How I do Listed Company Audit | Process of Statutory Audit in Big 4 firm
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In this video, I have discussed about my experience on how I do the statutory audit of the listed companies.
There are several steps in the statutory audit as follows
Audit procedure in Big 4 firm is same as you must have studied in your theory.
When I joined the Big 4 firm, first my training was conducted to give me idea how their software work, how the firm works, how they do the audit etc.
Then when I allocated with a client then the first thing which I received over email from senior is the independence confirmation.
I need to confirm that whether I am independent of the entity whom I am going to audit.
Once I confirmed that “Yes I am independent of the entity” then only the task was allocated to me.
After that, I have been Involved in the Engagement team discussion where the manager and partner has given me overview of the client.
Then, we went to client discussed about the environment of the entity, how the client works, what is the revenue model, about the expenses, applicable laws etc i.e. everything about the business model of the company.
We have started taking understanding of each processes from each process owner i.e. called Process walkthrough and then have documented in our file
We have calculated the materiality of the company to perform our procedure
On the basis of the client Risk control matrix, we have identified and tested the controls which impact our financial reporting.
After evaluation of the controls, we have performed the substantive testing where we have ensured that the financial statement is showing true and fair view.
We have prepared the audit report inclusive of Main audit report, ICFR & CARO and generated the UDIN
We have taken the sign off from the each team member & partner and then archived the file
In this video, I have discussed about my experience on how I do the statutory audit of the listed companies.
There are several steps in the statutory audit as follows
Audit procedure in Big 4 firm is same as you must have studied in your theory.
When I joined the Big 4 firm, first my training was conducted to give me idea how their software work, how the firm works, how they do the audit etc.
Then when I allocated with a client then the first thing which I received over email from senior is the independence confirmation.
I need to confirm that whether I am independent of the entity whom I am going to audit.
Once I confirmed that “Yes I am independent of the entity” then only the task was allocated to me.
After that, I have been Involved in the Engagement team discussion where the manager and partner has given me overview of the client.
Then, we went to client discussed about the environment of the entity, how the client works, what is the revenue model, about the expenses, applicable laws etc i.e. everything about the business model of the company.
We have started taking understanding of each processes from each process owner i.e. called Process walkthrough and then have documented in our file
We have calculated the materiality of the company to perform our procedure
On the basis of the client Risk control matrix, we have identified and tested the controls which impact our financial reporting.
After evaluation of the controls, we have performed the substantive testing where we have ensured that the financial statement is showing true and fair view.
We have prepared the audit report inclusive of Main audit report, ICFR & CARO and generated the UDIN
We have taken the sign off from the each team member & partner and then archived the file
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در تاریخ 1402/03/20 منتشر شده
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