CA Jayprakash Pandey

Finally we are about to release our Most awaited video on Statutory Audit Interview Questions. The Video will be out by 27th September. Here is the Glimpse of Questions - 1. What are Audit Assertions/Financial Statements Assertions? What are Transaction Level Assertions and Account Balance Assertions? 2. What do you understand by Materiality? How and on what basis does an auditor assess materiality? What are the components of Materiality (Overall, Performance, and Specific)? 3. What is the applicability of CARO 2020, and what are the new clauses added compared to CARO 2016? 4. What types of Audit Opinions can a Statutory Auditor issue, and what is the difference between an Unqualified and Modified Audit Opinion? 5. What is a Special Purpose Audit Report and a General-Purpose Audit Report? 6. How should an auditor report fraud committed in a company? 7. What is the 5-Step model as per Ind AS 115 for recognizing revenue? 8. Explain the concept of a Cut-Off Procedure. 9. What are the audit procedures for testing Account Receivables, Property, Plant & Equipment, Cash and Cash Equivalents, and Inventory? .. .. .. .. .. 60 How do you determine materiality when auditing the consolidated financial statements of a company with subsidiaries? Watch Old Videos for Statutory Audit Part 1- https://lnkd.in/gFEe4epP Part 2- https://lnkd.in/gJaR8eUe Part 3- https://lnkd.in/gU-4679s

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Advanced Questions on CARO 2020 for Big 4 CA Interviews! Question: How should an auditor report on “Unregistered Charges or Satisfaction of Charges” under CARO 2020? Answer: The auditor must verify whether charges or satisfaction of charges have been registered with the Registrar of Companies within the stipulated time. To do this, the auditor should obtain a list of all secured loans, cross-reference with the MCA portal to check the status of charge registration, and inspect relevant agreements and documents. Any unregistered charges or delays in registration must be highlighted, along with reasons provided by management. Question: Discuss the approach for reporting on “Resignation of Statutory Auditors” under CARO 2020. Answer: CARO 2020 requires the auditor to report if the statutory auditors have resigned during the year. The auditor should assess the reasons for resignation by reviewing the resignation letter, correspondence with management, and Board minutes. Additionally, the auditor must ensure that disclosures of the resignation and its reasons are adequately presented in the financial statements. Understanding the impact of resignation on audit opinion is also crucial. Question: What are the requirements under CARO 2020 for reporting on “Compliance with Cash Flow Statement”? Answer: The auditor must ensure that the cash flow statement is prepared as per the applicable financial reporting framework and accurately reflects the company’s cash flows. The auditor should verify the classification of cash flows (operating, investing, and financing activities), check the consistency with other financial statements, and confirm the use of appropriate methods (direct or indirect). Cross-referencing significant cash transactions with supporting documentation and bank records is necessary to identify any discrepancies. Question: How should an auditor evaluate “Transactions with Struck-Off Companies” under CARO 2020? Answer: Under CARO 2020, the auditor is required to report on transactions with companies struck off under the Companies Act, 2013. The auditor should check the company’s transactions with vendors, customers, or creditors, cross-referencing with the list of struck-off companies available on the MCA portal. The auditor must scrutinize the nature of these transactions, their materiality, and any impact on the financial statements. Proper disclosure of such transactions is critical to comply with CARO 2020. #Big4Interview #CARO2020 #CharteredAccountant #Audit #ICAI #FinanceCareers #LinkedInLearning #AuditStandards #JobPreparation #Accounting #CAInterviewTips

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20 most common questions asked about Statutory Audit during articleship interviews 1. What is Audit? 2. What is the objective of Audit? 3. What is materiality? How to assess materiality? 4. What is Risk of Material Misstatement? 5. What is Risk Assessment Procedure? 6. Difference between CARO 2020 and CAR0 2016. 7. What is Fraud? 8. Why Fraud is being done? 9. What is teeming and Lading? 10. What is the auditor’s responsibility for detecting fraud during a statutory audit? 11. What are the different types of audit procedures that can be used during a statutory audit? 12. What is EOM and OM para? 13. What do you mean by Audit Risk? 14. What are the types of Audit Opinion? 15. How would you audit Cash and Bank Balances, Trade Receivables, PPE? 16. What is Sampling? 17. What do you mean by Nature, Timing and Extent of Audit? 18. Why control testing is important? 19. What is Audit Trail? 20. What are assertions relating to P&L and Balance Sheet? For more such content, join my telegram channel - https://lnkd.in/dq32m5YK Peace Out ✌ Connect - Shashank Gujrati #ca #cafinal #articleship #interview #big4 #vaccancy #deloitte #kpmg #ey #pwc #bdo #gt #tax #internal #investment #baking #cainter #result #AIR #mumbai #banglore

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This Audit revision by NFRA will impact 17540 listed companies and its subsidiaries! The National Financial Reporting Authority (NFRA) has proposed critical revisions to SA 600, aiming to align Indian standards with ISA 600. The current SA 600 (last updated in 2002) has been deemed inadequate for handling modern group audits, where multiple entities are involved. Mainly global standards are very different than what we are following till now! In order to match global auditing standards with Indian standards, ISA 600 has been proposed! This whole revision has been proposed for group auditors as they will now be responsible for closely evaluating the work of component auditors and improving communication across entities. This shift impacts 17,540 listed companies and their subsidiaries, enforcing more rigorous audit procedures. As a professional, you might have concerns whether your role as auditor will get impacted adversely! I don’t think so… ! I agree with NFRA that 98% of the auditors won’t be affected. Moreover, remember it is just proposed not implemented! With public consultation open, now is the time for professionals to get involved, provide feedback, and prepare for these changes. What are your suggestions to improve the proposed ISA 600? Let me know in the comment box… #AuditReform #FinancialReporting #GroupAudits #NFRAUpdates #AuditStandards

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LTGC FAQ: Income Tax issued FAQ on LTGC changes, know the answer to the question #Answer #FAQ #holdingperiodoffixedassets #HoldingPeriodSimplification #income #IncomeTaxdepartment #IndexationBenefits #issued #LTCGFAQs #LTCGTax #LTCGTaxExemptionLimit #LTGC #LTGCFAQs #Question #shorttermcapitalgainstax #tax #TaxRate #TaxSlab202324

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