CA Inter Audit Chapter-3 Revision Marathon | ICAI Exam Oriented September 2024 | Neeraj Arora

#icaiexams #neerajarora #edu91

🔴 Audit Classes by Neeraj Arora Sir- https://www.edu91.org/s/pages/interaudit

At Intermediate Level, Auditing & Ethics is Paper-5 which is of 100 Marks.

As per the New Course Syllabus of ICAI, CA Inter Audit has been renamed as CA Inter Auditing & Ethics. Now, the CA New Course Syllabus has been divided into 11 Chapters. In this video, we will be revising Chapter-3 of CA Inter Audit which is Risk Assessment and Internal Control.

Timestamps-
00:00 Introduction
00:37 Chapter 3 Audit Risk and Risk Assessment Revision Video starts
00:44 Audit Risk
09:42 Risks that require special audit consideration
13:57 SA 315 Identifying and assessing the risk of material misstatement through understanding the entity and its environment
15:30 Risk assessment procedures and what it includes
23:08 Understanding the Entity and its Environment
31:28 Why is understanding the entity and its environment significant?
34:00 Chapter 3A Internal Control Revision Video starts
34:10 Meaning of Internal Control
37:34 Components of IC
49:55 Are all Controls Relevant to the audit?
53:00 Miscellaneous topics related to IC
54:14 Nature and Extent of the Understanding of Relevant Controls
57:34 Evaluation of Internal Control By Auditor
01:00:21 Formulate Audit Program after understanding Internal Control
01:01:16 Evaluation of Internal Control– Methods
01:04:20 Objectives of IC
01:05:19 Message to students
01:05:43 Chapter 3B Response to the Assessed Risk Revision Video starts
01:06:05 Objective and Responsibility of auditor
01:08:00 Testing of Internal Control
01:29:31 Tests of Details
01:33:55 Internal Financial Controls as per Regulatory Requirements
01:38:06 Chapter 3C Materiality Revision Video starts
01:38:26 What is meant by materiality?
01:41:54 Benchmarking
01:46:24 Determining Materiality and Performance Materiality
01:48:11 Determination of materiality- a matter of professional judgment
01:50:10 Revision in Materiality
01:51:09 Documenting the Materiality
01:51:23 Materiality and Audit Risk
01:53:01 Chapter 3D Automated Environment Revision Video starts
01:53:08 What is an automated environment?
01:54:23 Key features of an Automated Environment
01:54:59 Understanding and documenting automated environment
01:56:15 Understanding the Risks that arise from the use of IT and IT Systems
01:59:06 Types of Controls in an Automated Environment
02:12:33 Testing methods in an automated environment
02:14:56 Manual and Automated Elements of Internal Control Relevant to the Auditor’s Risk Assessment
02:18:10 Audit Approach in an Automated Environment
02:19:54 Data Analytics for Audit
02:21:08 Digital Audit