CA Final Notes

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Sunday Story: How Steve Jobs left Apple “Which tastes better?” The person would be drinking two samples of a Cola drink. They would point to one of the bottles. Then, the revelation would take place. “Pepsi!” Coca-Cola had a much better market share. Pepsi was not selling well comparatively. The people at Pepsico – makers of Pepsi – believed their drink was better. So they developed and launched a campaign – a blind test. They went to crowded places like malls and asked people to drink from two unlabeled bottles. In most cases, people chose the bottle with Pepsi in it. This campaign was also recorded and launched as TV ads. It turned Pepsi’s market share around – especially in areas where Pepsi had poor sales. Driving this campaign was a man named John Sculley – the CEO of Pepsico. People spoke of the success of this campaign in corporate and marketing circles. They also spoke about the genius behind it – John Sculley. Around the time this campaign was launched, there was a man who wanted John Sculley to quit and leave Pepsico. “Do you want to sell sugar water for the rest of your life, or do you want to come with me and change the world?” he said to John Sculley. After 18 months of convincing, John Sculley quit Pepsico. He joined as the CEO of Apple – after being convinced by Steve Jobs. Many readers might feel like asking, “Wait, why would Steve Jobs make someone else the CEO of Apple?” Valid question. Let’s go back a bit. Steve Jobs & Apple Steve Jobs and Steve Wozniak – the two famous co-founders of Apple – became successful after the launch of their first computer (Apple I) in 1976. In 1977, an investor named Mike Markulla invested $250,000 in Apple. You might have heard of startups getting money from investors. What happens in such cases? The way this works seems a bit confusing to people who are not familiar with it. Many people think, when a company takes money from investors, the founders give the investors their shares. This is not technically true. Here’s what actually happens: new shares are created. Companies can do that. So suppose: Steve Jobs has 50 shares of Apple Steve Wozniak has 50 shares of Apple Total shares: 100 shares of Apple. So, Jobs: owns 50% of Apple Wozniak: owns 50% of Apple. Now, when they go to an investor, they negotiate. The result of this can be anything. For our understanding, let’s say they agreed that Mike would invest $250,000 for 30 shares of Apple. Apple will create 30 brand-new shares. So, now: Steve Jobs has 50 shares of Apple Steve Wozniak has 50 shares of Apple Mike has 30 shares of Apple Jobs and Wozniak still own the same number of shares. But, their percentage of ownership has reduced. So, Jobs: owns 50 out of 130 shares of Apple (~38%) Wozniak: owns 50 out of 130 shares of Apple (~38%) Mike: owns 30 out of 130 shares of Apple (~23%) Every time a new investor invests in the company, the ownership percentage of the older shareholders reduces. In its first 5 years, Apple sales grew wildly. To continue growing fast, they raised money from investors a couple of times. In 1980, they went in for an IPO. After the IPO, the board of directors of Apple grew concerned about the company. Apple’s board of directors had some concerns about Steve Jobs. They felt he was not ready to be a CEO yet. They encouraged him to find a CEO for Apple. Steve Jobs was impressed by John Scully – the CEO of Pepsico. After 18 months of persuading him, John finally agreed to become the CEO of Apple in 1983. John knew little about technology and computers. But he understood people. Apple wanted exactly that – a CEO who understands people. At this point you might ask, ‘Steve Jobs was the founder of Apple. Why did he have to listen to the board?’ Well, Steve was not in control. Apple had raised funding multiple times. And it had done so enough number of times that Steve Jobs was no longer a majority shareholder in Apple. He owned less than 50% of the company. Steve Jobs had himself chosen John Sculley. But that, unfortunately, did not work out well. Read full story

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🔴 IMPORTANT ANNOUNCEMENT BY CA KEVAL MOTA 🔴 Entire IDT preparation in Rs. 3,800/- ⬛ Lectures: Freely will be available on YouTube as per attached schedule. (Upload start date: 18th December, Completed by 31st January) {This lectures are sufficient for 1st time learners also} 🟪 Question and Answer: You can buy QNA batch from Below link at Rs. 2,500 (No books hard copy) {All Practical Questions and Case Study Questions will be solved} [Upload (on app: IDT by CA Keval Mota) start date: 18th December, Completed by 31st January] https://bit.ly/3uT96qB 🟩 Hard Copy Soft Copy books: Hard copy can be bought from Below link: (Chart book 500 + QB 900) Combo: 1300 Release date: 31/12/2023 https://bit.ly/48e3Xrz 🟨 Soft copy can be bought from below link: Release date: 31/12/2023 https://bit.ly/47LLxhO (Pdf would be downloadable and printable) 🟧 YouTube Channel Link https://youtube.com/@CAKevalMota?si=Bd0Fin6XSI31KRuX

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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 ࿇ ══━━━━✥◈✥━━━━══ ࿇