CA Final Notes

GIST OF SA 210- Agreeing the terms of Audit Engagement 1. Preconditions from mgt- applicability of FRF, IC, Access of Info to Auditor 2 .Auditor shall not accept an audit engagement if the management imposes any limitation on the scope which will result in the auditor disclaiming an opinion on the financial statements, unless required by law or regulation to do so. 3. Agreement on Audit Engagement terms **Objective and Scope of the audit **Auditor’s responsibilities Management’s responsibilities **Identification of the applicable financial reporting framework **Reference to the expected form and content of reports 4. In case of recurring audits, the audit should assess if there is any requirement for revision of the audit engagement terms and wherever required remind the entity of existing terms. If the new terms convey lower level of assurance , auditor cannot accept without reasonable justification. 5. Circumstances when engagement letter be revised - change in FRF, management, ownership, revised terms etc. 6. In the event of any conflicts between financial reporting standards (established by an authorized or recognized standards-setting organization) and the supplementing law or regulation, the auditor shall discuss with management and agree whether The additional requirements can be met through additional disclosures in the financial statements.                    ࿇ ══━━━━✥◈✥━━━━══ ࿇ ❂➸ ℑoin CA Final Notes ➠     ✪ ➻ t.me/canotes_final               ❂➸ ℑoin Audit Paper 3 Notes ➠     ✪ ➻ t.me/cafinal_p3 ࿇ ══━━━━✥◈✥━━━━══ ࿇

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SA 200, "Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing," sets the tone and outlines basic principles for conducting an audit. Here is the gist of SA 200: 1. Objective of Audit: The main objective of an audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, allowing the auditor to express an opinion on whether the financial statements are prepared in accordance with the applicable financial reporting framework. ( Give reasonable assurance ) 2. Auditor's Responsibilities: The auditor is required to maintain ethical standards, including independence, have professional skepticism and judgment, and obtain sufficient, appropriate audit evidence to reduce audit risk to an acceptably low level. Fundamental Requirements A. Professional Skepticism: Auditors should maintain an attitude of professional skepticism throughout the audit, understanding that there may be circumstances that could cause the financial statements to be materially misstated, due to fraud or error. B. Professional Judgment: Auditors should apply their professional judgment throughout the planning and performance of the audit, making informed decisions about the materiality and risk of misstatement, the scope of the audit, the nature and timing of procedures, and evaluating and reporting the results. C. Compliance with Standards: Auditors must comply with all relevant International Standards on Auditing (ISAs) when conducting an audit. D. Ethical Requirements: Auditors are required to comply with all relevant ethical requirements relating to an audit of financial statements. E. Sufficient Appropriate Audit Evidence and Audit Risk: Auditors are required to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. Inherent limitations of Audit 1. Nature of Financial Reporting 2. Nature of Audit Procedures 3. Timeliness of Cost Benefit Analysis 4. Other limitations SCOPE: SA 200 further says scope of Auditor cannot be curtailed.  ࿇ ══━━━━✥◈✥━━━━══ ࿇ ❂➸ ℑoin CA Final Notes ➠     ✪ ➻ t.me/canotes_final               ❂➸ ℑoin Audit Paper 3 Notes ➠     ✪ ➻ t.me/cafinal_p3 ࿇ ══━━━━✥◈✥━━━━══ ࿇

GIST OF SA 210- Agreeing the terms of Audit Engagement 1. Preconditions from mgt- applicability of FRF, IC, Access of Info to Auditor 2 .Auditor shall not accept an audit engagement if the management imposes any limitation on the scope which will result in the auditor disclaiming an opinion on the financial statements, unless required by law or regulation to do so. 3. Agreement on Audit Engagement terms **Objective and Scope of the audit **Auditor’s responsibilities Management’s responsibilities **Identification of the applicable financial reporting framework **Reference to the expected form and content of reports 4. In case of recurring audits, the audit should assess if there is any requirement for revision of the audit engagement terms and wherever required remind the entity of existing terms. If the new terms convey lower level of assurance , auditor cannot accept without reasonable justification. 5. Circumstances when engagement letter be revised - change in FRF, management, ownership, revised terms etc. 6. In the event of any conflicts between financial reporting standards (established by an authorized or recognized standards-setting organization) and the supplementing law or regulation, the auditor shall discuss with management and agree whether The additional requirements can be met through additional disclosures in the financial statements.                    ࿇ ══━━━━✥◈✥━━━━══ ࿇ ❂➸ ℑoin CA Final Notes ➠     ✪ ➻ t.me/canotes_final               ❂➸ ℑoin Audit Paper 3 Notes ➠     ✪ ➻ t.me/cafinal_p3 ࿇ ══━━━━✥◈✥━━━━══ ࿇

