Chartered Accountant's Documentation and Compliance for Audits and Reviews (9th Edition)
- Year of Publication: 2020
- Edition: 9th
- ISBN: 978-93-89859-48-5
Though auditors of financial statements are regulated by ICAI, yet various stakeholders are assuming regulatory powers including Ministry of Corporate Affairs (through Companies Act, 2013), NFRA, SEBI, RBI, CAG, etc. Frauds in IILF, PMC Bank, PNB, Yes Bank, etc., have raised eyebrows towards their auditors.. The expectation gap needs to be bridged as well as the quality of audit and its documentation needs to be improved drastically and same has been captured in this book in detailed and tabular manner.
All stakeholders are relying on assurance given by auditors through their reports and in case of any fraud or misrepresentation by the management; auditors are invariable called to evidence that they performed their duties with utmost care and in compliance with applicable laws and standards. In such a case only proper and adequate documentation by the auditor can come to their rescue to evidence that they performed their duty with utmost care and best of their ability. This book will be a very helping and guiding tool to the auditors and corporate professionals for proper documentation.
Due to amendments under various regulations, impact of COVID-19 on financial statements and assurance engagements, ICAI Code of Ethics 2019 to be made effective from 1st July 2020, etc. it was thought prudent to revise this book taking into account the role of auditors and audit firms to adequately document their quality controls and performance of their engagements to withstand review of their quality controls and engagements by any regulator. book hast also the update amendments in Technical Professional and Ethical Standards and contains more than 115 drafts of ready to use documents which would be very useful for a practicing Chartered Accountant in his day-to-day delivery of professional service.
Key Features :
- Documentation as per ICAI Code of Ethics 2019
- More than 115 drafts of ready to use documents for day-to-day professional use for audit and related systems
- Amended Documentation taking into consideration the impact of COVID-19
- Auditor’s Duties and Penalties under Companies Act 2013 as amended by Companies (Amendment) Act 2019 and Companies (Amendment) Bill 2020
- Drafts of various documents to be maintained for Peer Review, Quality Review and other Reviews
- Draft engagement letters for Audits, Compilation Engagements, Prospective Financial Statements, Tax Representations, etc.
- Ready to use drafts and checklists including for compliance and audit of financial statements prepared for Companies as per Companies Act 2013
- Draft engagement documents to comply with Standards on Auditing
- Ready to use checklists for compliances of Standards on Auditing, Accounting Standards, ICDS, CARO 2016, etc
- Drafts of various documents related to Staff supervision and development
- Drafts of various documents related to office systems
- Detailed section on Financial Statements for Companies
- Detailed section on various Reviewers of CA audit work
- Peer Review Process and related FAQs
- Quality Review Process and related FAQs
- Summary of Accounting Standards (AS)
- Summary of revised Standards on Auditing (SAs)
- Summary of Standards on Review Engagements (SREs)
- Summary of Standards on Assurance Engagements (SAEs)
- Summary of Standards on Related Services (SRSs)
- Detail of Standards on Internal Auditing (SIAs)
- Summary of Income Computation and Disclosure Standards (ICDS)
- Summary of Convergence to IFRS
- Detail of Accounting Standards for Local Bodies (ASLBs)
- Detail of various Guidance Notes, Framework, Statements and Notifications issued by ICAI.
- Detail of recommendatory fee structure for various professional activities rendered by a practicing CA firm
He is a commerce graduate [B. Com (H)] from Shri Ram College of Commerce (SRCC). He is a fellow member of the Institute of Chartered Accountants of India (FCA). He is a fellow member of the Institute of Companies Secretaries of India (FCS). He is a fellow member of the Institute of Cost Accountants of India (FCMA). He is a Bachelor of Law (LL.B). He has qualified Information System Auditor [DISA (ICAI)]. He is also a member of All India Management Association (MIMA). He is also an Insolvency Professional. He has passed certification course NCFM of National Stock Exchange of India (NSE). He has also done certification course CAAT of ICAI. He has also done post qualification certificate course on Valuation of ICAI.
He has been elected as Central Council Member of ICAI for the period 2019 – 2021. Apart from being member in more than 25 committees / groups / directorates of ICAI, he is Chairman of Valuation standards Board and CSR Committee of ICAI for year 2020-21, member of ICAI Disciplinary Committee Bench for year 2020-21 and Vice Chairman of Direct Tax Committee for year 2019-20 and 2020-21. He has been nominated as member of Quality Review Board (QRB) for 3 years from 2020 to 2022.
He is president, founder convener and member of various associations, circles, committees, etc. of ICAI, ICSI and other prestigious bodies and associations. He is a member of Financial Reporting Review Board, Audit and Assurance Standards Board, Accounting Standards Board, Taxations Audit Quality Review Board, Ethical Standards Board, Editorial Board, Valuations Standard Board and Internal Audit Standards Board of ICAI. He has been a Technical Reviewer with FFRB and Quality Review Board and Peer Reviewer with Peer Review Board.
