Chartered accountants holding practising certificates may also become Registered Auditors, who are able to perform statutory financial audits in accordance with the Companies Act, No. 07 of 2007.
Chartered Accountants can also register as company secretaries..
These principles are, namely, integrity, objectivity and independence, confidentiality, skills and competence, work performed by others, documentation, planning, audit evidence, accounting system and internal control, and, finally, audit conclusions and reporting..
Audit evidence – Information used by the auditor in arriving at the conclusions on which the auditor's opinion is based.
Audit evidence includes both information contained in the accounting records underlying the financial statements and other information..
According to the Institute of Chartered Accountants of India: “Auditing is defined as a systematic and independent examination of data, statements, records, operations and performance (financial or otherwise) of an enterprise for a stated purpose..
Understanding Audits
According to the Institute of Chartered Accountants of India: “Auditing is defined as a systematic and independent examination of data, statements, records, operations and performance (financial or otherwise) of an enterprise for a stated purpose..
SA 701 deals with the Auditor's responsibility to communicate key Audit matters in the Auditor's report.
It is intended for addressing both the judgement of an Auditor as to what is required to be communicated in Audit report and the content and form of such communication..
The auditor is responsible for expressing an opinion indicating that reasonable assurance has been obtained that the financial statements as a whole are free from material misstatement, whether due to fraud or error, and that they are fairly presented in accordance with the relevant accounting standards (e.g., .
The Revised Guidance Note for 2023 — the ninth edition — provides a comprehensive roadmap to navigate the complexities of tax audits in a strategic and informed manner and also delves into the intricacies of audit procedures..
The auditor shall evaluate whether unusual or unexpected relationships that have been identified in performing analytical procedures, including those related to revenue accounts, may indicate risks of material misstatement due to fraud..
This SA requires the auditor to read and consider the other information because other information that is materially inconsistent with the financial statements or the auditor's knowledge obtained in the audit may indicate that there is a material misstatement of the financial statements or that a material misstatement .
Guidance Note on Audit of IFC 148 •Evidence obtained to support a control reliance strategy: When relying on operating effectiveness of controls to reduce extent of substantive testing, the auditor obtains audit evidence of the operating effectiveness of the control for the period of intended reliance
The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India, in 2003, had issued the Guidance Note on Audit of Consolidated Financial Statements to provide guidance to the members undertaking audits of consolidated financial statements
