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SA 330 Auditors overall reponse to the Assessed ROMM

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Hi let us discuss SA 330 Auditors response to over all response to the assessed risk of material mis - statement how an auditor address , an overall response what is the response to the assessed risk is the subject matter of the discussion before moving in to the SA part we must understand certain concept of the financial statement and the assertions what is an assertion? assertion is the representation by the management which is embodied in the financial statement may be either expressly or implied way in order to reply on the assertions auditor has to do substantive audit procedure and test of controls Test of controls (TOC) if all are obtained then rely on the management assertions what is the substantive audit procedure It is an audit procedure designed by the auditor to check the validity of an assertions that is comprises of Test of Controls (TOC) and test of details and substantive analytical procedure we will discuss the Test of Details (TOD) a transaction which is checking in all in all the aspect is called test of details for a sales transaction checking can be have to be the carbon copies bills issued to the bills issued to the customer , sale order will be there bill of lading , customers receipts in the bank and the debtors confirmation , substantive analytical substantive analytical procedure is checking a transactions with the help of ratios for example, GST GST rate and the GST payable we comparing that two figure will arrive at arrive at the sales figure Test of Controls (TOC) is an audit

Video Details

Duration: 8 minutes and 39 seconds
Country: Andorra
Language: English
License: Dotsub - Standard License
Genre: None
Producer: CA vivek m
Director: CA vivek M
Views: 0
Posted by: mvivekacadotsub on Apr 12, 2018

Audit and assurance discussion

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