Time Stamp: 00:00 Introduction 01:58 SA 580 - Written Representation 1:00:02 SA 560 - Subsequent Events 1:36:45 SA 450 - Evaluations of Misstatements identified during the Audit 1:57:13 SA 570 - Going Concern 2:57:18 SA 260 - Communication with Those Charged with Governance (TCWG) 3:25:06 SA 265 - Communicating Deficiencies in Internal Control to TCWG and Management 3:51:32 MCQ based Case Study of Ch-7 Completion and Review 4:05:39 CA Inter Audit Chapter 7 Test Your Understanding 1 4:09:32 CA Inter Audit Chapter 7 Test Your Understanding 2 4:12:13 CA Inter Audit Chapter 7 Test Your Understanding 3 4:15:55 CA Inter Audit Chapter 7 Test Your Understanding 4 4:18:26 CA Inter Audit Chapter 7 Test Your Understanding 5 4:21:15 CA Inter Audit Chapter 7 Test Your Understanding 6 4:24:53 CA Inter Audit Chapter 7 Test Your Knowledge
Everything is okay, thanks for your concern... occupied somewhere... will resume uploading videos from tomorrow and try to complete remaining chapters in a week. Thanks for your patience! Also, you may download full notes of Audit for revision, from the following link: drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing Hope it would be helpful to you!
Thank you sir for the best audit content in such a less time I purchased both group batch from other clasess but your coaching is wonderful i completed my audit in 15 days just bcs of you thanks for the excellence ❤
Glad to hear that these videos are helpful to you! You may refer revision videos as well to get more confidence and to score higher marks, following is the link of such playlist: ruclips.net/p/PLux8FsMkulSVowfZ87jRGVACDjOU4sx4O Hope it would be helpful to you! Thanks.
I think it is explained in detail only, even enough detailed for first time learners as well. However, feel free to reach out for any doubt, I'll definitely resolve it.
Yeah sure... detailed videos as this one, remaining videos will be uploaded from tomorrow and also superfast revision video will be uploaded after completion of whole syllabus. Thanks for your patience! Also, you may download full notes of Audit for revision, from the following link: drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing Hope it would be helpful to you!
Sir, I have a doubt regarding test your understanding 1, given on page 7.13. As soon as I read the question,the thought that struck my mind is subsequent event and also this posed as a threat to the company"s going concern ability. Is my perspective regarding this question not right sir? Is 5 crore immaterial? If so, how are we concluding that 5 crore is immaterial to the company?
Here, Going Concern is not affected as payable amount of Rs. 5 crore would not lead to liquidation og organization. Rs. 5 crore is material amount for the organization as well as for us. If it is levied on us, then our financial condition would be affected too much, but for businesses, it is material amount, however, they can easily manage to pay it, as their Turnover or profit can also be in crores, that we can't assume. Even it is mentioned that the company is ready for out of court settlement by paying Rs. 5 crore, so they are capable of paying it. If intention of que is to include concept of SA 570, they will include hints like the company doesn't have enough fund or unable to get fund from anywhere else to pay such Rs. 5 crore. So, we need to read and understand the question properly. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
Generally, misstatements are first communicated to management to correct them unless they are related to fraud by management. If management corrects them, auditor does not required to communicate to TCWG. If management does not correct them or the misstatements are significant, they are communicated to TCWG. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
Most of the time, management uses qualified written representation, and mostly it is accepted by the auditor. Hence, if the language is acceptable by auditor, then he issues unmodified opinion, and if it is not acceptable, then he will issue modified opinion. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
sir what type of report shall auditor issue when in accordance with SA 570 events casting doubts on ability to use going concern basis exist but however there is no material uncertainty?
I guess, a significant doubt regarding the ability of an entity to continue as a going concern would arise only if there is a material uncertainity about the same. Going concern assumption would not be challenged by those uncertainties which are immaterial. If there is an immaterial uncertainity, how would that put the going concern ability of an entity into threat? This is what I feel, but let sir to respond to it.
One of the Objectives of SA 570 is to ascertain whether such events casting significant doubt creates material uncertainty or not. If there is no uncertainty, neither it needs to be disclosed in FS nor we are concerned with its reporting. However, if there is material uncertainty then we need to check its disclosures in FS and then we decide how to report which is covered in this video. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
Here, full notes of audit are available, click below: drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing Hope it would be helpful to you! Thanks for your patience.
but sir as per clause i of sub-section 3 of section 143 of comapnies act, 2013, it is required now to express our opinion on internal financial controls right?
