Bharat’s Statutory Audit — A Ready Reckoner for Accounting Standards Compliant Companies by CA. Kamal Garg – 6th Edition 2025.

Bharat’s Statutory Audit — A Ready Reckoner for Accounting Standards Compliant Companies by CA. Kamal Garg – 6th Edition 2025.

About Statutory Audit – A Ready Reckoner for Accounting Standards Compliant Companies

Division I

Appointment of Auditors

Chapter 1        Appointment and Removal of Auditors

Chapter 2        Management Services and the Auditors

Chapter 3        Code of Ethics

Chapter 4        Unique Document Identification Number (UDIN)

Chapter 5        Audit Trail and Other Matters to be reported by Auditors under the Companies Act, 2013

Division II

Audit of Items of Financial Statements — Ready Reckoner

Chapter 6        Books of Accounts and Financial Statements

Chapter 7        Consolidation of Financial Statements

Chapter 8        Audit Checklist for Share Capital

Chapter 9        Audit Checklist for Reserve and Surplus

Chapter 10      Audit Checklist for Borrowings

Chapter 11      Audit Checklist for Trade Receivables

Chapter 12      Audit Checklist for Cash and Cash Equivalents

Chapter 13      Audit Checklist for Inventories

Chapter 14      Audit Checklist for Fixed Assets and Property, Plant and Equipment (PPE)

Chapter 15      Audit Checklist for Intangibles

Chapter 16      Audit Checklists for Trade Payables and Current Liabilities

Chapter 17      Audit Checklists for Loans and Advances and Other Current Assets

Chapter 18      Audit Checklists for Provisions and Contingent Liabilities

Chapter 19      Audit Checklists for Sale of Products and Rendering of Services

Chapter 20      Audit Checklists for Other Income Comprising Interest Income, Dividend Income, Gain/Loss on Sale of Investments etc.

Chapter 21      Audit Checklists for Purchases

Chapter 22      Audit Checklists for Employee Benefits Expenses

Chapter 23      Audit Checklists for Depreciation and Amortisation

Chapter 24      Audit Checklists for Other Expenses like Power and Fuel, Rent, Repair to Building, Plant and Machinery, Insurance, Travelling, Legal and Professional, Miscellaneous Expenses

Chapter 25      Audit Checklists for Taxes on Income and Minimum Alternative Tax (MAT)

Chapter 26      Statutory Auditors’ Responsibilities in Relation to Fraud in a Company

Chapter 27      Materiality in Statutory Audit: Illustrative Case Studies

Chapter 28      How to do Risk Assessment and Audit Sampling

Division III

Schedule III Specimen Format of Financial Statements (AS Based

Chapter 29      Specimen Format of Financial Statements under Schedule III for AS compliant companies

Chapter 30      Practice Pointer Issues on Accounting Standards

Chapter 31      Checklists of Accounting Standards

Division IV

SA and CARO Checklist

Chapter 32      Standards on Auditing (SA) Checklists

Chapter 33      Companies (Auditor’s Report) Order, 2020 — Checklist

Division V

Audit Programme – Audit Compliance Procedures

Chapter 34      Business Client Information Checklist

Chapter 35      KYC New Client

Chapter 36      Illustrative Audit Programmes for Accounting System & Internal Control

Chapter 37      Illustrative list of Questions to Evaluate Entity Level Controls Considering Nature of Business, Size of Operation and Organisational Structure of the Entity

Division VI

Formats of Engagement and Representation Letters, Reports

Chapter 38      Illustrative Formats on Agreeing the Terms of Audit Engagements

Chapter 39      Illustrative Format of Representation Letter

Chapter 40      Specimen of Management Representation Letter on Statutory Audit (including Audit Trail)

Chapter 41      Illustrative Format on an Engagement Letter for an Agreed upon Procedures Engagement

Chapter 42      Illustrative Format on Engagement Letter for a Compilation Engagement

Chapter 43      Illustrative Format on Engagement Letter for a Review of Interim Financial Information

Chapter 44      Illustrative Format on Engagement Letter for an Engagement to Review Historical Financial Statements

Chapter 45      Illustrative Format on Independent Auditor’s Reports on Financial Statements

Chapter 46      Illustrative Format on Practitioner’s Report with an Unmodified Opinion

Chapter 47      Illustrative Format on Auditor’s Report on Emphasis of Matter Paragraph and Other Matter Paragraphs

Chapter 48      Illustrative Formats on Auditor’s Reports with Modifications to the Opinion

Chapter 49      Illustrative Formats of Auditor’s Report with Modified Opinion

Chapter 50      Illustrative Formats on Auditor’s Report on Corresponding Figures and Comparative Financial Statements

Chapter 51      Illustrative Formats on Auditor’s Reports Relating to Going Concern

Chapter 52      Illustrative Formats on Auditor’s Report Relating to Other Information

Chapter 53      Illustrative Formats on Practitioners’ Compilation Reports

Chapter 54      Illustrative Formats on Review Reports on Interim Financial Information

Chapter 55      Illustrative Formats on Practitioners’ Review Reports

Chapter 56      Illustrative Formats on Special Purpose Financial Statements

Chapter 57      Illustrative Formats on Summary Financial Statements

Chapter 58      Illustrative Format on a Report of Factual Findings in Connection with Accounts Receivable

Chapter 59      Illustrative Formats on a Single Financial Statement and a Specific Element of a Financial Statement

Chapter 60      Illustrative Format of an Unmodified Report on a Projection

Chapter 61      Illustrative Formats on Service Organization’s Assertions

Chapter 62      Illustrative Formats on Modified Service Auditor’s Assurance Reports

Chapter 63     Illustrative Formats on Service Auditor’s Assurance Reports

Chapter 64     Information Requests and Other Client Admin Letters – Letter of Weakness and Appendix

Chapter 65      Confirmation Letter for Struck Off Status to be sent by Company

Chapter 66      NOC Communication with predecessor

Chapter 67      Eligibility and Independence confirmation to be appointed (or) continue as auditors

Division VII

Revised Formats of Audit Reports (Including Audit Trail)

Chapter 68      Revised Format of Audit Report for Private Limited Company without IFC, CARO 2020, Cash Flow

Chapter 69      Revised Format of Audit Report for Private Limited Company with IFC, CARO 2020, Cash Flow

Chapter 70      Revised Format of Audit Report for Private Limited Company without IFC, but with CARO 2020, Cash Flow

Chapter 71      Revised Format of Audit Report for Private Limited Company without IFC, CARO 2020 but with Cash Flow

Division VIII

Specimen Audit Report from Published Results

Chapter 72      TCS Annual Report

Chapter 73      Infosys Annual Report

Division IX

Illustrative Audit Paras for Qualification, Adverse, Disclaimer, KAM, EOM, OM Matters

Chapter 74      Qualified Opinion – Illustrative Reporting Comments

Chapter 75      Material uncertainty related to Going Concern – Illustrative Reporting Comments

Chapter 76      Emphasis of Matter Paragraph – Illustrative Reporting Comments

Chapter 77      Other Matter Paragraph – Illustrative Reporting Comments

Chapter 78      Key Audit Matters – Illustrative Reporting Comments

Chapter 79      Disclaimer Opinion – Illustrative Reporting Comments

Chapter 80      Adverse Opinion – Illustrative Reporting Comments

Chapter 81      Other Information Paragraph — Illustrative Reporting Comments

Chapter 82      Internal Controls over Financial Reporting

Details :