Revise CA Final Audit Chapter-4 | CA Final Audit Revision | Neeraj Arora
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00:00 Introduction
00:55 Audit Risk
01:34 Components of Audit Risk
06:58 Detection Risk
09:18 Steps for Risk Identification
12:15 Indicators of Possible Potential Misstatements
13:42 Risk-Based Audit Approach
16:16 Internal Control System
26:06 Components of Internal Control - Control Environment
30:01 Components of IC - Entity’s Risk Assessment Process
32:00 Components of IC - Control Activities
35:15 Components of IC - Information System
36:59 Components of IC - Monitoring of Control
38:00 Important constituents of Accounting Controls
42:47 Review of the System of Internal Controls
45:30 Internal Control Assessment & Evaluation
47:57 SA 265 Revision Starts
48:20 Deficiency in IC
49:00 Auditor’s Responsibility
49:29 Identification of deficiencies in IC
50:01 Communication of significant deficiencies in IC to TCWG
50:43 Content of Communication
52:43 Letter of weakness
53:55 Examples of indicators of significant deficiencies in IC
54:54 SA 265 Questions discussed
01:03:12 SA 320 - Benchmarking
01:15:26 SA 330 Revision starts
01:15:50 Objective of Auditor as per SA 330
01:15:59 Responsibility of auditor
01:16:30 Audit Procedures Responsive to the Assessed Risks of Material Misstatement at the Assertion Level
01:16:55 Test of Control
01:22:44 Substantive procedure
01:24:22 Documentation
01:25:01 Frameworks of Internal Control
01:25:13 COSO Framework
01:28:47 CoCo Framework
01:30:30 COBIT Framework
01:32:19 Turnbull Report
01:33:41 Sarbanes-Oxley (Section 404)
01:35:53 ICAI Study Material case study discussed
01:58:05 SA 315 Remaining topics discussed which are not given in ICAI study material.
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