Sai Manikanta Pedamallu

The aim of this article is to help students improve their understanding of computer-assisted techniques by giving practical illustrations of computer-based controls and the way they may feature in exam questions. Relevant to Foundation level Paper FAU and ACCA Qualification Papers F8 and P7 (Int and UK) The accounting systems of many companies, large and small, are computer-based; questions in

To obtain audit evidence, the auditor performs one – or a combination – of the following procedures: inspection observation external confirmation inquiry reperformance recalculation analytical procedures. It is mandatory that the auditor should perform risk assessment for the identification and assessment of risks of material misstatement at the financial statement and assertion level, and the risk assessment procedures should include

How working papers provide evidence that an effective, efficient, and economic audit has been carried out. This article is about audit working papers. Auditors should prepare and organise their working papers in a manner that helps the auditor carry out an appropriate audit service. The auditor should avoid preparing or accumulating unnecessary working papers, and should therefore avoid making extensive

Relevant to ACCA Qualification Paper F8 This article considers the requirements of ISA 330, The Auditor’s Responses to Assessed Risks. The main objective of ISA 330 is to give guidance on how auditors should obtain sufficient appropriate evidence regarding the assessed risks of material misstatement by designing and implementing appropriate responses to those risks. UK and Irish students should note

This article provides guidance on various aspects of auditing in a computer-based accounting environment. Relevant to Foundation level Paper FAU and ACCA Qualification Papers F8 and P7 Specific aspects of auditing in a computer-based environment Information technology (IT) is integral to modern accounting and management information systems. It is, therefore, imperative that auditors should be fully aware of the impact

This article considers how subsequent events can affect an entity’s financial statements, and discusses the auditing requirements AA candidates need to know. Students of financial reporting and auditing papers will have to gain an understanding of how subsequent events (also known as ‘events after the reporting period’) affect the financial statements of an entity. This article will consider the financial

This article will consider the various sampling methods in the context of AA and FAU. Paper F8, Audit and Assurance and Paper FAU, Foundations in Audit require students to gain an understanding of audit sampling. While you won’t be expected to pick a sample, you must have an understanding of how the various sampling methods work. This article will consider

This article outlines and explains the concept of audit risk, making reference to the key auditing standards which give guidance to auditors about risk assessment Relevant to FAU, F8 and P7 Identifying and assessing audit risk is a key part of the audit process, and ISA 315, Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and

It is essential that candidates preparing for the Audit and Assurance (AA) exam understand the respective responsibilities of auditors and management regarding going concern. This article discusses these responsibilities, as well as the indicators that could highlight where an entity may not be a going concern, and the reporting aspects relating to going concern. Candidates attempting AA will need to have