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Audit Test Of Details

Audit Test Of Details Template for India

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Key Requirements PROMPT example:

Audit Test Of Details

"I need an Audit Test of Details document for a manufacturing company in Mumbai, focusing on inventory valuation testing for Q2 2025, which must comply with ICAI standards and include specific procedures for high-value machinery components."

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Document background
The Audit Test of Details document serves as a crucial component in the Indian statutory audit framework, designed to provide detailed evidence supporting the audit opinion. This document is essential when conducting substantive testing of account balances, classes of transactions, or disclosures as required by Indian auditing standards. It incorporates requirements from the Companies Act 2013, ICAI guidelines, and relevant regulatory frameworks, ensuring comprehensive documentation of audit procedures, findings, and conclusions. The template is particularly valuable for maintaining audit quality control, demonstrating professional judgment, and supporting audit opinions in the Indian regulatory context. It should be used whenever detailed testing is required as part of the audit engagement, whether for routine annual audits or specific investigative procedures.
Suggested Sections

1. Purpose and Scope: Defines the objective of the test of details and the specific account balances or transactions being tested

2. Test Parameters: Specifies the time period, materiality threshold, and sampling methodology used

3. Testing Procedures: Detailed description of the audit procedures to be performed

4. Sample Selection: Documentation of sampling method and selected items for testing

5. Test Results: Detailed findings from the performed procedures, including exceptions noted

6. Analysis and Evaluation: Assessment of the test results and their implications

7. Conclusions: Overall conclusion on the tested area and impact on audit opinion

Optional Sections

1. Risk Assessment: Include when specific risks have been identified for the tested area that influenced the testing approach

2. Control Testing Interface: Include when the test of details relates to or depends on internal control testing

3. Expert Analysis: Include when specialist expertise was required for certain aspects of testing

4. System Generated Reports: Include when testing relied on data analytics or system-generated information

5. Related Party Considerations: Include when testing involves related party transactions

6. Regulatory Compliance: Include when testing specifically addresses regulatory requirements

Suggested Schedules

1. Sample Selection Details: Complete list of selected items with selection criteria and methodology

2. Testing Worksheets: Detailed working papers showing the testing performed on each sample

3. Exception Log: Detailed listing of all exceptions noted during testing

4. Supporting Documentation: Copies or references to key supporting documents examined

5. Statistical Analysis: Statistical calculations and projections where applicable

6. Client Responses: Documentation of management's responses to exceptions noted

7. Review Notes: Comments and review points from senior audit team members

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Materiality
Sample Population
Sampling Unit
Sampling Risk
Test Population
Exception
Deviation
Substantive Testing
Audit Evidence
Source Documentation
Working Papers
Audit Trail
Statistical Sampling
Non-Statistical Sampling
Confidence Level
Precision
Tolerable Error
Expected Error
Extrapolation
Test Objective
Control Risk
Detection Risk
Audit Procedures
Professional Judgment
Professional Skepticism
Supporting Documentation
Review Notes
Audit Documentation
Quality Control
Engagement Partner
Engagement Team
Testing Methodology
Sampling Interval
Random Selection
Systematic Selection
Analytical Procedures
Relevant Assertions
Test Period
Base Population
Selection Criteria
Documentation Requirements
Relevant Industries

Banking & Financial Services

Manufacturing

Information Technology

Retail

Healthcare

Real Estate

Telecommunications

Energy & Utilities

Construction

Automotive

Pharmaceuticals

Education

Hospitality

Mining & Metals

Media & Entertainment

Relevant Teams

Audit

Internal Audit

Risk Assurance

Quality Control

Compliance

Finance

Corporate Governance

Technical Standards

Quality Review

Relevant Roles

Audit Partner

Senior Auditor

Audit Manager

Junior Auditor

Quality Review Partner

Compliance Officer

Internal Audit Director

Risk Assurance Manager

Chartered Accountant

Financial Controller

Chief Financial Officer

Audit Committee Member

Technical Director

Engagement Quality Reviewer

Industries
Companies Act, 2013: Primary legislation governing company operations in India, including statutory audit requirements, auditor appointments, and reporting obligations
Standards on Auditing (SAs): Professional standards issued by the Institute of Chartered Accountants of India (ICAI) that provide framework for conducting audits
Income Tax Act, 1961: Relevant for tax audit provisions and verification of financial statements from a tax perspective
ICAI Guidance Notes: Professional guidance issued by ICAI for specific audit procedures and test of details
Information Technology Act, 2000: Relevant for electronic records and digital evidence in audit procedures
SEBI Regulations: Additional requirements for listed companies regarding audit and financial disclosure
Prevention of Money Laundering Act, 2002: Considerations for anti-money laundering compliance in financial transactions
Indian Accounting Standards (Ind AS): Framework for accounting principles that need to be verified during audit tests
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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