In conducting an audit of financial statements, the overall objectives of the auditor are

● To obtain reasonable assurance about

* whether the financial statements as a whole

* are free from material misstatement,

■ whether due to fraud or error,

* thereby enabling the auditor to express an opinion on

■ whether the financial statements are prepared,

■ in all material respects,

■ in accordance with an applicable financial reporting framework; and

● To report on the financial statements, and communicate as required by the SAs, in accordance with the auditor’s findings.

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What is an assurance engagement?

Assurance engagement is a kind of service engagement (arrangement) in which a person gives his opinion on specific information.

The person giving an opinion is called a practitioner.

The practitioner is usually appointed by the intended user, who is the person who will be using the information.

The “Specific Information” is prepared by another party known as the responsible party.

For expressing an opinion on “specific information” the practitioner will examine and will obtain sufficient and appropriate evidence

The practitioner evaluates the specific information against a standard benchmark or suitable criteria and will obtain sufficient and appropriate evidence and then give his opinion on whether the specific information is as per the suitable criteria or not.

What is Auditing?

Auditing is an assurance service, in which auditor (The person who conducts audit) gives an opinion on financial information.

In auditing

Auditor is the practitioner

Financial information is the “Specific information” or the “Subject Matter” on which auditor gives his opinion.

The Persons running the entity whose audit is being conducted are responsible for preparing financial information are known as responsible party.

The users of the financial statements, for example in case of a company the shareholders of the company, are the intended users.

The auditor will examine the financial information against the financial reporting framework and will obtain sufficient and appropriate audit evidence and will express his opinion on the basis of sufficient and appropriate audit evidence that whether the financial information is prepared as per the financial reporting framework.

This Standard on Auditing (SA) outlines the responsibilities of an auditor to obtain sufficient and appropriate audit evidence in order to form reasonable conclusions and provide an opinion on financial statements. It covers all aspects of the audit process, including the design and execution of audit procedures to obtain audit evidence. Other SAs address specific topics, procedures, and evaluations related to obtaining audit evidence.

In this episode, we will discuss how Internal Control Impacts the assertions to be checked by the auditor.

If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit 

If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class 

Hi Guys! In this episode we will discuss SA 240. SA 240 deals with Auditor and His Responsibilities related to Fraud.

If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit 

If you're interested in taking Audit Practical Training then check out SKILL91- https://www.skill91.com/courses/Audit-Masterclass-65573eafe4b03283ffd779b2

All the best

Hi Guys! In this episode we will discuss what is substantive procedure in audit.

If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit 

If you're interested in taking Audit Practical Training then check out SKILL91 - https://www.skill91.com/courses/Audit-Masterclass-65573eafe4b03283ffd779b2

In this episode we will discuss what is the meaning of assurance and we will discuss it in general language. 

The motive of this episode is to make everyone understand in easy language that what is the meaning of assurance & auditing. 

In general terms assurance means giving an opinion on specific information so that user of that specific information can make well informed decision.

If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit

If you're interested in taking Audit Practical Training then check out https://www.skill91.com/courses/Audit-Masterclass-65573eafe4b03283ffd779b2

In this episode we will discuss what is the meaning of auditing and we will discuss it in general language. 

The motive of this episode is to make everyone understand in easy language that what is done in auditing. 

I will not go with the technical definition of auditing at all. 

In general terms auditing is all about checking that whether rules and regulations are you can say guidelines or the criteria is followed or not.

If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit

If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class

Hi guys, in this podcast we're going to discuss this SA 505. This Standard on Auditing (SA) deals with the auditor’s use of external confirmation procedures to obtain audit evidence in accordance with the requirements of SA 330 and SA 500.

If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit 

If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class 

Hi Guys! In this episode of the podcast, we will revise CA Intermediate/Final SA 500 Audit Evidence.

SA 500 explains what constitutes audit evidence in an audit of financial statements, and deals with the Auditor's responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions on which to base the auditor's opinion.  

To know more in detail about SA 500 listen to this podcast till the end. In this podcast, we will revise SA 500 in a quick and summarized manner which will help you to score high marks in your upcoming CA Intermediate exams.

If you're liking this podcast, then you will definitely enjoy the detailed lectures of CA Intermediate Auditing by Neeraj Arora Sir. We highly recommend you to check out Edu91's CA Intermediate Audit Classes - https://www.edu91.org/s/store/courses/CA%20Inter%20Audit 

If you're interested in taking Audit Practical Training then check out ThinkingBridge - https://www.thinkingbridge.in/s/pages/audit-master-class