Accounting and Auditing
- Accounting Ratios
- Applicability of Accounting Standards to Various Entities
- Companies (Auditor’s Report) Order, 2016
- Due Diligence Review
- Indian Accounting Standards (IND AS)
- SA – 230 : Audit Documentation
- SA – 250 : Consideration of Laws and Regulations in an Audit of Financial Statements
- SA – 260 : Communication with those charged with Governance:
- SA – 700 : Forming an Opinion and Reporting on Financial Statements (Earlier known as 'The Auditor's Report on Financial Statements')
- SA – 701 : Communicating Key Audit Matters in The Independent Auditor's Report
- Some illustrative formats of Independent Auditor’s Reports
- Standard on Quality Control (SQC) 1
- Standards on Auditing
- Tax Audit Checklist
- Useful lives to compute Depreciation [S. 123, Sch II]
SA – 260 : Communication with those charged with Governance
The auditor shall communicate with those charged with governance and if there exist any Audit Committee or supervisory board, the auditor shall communicate the matter to them.
Reporting Non-compliance in the Auditor’s Report on Financial Statements
- The auditor shall express a qualified or adverse opinion on the financial statements in case of non-compliance.
- If he is precluded from obtaining sufficient appropriate audit evidence, the auditor shall express a qualified opinion or disclaim an opinion.
- If he is unable to determine as to how exactly non-compliance has occurred, he shall evaluate the effect on auditor’s opinion in accordance with proposed SA 705.
Reporting Non-compliance to Regulatory and Enforcement Authorities
The auditor has to determine whether he has the responsibility to report the identified or suspected non-compliance to parties outside the entity.
Documentation
- Copies of records or documents relating to identified or suspected non-compliance.
- Minutes of discussions with management and those charged with governance or parties outside the entity.