@@CAKrupenYHathi in SA 265, communicating deficiency in IC to TCWG, after the para of description of deficiency and the explanation of potential effects
@@fca4507 Maybe you have doubt that as per SA 265, auditor explains that auditor is to express opinion on FS and not on internal controls, right? However, as per 143 (3) (i), auditor needs to report over IFC... Here, SA 265 is general for audit of all the types of entities, while 143 (3) (i) IFC is applicable to prescribed companies that means it is specific requirements/ responsibilities. So there is difference in this way. Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks
One more doubt sir ppr m open ended question aeege kya jisme ese confusion ho ki konsa provision likhna h particular chp m se?? Bcz in some test ur understanding sida sida kuch pucha nhi h ..
Thoda sa difficulty level ho skata hai question main. Even direct questions main bhi kai baar students ko nahi pata hota hai ki kya answer aayega. So, you need to read properly and understand the concepts so that it can be answered properly. Also read question twice or thrice before answering, it may take sometime, however, it would be fruitful, you won't get stuck while answering as you are clear with the question. Hope it would be helpful to you! Feel free to reach out for more clarifications! Thanks.
Glad that videos are helpful to you! Hope Sunny Singh will not feel bad after this comment! 🙈🙈 (Or after Adipurush I should feel ashamed 🤔🤔🤨), question is difficult then any of the Audit's question!😅
From tomorrow I'll resume to upload videos... couldn't upload due to some reasons! First part of Ch. 5 is already uploaded, if you haven't referred yet, click on the below link: ruclips.net/video/FWZD0nNoz5c/видео.html Also, you may download full notes of Audit for revision, from the following link: drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing Hope it would be helpful to you! Thanks for your patience!
Sir already 1st group mein itna ratne wala content hai...... 😢 .... Audit mein keyword yaad karke .... Bana ke answers likh skte... Law ki tarah!? 🙂 Waise bhi mera memory power bahut kamzor hai😢
When any organisation is going to wind up its business, it is known as liquidation process. If the going concern assumption doesn't hold true, then organisation needs to prepare their accounts using liquidation basis. In which, organisation shows its assets at realisable value instead of historical value, and liabilities are shown as they are going to be paid within a year. You may refer Illustration 1 of Ch. 2 of Advanced Accounting, you will understand the concept, following is the link of it: www.icai.org/post/4368 Hope your doubt is clarified! Feel free to reach out for more clarifications! Thanks.
![[Revision] FEMA in just 20 mins CA Inter Law | Super Fast CA Shubham Singhal Jan'25 & May'25](/img/1.gif)
Time Stamp:
00:00 Introduction
01:58 SA 580 - Written Representation
1:00:02 SA 560 - Subsequent Events
1:36:45 SA 450 - Evaluations of Misstatements identified during the Audit
1:57:13 SA 570 - Going Concern
2:57:18 SA 260 - Communication with Those Charged with Governance (TCWG)
3:25:06 SA 265 - Communicating Deficiencies in Internal Control to TCWG and Management
3:51:32 MCQ based Case Study of Ch-7 Completion and Review
4:05:39 CA Inter Audit Chapter 7 Test Your Understanding 1
4:09:32 CA Inter Audit Chapter 7 Test Your Understanding 2
4:12:13 CA Inter Audit Chapter 7 Test Your Understanding 3
4:15:55 CA Inter Audit Chapter 7 Test Your Understanding 4
4:18:26 CA Inter Audit Chapter 7 Test Your Understanding 5
4:21:15 CA Inter Audit Chapter 7 Test Your Understanding 6
4:24:53 CA Inter Audit Chapter 7 Test Your Knowledge
hello sir, aapne 3 din se koi bhi lecture upload nhi kiya... is everything okay???
aur abhi sir 4 chapters baaki h... jaldi se upload kr dijiye sir.....
Everything is okay, thanks for your concern... occupied somewhere... will resume uploading videos from tomorrow and try to complete remaining chapters in a week.
Thanks for your patience!
Also, you may download full notes of Audit for revision, from the following link:
drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing
Hope it would be helpful to you!
@@CAKrupenYHathisir link is not available
@@avra4677 Click on following link:
drive.google.com/drive/folders/1e80LpU-9QLxOT5sO2LyPBvp9AYXurY-f?usp=drive_link
Hope it will be helpful to you!
Thank you sir for the best audit content in such a less time I purchased both group batch from other clasess but your coaching is wonderful i completed my audit in 15 days just bcs of you thanks for the excellence ❤
Glad to hear that these videos are helpful to you!
