Audit of Financial Statements

This book comprehensively covers the entire cycle of audit of financial statements, starting from the ‘appointment of the auditor’ to the ‘issuance of the audit report’ and archival of the audit file. It also provides guidance on ‘risk-based audit’ as per the Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI).

This book will be helpful for audit assistants, engagement partners, and small & medium practitioners. Also, this book moves away from the ‘checklist’ based approach (which is more beneficial for experienced auditors) to describing the audit procedures in a comprehensive and easy-to-understand language.

The Present Publication is the 2nd Edition and has been amended until April 2023. This book is authored by CA Pranav Jain with the following noteworthy features:

[Overview of Audit Trail], which is mandatory for companies w.e.f. 1st April 2023 has been included in this book
[Important Requirements of Audit Quality Maturity Model] issued by ICAI has been included
[Comprehensive Explanation of Audit Procedures] in an easy-to-understand language, keeping in mind the junior staff or less experienced auditors
[Examples of Potential Risks of Material Misstatement] are included in the book for the particular financial statement area
[Interlinking of Audit Procedures & Risks of Material Misstatements] in addition to other procedures required as per the standards on auditing or meeting the statutory requirements
[Significant Findings of Reviews by NFRA, QRB & FRRB to Highlight Non-Compliances] have been incorporated in various chapters
[Practical Examples] have been included to explain the audit procedures & other concepts. For instance, a detailed example has been included to explain the requirements of the applicable standards of auditing regarding the identification of risks of material