Start learning 50% faster. Sign in now
Professional Judgement is the application of relevant training, knowledge and experience within the context provided by auditing, accounting and ethical standards in making informed decisions about the courses of action that are appropriate in the circumstances of the audit engagement. It is required with respect to Materiality and audit risk, nature, timing and extent (NTE) of audit procedures, evaluating sufficiency & appropriateness of audit procedures, evaluating management judgement in applying applicable FRF and drawing conclusions based on audit evidence As per the SA 200, the other key requirements of an Independent Auditor include: · Ethical requirements – comply with relevant ethical requirements and it includes adhering to independence with respect to audit engagements. code of ethics are issued by ICAI. Examples – integrity, objectivity, professional competence and due care, confidentiality, professional behaviour · Professional Skepticism – attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud and a critical assessment of audit evidence. Alertness is required with respect to Contradictory audit evidence, reliability of documents, conditions indicating possible fraud, circumstances requiring audit procedures in addition to those suggested in SAs. · Sufficient Appropriate Audit Evidence and Audit Risk - Sufficiency refers to quantum and appropriateness refers to quality. Purpose is to reduce audit risk to an acceptably low level and thereby enable the auditor to draw reasonable conclusions on which to base the auditor’s opinion.
A spherical metallic shell with 6 cm external radius weighs 6688 g. What is the thickness of the shell if the density of metal is 10.5 g per cm3
In an election between two candidates, the winning candidate secured 25% more votes than the losing candidate. If the winner rece...
The compound interest earned on an investment of Rs. 'Y' over 2 years at an annual compound interest rate of 12%, compounded yearly, amounts to Rs. 1,27...
The monthly incomes of A and B are in the ratio of 5:6. A's monthly savings are 50% higher than B's monthly savings, while A's monthly expenditure equal...
Simplify: sinx+sin 3x+sin5x
A man is running at a speed of 20 m/s in the same direction as a train. The train passes the man completely in 9 seconds. If the train's speed is 144 km...
A cone has a slant height of 20 cm and the radius of its base is 15 cm. Find the volume of the cone
Find the value of 24 - 3
The ages of P, Q, and R are in the ratio 2:3:5. After 5 years, the sum of their ages will be 75 years. What are their present ages?