You may refer revision videos as well to get more confidence and to score higher marks, following is the link of such playlist:
ruclips.net/p/PLux8FsMkulSVowfZ87jRGVACDjOU4sx4O
Hope it would be helpful to you!
Thanks.
Thank you very much sir for providing this much free content on youtube. Pls provide link of your notes of audit ❤😊
Glad that it is helpful to you!
Here is the link of note:
drive.google.com/drive/folders/1e80LpU-9QLxOT5sO2LyPBvp9AYXurY-f?usp=sharing
Sir, please thoda aur detail mai explain kigiye kyuki kuch log first time padh rahe hai.
I think it is explained in detail only, even enough detailed for first time learners as well.
However, feel free to reach out for any doubt, I'll definitely resolve it.
We are very very thankful to you sir
Glad to hear that!
Thanks
Sir aap may 24 ke liye revision lecture provide kar di jiye please
Yeah sure... detailed videos as this one, remaining videos will be uploaded from tomorrow and also superfast revision video will be uploaded after completion of whole syllabus.
Thanks for your patience!
Also, you may download full notes of Audit for revision, from the following link:
drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing
Hope it would be helpful to you!
@@CAKrupenYHathi thanks a lot sir 🙏♥️ sir aapkey efforts par return hum achhey result ke form me denge
All the best for your preparations and exam!
Really hoping that you all will perform very well!
Ch. 1 revision is uploaded, you may check it out:
ruclips.net/video/D75k8gdpcGE/видео.html
Thanks for your patience.
Sir, I have a doubt regarding test your understanding 1, given on page 7.13. As soon as I read the question,the thought that struck my mind is subsequent event and also this posed as a threat to the company"s going concern ability. Is my perspective regarding this question not right sir? Is 5 crore immaterial? If so, how are we concluding that 5 crore is immaterial to the company?
Here, Going Concern is not affected as payable amount of Rs. 5 crore would not lead to liquidation og organization. Rs. 5 crore is material amount for the organization as well as for us. If it is levied on us, then our financial condition would be affected too much, but for businesses, it is material amount, however, they can easily manage to pay it, as their Turnover or profit can also be in crores, that we can't assume. Even it is mentioned that the company is ready for out of court settlement by paying Rs. 5 crore, so they are capable of paying it.
If intention of que is to include concept of SA 570, they will include hints like the company doesn't have enough fund or unable to get fund from anywhere else to pay such Rs. 5 crore. So, we need to read and understand the question properly.
Hope your doubt is clarified!
Feel free to reach out for more clarifications!
Thanks.
@@CAKrupenYHathi Thank you sir 🙏🏼😊
sir illustrative written representation letter yaad karna important hai kya?
Nope, just to get the understanding!
Sir TYU 4 me management ko bhi communication karenge instead of only communicating to TCWG
As ans given in module
Generally, misstatements are first communicated to management to correct them unless they are related to fraud by management. If management corrects them, auditor does not required to communicate to TCWG. If management does not correct them or the misstatements are significant, they are communicated to TCWG.
Hope your doubt is clarified!
Feel free to reach out for more clarifications!
Thanks.
Thank you sir 😊
@@CAKrupenYHathi thankyou very much
Sir jb management qualified language use krti h written representation m toh auditor kya krta h?
Modified opinion deta h ya unmodified
Most of the time, management uses qualified written representation, and mostly it is accepted by the auditor. Hence, if the language is acceptable by auditor, then he issues unmodified opinion, and if it is not acceptable, then he will issue modified opinion.
Hope your doubt is clarified!
Feel free to reach out for more clarifications!
Thanks.
@@CAKrupenYHathi thankyou sir
sir what type of report shall auditor issue when in accordance with SA 570 events casting doubts on ability to use going concern basis exist but however there is no material uncertainty?
I guess, a significant doubt regarding the ability of an entity to continue as a going concern would arise only if there is a material uncertainity about the same. Going concern assumption would not be challenged by those uncertainties which are immaterial. If there is an immaterial uncertainity, how would that put the going concern ability of an entity into threat? This is what I feel, but let sir to respond to it.
One of the Objectives of SA 570 is to ascertain whether such events casting significant doubt creates material uncertainty or not. If there is no uncertainty, neither it needs to be disclosed in FS nor we are concerned with its reporting. However, if there is material uncertainty then we need to check its disclosures in FS and then we decide how to report which is covered in this video.
Hope your doubt is clarified!
Feel free to reach out for more clarifications!
Thanks.
