CA Notes & Updates : Commerce Updates

2023-07-25 09:19:43 Study Tips #1


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2023-07-25 07:28:52 Open / Comment

2023-07-25 05:59:29 CA. Aniket S. Talati, President-ICAI addressing the august gathering of dignitaries and Participants at the 164th #IncomeTaxDay Celebrations at New Delhi.
#NationFirst #GrowthAndProsperity #ICAIat75

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2023-07-24 19:02:21 SA 200, "Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing," sets the tone and outlines basic principles for conducting an audit. Here is the gist of SA 200:

1. Objective of Audit: The main objective of an audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, allowing the auditor to express an opinion on whether the financial statements are prepared in accordance with the applicable financial reporting framework. ( Give reasonable assurance )

2. Auditor's Responsibilities: The auditor is required to maintain ethical standards, including independence, have professional skepticism and judgment, and obtain sufficient, appropriate audit evidence to reduce audit risk to an acceptably low level.


Fundamental Requirements
A. Professional Skepticism: Auditors should maintain an attitude of professional skepticism throughout the audit, understanding that there may be circumstances that could cause the financial statements to be materially misstated, due to fraud or error.

B. Professional Judgment: Auditors should apply their professional judgment throughout the planning and performance of the audit, making informed decisions about the materiality and risk of misstatement, the scope of the audit, the nature and timing of procedures, and evaluating and reporting the results.

C. Compliance with Standards: Auditors must comply with all relevant International Standards on Auditing (ISAs) when conducting an audit.

D. Ethical Requirements: Auditors are required to comply with all relevant ethical requirements relating to an audit of financial statements.

E. Sufficient Appropriate Audit Evidence and Audit Risk: Auditors are required to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement.

Inherent limitations of Audit

1. Nature of Financial Reporting
2. Nature of Audit Procedures
3. Timeliness of Cost Benefit Analysis
4. Other limitations

SCOPE: SA 200 further says scope of Auditor cannot be curtailed.

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2023-07-24 19:02:21 GIST OF SA 210- Agreeing the terms of Audit Engagement

1. Preconditions from mgt- applicability of FRF, IC, Access of Info to Auditor

2 .Auditor shall not accept an audit engagement if the management imposes any limitation on the scope which will result in the auditor disclaiming an opinion on the financial statements, unless required by law or regulation to do so.

3. Agreement on Audit Engagement terms
**Objective and Scope of the audit
**Auditor’s responsibilities
Management’s responsibilities
**Identification of the applicable financial reporting framework
**Reference to the expected form and content of reports

4. In case of recurring audits, the audit should assess if there is any requirement for revision of the audit engagement terms and wherever required remind the entity of existing terms. If the new terms convey lower level of assurance , auditor cannot accept without reasonable justification.

5. Circumstances when engagement letter be revised - change in FRF, management, ownership, revised terms etc.

6. In the event of any conflicts between financial reporting standards (established by an authorized or recognized standards-setting organization) and the supplementing law or regulation, the auditor shall discuss with management and agree whether The additional requirements can be met through additional disclosures in the financial statements.
                  
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2023-07-24 19:02:20 SA 200, "Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing," sets the tone and outlines basic principles for conducting an audit. Here is the gist of SA 200:

1. Objective of Audit: The main objective of an audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, allowing the auditor to express an opinion on whether the financial statements are prepared in accordance with the applicable financial reporting framework. ( Give reasonable assurance )

2. Auditor's Responsibilities: The auditor is required to maintain ethical standards, including independence, have professional skepticism and judgment, and obtain sufficient, appropriate audit evidence to reduce audit risk to an acceptably low level.


Fundamental Requirements
A. Professional Skepticism: Auditors should maintain an attitude of professional skepticism throughout the audit, understanding that there may be circumstances that could cause the financial statements to be materially misstated, due to fraud or error.

B. Professional Judgment: Auditors should apply their professional judgment throughout the planning and performance of the audit, making informed decisions about the materiality and risk of misstatement, the scope of the audit, the nature and timing of procedures, and evaluating and reporting the results.

C. Compliance with Standards: Auditors must comply with all relevant International Standards on Auditing (ISAs) when conducting an audit.

D. Ethical Requirements: Auditors are required to comply with all relevant ethical requirements relating to an audit of financial statements.

E. Sufficient Appropriate Audit Evidence and Audit Risk: Auditors are required to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement.

Inherent limitations of Audit

1. Nature of Financial Reporting
2. Nature of Audit Procedures
3. Timeliness of Cost Benefit Analysis
4. Other limitations

SCOPE: SA 200 further says scope of Auditor cannot be curtailed.

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"Financial Issues" Open / Comment

2023-07-24 05:57:56 ICAI removes name of 7 CAs from Register guilty of Professional Misconduct for Temporary Period

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2023-07-24 05:57:55 How to get your Copies of Exam Answer Sheets under RTI Act for low cost:

As you are aware of the process to obtain certified copies as per the ICAI procedure, where a student has to apply online.

RTI Act is in force since 2005, every year many students from CBSE, UPSC etc are applying for certified copies under the RTI Act, 2005, at Rs.2 per page.
 
But, ICAI has been denying the requests from candidates and compels them to seek their answer sheets as per ICAI procedure which provides for cost of Rs.500/- per subject.

This means if a student wants copies of all subjects, they have to pay more than what is paid as exam fee.
 
Similar case has happened with Mr. Paras Jain, a student of ICSI, who fought tirelessly for 7 years and went to the Supreme Court.
 
And on 14th of April, 2019, Supreme Court in the judgement ICSI Vs. Paras Jain, made clear that, a candidate is free to apply for certified copies under the RTI Act, 2005.
 
After the above judgement,  I applied for ICAI Certified Copies for Advanced ITT test and received them under RTI Act. Copy of my answer book was provided at the bottom of the post.

Note that this process is only for getting answer book copies, but not for Verification (Recounting).
 
 
Procedure to Obtain ICAI Certified Copies under RTI:

1. Visit rtionline.gov.in and click on 'Submit Request'.
 
2. In the first field select 'Ministry of Corporate Affairs', and then 'ICAI' under public authority. Then fill your personal details.
 
3. Now in the filed “Text for RTI Request application”, provide details and request for certified copies. Format for the same is provided at the bottom of this post.

4. On Submission, a Regn Number will be sent to your Email and SMS.
 
5. Wait for 30 days for your application to be processed, then go back to the website and click on 'View Status'.
 
6. Enter the Regn Number and you will be shown the DD Amount to be paid.
 
7. Take a DD for that amount from a local bank or online through net banking, in favour of 'The Secretary, The Institute of Chartered Accountants of India'.
 
8. Send the DD to 'Shri Dinesh Kumar Mishra, ICAI Bhawan, P. B. No. 7100, Indraprastha New Delhi - 110 002'
 
9. Within 7-10 days, the copies of your answer sheets will be sent to your address.

10. Note : Keep all the information ready before applying. Spending too much time on RTI website may timeout your process.
 
 
Application Format and Answer Sheet Copy received from ICAI under RTI Act:

Download

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