Basics of Audit Revision Part 1 | ICAI CA Inter Audit Revision Nov 2022 Exams | Neeraj Arora
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- čas přidán 2. 04. 2022
- #audit #neerajarora #edu91
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Hi guys in this video we will be revising basics of audit for CA intermediate. Although in the video I have said that you may get a question of 2 to 4 marks from this audit revision but there are high chances that it may go up to 6 to 8 marks.
This video is specifically credit for CA intermediate students but wait if you are in CA Finals or if you are doing ACCA you can still watch it and learn about the basics of auditing.
How many chapters will I be covering on CZcams?
See first of all we will cover basics of Audit ,
Then we will cover at least five chapters from The study material given by the Institute of chartered accountants of India.
Following topics are covered in this video.
1. Meaning of Auditing
2. Objective of Auditor
3. Reasonable Assurance
4. Misstatement
5. Material
6. Types of Opinion
7. Those charged with governance
8. Management
9. Pre-Conditions for an audit
10. Internal Control
11. Test Checking
12. Professional Judgement
13. Audit Procedures
14. Assertions
15. Audit Risk
16. Audit Evidence
17. Independence
18. Steps in Auditing
Join our free EDU91 Live Course for Notes- www.edu91.org/s/store/courses/description/EDU91-LIVE-Course
Is this course contain video lectures for free ?
📌Time Stamp :
Meaning of Audit 2:30
Historical Fin Info 3:10
FRF 5:40
Overall Objective Auditor 8:55
Material 12:47
Types of Opinion 13:30
Pervasive 14:50
TCWG 16:24
Management 17:26
(IMP)** Pre conditions for an Audit 18:00
Meme Awesome 19:02
Internal Control 19:10
Test Checking 22::20
(IMP)** Judgement 22:46
****** IMP **** Karan Arjun 23:30
How Audit is Conducted 27:00
(IMP)** Risk Assessment & RAP 28:26
FAP 30:15
Substentive Proced 31:50
**** (IMP)**** Assertions 32:30
(on the order of Neeraj Sir)
By the order of *
40:10 Audit Evidence
42:56 Audit Risk
@@me_ayushigupta 👍💯
12:39 risk of not detecting misstatements due to fraud (especially the one involving senior management) is higher than that of error as fraud consists of sophisticated and carefully organized schemes specifically designed to conceal it.
20:46 As per standards, auditor is reauired to express opinion only on the financial statements and not on internal controls unless reauired by laws and regulations. Company law does require the auditor to express opinion on internal financial controls pertaining to financial reporting also. (IFC-FR)
Meaning of audit - 2:36
Historical financial information - 3:14
Financial Reporting Framework - 5:50
Overall objective of audit - 8:50
Misstatements - 10:50
Material - 12:47
Pervasive - 14:50
The best decision of my life till now is taking audit class from neeraj sir❤️
bro can you please tell me how many total lectures are there in audit? and how many approx hrs...
@@pratyush_jhaa bro everything is covered in so much detail
100 hrs se zyada hrs ka content hai
You'll be satisfied for sure👍
@@pratyush_jhaa Bro the number of lectures are more but duration of each lecture is shorter. Total regular batch is of 110-120 hours.
Thank you so much sir for everything! I can’t express my feelings in words but you are true mentor for us who guide us and help us to achieve our goal 😘
Our hardwork will absolutely bring shining colours... thank you for revision.....
12: 35 1st Que CORRECT : Fraud involve sophisticated and carefully organised schemes to conceal it.
20:40 2nd Que INCORRECT : Audit does not requires the auditor to express an opinion on IC. However opinion on IC will be given by auditor when required by any Law and Regulation...
32:07 3rd Que INCORRECT : TOC is defined as AP designed to evaluate the operating efficiency of control in P/ D&C of ROMM at assertion level..
Your 3rd question is wrong, the answer is Incorrect not correct.
@@me_ayushigupta Oh thank you for notifying me. It is typo. I have also written the reason for the statement being incorrect.
@@payalchawada yes :)
Thank you so much for the lecture sir grateful to have you as our mentor
Thanks a ton sir for revision videos..🙏is baar aur jyada hardwork karke finally crack karungi G2🙏just need your blessings.
Thank you sir!! Your revision videos are always the best. You explain everything in detail. Thank you again. 💜
Most thankfull sir..loving it..🙏🙏
thank tou so much sir these revision classes are very helpful for us
Arrey sirji, thank you so much for the revision video 😍. I have taken class of Audit and Tax from you and it is worth every single penny...🔥
I have heard so much negative reviews about you but today i got to know u're the best for audit... Thaannkkyouussoommucchhh for that much content even when it is only a revision ❤️💯
Thank you so much sir I believe if one can cover these topics thoroughly he will end up covering more than 50-60% of the whole audit syllabus.