He has authored books on “Chartered Accountant’s Documentation and Compliance for Audits and Reviews”, Limited liability Partnership – A Complete Resource Book”, “Chartered Accountant’s Documentation and Compliance for Audits and Reviews”, “Importance of LLP after Companies Act, 2013”, “Chartered Accountant’s Documentation and compliance under Companies Act 2013, Peer Review and Quality Review”, “Limited Liability Partnership – Law, Procedures and Taxation”, “Documentation for Chartered Accountants”, “Limited Liability Partnership – Law and Procedures with Ready Reckoner”, “Fringe Benefit Tax & Banking Cash Transaction Tax”, “Documentation for Audits” and “Accounting Standards and CARO”.
He is the conceptualizer of the portal www.expertspanel.in which is a one stop solution for all professional queries which has given more than 20000 answers since its launch in mid of year 2018.
He is delivered more than 900 lectures, webcasts and articles on various topics of Income Tax, Corporate Laws, LLP, Audits, Peer Review, Quality Review etc. at more than 140 forums throughout the country. Most of his presentations and articles since 2013 are available for free download from www.lunawat.com and from 2018 at www.expertspanel.in also He has written various articles on taxation, company law and audit in various journals. He has a vast practical experience in taxation, audit and corporate laws field and he has been giving consultancy to various corporate and non-corporate entities on taxation matters.
She is a commerce graduate [B. Com (H)] from Delhi University. She is associate member of the Institute of Chartered Accountants of India (ACA).
She has a growing practical experience in taxation, Corporate and Non-Corporate Audits, and has been giving consultancy to various corporate and non-corporate entities on taxation and assurance matters. Her area of interest apart from assurance is Ind AS and Forensic Audits.
Wolters Kluwer Tax & Accounting in India (www.cchifirm.co.in), provides publishing, software and services that deliver vital insights, intelligent tools and guidance of subject-matter experts as well as offer subscription-based products with high quality content in areas including direct and indirect taxation, international taxation, corporate law and several other related topics. Wolters Kluwer Tax & Accounting (a Wolters Kluwer business) is part of the Wolters Kluwer Group, a leading global information service provider for professionals. Wolters Kluwer Tax & Accounting publications cover a wide range of topics such as tax, accounting, law, financial planning, human resources and training.
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- Year of Publication: 2020
- Edition: 9th
- ISBN: 978-93-89859-48-5
Though auditors of financial statements are regulated by ICAI, yet various stakeholders are assuming regulatory powers including Ministry of Corporate Affairs (through Companies Act, 2013), NFRA, SEBI, RBI, CAG, etc. Frauds in IILF, PMC Bank, PNB, Yes Bank, etc., have raised eyebrows towards their auditors.. The expectation gap needs to be bridged as well as the quality of audit and its documentation needs to be improved drastically and same has been captured in this book in detailed and tabular manner.
All stakeholders are relying on assurance given by auditors through their reports and in case of any fraud or misrepresentation by the management; auditors are invariable called to evidence that they performed their duties with utmost care and in compliance with applicable laws and standards. In such a case only proper and adequate documentation by the auditor can come to their rescue to evidence that they performed their duty with utmost care and best of their ability. This book will be a very helping and guiding tool to the auditors and corporate professionals for proper documentation.
Due to amendments under various regulations, impact of COVID-19 on financial statements and assurance engagements, ICAI Code of Ethics 2019 to be made effective from 1st July 2020, etc. it was thought prudent to revise this book taking into account the role of auditors and audit firms to adequately document their quality controls and performance of their engagements to withstand review of their quality controls and engagements by any regulator. book hast also the update amendments in Technical Professional and Ethical Standards and contains more than 115 drafts of ready to use documents which would be very useful for a practicing Chartered Accountant in his day-to-day delivery of professional service.
Key Features :
- Documentation as per ICAI Code of Ethics 2019
- More than 115 drafts of ready to use documents for day-to-day professional use for audit and related systems
- Amended Documentation taking into consideration the impact of COVID-19
- Auditor’s Duties and Penalties under Companies Act 2013 as amended by Companies (Amendment) Act 2019 and Companies (Amendment) Bill 2020
- Drafts of various documents to be maintained for Peer Review, Quality Review and other Reviews
- Draft engagement letters for Audits, Compilation Engagements, Prospective Financial Statements, Tax Representations, etc.
