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SERIES OF WEBINARS ON PRACTICAL IMPLEMENTATION OF STANDARDS ON AUDITING
March 20, 2020 @ 4:00 pm - 6:00 pm
| ACCOUNTING AND AUDITING COMMITTEE | |
| Chairman : | Heneel K. Patel |
| Vice Chairman : | Tejas Parikh |
| Convenors : | Arpita Gadhia, Deepak Shah |
| Advisor : | Jayesh Gandhi |
To ensure that information provided in the financial statements are of high quality and are acceptable worldwide the Auditing and Assurance Standards board under the council of Institute of Chartered Accountants (ICAI) have formulated few Standards. These are in line with the International Standards issued by the International Auditing and Assurance Board (IAASB).
Standards issued by the AASB include:
Standards of Quality Control (SQCs) for all the services under Engagement Standards. These standards are applicable to all auditing firms which perform audits and reviews of historical financial information including assurances and related service engagements. Standards on Auditing (SAs) for auditing historical financial information. These apply whenever any independent Audit is carried out.
In simpler words, whenever an independent examination of financial information is carried on for ANY entity whether the business motive is to make the profit or not, whether the size of the entity is big or small or even if the entity has any legal form (unless any lays specifies something else) the SAs will be applicable.
In order to guide members to understand the implantation of the SAS, the Chamber has organized a Series of webinars on practical implementation of standards on auditing as follows.
| Date | : | 7th, 14th, 20th February, 2020 and 6th, 13th, 20th March, 2020 |
| Time | : | 4.00 p.m. to 6.00 p.m. |
| Fees | : | A&A Study Circle Members: Free Outstation Members: Free Others: (Per Webinar) ₹ 200/- (Inclusive of GST) (For 6 Webinars) ₹ 1,000/- (Inclusive of GST) |
| Sr. No. |
Session on | Key aspects of relevant standards on following topics to be covered | Focus area | Speakers | Dates |
| 1. | Quality control in Audit | • SQC-1 | • Tips for practical implementation • Care to be taken from the perspective of Peer Review |
CA Khurshed Pastakia | 7th February, 2020 |
| 2 | Engagement management – General principles and responsibilities | • Agreeing to terms of Engagement Letter • The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements • Quality Control for Audit of Financial Statements • Documentation |
• Care to be taken while drafting engagement letter • Focus on auditors responsibility in case of fraud • Minimum documentation requirements |
CA Hasmukh Dedhia | 14th February, 2020 |
| 3 | Audit planning & risk assessment in audit | • Planning an Audit of Financial Statements • Evaluation of mis-statements identified during an Audit • Materiality in Planning & Performing an audit • Identifying and Assessing Risk of Material Mis-statements |
• Concept of materiality, how it is to be computed • Adjusted and unadjusted audit adjustments • Documentation for risk assessment |
CA Murtuza Kachwala | 20th February, 2020 |
| 4 | Auditing execution – Standards on audit evidence | • Audit Evidence (including Audit Evidence – Specific considerations for selected items) • External Confirmations • Going Concern • Analytical Procedures • Initial Engagements Opening Balances |
• Relevance of direct confirmations • Assessment of going concern |
Eminent Speaker | 6th March, 2020 |
| 5 | Auditing execution – Special aspects including related party and accounting estimates | • Related Parties • Auditing Accounting Estimates including Fair Value Accounting Estimates and Related Disclosures • Using Work of Others |
• Accounting estimates and fair value disclosures • Auditing related party transactions • Communication with group auditors / auditors of component companies / entities • Group audit instructions |
Eminent Speaker | 13th March, 2020 |
| 6 | Conclusion and Audit Reporting | • Forming an Opinion and Reporting on Financial Statements • SA 701 – Communicating Key Audit Matters in the Independent Auditor’s Report • Modifications to the Opinion in the Independent Auditor’s Report Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report • Comparative Information—Corresponding Figures and Comparative Financial Statements • The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements |
• New format • KAM vs. EOM vs. Qualification • Changes in standard format • Responsibility in relation to other information • Changes in report format in case of adverse conclusion • Modifications in report format in case of LLP, trust etc. |
CA Khurshed Pastakia | 20th March, 2020 |