CA Kamal Garg Statutory Audit A Ready Reckoner

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Table of Contents

Statutory Audit – A Ready Reckoner (6th Edition, 2025)
Author: CA Kamal Garg

Part A: Overview and Fundamentals

1. Introduction to Statutory Audit

2. Legal Framework under the Companies Act, 2013

3. Objectives, Scope, and Principles of Audit

4. Risk-Based Audit Approach & Materiality

5. Overview of Audit Planning, Strategy & Documentation

Part B: Key Audit Areas

6. Audit of Share Capital and Reserves

7. Audit of Loans and Advances

8. Audit of Property, Plant, and Equipment (PPE)

9. Audit of Investments

10. Audit of Revenue Recognition and Receivables

11. Audit of Inventory and Cost of Goods Sold

12. Audit of Liabilities – Current & Non-Current

13. Audit of Provisions, Contingencies, and Events After Balance Sheet Date

14. Audit of Related Party Transactions

15. Audit of Consolidated Financial Statements (CFS)

Part C: Reporting Requirements

16. Auditor’s Report – Structure and Contents

17. CARO 2020 – Clause-wise Reporting with Illustrations

18. Reporting on Internal Financial Controls (IFC)

19. Audit Report under Section 143 of Companies Act

20. Reporting under SA 700, 701, 705 & 706

21. Reporting on Audit Trail (Rule 3(1) of Companies Rules)

Part D: Special Considerations

22. Audit of Startups and Emerging Growth Companies

23. Audit of NBFCs and Financial Sector Entities

24. Audit of Private Limited vs. Public Companies

25. Audit of Branch Offices

26. Fraud Reporting under Section 143(12)

27. Audit under COVID-19 & Force Majeure Considerations (if retained)

Part E: Standards and Professional Guidance

28. Key Standards on Auditing (SAs) – Overview & Application

29. Guidance Notes by ICAI Relevant to Statutory Audit

30. Peer Review and Quality Control in Audit Practice

Part F: Practical Tools and Templates

31. Illustrative Audit Checklists (Area-wise)

32. Sample Working Papers and Documentation Formats

33. Illustrative Management Representation Letter

34. Draft Audit Reports – Clean and Modified Opinions

35. Common Audit Findings & How to Address Them

Appendices

• Companies Act, 2013 – Key Sections for Auditors

• Latest MCA Notifications, Circulars, and Amendments

• FAQ on Statutory Audit Issues

• Glossary of Key Terms