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  • D P O A: AAS-2 Objective and Scope of The Audit of Financial Statements

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    Manish Halwasiya
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    The document outlines the key considerations and procedures for conducting an audit. It discusses documenting work performed, planning the audit, relying on work done by others, obtaining audit evidence through compliance and substantive procedures, and management's responsibility for accounting systems and internal controls. It also covers reaching audit conclusions, reporting requirements, and the objective and scope of auditing financial statements according to the terms of engagement. The auditor must carefully document work, plan based on factors like time and staffing, and may rely on others if due care is exercised to obtain evidence of proper controls and data accuracy.

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    AUDIT

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    The document outlines the key considerations and procedures for conducting an audit. It discusses documenting work performed, planning the audit, relying on work done by others, obtaining audit evidence through compliance and substantive procedures, and management's responsibility for accounting systems and internal controls. It also covers reaching audit conclusions, reporting requirements, and the objective and scope of auditing financial statements according to the terms of engagement. The auditor must carefully document work, plan based on factors like time and staffing, and may rely on others if due care is exercised to obtain evidence of proper controls and data accuracy.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    10 views2 pages

    D P O A: AAS-2 Objective and Scope of The Audit of Financial Statements

    Uploaded by

    Manish Halwasiya
    The document outlines the key considerations and procedures for conducting an audit. It discusses documenting work performed, planning the audit, relying on work done by others, obtaining audit evidence through compliance and substantive procedures, and management's responsibility for accounting systems and internal controls. It also covers reaching audit conclusions, reporting requirements, and the objective and scope of auditing financial statements according to the terms of engagement. The auditor must carefully document work, plan based on factors like time and staffing, and may rely on others if due care is exercised to obtain evidence of proper controls and data accuracy.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    1

    Documentation
    matters providing evidence should be carefully documented

    Planning
    Keep in mind factors like Audit Programme, availability of audit staff, time etc.

    Work Performed By Others


    MAY RELY, provided due care and skills are exercised

    Audit Evidence
    Obtained by means of

    A)Compliance Procedures
    Tests to obtain assurance of
    proper Internal Controls

    B) Substantive Procedures
    Tests to obtain evidence as to
    Completeness, Accuracy & Validity
    of data produced by EDP system (C A V)

    Accounting System and Internal Control


    MANAGEMENT is RESPONSIBLE

    Audit Conclusions & Reporting


    a) Compliance of relevant regulations, legal requirements, accounting policies
    b) Disclosure of material Matters
    Very Imp: Form and Content of the Audit Report should be as per
    LAW/REGULATION / AGREEMENT.

    AAS-2
    Objective and Scope of The Audit of Financial Statements
    1) Objective
    To express an Opinion
    2) Responsibility of Financial Statements (F/S)
    Audit of F/S, does not relieve the Management of its responsibility for
    maintaining proper records.
    Duty of the Management to devise A/c Policies, Internal Control measures.
    3) Scope

    As per the terms of Engagement / Relevant

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