Audit Revision | Audit Marathon | CA Inter Audit Revision | Sept 2025 Exams | 80 Marks | Time Stamps

About this Video

• Video Title: Audit Report Revision
• Channel: Not specified in the transcript.
• Speakers: One speaker (name not specified)
• Duration: Approximately 50 minutes (estimated based on the speaker's comments about time spent on topics).

Introduction

This video is a revision lecture focusing on the audit report chapter. The lecture aims to teach viewers how to prepare an audit report, covering reporting standards (e.g., SAS 700, 710, 705, 706, 299, 600, 570) and requirements (e.g., CARO 143, fraud reporting). The lecturer emphasizes conceptual understanding to improve revision speed and efficiency.

Key Takeaways

• Audit Report Structure: An audit report includes a title (Independent Auditor's Report), addressee, opinion, basis for opinion, and potentially sections for material uncertainty, key audit matters, emphasis of matter, and other matter (depending on the circumstances).
• Types of Auditor's Opinions: Unmodified/clean/unqualified opinions indicate no material misstatements; qualified opinions indicate material misstatements that are not pervasive; adverse opinions indicate material and pervasive misstatements; and disclaimer of opinions are issued when sufficient appropriate evidence is not obtained for material and pervasive matters.
• Pervasiveness: A key factor in determining the type of modified opinion is the pervasiveness of the misstatement(s). Pervasive misstatements affect a substantial portion of the financial statements or relate to fundamental disclosures.
• Basis for Opinion Section Modifications: The basis for opinion section is modified depending on the type of opinion given (unmodified, qualified, adverse, or disclaimer). In a disclaimer of opinion, statements regarding the conduct of the audit, independence, and sufficient appropriate evidence are omitted.
• Auditor Responsibility Section: This section details the auditor's responsibilities, including obtaining reasonable assurance, exercising professional skepticism, and communicating with those charged with governance. The content of this section is also modified depending on the type of opinion issued.