12)&(13) - Reporting of Fraud
143(14) - Applicability of Section 143
143(15) - Penalty for Non Compliance
Audit Chalisa
by CA Ravi Agarwal
147(1) - Over the company & Officer in Default

147(2) - Over the Auditor
147(3) - Other Liabilities of the Auditor
147(4) - Notifying the Authority to pay the damages
147(5) - Responsibility for Fraudulent Acts
Audit Chalisa
by CA Ravi Agarwal
RULE 3 : Application of Cost Records

148(1) - Order for Cost Accounting Records
148(2) - Order for Cost Audit RULE 4 : Applicability of Cost Audit
148(3) - Who can be appointed as Cost Auditor
RULE 5 : Maintenance of Cost Records
- Compliance with Cost Accounting Standards
148(4) - Nature of Cost Audit RULE 6 : - Appointment of Cost Auditor
148(5) - Qualifications, - Content of the Certificate
- Disqualifications & - Intimation to Cost Auditor & CG
- Rights & Duties of Cost Auditor - Tenure of Cost Auditor
- Removal before Expiry of Term
148(6) - Furnishing Report & Explanation to CG
- Filling of Casual Vacancy
148(7) - Seeking Information from the Company - Approval of Cost Statements
148(8) - Penalty for Non-Compliance - Submission of Cost Audit Report
Audit Chalisa
by CA Ravi Agarwal
2(14) - Branch Office

RULE 12 : Duties and Powers of
143(8) - Persons Eligible to be appointed as Auditor Company’s Auditor with reference to the
audit of Branch & Branch Auditor
- Duties of Branch Auditor
181 - Contribution to Charitable Funds
182 - Political Contribution
183 - Contribution to National Defence Fund

Audit Chalisa
by CA Ravi Agarwal
PARA 3(i) Fixed Assets

PARA 3(ii) Inventories
PARA 3(iii) Loans & Advances
PARA 3(iv) Compliance of Provisions of Sec 185 & 186
PARA 3(v) Public Deposits
PARA 3(vi) Cost Records
PARA 3(vii) Statutory Dues
PARA 3(viii) Repayment of Dues
PARA 3(ix) Application of Money raised by Public Issue & Term Loan
PARA 3(x) Fraud
PARA 3(xi) Managerial Remuneration
PARA 3(xii) Nidhi Companies
PARA 3(xiii) Transactions with Related Parties
PARA 3(xiv) Preferential Allotment
PARA 3(xv) Non-Cash transactions with Directors
PARA 3(xvi) Registration with RBI

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SA 210 – Agreeing the terms of Audit Engagement

SA 220 – Quality Control for an Audit of Financial Statements

SA 230 – Audit Documentation

SA 240 – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

SA 250 – Consideration of Laws and Regulations in an Audit of Financial Statements

SA 260 – Communication with Those Charged with Governance

SA 299 – Joint Audit of Financial Statements

SA 300 – Planning an Audit of Financial Statements

SA 320 – Materiality in Planning and Performing an Audit

SA 330 – Responses to Assessed Risk

SA 402 – Audit Considerations Relating to an Entity using a Service Organisation

SA 450 – Evaluation of Misstatement identified during the Audit

SA 500 – Audit Evidence

SA 600 – Using the work of Other Auditors

SA 700 – Forming an Opinion & Reporting on Financial Statements

Clause 1 – Use of Name by others

Clause 2 – Sharing of Fees with others

Clause 3 – Accepting Fees with others

Clause 4 – Entering into Partnership with others

Clause 5 - Securing work through Wrongful means

Clause 6 – Soliciting Clients

Clause 7 – Advertising Professional attainments

Clause 8 – Communication with Previous Auditor

Clause 9 – Compliance with Companies Act 2013

Clause 10 – Charging fees on percentage of profits/ contingent findings

Clause 11 – Engaging in other business/occupation

Clause 12 – Signing by others

Clause 1 – Sharing of Fees with others

Clause 2 – Accepting Fees with others

Clause 1 – Not a fellow of institute (Falsely act)

Clause 2 – Does not Supply information/comply with the requirements to ICAI

Clause 3 – Inviting Professional work/ responding to tenders or enquiries

Clause 1 – Guilty of any Civil/Criminal court, imprisonment < 6 months

Clause 2 – Disrepute to Profession

Clause 1 – Disclosure of Confidential Information of Client

Clause 2 – Attestation without Examination

Clause 3 – Verifying estimate of earning

Clause 4 – Expressing opinion in case of Substantial Interest

Clause 5 – Non disclosure of Material Fact in Financial Statement

Clause 6 – Material Misstatement appearing in Financial Statement

Clause 7 – Due Diligence/Grossly Negligent

Clause 8 – Expressing opinion – Without sufficient information or Material exception

Clause 9 – Material Departure

Clause 10 – Using of Client Money

Clause 1 – Contravention of Provisions/Regulations

Clause 2 – Disclosure of Confidential Information by employee

Clause 3 – False information submitted to ICAI

Clause 4 – Defalcates money

Clause 1 – Guilty of any Civil/Criminal court, imprisonment > 6 months

Section 123 – Declaration of Dividend

Section 124 – Unpaid Dividend Account

Section 125 – Investor Education and Protection Fund

Section 127 – Punishment for failure to Distribute Dividend

Section 128 – Books of Account etc, to be kept by company

139(1) - Subsequent Auditor of Non-Government Company

140(1) - Removal before expiry of term

141(1)&(2) - Eligibility to be appointed as auditor

143(1) - Right of Access

147(1) - Over the company & Officer in Default

RULE 3 : Application of Cost Records

2(14) - Branch Office

181 - Contribution to Charitable Funds