Chokshi & Chokshi Interview Questions, Process, and Tips

Entity level controls are controls that operate at the entity-wide level and are designed to prevent, detect, and correct material misstatements in financial statements.

• Entity level controls set the tone at the top of the organization regarding the importance of internal control and its expectations for the organization.

• They include controls related to the control environment, risk assessment process, information syste...read more

The applicable standard on auditing for limited review is ISA 810 (Revised).

• ISA 810 (Revised) is the standard on auditing applicable for limited review engagements.

• It provides guidance on the responsibilities of the auditor when conducting a limited review.

• The standard outlines the procedures to be followed and the reporting requirements for limited reviews.

• ISA 810 (Revised) also addresses the communication of findings

Recent changes in CARO and Companies Act have implications on audit procedures and reporting requirements.

• CARO (Companies Auditor's Report Order) has been revised to include additional reporting requirements for auditors.

• Changes in the Companies Act have impacted the way audits are conducted and reported.

• Auditors need to stay updated with the latest amendments to ensure compliance with the regulatory framework.

• Examples...read more

Analytical procedures involve evaluating financial information through analysis, comparison, and investigation.

• Understand the client's business and industry to identify key risk areas

• Use financial ratios and trends to compare current and prior period data

• Investigate any significant fluctuations or anomalies in the financial statements

• Perform trend analysis to identify patterns or inconsistencies

• Utilize data analytics t...read more