Statutory Audit A Ready Reckoner for Accounting Standards Compliant Companies By CA Kamal Garg

Key Features:

• Regulatory Compliance: Incorporates the latest amendments to Schedule III (AS compliant), CARO 2020, and Companies (Accounts) Amendment Rules.
• Comprehensive Coverage: Spans over 1,056 pages, detailing aspects from auditor appointments to detailed audit checklists.
• Practical Tools: Includes specimen formats for audit reports, letters of engagement, management representation letters, and illustrative audit paragraphs for various scenarios.
• Ethical Guidelines: Discusses the Code of Ethics, including audit fee requirements and responsibilities related to fraud detection.
• Audit Checklists: Provides detailed checklists for auditing various financial statement items, ensuring thorough compliance and accuracy.

Table of Contents Overview

Division I – Appointment of Auditors

1. Appointment and Removal of Auditors
2. Management Services and the Auditors
3. Code of Ethics
4. Unique Document Identification Number (UDIN)
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

1. Books of Accounts and Financial Statements
2. Consolidation of Financial Statements
3. Audit Checklists for various financial components like Share Capital, Reserves, Borrowings, etc.
4. Audit Checklists for Income, Expenses, Taxes, and other financial elements

Division III – Schedule III Specimen Formats

• Specimen Format of Financial Statements under Schedule III for AS compliant companies
• Practice Pointer Issues on Accounting Standards
• Checklists of Accounting Standards

Division IV – Standards and Orders

• Standards on Auditing (SA) Checklists
• Companies (Auditor’s Report) Order, 2020 — Checklist

Division V – Audit Programme and Compliance Procedures

• Business Client Information Checklist
• KYC for New Clients

This edition serves as an indispensable resource for auditors seeking to navigate the complexities of statutory audits in compliance with Indian Accounting Standards. Its practical approach and comprehensive coverage make it a valuable tool for both practitioners and students of auditing.