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CA FINAL
PAPER 3:ADVANCED AUDITING & PROFESSIONAL ETHICS
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Other Subjects:
P1: Financial Reporting
P2: Strategic Financial Management
P4: Corporate & Economic laws
P5: Strategic Cost Management & Performance Evaluation
P6A: Risk Management
P6B: Financial Services and Capital Markets
P6C: International Taxation
P6D: Economic Laws
P6E: Global Financial Reporting Standards
P6F: Multidisciplinary Case Studies
P7: Direct Laws and International Taxation
P8: Indirect Tax Laws
Practice before writing your exam
Mock Series-1
Mock Series-2
Revision Test Paper-1
Revision Test Paper-2
Final paper-2022
Accentuate your revision with youtube marathons
Test your preparation
Question
Answer
Question:
As an auditor of a listed company for the year ended 31st March, 2019, how would you determine the 'Key Audit Matters'?
Answer:
Determining Key Audit Matters: As per SA 701, “Communicating Key Audit Matters in the Independent Auditor’s Report”, the auditor shall determine, from the matters communicated with those charged with governance, those matters that required significant auditor attention in performing the audit. In making this determination, the auditor shall take into account the following:
(i) Areas of higher assessed risk of material misstatement, or significant risks identified in accordance with SA 315, “Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment”.
(ii) Significant auditor judgments relating to areas in the financial statements that involved significant management judgment, including accounting estimates that have been identified as having high estimation uncertainty.
(iii) The effect on the audit of significant events or transactions that occurred during the period. The auditor shall determine which of the matters determined above were of most significance in the audit of the financial statements of the current period and therefore are the key audit matters
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