Sir please provide the notes of all chapters of audit, please sir .
It is very helpful for us.
Here, full notes of audit are available, click below:
drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing
Hope it would be helpful to you!
Thanks for your patience.
@@CAKrupenYHathi thankyou so much sir for providing these notes🙏🙏
but sir as per clause i of sub-section 3 of section 143 of comapnies act, 2013, it is required now to express our opinion on internal financial controls right?
Yes, you are right! But, can you please give context of your question? I didn't get the doubt.
@@CAKrupenYHathi in SA 265, communicating deficiency in IC to TCWG, after the para of description of deficiency and the explanation of potential effects
@@fca4507 Maybe you have doubt that as per SA 265, auditor explains that auditor is to express opinion on FS and not on internal controls, right? However, as per 143 (3) (i), auditor needs to report over IFC...
Here, SA 265 is general for audit of all the types of entities, while 143 (3) (i) IFC is applicable to prescribed companies that means it is specific requirements/ responsibilities. So there is difference in this way.
Hope your doubt is clarified!
Feel free to reach out for more clarifications!
Thanks
One more doubt sir ppr m open ended question aeege kya jisme ese confusion ho ki konsa provision likhna h particular chp m se?? Bcz in some test ur understanding sida sida kuch pucha nhi h ..
Thoda sa difficulty level ho skata hai question main. Even direct questions main bhi kai baar students ko nahi pata hota hai ki kya answer aayega. So, you need to read properly and understand the concepts so that it can be answered properly. Also read question twice or thrice before answering, it may take sometime, however, it would be fruitful, you won't get stuck while answering as you are clear with the question.
Hope it would be helpful to you!
Feel free to reach out for more clarifications!
Thanks.
Thank you so much sir for this vdo 😊 Also i wanna tell u sir that u resemble in sunny singh(Bollywood actor) 😃
Glad that videos are helpful to you!
Hope Sunny Singh will not feel bad after this comment! 🙈🙈 (Or after Adipurush I should feel ashamed 🤔🤔🤨), question is difficult then any of the Audit's question!😅
sir kindly start new chapter as soon as possible
From tomorrow I'll resume to upload videos... couldn't upload due to some reasons!
First part of Ch. 5 is already uploaded, if you haven't referred yet, click on the below link:
ruclips.net/video/FWZD0nNoz5c/видео.html
Also, you may download full notes of Audit for revision, from the following link:
drive.google.com/file/d/1sqQ4hcQIK8NryRJdzjVx3eQu4O2mEcYF/view?usp=sharing
Hope it would be helpful to you!
Thanks for your patience!
20:36 qulaifying language means ??
Like 'To the best of our knowledge...', means which doesn't give guarantee!
Feel free to reach out for more clarifications!
Thanks sir for better explaination and thanku so much sir for uploading the full course video 😎😂😆😊😜
Sir already 1st group mein itna ratne wala content hai......
😢
.... Audit mein keyword yaad karke .... Bana ke answers likh skte... Law ki tarah!? 🙂
Waise bhi mera memory power bahut kamzor hai😢
Haa keywords aane jaruri hai, par Achhe se samjna... tabhi jo sentence formation hoga vo barabr hoga... keywords are must.
Good explanation sir 😎
Thanks and welcome
sir liquidation basis ka matlb kya hota hai going concern? 03:59:00
When any organisation is going to wind up its business, it is known as liquidation process. If the going concern assumption doesn't hold true, then organisation needs to prepare their accounts using liquidation basis. In which, organisation shows its assets at realisable value instead of historical value, and liabilities are shown as they are going to be paid within a year.
You may refer Illustration 1 of Ch. 2 of Advanced Accounting, you will understand the concept, following is the link of it:
www.icai.org/post/4368
Hope your doubt is clarified!
Feel free to reach out for more clarifications!
Thanks.
@@CAKrupenYHathi got it sir thank you
@@CAKrupenYHathi sir mcq series or case based series ka video laa skte ho audit ka for jan 25 jb time mile apko plz
@@raviraj9174 Will try and think about it!
Thanks for the suggestion!
Sir thank u
Welcome
Sir chapter 8 video please... Upload it soon please
Yes, today parts of Ch. 8 will be uploaded.
1:36:49
Any doubt or what?
No Sir, it's just for my personal tracking, coz I attend your lecture in parts, and am really gratefulfor your amazing lectures. Thanks a lot
Ohh okay!
Glad that it is helpful to you!
Sir please provide the notes of all chapters of audit, please sir .
It is very helpful for us.