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SA 200, "Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing," sets the tone and outlines basic principles for conducting an audit. Here is the gist of SA 200: 1. Objective of Audit: The main objective of an audit is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, allowing the auditor to express an opinion on whether the financial statements are prepared in accordance with the applicable financial reporting framework. ( Give reasonable assurance ) 2. Auditor's Responsibilities: The auditor is required to maintain ethical standards, including independence, have professional skepticism and judgment, and obtain sufficient, appropriate audit evidence to reduce audit risk to an acceptably low level. Fundamental Requirements A. Professional Skepticism: Auditors should maintain an attitude of professional skepticism throughout the audit, understanding that there may be circumstances that could cause the financial statements to be materially misstated, due to fraud or error. B. Professional Judgment: Auditors should apply their professional judgment throughout the planning and performance of the audit, making informed decisions about the materiality and risk of misstatement, the scope of the audit, the nature and timing of procedures, and evaluating and reporting the results. C. Compliance with Standards: Auditors must comply with all relevant International Standards on Auditing (ISAs) when conducting an audit. D. Ethical Requirements: Auditors are required to comply with all relevant ethical requirements relating to an audit of financial statements. E. Sufficient Appropriate Audit Evidence and Audit Risk: Auditors are required to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. Inherent limitations of Audit 1. Nature of Financial Reporting 2. Nature of Audit Procedures 3. Timeliness of Cost Benefit Analysis 4. Other limitations SCOPE: SA 200 further says scope of Auditor cannot be curtailed.  ࿇ ══━━━━✥◈✥━━━━══ ࿇ ❂➸ ℑoin CA Final Notes ➠     ✪ ➻ t.me/canotes_final               ❂➸ ℑoin Audit Paper 3 Notes ➠     ✪ ➻ t.me/cafinal_p3 ࿇ ══━━━━✥◈✥━━━━══ ࿇

GIST OF SA 210- Agreeing the terms of Audit Engagement 1. Preconditions from mgt- applicability of FRF, IC, Access of Info to Auditor 2 .Auditor shall not accept an audit engagement if the management imposes any limitation on the scope which will result in the auditor disclaiming an opinion on the financial statements, unless required by law or regulation to do so. 3. Agreement on Audit Engagement terms **Objective and Scope of the audit **Auditor’s responsibilities Management’s responsibilities **Identification of the applicable financial reporting framework **Reference to the expected form and content of reports 4. In case of recurring audits, the audit should assess if there is any requirement for revision of the audit engagement terms and wherever required remind the entity of existing terms. If the new terms convey lower level of assurance , auditor cannot accept without reasonable justification. 5. Circumstances when engagement letter be revised - change in FRF, management, ownership, revised terms etc. 6. In the event of any conflicts between financial reporting standards (established by an authorized or recognized standards-setting organization) and the supplementing law or regulation, the auditor shall discuss with management and agree whether The additional requirements can be met through additional disclosures in the financial statements.                    ࿇ ══━━━━✥◈✥━━━━══ ࿇ ❂➸ ℑoin CA Final Notes ➠     ✪ ➻ t.me/canotes_final               ❂➸ ℑoin Audit Paper 3 Notes ➠     ✪ ➻ t.me/cafinal_p3 ࿇ ══━━━━✥◈✥━━━━══ ࿇

VALUE UNLOCKING FOR RIL SHAREHOLDERS THROUGH JIO FINANCIAL SERVICES (JFS) The demerger of Jio Financial Services (JFS) has been approved by the NCLT. Demerger record date is 20th July 2023, and listing is expected to happen within the next 2-3 months. The effective date of the scheme is 1-July-2023. DEAL COUNTERS: [1] Share Swap 1:1: • Every RIL shareholder will get 1 share of Reliance Strategic Investments Limited (RSIL) of FV INR10. RSIL will subsequently be renamed as JFS. • Adjusted for the treasury shares of 6.1% (~410m shares), total shares outstanding in Jio Financial Services will be 6.35b. (Refer Exhibit 2) [2] Valuation: • JFS own 6.1% in RIL which is valued at INR1.1t. This would represent a substantial portion (~90%) of the JFS net-worth and the balance (~INR100b) would be the JFS net-worth (excluding investments in RIL shares). • With the assumption that the investments in RIL shares represent ~90% of the JFS net-worth, the Book value per share of JFS would be ~INR 190. (Refer Exhibit 1) • Current SOTP (TP: INR 2,825) doesn’t include the JFS value, hence this event could lead to value unlocking potential in the RIL stock. [3] Jio Financial Services Limited (JFS): • JFS had shared earlier that it will have a presence across four businesses- a) Lending business (Consumer Loans and Merchant loans), b) Insurance businesses (both Life and Non-life), c) AMC and Wealth Management, and d) Payments bank. • While JFS will do the lending business independently and organically, in the Insurance and AMC/Wealth Management business, it might get into a JV or partnership agreement with either any existing player or a new player who wants to enter the Indian market. • JFS will enjoy the AAA rating (similar to RIL) which could mean that its borrowing costs could be among the lowest among the cohort of NBFCs. • JFS could leverage 18,040 Reliance Retail stores which has 780m footfalls annually and subscriber base of 440m. [4] Management Team • JFS had earlier shared that it has appointed Mr K.V. Kamath as the Chairman and Mr. Hitesh Sethi (Ex ICICI Bank veteran) as the CEO. [5] Peers • Arguably, these are still early days but lending franchises in the NBFC sector like Bajaj Finance trades at 5.6x FY25E P/BV and Chola Finance trades at 4.3x FY25E P/BV. • In addition to the lending business, JFS will also house the insurance businesses, AMC and Wealth Management business and the Payments Bank. ◈◉◎┄┅══❂❣❂══┅┄◎​◉◈ ┍━━━━━═░★░═━━━━┑   ✪ ➻ https://t.me/canotes                ℑoin us 🔜   ✪ ➻ t.me/canotes_ipcc                ℑoin us 🔜   ✪ ➻ t.me/canotes_final                ℑoin us 🔜   ✪➻ @canotes_foundation ┕━━━━━═░◈░═━━━━┙

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CA Final Applicability of Standards, Guidance Notes, Legislative Amendments, etc for November 2023 https://castudynotes.com/2023/07/11/ca-final-applicability-of-standards-guidance-notes-legislative-amendments-etc-for-november-2023/

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