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Published by: PUTTU GURU PRASAD SENGUNTHA MUDALIAR on Mar 31, 2009
Copyright:Attribution Non-commercial

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02/01/2013

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Operation Work Out On

Preliminary Work to conduct the Statutory
Audit
Interact with a Practicing a Auditor
.

The Source of Information from
Ch.Siva Prasad C.A
Auditor: Ch.Umamaheshwararao&Co.,
Brodi pet Main Road
Guntur

Submitted By
Ch.Sairam(7NBGU047)
G.SrinivasRao (7NBGU068)

Under the Guidance of
Mr.: P. GURU PRASAD
Faculty Member
Guntur.

ICFAI NATIONAL COLLAGE
NEAR LODGE CENTER
Amaravathi Road
GUNTUR

Auditor\u2019s Profile:-

Mr. Siva Prasad is a famous auditor. He completed his
charted accountancy course in the year of 2001. He was
dedicated to his work, his Father also one of the famous
Auditors in Guntur. He was very much interested in teaching
.Even though he was busy with clients he uses to take
classes for the charted accounted students. Now he is
working with M/s.UmamaheswaraRao&Co, Guntur as a
concurrent Auditor.

Methodology

As a part of our curricular activities we met Sri Siva Prasad
Auditor in his office for an interview. At that time he is very
busy with his clients and asked us to take an appointment
from his office assistant. As per his suggestions we met his
office assistant and taken an appointment on Saturday
evening at 6.00pm. After that we came to college and
informed the same to our faculty Mr. Guruprasad. On
Saturday according to the Schedule time we met Sri Siva
Prasad at his office at 6.00pm.

Mr. Siva Prasad welcomed us with a smile and enquired
about the purpose of our visit to his office. We informed him
about our purpose of visit and explained about Operation
Work out .He was highly impressed about the OWE and
shown his assent to give information regarding Auditors
preliminary work to conduct the statutory audit.

The Interaction with such a great auditor has given us the
practical exposure about the importance of auditing and how
to make the reports true and fair. The OWE can improve the
recognition about our institute and create a sense of Brand
image in the minds of public. He praised us about the
uniqueness of OWE, and our college, and faculty endeavor.
Then we posed Questions about the preliminary work to
conduct an audit. He explained every thing about auditing in

detail from the starting to end of the auditing process. Finally
after the sessions we thanked him for his cooperation and
came back to our campus with full satisfaction.

The auditor must prepare well before he actually conducts audit. His preparation will be decided by the scope of work assigned to him and the method in which he will proceed. To examine the issue he may proceed step by step.

1. Letter of appointment :-

The auditor should have a proper letter of appointment from the appropriate authority and ensure that his appointment is in order. In case of Companies he should see that his appointment is in accordance with the provisions of the comp Act.

2. Scope of Audit:

He should obtain instructions in writing from his client about the nature and scope of his work and duties. He should find out whether continuous audit or Annual audit or interim audit is to be taken. In company audit, this question does not arise as his duties are clearly defined by the companies Act

3. Nature of business:-

He should familiarize him self with the nature and technical details of the business of his client. If it is a manufacturing comp the auditor should visit the factory, understand the process and nature of equipment, material and labor used .Because for the keen observation only the auditor knows the full details about the expenditure and other things involved in it.

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