Exercise 1 - jb nagar cpe study circle of wirc of icai

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Audit ChecklistSAMPLE 3Responding to Auditing Framework on(a) Controls and (b) Audit EvidenceSection InventoryLevel of Effort – Partner and ManagerSources – Navigation Skills22 Rakesh Agarwal
Audit ChecklistDepict the Case Study (one time effort for one client)a. Flow of Transactions;i. Initiation of transactions……ii. Generation of source document…..iii. Processing of documents …..iv. Summarization in financial statementsb. Documents Involved;i. List of Various Source documents…ii. List of Various Voucher generatediii. List of reports generatediv. Number of copies of abovev. Specifying which copy is used for whatvi. Master data;1. Component of cost,2. Valuation per unit of Cost3. Stock Codes and description.c. Understanding of roles of various personnel involved ini. Flow of transactionsii. Documentation involvediii. Analysis made by them, if any,d. Understanding of Various Control Pointsi. Stock reconciliationii. Comparison of Book Record with Physical stock takeiii. Stock ageingiv. Analytical review with respect to Cost v/s NRVv. Identification of Cost components at the beginning of the yeare. Understanding of various layers of reviews including external, reviewsi. MISii. Internal Auditiii. Report to Bankeriv. Frequencies of above reviewsv. Subsequent impact of Observations23 Rakesh Agarwal
Page 1 and 2: Audit ChecklistIndexExercise 1 - Id
Page 3 and 4: Audit ChecklistSAMPLE 1Transpose An
Page 5 and 6: Audit ChecklistFrom Accounting Stan
Page 7 and 8: case the work in progress the amoun
Page 9: Audit ChecklistReview Comments - Fi
Page 13 and 14: Audit ChecklistSample 4 ACompliance
Page 15 and 16: Audit ChecklistSample 4 BSubstantiv
Page 17: Audit ChecklistSolution Exercise 1

Exercise 1 - jb nagar cpe study circle of wirc of icai

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