Statutory Audit – A Ready Reckoner

About Statutory Audit – A Ready Reckoner for Accounting Standards Compliant Companies

Division I

Appointment of Auditors

Chapter 1 Appointment and Removal of Auditors

Chapter 2 Management Services and the Auditors

Chapter 3 Code of Ethics

Chapter 4 Unique Document Identification Number (UDIN)

Chapter 5 Audit Trail and Other Matters to be reported by Auditors under the Companies Act, 2013

Division II

Audit of Items of Financial Statements ?
Ready Reckoner

Chapter 6 Books of Accounts and Financial Statements

Chapter 7 Consolidation of Financial Statements

Chapter 8 Audit Checklist for Share Capital

Chapter 9 Audit Checklist for Reserve and Surplus

Chapter 10 Audit Checklist for Borrowings

Chapter 11 Audit Checklist for Trade Receivables

Chapter 12 Audit Checklist for Cash and Cash Equivalents

Chapter 13 Audit Checklist for Inventories

Chapter 14 Audit Checklist for Fixed Assets and Property, Plant and Equipment (PPE)

Chapter 15 Audit Checklist for Intangibles

Chapter 16 Audit Checklists for Trade Payables and Current Liabilities

Chapter 17 Audit Checklists for Loans and Advances and Other Current Assets

Chapter 18 Audit Checklists for Provisions and Contingent Liabilities

Chapter 19 Audit Checklists for Sale of Products and Rendering of Services

Chapter 20 Audit Checklists for Other Income Comprising Interest Income, Dividend Income, Gain/Loss on Sale of Investments etc.

Chapter 21 Audit Checklists for Purchases

Chapter 22 Audit Checklists for Employee Benefits Expenses

Chapter 23 Audit Checklists for Depreciation and Amortisation

Chapter 24 Audit Checklists for Other Expenses like Power and Fuel, Rent, Repair to Building, Plant and Machinery, Insurance, Travelling, Legal and Professional, Miscellaneous Expenses

Chapter 25 Audit Checklists for Taxes on Income and Minimum Alternative Tax (MAT)

Division III

Schedule III Specimen Format of
Financial Statements (AS Based)

Chapter 26 Specimen Format of Financial Statements under Schedule III for AS compliant companies

Chapter 27 Practice Pointer Issues on Accounting Standards

Chapter 28 Checklists of Accounting Standards

Division IV

SA and CARO Checklist

Chapter 29 Standards on Auditing (SA) Checklists

Chapter 30 Companies (Auditor’s Report) Order, 2020 ? Checklist

Division V

Audit Programme ? Audit Compliance Procedure

Chapter 31 Business Client Information Checklist

Chapter 32 KYC New Client

Chapter 33 Illustrative Audit Programmes for Accounting System & Internal Control

Chapter 34 Illustrative list of Questions to Evaluate Entity Level Controls Considering Nature of Business, Size of Operation and Organisational Structure of the Entity

Division VI

Formats of Engagement and
Representation Letters, Reports

Chapter 35 Illustrative Formats on Agreeing the Terms of Audit Engagements

Chapter 36 Illustrative Format of Representation Letter

Chapter 37 Specimen of Management Representation Letter on Statutory Audit

Chapter 38 Illustrative Format on an Engagement Letter for an Agreed upon Procedures Engagement

Chapter 39 Illustrative Format on Engagement Letter for a Compilation Engagement

Chapter 40 Illustrative Format on Engagement Letter for a Review of Interim Financial Information

Chapter 41 Illustrative Format on Engagement Letter for an Engagement to Review Historical Financial Statements

Chapter 42 Illustrative Format on Independent Auditor?s Reports on Financial Statements

Chapter 43 Illustrative Format on Practitioner?s Report with an Unmodified Opinion

Chapter 44 Illustrative Format on Auditor?s Report on Emphasis of Matter Paragraph and Other Matter Paragraphs

Chapter 45 Illustrative Formats on Auditor?s Reports with Modifications to the Opinion

Chapter 46 Illustrative Formats of Auditor?s Report with Modified Opinion

Chapter 47 Illustrative Formats on Auditor?s Report on Corres-ponding Figures and Comparative Financial Statement

Chapter 48 Illustrative Formats on Auditor?s Reports Relating to Going Concern

Chapter 49 Illustrative Formats on Auditor?s Report Relating to Other Information

Chapter 50 Illustrative Formats on Practitioners? Compilation Reports

Chapter 51 Illustrative Formats on Review Reports on Interim Financial Information

Chapter 52 Illustrative Formats on Practitioners? Review Reports

Chapter 53 Illustrative Formats on Special Purpose Financial Statements

Chapter 54 Illustrative Formats on Summary Financial Statements

Chapter 55 Illustrative Format on a Report of Factual Findings in Connection with Accounts Receivable

Chapter 56 Illustrative Formats on a Single Financial Statement and a Specific Element of a Financial Statement

Chapter 57 Illustrative Format of an Unmodified Report on a Projection

Chapter 58 Illustrative Formats on Service Organization?s Assertions

Chapter 59 Illustrative Formats on Modified Service Auditor?s Assurance Reports

Chapter 60 Illustrative Formats on Service Auditor?s Assurance Reports

Chapter 61 Information Requests and Other Client Admin Letters ? Letter of Weakness and Appendix

Chapter 62 Confirmation Letter for Struck Off Status to be sent by Company

Chapter 63 NOC Communication with predecessor

Chapter 64 Eligibility and Independence confirmation to be appointed (or) continue as auditors

Division VII

REVISED FORMATS OF AUDIT REPORTS

(INCLUDING AUDIT TRAIL)

Chapter 65 Revised Format of Audit Report for Private Limited Company without IFC, CARO 2020, Cash Flow

Chapter 66 Revised Format of Audit Report for Private Limited Company with IFC, CARO 2020, Cash Flow

Chapter 67 Revised Format of Audit Report for Private Limited Company without IFC, but with CARO 2020, Cash Flow

Chapter 68 Revised Format of Audit Report for Private Limited Company without IFC, CARO 2020 but with Cash Flow

Division VIII

SPECIMEN AUDIT REPORT FROM PUBLISHED
RESULTS

Chapter 69 TCS Annual Report

Chapter 70 Infosys Annual Report

Division IX

Illustrative Audit Paras for Qualification, Adver
Disclaimer, KAM, EOM, OM Matters

Chapter 71 Qualified Opinion ? Illustrative Reporting Comments

Chapter 72 Material uncertainty related to Going Concern ? Illustrative Reporting Comments

Chapter 73 Emphasis of Matter Paragraph ? Illustrative Reporting Comments

Chapter 74 Other Matter Paragraph ? Illustrative Reporting Comments

Chapter 75 Key Audit Matters ? Illustrative Reporting Comments

Chapter 76 Disclaimer Opinion ? Illustrative Reporting Comments

Chapter 77 Adverse Opinion ? Illustrative Reporting Comments

Chapter 78 Other Information Paragraph ? Illustrative Reporting Comments

Chapter 79 Internal Controls over Financial Reporting