This can work as a checklist for students for preparation of exams as well as interviews.
Your revision lech. Is very useful for me.. thank you so much sir,🙏🙇
Thank you so much sir for this ....i am going to give my 200% in this attempt ❤️❤️
Thank you Sir..... Please CARO 2020 bhi live aakar karva do. Will b eof great help
Thank you sir these revision lecture are very helpful for studying audit self 🙂🙏
i used to watch ur revision lectures for sm , audit, tax in my ipcc and im giving my final exams now 🙂
Really thankful to you sir 🙏🏻
Sir bahut jyada maza aagya ye vdo dekh ke Sare basics clear ho gye hai
Thankyou sir for your all effort for us❤❤
Thank you so much sir ❤️
Thank u sir this session is really helpful.
Thanks so much sir 🙏🙏🙏
Guruji धन्यवाद 🙏
Thank You Sir🙏🙏
20:48 Auditor isn't required to give opinion on Internal Control{IC}.But he can assess them in order to form Risk assessment procedure{RAP}. And if there he finds any deficiencies he could report the same to Management. Also Section 143(3)(i) requires the auditor to include in Audit Report the operating efficiency of the Internal Financial Control .
Thanks Neeraj Sir for providing such a deep level connectivity of concepts🙏❤
Means ultimately, auditor is required to given opinion on IC ?? (as prescribed by law )
Thankyou sir for keeping everything in one place i.e. this channel only. We have to search here and there for these videos.
Sir make revision videos of sm.. Must needed nd Nitin guru sir economic revision plz sir♥
Thank you so much ❤️
Sukriya sir🤗💐
Sir jo new channel apne subscribe krvaya hai may 2022 vala uspe bhi aise hi videos aaenge ya full concept??
Thank you so much sirr..
Thankyou sir
thank you sir you are amazing
Thank you so much sir♥️
Thank you sir 😊😊✨
Thank You sir
Ur realy superb sir....i wish maine aapse class li hoti
Sir ji best🤩sir ek br tax ka schedule btadena kb kese ap revise kraenge??
Please make a special video for the 5 star topics from your fastract notes
Thank you sir ji !❤️
Ab maza aayega har chp ka aise revision karne mein.....
Koshish Poori karenge.
Sir Awsmm lecture
Thanku sir ❣️
Sir all chapter with whole content of audit will revise by you or some concept will leave???
It will be very very helpful if all the chapters are revised like this sir!!!
Minimum 5 Chapters will be revised for sure. Rest let us hope for the best,
sir jis jis chapters mai new topics aaye hai jo purane students k book main ni hai woh sari topics ki video aayegi na?
Sir do uh upload all revision classes on youtube ?.....if yes then it will be great help for students jo self study se pdhte hain
Thank you Neeraj Sir ❤️and
Answer to the question, Correct me if m wrong
12:42 True, Risk of undetected fraud is higher than error
22:05 As per SA auditor no need to express opinion on Internal Control
32:13 Incorrect, Substantive procedure are designed to prevent detect correct Material Misstatement at assertion level
3rd one of yours is wrong, it's answer is incorrect.
@@me_ayushigupta oh yes ! Substantive procedure are designed to prevent detect MM at assertion level It's incorrect
@@mohammedhidayathulla yes, but substantive procedure only detect mm and not prevent it.
Thank u so much apki vajah se hum.jaise bachhe jo self study se kr rhe hai unko bohot help milti hai 🙏🏻🙏🏻💕
God bless you.
Sir thank you very much for your help and support . I have bought ur Android app for audit . I feel if we revise ur notes 3 times and do question bank that's enough ..than to remember all module content ..if I do module I am forgetting what I Know from ur concise notes ...what to.do sir please suggest
Thankyou Sir🤠
Khoobsurati, Khoobsurati say karengey, issbaaar aapkaa naam zhookney nahee dengey. I promise you Sir.
32:45
Very much helpful sir... Thank you🙏
As per the Standards on Auditing issued by Institute of Chartered Accountants of India, Auditor is not required express an opinion on Internal Control, unless required by applicable laws and regulations.
0.9 Q1. Incorrect.
Substantive Procedures may be defined as audit procedures designed to detect material misstatements at assertion level.
Test of controls may be defined as an audit procedure designed to evaluate the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level.
PAGE 3.21 MAY 22 MODULE
👍
I was waiting for it sir, thanku so much, love you from pathankot❤❤
God bless you.
Same I am also waiting for your revision class sir
Sir will you provide us the pdf of new topics which is added newly for may 2022
INTERNAL control pe opinion nhi dena hota but auditor IC me kami ko bata sakta hai auditor ko .
