Commercial Key Audit Matters- A Practice Manual By Mohan R Lavi Edition 2022

Commercial Key Audit Matters A Practice Manual By Mohan R Lavi

Commercial Key Audit Matters A Practice Manual By Mohan R Lavi

Description

This book is an attempt to make the understanding of the Key Audit Matters simple and useful for practical use. The desire to write this book arose from the fact that Key Audit Matters (KAM’S) have been introduced in India a year after they were mandated in international jurisdictions. Author has considered it useful for auditors, as they will have some visibility into how KAM’s have been reported in other jurisdictions and in India.

The book contains 10 Chapters. It commences with a discussion on the format and structure of audit reports at present and discussion on the impact of CARO 2020 (though it has been postponed by a year) in chapter 1. Further this chapter has covered impact of COVID-19 on Auditing Report (including KAM’s) and impact on various industries. The Institute of Chartered Accountants of India (ICAI) has brought out a detailed advisory on the impact of COVID-19 on financial reporting and the audit of financial statements. This advisory has been reproduced in this Chapter with the permission of ICAI. Chapter 2 summarizes SA 701- the auditing standard for Key Audit Matters. Chapter 3 contains a detailed analysis of KAM’s reported abroad. This edition of the book has a Chapter 3A that analyses KAM’s reported by 70 companies in the BSE 100. The analysis contains the types of KAM’s reported and their number. ACCA has done some research on KAM’s and their report is reproduced in Chapter 4. Chapter 5 consists future of Audit Reports while Chapter 6 reproduces SA 701, 706, 710 and 720. Permission has been obtained from the Institute of Chartered Accountants of India to reproduce their Standards on Auditing. Chapters 7,8 and 9 contains FAQs on SA 701, a reproduction of ISA 710 and AS 3101- the US GAAP equivalent of ISA 701. The book concludes with an Afterword.

Key features of the book

• Relevant for reporting Key Audit Matters (KAM) for the year ended 31/03/2022 and onwards
• Discussion on the latest audit report formats having Key Audit Matters.
• Industry – wise analysis of KAMs published globally and for Indian entities followed with extracts of reports
• Analysis of the research report on KAMs issued by ‘The Association of Chartered Certified Accountants (ACCA)’.
• Discusses Qualifications, Emphasis of Matters and Key Audit Matters
• Covers ISA 701 – Reporting Key Audit Matters.
• Contains relevant Auditing Standards related to Key Auditing Matters.
• Covers Impact of CARO 2020 on Key Audit Matters.
• Includes impact of COVID-19 on Key Audit Matters and various industries along with ICAI Advisory.

About the Author

Mohan R Lavi Mr Mohan R Lavi qualified as a Chartered Accountant in 1989. He has over 25 years of experience in industry across a variety of industries. He has worked in senior positions in finance in manufacturing and software companies. At present, he is a Partner with M/s K P Rao & Co, Chartered Accountants, Bangalore and heads the Ind AS and GST practices of the firm. Mohan is the author of the first book on Service tax published in India by Bharat Law House in 1994. He has written books on IFRS, Ind AS and the Sarbanes Oxley Act. Mohan has spoken at various conferences in India and abroad on Accounting Standards, IFRS, Sarbanes Oxley and Service tax and is a faculty member with the Institute for their GST programs. Mohan is a weekly columnist for the Hindu Business Line on matters of topical interest and a monthly columnist for Deccan Herald on GST.