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Srujan Shah asked 10 months ago

Hi sir. Can you please provide a tip/ mnemonic to remember CNO 102.0 in SA 600

2 Answers
RaviRavi Staff answered 10 months ago

Sorry i was little busy with other work, will try to answer queries today, please keep asking your queries, we will answer in 24 hours

RaviRavi Staff answered 10 months ago

ICAI has taken this answer from some foreign author, it is not exactly as per SA 600. 
Part 1:- Responsibility & Power of Principal Auditor (Simple)
Part 2:- What to review?(Simple)
Part 3:- Questionnaire based method for review? (PA should focus in Approach used / Limitations if Any /  Opinion on Internal Controls & Quality of Records / Appropriateness of Accounting Policy / Opinion and its reasons
Part 4:- Detailed working paper based review, majority of points are similar to core audit process, we are going in further details how audit of subsidiary was conducted
First whether audit team took permanent audit file was it updated
Next in sequence of importance compliance of legal requirements  related to accounting, financial statements, auditing / minutes of general and board meetings
then regular understanding systems / test of controls / substantive procedures
overall review with analytical procedures at the end
evaluating adequacy of audit evidence 
comprehensive documentation of above
proper review during audit
quality controls system followed
discussion if required with management of subsidiary
Last Part:- If happy with review fine if not further audit procedures by other auditor or jointly with them

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