Sir Live lectures kab start ho rhe hai?
Sir, I have ordered CA Inter books by mistake. can I return it? Any student require CA inter books? TAXATION
Today iam fail sir group leak of audit knowledge plzz suggests for me
2:33
thankyou sir ❤
Welcome
Sir will you upload full audit notes on app?
28:15 - RAP/ROMM
Sir CA FINAL audit k liye kuch update dijiye sir please
Sir DT ka amendment karwadijiye plzzzz
sir is it also for Ca final student??
sir ji ye kitni OSOME hai .........MAZA Aa GAYA
32:18 Q9Q1 INCORRECT / FALSE STATEMENT
BECAUSE , by testing the controls we(auditor) can not detect the material misstatements directly , by test of control what we can get is the risk of material misstatement(more controls less risk , less controls more risk) by evaluating and assessing the effectiveness and efficiency of internal controls designed by the management(or tcwg or op) ie how well they are implemented and maintained , after testing internal control , the auditor will decide whether to rely on it(internal control) or not and if the internal controls are sufficient and reliable the auditor will do more compliance procedures and less substantive procedures but if they are not sufficient / appropriate or reliable then auditor will directly start substantive procedures and end compliance procedures there only , after occurence of substantive procedures (ie test of details and analytical procedures) the auditor can finally detect the material misstatements (if any exists) and there is also the detection risk (ie there are chances that the fraud or error as a misstatement remains undetected) and there is also the sampling risk at assertion level (that we have tested details and accounting records by taking a sample and the material misstatement was existing in the remaining population and not in the sample we have taken , at financial statement level it is rarely possible rather we could say impossible)
@Neeraj Arora sir is it 10 on 10 or any thing is inappropriate or missing
Sir ca final audit k revision ka koi update dijiye sir
Absolutely love your revision videos! ❤️
Thanks
Sir CA final k liye kuch update dijiye sur
Thankyou so much sir 🥰,
Aapki wajah se mera group 1 clear ho gya🙏🙏🙏
God bless you.
Your Proud Student sir 😍 Recommending everyone of my peers and juniors
Thankyou Priyavrat!
+1
gd eve
I have been taking fast track classes and just because you sir i have found it to be an very interesting and fun subject... thank you sir 🙇🙇
Hey himanshu you have taken neeraj sir fastrack fir may'22 .. if yes then on which software sir's lectures are played?
@@shreyajain6872 Software link is given with the course for android and as well as for desktop with link for classes in google drive . Name of software is Content Browser
@@himanshuagarwal6922 okay thanku for the information!! ☺️✨
@@shreyajain6872
Would you recommend fast track batch for a first time learning student?
Sir kya Hindi mein study material nahi milti hai please
Sir tax Mtp, RTP kab solve karaenge?
Sir tds ke pdf kaha milenge ??
Applicable to final?
Abhi mazaa aega na bidu 😎
May anybody suggest me how can I clear my grp1 inter in 20 days
Hmm. Isi ka toh intezar tha.
Aagai.
Tussi great ho sir... Bass issi ki zarurat thi sir
Mene edu91 ko refer kr diya hai 15-20 juniors ko sir.... Aab apka yeh chota brand ambassador kamm pe laga hua hai sir 😂
Thanks for the video sir... Jldi apse class mei milta hu.... Jai hind 🇮🇳
Thank you so much pranjal. God bless you.
Sir i have a small doubt.
IF auditor is testing the design of internal control during the compliance procedures, then what is the point of understanding the int controls during RAP? What exactly happens with understanding the internal control during rap or before it?
by doing RAP we can decide the NTE of FAP
Thanku sir🤗🤗
Sir caro 2020 bhi kra dena pura 🙏🙏
Ok Done. Promise.
Assertions - 32:40
Sir i was just going to revise basics chapter, thank u for uploading video on youtube
😀😀
All the best
Sir live for may 22 class aj suru hone wale the na new channel pe ?? Timing and schedule kya hai
Aaj raat 930. Also join edu91 live course on edu91 app.
@@NeerajArora thank you 😊
start 2:30
Can we get the mock test paper of edu91 if we are not a student of it ?
Same ques
Sir, can one do orientation course first and then do IT course ?
Pls anyone tell me I don't know about it
@@SURESHKUMAR-ex6ii kuch bhi phele kar sakte ho totally on your choice
@@rishabhmishra3261 thank you
Sir
Can CA Final students watch these lectures for basics?
Yes. It will help for sure.
@@NeerajArora
Thank you sir
Sir,is it for CA Final or inter?
Everyone can watch.
Thank you so so much sir ❤️
Thank u so much sir🙏❤
God bless you