- Ready to use drafts and checklists including for compliance and audit of financial statements prepared for Companies as per Companies Act 2013
- Draft engagement documents to comply with Standards on Auditing
- Ready to use checklists for compliances of Standards on Auditing, Accounting Standards, ICDS, CARO 2016, etc
- Drafts of various documents related to Staff supervision and development
- Drafts of various documents related to office systems
- Detailed section on Financial Statements for Companies
- Detailed section on various Reviewers of CA audit work
- Peer Review Process and related FAQs
- Quality Review Process and related FAQs
- Summary of Accounting Standards (AS)
- Summary of revised Standards on Auditing (SAs)
- Summary of Standards on Review Engagements (SREs)
- Summary of Standards on Assurance Engagements (SAEs)
- Summary of Standards on Related Services (SRSs)
- Detail of Standards on Internal Auditing (SIAs)
- Summary of Income Computation and Disclosure Standards (ICDS)
- Summary of Convergence to IFRS
- Detail of Accounting Standards for Local Bodies (ASLBs)
- Detail of various Guidance Notes, Framework, Statements and Notifications issued by ICAI.
- Detail of recommendatory fee structure for various professional activities rendered by a practicing CA firm
He is a commerce graduate [B. Com (H)] from Shri Ram College of Commerce (SRCC). He is a fellow member of the Institute of Chartered Accountants of India (FCA). He is a fellow member of the Institute of Companies Secretaries of India (FCS). He is a fellow member of the Institute of Cost Accountants of India (FCMA). He is a Bachelor of Law (LL.B). He has qualified Information System Auditor [DISA (ICAI)]. He is also a member of All India Management Association (MIMA). He is also an Insolvency Professional. He has passed certification course NCFM of National Stock Exchange of India (NSE). He has also done certification course CAAT of ICAI. He has also done post qualification certificate course on Valuation of ICAI.
He has been elected as Central Council Member of ICAI for the period 2019 – 2021. Apart from being member in more than 25 committees / groups / directorates of ICAI, he is Chairman of Valuation standards Board and CSR Committee of ICAI for year 2020-21, member of ICAI Disciplinary Committee Bench for year 2020-21 and Vice Chairman of Direct Tax Committee for year 2019-20 and 2020-21. He has been nominated as member of Quality Review Board (QRB) for 3 years from 2020 to 2022.
He is president, founder convener and member of various associations, circles, committees, etc. of ICAI, ICSI and other prestigious bodies and associations. He is a member of Financial Reporting Review Board, Audit and Assurance Standards Board, Accounting Standards Board, Taxations Audit Quality Review Board, Ethical Standards Board, Editorial Board, Valuations Standard Board and Internal Audit Standards Board of ICAI. He has been a Technical Reviewer with FFRB and Quality Review Board and Peer Reviewer with Peer Review Board.
He has authored books on “Chartered Accountant’s Documentation and Compliance for Audits and Reviews”, Limited liability Partnership – A Complete Resource Book”, “Chartered Accountant’s Documentation and Compliance for Audits and Reviews”, “Importance of LLP after Companies Act, 2013”, “Chartered Accountant’s Documentation and compliance under Companies Act 2013, Peer Review and Quality Review”, “Limited Liability Partnership – Law, Procedures and Taxation”, “Documentation for Chartered Accountants”, “Limited Liability Partnership – Law and Procedures with Ready Reckoner”, “Fringe Benefit Tax & Banking Cash Transaction Tax”, “Documentation for Audits” and “Accounting Standards and CARO”.
He is the conceptualizer of the portal www.expertspanel.in which is a one stop solution for all professional queries which has given more than 20000 answers since its launch in mid of year 2018.
He is delivered more than 900 lectures, webcasts and articles on various topics of Income Tax, Corporate Laws, LLP, Audits, Peer Review, Quality Review etc. at more than 140 forums throughout the country. Most of his presentations and articles since 2013 are available for free download from www.lunawat.com and from 2018 at www.expertspanel.in also He has written various articles on taxation, company law and audit in various journals. He has a vast practical experience in taxation, audit and corporate laws field and he has been giving consultancy to various corporate and non-corporate entities on taxation matters.
She is a commerce graduate [B. Com (H)] from Delhi University. She is associate member of the Institute of Chartered Accountants of India (ACA).
She has a growing practical experience in taxation, Corporate and Non-Corporate Audits, and has been giving consultancy to various corporate and non-corporate entities on taxation and assurance matters. Her area of interest apart from assurance is Ind AS and Forensic Audits.
Wolters Kluwer Tax & Accounting in India (www.cchifirm.co.in), provides publishing, software and services that deliver vital insights, intelligent tools and guidance of subject-matter experts as well as offer subscription-based products with high quality content in areas including direct and indirect taxation, international taxation, corporate law and several other related topics. Wolters Kluwer Tax & Accounting (a Wolters Kluwer business) is part of the Wolters Kluwer Group, a leading global information service provider for professionals. Wolters Kluwer Tax & Accounting publications cover a wide range of topics such as tax, accounting, law, financial planning, human resources and training.
