An audit carried out to express an independent opinion on the financial statements for a financial year prepared under any other GAAP other than Indian GAAP
INR 5,400-9,000/man day
1. Discuss with the entity on the scope and extent of audit as the same will primarily look to target financial records and underlying documents. 2. Understand the business of the entity. 3. To identify significant financial captions from the books of accounts and to carry out a scoping of such captions based on materiality. 4. Understand and review the adequacy of the existing controls in place to mitigate inherent business risks right from overall entity level to the concerned business cycles. 5. Test the adequacy and effectiveness of the controls to mitigate such risks. 6. The extent of substantive testing (detailed documentation verification) will be evaluated based on the results of testing controls. 7. Based on the above testing conclude whether each 'in scope' financial caption is expressed in a true and fair manner in line with the accounting principles, applicable to the entity, prevailing as per relevant accounting framework. 8. Based on the conclusion of each component issue an audit report on the overall financial statements of the entity.
1. Initially understanding Q&A sessions will be held with the various stakeholders in the top management. 2. The books of accounts for the period under audit will have to be made available. 3. Based on the above two information a detailed information/document requirement list custom made to each entity will be prepared and shared. 4. Additional information maybe required or asked for depending on the prevailing facts and circumstances.