Please watch this video before reading this file, else you will not understand it. https://youtu.be/FqsvT5k83isHello everyone, first of all let me clarify, I believe in 100% conceptual studies, where we know reasons & applications through examples. If you do that studying is fun & you remember things. But my crazy thought process came up with something more to remember SA numbers in funny way. You may call it madness, you may laugh. But go through it once imagine things given, I bet you will never do mistake with SA numbers. It is based on principles of memory techniques. This is helpful when you get confused in exams. Read slowly one by one associate it with SA number, as soon as you see number crazy logic should come up.

“Remember correct SA number cannot give you full marks they can only improve marking by 1 mark & it matters”

200 Double “O” agent (James Bond)ek teer se 2 objective fulfil karta hai Objectives of Audit

210 2 logo ne milkar 1 LETTER (ENGAGEMENT LETTER)sign kiya Engagement Letter

220 Jab 2 aur 2 kandhe se kandha milakar kaam karte hai toh QUALITY improve hoti hai Quality Control

230 2nd Page ke baad 3rd Page aata hai koi bhi DOCUMENTS mein Audit Documentation

240 Jo log 2 ka 4 kartein hai wooh FRAUD haotein hai Frauds

250 Ambani sahab 2 se 5 relaince ka LEGAL COMPLIANCE dekhtein hai Law

260 6 is 3 times BIGGER than 2 :- Big means TCWG Communication to TCWG

265 6 ke baad 5 kaise aa sakta hai, there is PROBLEM WITH SYSTEM Communication of Internal Control Deficiency

299 2 “9” SAATH(JOINTLY) mein kaam kar rahe hai Joint Auditors

300 Double “O” agent ke paas har objective ko achieve kane ke liye 3 PLAN hotein hai Planning

315 15 / 3 =5 , agar ek jagah pe pe paanch raastein miltein ho toh that is extremely RISKY Risk Assessment

320 20/3 = 6.677 0.677 is IMMATERIAL Materiality

330 Agar PM pe attack hota hai toh, RESPONSE mein 3-3 ke 2 groups PM ko cover kar letein hai

Response to Risk

402 “2suro” ko aona kaam outsource kartein hai Service Organisation

450 4-5 badi galtiyaan toh har audit mein milhi jati hai Material Misstatement

500 Double “O” agent ke paas har chiz ko prove karne ke liye 5 EVIDENCE hotein hai Audit Evidence

501 1 number pe INVENTORY rahega, Agar hera pheri ki list banaye toh Inventory / /LitigationSegment Reporting

505 Ek 5 andar hai dusra bhar hai, andar wala 5 BAHAR(EXTERNAL) WALE SE COMMUNICATION kar raha hai

External Communication

510 5 se 10 saal mein bacccho ke account mein OPENING Balance aajana chahiyeh fitire ke liye aacha hota hai

Opening Balance

520 20/5 =4, Humne isse ko charo taraf se “ANALYSE” karna chahiye Analytical Procedures

530 5 mein 3 ko SAMPLING mein select kiya Sampling

540 40/5 = 8, agar 8 ko kaatoge toh do ek E aur ek 3 banega and E for ESTIMATES (Highly Insane, I Know)

Estimates

550 Yeh 5 aur 5 dono RELATIVES din bhar aaps mein baat aur transactions kartein hai Related Parties

560 5-6 mahni pe nazar rakhna padta hai after balance Sheet date for SUBSEQUENT EVENTS Subsequent Events

570 5+7=12 aur agla number hai 13 matlab khatra, NEXT YEAR IS DARK (DOUBTFUL) Going Concern

580 5+8=13 jab khatra bana hua ho, saboot ki kaami mehsoos ho toh support ke liye management se WRITING MEIN CONFIRMATION LENA CHAHIYE

Written Representation

600 Double “O” always has 6 OTHER PEOPLE which help him Other Auditors

610 Double “O” always has 1 person in INTERNAL group of enemy Internal Auditor

620 Double “O” always has 2 EXPERTS giving him cover fire so that he is not injured Experts

700 Final work of Double”O” agent is to give 7 PARAGRAPH REPORT Audit Report

705 7-5 = 2 , 2 TYPES OF OPINION are possible “Unmodified & Modified” (again madness) Types of Opinion

706 7-6=1, 1 hi jaise 2 para graph EMP / OMP EMP / OMP

710 Double “O” agent apni report 10 alag alag report se COMPARE karta hai Comparatives

720 Double “O” agent apni report final karne se pehle 20 alag alag INFORMATION (OTHER) padhta hai

Other Information

You can compare 200 / 300 / 500 / 600 / 700 then 220 / 330/ 550 for better remembrance. Feedback @ 9096000033 “SEE YOU @ 1 DAY REVISION SESSIONS & Video Lectures, Visit Auditguru.in or Call 9322011915 for more information”

200 Overall Objectives of Independent Auditor and Conduct of an Audit as per Standards on Auditing

210 Agreeing to terms of audit engagement

220 Quality Control for audit of financial statement

230 Audit Documentation 240 The responsibility relating to fraud in an audit of financial statements

250 Considerations of Law and Regulation in audit of financial statements 260 Communication to Those Charged With Governance

265 Communicating Deficiency in Internal Control to Those Charged With Governance

299 Responsibility of Joint Auditors 300 Planning an Audit of Financial Statements

315 Identifying and Assessing Risk of Material Misstatement through Understanding Entity and its Environment

320 Materiality in planning and performing audit 330 The Auditors Responses to Assessed Risk

402 Audit Considerations for entity using a service organisation 450 Evaluation of Misstatement Identified during Audit

500 Audit Evidence

501 Audit Evidence—Special Considerations for Specific Items 505 External Confirmations

510 Initial Audit Engagements--Opening Balance 520 Analytical Procedures

530 Audit Sampling

540 Auditing Accounting Estimates, Including Fair Value Estimates and Other related disclosures

550 Related Parties 560 Subsequent Events

570 Going Concern 580 Written Representation

600 Using work of another Auditor 610 Using work of Internal Auditor

620 Using work of Auditor Experts

700 Forming an Opinion and Reporting on Financial Statements 705 Modification to opinion on financial statements

706 Emphasis of Matter Paragraph & Other Matter Paragraph in Independent Auditor Report

710 Comparative Information—Corresponding Figures and Comparative Financial Statements

720 Auditor responsibility in relation to other information in document containing other information