Bharat’s Statutory Audit — A Ready Reckoner by CA. Kamal Garg

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)

Chapter 26      Statutory Auditors’ Responsibilities in Relation to Fraud in a Company         

Chapter 27      Materiality in Statutory Audit: Illustrative Case Studies          

Chapter 28      How to do Risk Assessment and Audit Sampling                   

Division III

Schedule III Specimen Format of Financial Statements (AS Based

Chapter 29      Specimen Format of Financial Statements under Schedule III for AS compliant companies   

Chapter 30      Practice Pointer Issues on Accounting Standards                    

Chapter 31      Checklists of Accounting Standards                                       

Division IV

SA and CARO Checklist

Chapter 32      Standards on Auditing (SA) Checklists                                   

Chapter 33      Companies (Auditor's Report) Order, 2020 — Checklist        

Division V

Audit Programme – Audit Compliance Procedures

Chapter 34      Business Client Information Checklist                                    

Chapter 35      KYC New Client                                                                     

Chapter 36      Illustrative Audit Programmes for Accounting System & Internal Control      

Chapter 37      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 38      Illustrative Formats on Agreeing the Terms of Audit Engagements     

Chapter 39      Illustrative Format of Representation Letter                            

Chapter 40      Specimen of Management Representation Letter on Statutory Audit (including Audit Trail)  

Chapter 41      Illustrative Format on an Engagement Letter for an Agreed upon Procedures Engagement     

Chapter 42      Illustrative Format on Engagement Letter for a Compilation Engagement       

Chapter 43      Illustrative Format on Engagement Letter for a Review of Interim Financial Information       

Chapter 44      Illustrative Format on Engagement Letter for an Engagement to Review Historical Financial Statements                                                                           

Chapter 45      Illustrative Format on Independent Auditor’s Reports on Financial Statements          

Chapter 46      Illustrative Format on Practitioner’s Report with an Unmodified Opinion      

Chapter 47      Illustrative Format on Auditor’s Report on Emphasis of Matter Paragraph and Other Matter Paragraphs                                                                           

Chapter 48      Illustrative Formats on Auditor’s Reports with Modifications to the Opinion 

Chapter 49      Illustrative Formats of Auditor’s Report with Modified Opinion        

Chapter 50      Illustrative Formats on Auditor’s Report on Corresponding Figures and Comparative Financial Statements                                                                           

Chapter 51      Illustrative Formats on Auditor’s Reports Relating to Going Concern 

Chapter 52      Illustrative Formats on Auditor’s Report Relating to Other Information          

Chapter 53      Illustrative Formats on Practitioners’ Compilation Reports     

Chapter 54      Illustrative Formats on Review Reports on Interim Financial Information      

Chapter 55      Illustrative Formats on Practitioners’ Review Reports             

Chapter 56      Illustrative Formats on Special Purpose Financial Statements 

Chapter 57      Illustrative Formats on Summary Financial Statements           

Chapter 58      Illustrative Format on a Report of Factual Findings in Connection with Accounts Receivable

Chapter 59      Illustrative Formats on a Single Financial Statement and a Specific Element of a Financial Statement                                                                             

Chapter 60      Illustrative Format of an Unmodified Report on a Projection 

Chapter 61      Illustrative Formats on Service Organization’s Assertions       

Chapter 62      Illustrative Formats on Modified Service Auditor’s Assurance Reports          

Chapter 63     Illustrative Formats on Service Auditor’s Assurance Reports  

Chapter 64     Information Requests and Other Client Admin Letters – Letter of Weakness and Appendix  

Chapter 65      Confirmation Letter for Struck Off Status to be sent by Company     

Chapter 66      NOC Communication with predecessor                                  

Chapter 67      Eligibility and Independence confirmation to be appointed (or) continue as auditors 

Division VII

Revised Formats of Audit Reports (Including Audit Trail)

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

Chapter 69      Revised Format of Audit Report for Private Limited Company with IFC, CARO 2020, Cash Flow                                                                                    

Chapter 70      Revised Format of Audit Report for Private Limited Company without IFC, but with CARO 2020, Cash Flow                                                                  

Chapter 71      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 72      TCS Annual Report                                                                

Chapter 73      Infosys Annual Report                                                           

Division IX

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

Chapter 74      Qualified Opinion – Illustrative Reporting Comments            

Chapter 75      Material uncertainty related to Going Concern – Illustrative Reporting Comments     

Chapter 76      Emphasis of Matter Paragraph – Illustrative Reporting Comments      

Chapter 77      Other Matter Paragraph – Illustrative Reporting Comments    

Chapter 78      Key Audit Matters – Illustrative Reporting Comments            

Chapter 79      Disclaimer Opinion – Illustrative Reporting Comments          

Chapter 80      Adverse Opinion – Illustrative Reporting Comments              

Chapter 81      Other Information Paragraph — Illustrative Reporting Comments      

Chapter 82      Internal Controls over Financial Reporting