At Dewan P. N. Chopra & Co., we foster a culture of continuous learning and knowledge sharing through regular sessions among team members. Recently our Statutory Audit team conducted a KSS on understanding of the key audit processes in the audit of the Statement of Profit and Loss Account balances.

Key learning from the session are as below:

-Understanding the relevance of assertions to the account balances, Classes of transactions and events, and Presentation and disclosures.

-Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and its Environment as per SA 315.

– Understanding of Audit procedures for audit of statement of profit and loss items