Understanding the Basics of Financial Statement Auditing

A concept course on the financial statement audit as it works in India. You will learn what an audit does and does not promise, how reasonable assurance and materiality shape the work, and who is responsible for what between management, the auditor and the audit committee. You will see the rules that govern a statutory audit under the Companies Act, 2013, the Standards on Auditing issued by ICAI, and the oversight role of NFRA, along with auditor independence and rotation. You will then follow the audit itself, from planning and risk assessment through controls testing, substantive procedures, evidence, sampling and going concern. Finally you will learn to read an Indian auditor's report section by section, tell the four opinion types apart, use Key Audit Matters and CARO 2020 remarks, and spot the auditor red flags that preceded failures like Satyam and IL&FS. Built for commerce and finance students, compliance career aspirants, and investors who want to know what the audit report on a listed company is really telling them.