Accounting & Auditing- A Checklist Approach (3rd Edition)

Auditing is becoming an increasingly complex and onerous profession requiring ensuring compliances with various regulations and financial reporting requirements with regular updates in Accounting Standards, Standards on Auditing, multiple changes in the provisions of Companies Act, 2013, Revised Form 3CD, Revised SEBI LODR requirements, internal financial control reporting requirement and numerous laws and regulations and reporting requirements. With expanded regulatory scrutiny on the financial statements’ disclosures by companies as also the audit reports and effectiveness of the audit process, and with several new changes coming up in accounting standards and auditing standards, on a regular basis, ensuring compliance with important regulatory pronouncements is becoming an increasingly difficult task.

This publication intends to assist companies and auditors in preparing financial statements in accordance with Accounting Standards and Indian Accounting Standards. The publication also seeks to provide immense practical value, containing several new checklists of importance including on updated Accounting Standards, Indian Accounting Standards, Schedule III, Revised Standards on Auditing, CARO 2016, CARO 2020, Audit Report formats, IFC Reporting and Revised Form 3CD clauses.

Part I of the publication deals with the accounting requirements and contains Accounting Standards [under Companies (Accounting Standards) Rules, 2006] and Companies (Indian Accounting Standards) Rules, 2015 checklists. There are also checklists dealing with Divisions I, II and III of Schedule III to the Companies Act, 2013.

Part II of the publication deals with the auditing requirements and contains Standards on Auditing checklist, Revised Form 3CD checklist including the annexures, CARO 2020 checklist, ICF reporting checklist and checklist on SEBI’s regulations for principal auditors of listed groups.

Part III of the publication deals with the impact of COVID-19 on Accounting & Auditing. There is a separate chapter dealing with the financial reporting aspects of COVID-19 that need to be considered by companies under Accounting Standards and under Indian Accounting Standards, followed with extracts from annual reports of leading companies A separate checklist deals with audit considerations due to COVID-19. Further for ease of readers, author has given a separate chapter on extracts from audit reports (having COVID-19 issues) of leading company.