SA 500 - Complete Standards on Auditing Revision | CA Final & Intermediate | CA Pradnya

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Excel in your CA Final and Intermediate exams with our comprehensive revision of SA 500 - Standards on Auditing. In this dedicated video, we cover the essentials of SA 500 to ensure you have a solid grasp of this crucial auditing standard.

Key Highlights:

In-Depth Coverage of SA 500
Complete Standards on Auditing Revision
CA Final & Intermediate Exam Preparation
Practical Insights and Examples
Expert Guidance for Audit Success

Whether you're a CA Final or Intermediate student or a budding auditor, this video is a must-watch to sharpen your knowledge of SA 500 and enhance your auditing skills.

Get ready to ace your exams. Watch now and subscribe for more audit standards revisions and study resources!


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SA 500 explains what constitutes audit evidence in an audit of financial statements, and deals with the auditor’s responsibility to design and perform audit procedures to obtain sufficient appropriate audit evidence to be able to draw reasonable conclusions to give opinion. This SA is effective for audits of financial statements for periods beginning on or after April 1, 2009.
Types of Audit Evidence based on the means of collection:
1. Inspection done internally or externally and types of evidence may be in paper form, electronic form etc. Even auditor may prefer to do a physical examination of an asset
2. Observation - Watching the internal processes being performed within the organization of the client. It is the close verification of the processes performed by the client. Eg: observing inventory counting.
3. External confirmation - obtaining external confirmation directly from the third party. One of the most reliable evidence. Eg: balance confirmation for debtors balance confirmation, creditors balance confirmation., banks
4. Recalculation - checking the mathematical accuracy of documents or records. Recalculation may be performed manually or electronically.
5. Reperformance - auditor’s independent execution of procedures or controls that were originally performed as part of the entity’s internal control.
6. Analytical Procedures - evaluations of financial information made by a study of plausible relationships among both financial and non-financial data. Analytical procedures also encompass the investigation of identified fluctuations and relationships that are inconsistent with other relevant information or deviate significantly from predicted amounts.
7. Inquiry - seeking information of knowledgeable persons, both financial and non-financial, within the entity or outside the entity.

In this Video - CA Pradnya has covered all aspects and concepts related to Audit Evidence in the most interesting manner with practical examples.
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