Time Stamp: 00:00 Introduction 01:58 SA 580 - Written Representation 1:00:02 SA 560 - Subsequent Events 1:36:45 SA 450 - Evaluations of Misstatements identified during the Audit 1:57:13 SA 570 - Going Concern 2:57:18 SA 260 - Communication with Those Charged with Governance (TCWG) 3:25:06 SA 265 - Communicating Deficiencies in Internal Control to TCWG and Management 3:51:32 MCQ based Case Study of Ch-7 Completion and Review 4:05:39 CA Inter Audit Chapter 7 Test Your Understanding 1 4:09:32 CA Inter Audit Chapter 7 Test Your Understanding 2 4:12:13 CA Inter Audit Chapter 7 Test Your Understanding 3 4:15:55 CA Inter Audit Chapter 7 Test Your Understanding 4 4:18:26 CA Inter Audit Chapter 7 Test Your Understanding 5 4:21:15 CA Inter Audit Chapter 7 Test Your Understanding 6 4:24:53 CA Inter Audit Chapter 7 Test Your Knowledge
Everything is okay, thanks for your concern... occupied somewhere... will resume uploading videos from tomorrow and try to complete remaining chapters in a week. Thanks for your patience! Also, you may download full notes of Audit for revision, from the following link: drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing Hope it would be helpful to you!
Generally, misstatements are first communicated to management to correct them unless they are related to fraud by management. If management corrects them, auditor does not required to communicate to TCWG. If management does not correct them or the misstatements are significant, they are communicated to TCWG. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
Thank you sir for the best audit content in such a less time I purchased both group batch from other clasess but your coaching is wonderful i completed my audit in 15 days just bcs of you thanks for the excellence ❤
Glad to hear that these videos are helpful to you! You may refer revision videos as well to get more confidence and to score higher marks, following is the link of such playlist: ru-vid.com/group/PLux8FsMkulSVowfZ87jRGVACDjOU4sx4O Hope it would be helpful to you! Thanks.
Most of the time, management uses qualified written representation, and mostly it is accepted by the auditor. Hence, if the language is acceptable by auditor, then he issues unmodified opinion, and if it is not acceptable, then he will issue modified opinion. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
I think it is explained in detail only, even enough detailed for first time learners as well. However, feel free to reach out for any doubt, I'll definitely resolve it.
Yeah sure... detailed videos as this one, remaining videos will be uploaded from tomorrow and also superfast revision video will be uploaded after completion of whole syllabus. Thanks for your patience! Also, you may download full notes of Audit for revision, from the following link: drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing Hope it would be helpful to you!
Sir already 1st group mein itna ratne wala content hai...... 😢 .... Audit mein keyword yaad karke .... Bana ke answers likh skte... Law ki tarah!? 🙂 Waise bhi mera memory power bahut kamzor hai😢
Sir, I have a doubt regarding test your understanding 1, given on page 7.13. As soon as I read the question,the thought that struck my mind is subsequent event and also this posed as a threat to the company"s going concern ability. Is my perspective regarding this question not right sir? Is 5 crore immaterial? If so, how are we concluding that 5 crore is immaterial to the company?
Here, Going Concern is not affected as payable amount of Rs. 5 crore would not lead to liquidation og organization. Rs. 5 crore is material amount for the organization as well as for us. If it is levied on us, then our financial condition would be affected too much, but for businesses, it is material amount, however, they can easily manage to pay it, as their Turnover or profit can also be in crores, that we can't assume. Even it is mentioned that the company is ready for out of court settlement by paying Rs. 5 crore, so they are capable of paying it. If intention of que is to include concept of SA 570, they will include hints like the company doesn't have enough fund or unable to get fund from anywhere else to pay such Rs. 5 crore. So, we need to read and understand the question properly. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
sir what type of report shall auditor issue when in accordance with SA 570 events casting doubts on ability to use going concern basis exist but however there is no material uncertainty?
I guess, a significant doubt regarding the ability of an entity to continue as a going concern would arise only if there is a material uncertainity about the same. Going concern assumption would not be challenged by those uncertainties which are immaterial. If there is an immaterial uncertainity, how would that put the going concern ability of an entity into threat? This is what I feel, but let sir to respond to it.
One of the Objectives of SA 570 is to ascertain whether such events casting significant doubt creates material uncertainty or not. If there is no uncertainty, neither it needs to be disclosed in FS nor we are concerned with its reporting. However, if there is material uncertainty then we need to check its disclosures in FS and then we decide how to report which is covered in this video. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
From tomorrow I'll resume to upload videos... couldn't upload due to some reasons! First part of Ch. 5 is already uploaded, if you haven't referred yet, click on the below link: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-FWZD0nNoz5c.html Also, you may download full notes of Audit for revision, from the following link: drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing Hope it would be helpful to you! Thanks for your patience!
One more doubt sir ppr m open ended question aeege kya jisme ese confusion ho ki konsa provision likhna h particular chp m se?? Bcz in some test ur understanding sida sida kuch pucha nhi h ..
Thoda sa difficulty level ho skata hai question main. Even direct questions main bhi kai baar students ko nahi pata hota hai ki kya answer aayega. So, you need to read properly and understand the concepts so that it can be answered properly. Also read question twice or thrice before answering, it may take sometime, however, it would be fruitful, you won't get stuck while answering as you are clear with the question. Hope it would be helpful to you! Feel free to reach out for more clarifications! Thanks.
but sir as per clause i of sub-section 3 of section 143 of comapnies act, 2013, it is required now to express our opinion on internal financial controls right?
@@CAKrupenYHathi in SA 265, communicating deficiency in IC to TCWG, after the para of description of deficiency and the explanation of potential effects
@@fca4507 Maybe you have doubt that as per SA 265, auditor explains that auditor is to express opinion on FS and not on internal controls, right? However, as per 143 (3) (i), auditor needs to report over IFC... Here, SA 265 is general for audit of all the types of entities, while 143 (3) (i) IFC is applicable to prescribed companies that means it is specific requirements/ responsibilities. So there is difference in this way. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks
Glad that videos are helpful to you! Hope Sunny Singh will not feel bad after this comment! 🙈🙈 (Or after Adipurush I should feel ashamed 🤔🤔🤨), question is difficult then any of the Audit's question!😅
When any organisation is going to wind up its business, it is known as liquidation process. If the going concern assumption doesn't hold true, then organisation needs to prepare their accounts using liquidation basis. In which, organisation shows its assets at realisable value instead of historical value, and liabilities are shown as they are going to be paid within a year. You may refer Illustration 1 of Ch. 2 of Advanced Accounting, you will understand the concept, following is the link of it: www.icai.org/post/4368 Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
Here, full notes of audit are available, click below: drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing Hope it would be helpful to you! Thanks for your patience.
