Inherent Limitations of Audit | SA 200 | CA Inter Audit | Ch. 1 Part 7 | May 25/ Sept 25/ Jan 26

This video covers Inherent Limitations of Audit. Due to it auditor cannot obtain absolute assurance, auditor can obtain only reasonable assurance. Auditor's objective is to obtain reasonable assurance due to inherent limitations of audit. The auditor is not expected to, and cannot, reduce audit risk to zero because of Inherent limitations of Audit.

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Inherent Limitations of Audit includes :
01:30 Nature of financial reporting
06:34 Nature of audit procedures
12:06 Not in nature of investigation
12:34 Timeliness of financial reporting and decrease in relevance of information over time
14:33 Future events

It is Part 7 of Chapter 1 - Nature, Objective and Scope of Audit of Paper 5 - Auditing and Ethics for CA Inter. It is based on ICAI Study Material (Modules).

It is explained in detail for CA Inter May-2024 attempt onwards (May 25/ Sept 25/ Jan 26). It is relevant for ICAI New Scheme of Education and Training (New Course of CA Inter). It is helpful in understanding the concept and to remember as well.


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This video may be helpful, if you have any of the following question or learn the topic:
What is inherent limitations of Audit
Audit Inherent limitations
Why auditor cannot obtain absolute assurance
Why auditor expresses reasonable assurance
Inherent Limitations of Audit
Nature of Financial Reporting as Inherent Limitations
Nature of Audit Procedures as Inherent Limitations
Audit is not an investigation as Inherent limitations
Timeliness of financial reporting and relevance of information over time as inherent limitations
Future events as Inherent Limitations
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