Today’s Topic – SA 220 Quality Control for Audit Work
Revision Series for IPCC audit
24.10.2011
Dear IPCC Student,
Exams are approaching.
Time to revise is reducing.
Are you worrying about How to revise the whole syllabus in last 15 days?
We have a Solution-
You concentrate on the subjects which you consider vast to revise, & we’ll provide you the revision for Audit.
For these last 15 days, we’ll provide you one topic every day to revise & the manner in which you are required to write the answer.
If you want the discussion on any specific topic, you can mail us & we’ll provide you the tips for the same to revise & remember it fast.
For last hour revision of other topics & To revise the whole syllabus in just 5-6 hours, refer to the Book “Revision Series for IPCC - Audit, by CA Gunja Maheshwari”.
About the Book –
· Covers all points mentioned in the Syllabus as prescribed by ICAI
· Judicious use of Flowcharts for explaining the concept
· Easy language to understand, revise & remember the topic fast.
· Require only 5-6 hours to revise the whole Syllabus of Audit.
Today’s Topic –
SA 220 Quality Control for Audit Work
(These are the exact extract from the Book ‘Revision Series for IPCC - Audit’)
SA 220 : Quality Control for Audit Work
· Objective :-To establish Standards on Quality Control of :-
o Policies & Procedures of Audit Firm.
o Delegation Procedures.
· Definitions :-
o Auditor –who has final responsibility of Audit.
o Audit Firm –Proprietary/ Partnership firm providing Audit Service.
o Personnel –Partners/ professional staff- engaged in Audit work.
o Assistants –personnel involved in individual Audit other than Auditor.
· Implementation of Quality Control Policies :-In accordance to SA’s, essential factors for which are :
o Professional requirement like –Independence/Integrity/Objectivity/ Confidentiality etc.
o Skills & Competence –require to fulfill responsibilities.
o Assignment – to the personnel having technical & professional knowledge.
o Delegation – require sufficient supervision, direction & review of work.
o Consultation – with outside/inside experts.
o Acceptance & retention of client –for Firms independence.
o Monitoring –for adequate& effective Quality Control.
· Individual Audits – Quality Control over :-
o Policies & Procedures of firm.
o Auditor/ assistants.
o Delegation of work to assistants.
o Direction for delegation of work.
· Supervision over :-
o Progress of Audit, whether plan is being followed.
o Significant Accounting & Auditing questions raised.
o Difference of professional judgement between personnel.
· Review –to ensure that :-
o Work performed in accordance with Audit Programme.
o Adequate documentation of work.
o Significant matters adequately resolved & reported.
o Objective of Audit achieved.
o Conclusions expressed are consistent with work.
· Matters to be reviewed on timely basis :-
o Audit Plan & Programme.
o Assessment of Inherent & Control Risk.
o Documentation of Audit Evidence.
o Adjustments/observations in Financial Statements.
(As now, you have got the idea of how to proceed to write the answer for different marks, we are now providing the extracts from the Book ‘Revision Series for IPCC - Audit’, which provides the complete answer in short form, so that you will be able to remember it fast instead of reading the whole lengthy answer. These are just the main points, in exam you are required to mention them in detail.)
Best Wishes,
Revision Series for IPCC - Audit
Revision Series for IPCC audit
Dear IPCC Student,
Exams are approaching.
Time to revise is reducing.
Are you worrying about How to revise the whole syllabus in last 15 days?
We have a Solution-
You concentrate on the subjects which you consider vast to revise, & we’ll provide you the revision for Audit.
For these last 15 days, we’ll provide you few topics every day to revise & the manner in which you are required to write the answer.