CA Inter Audit Chapter-3 Revision Marathon | ICAI May 2025 Exams | Neeraj Arora

#icaiexams #neerajarora #edu91 🔴 Audit Classes by Neeraj Arora Sir- https://www.edu91.org/s/pages/interaudit At Intermediate Level, Auditing & Ethics is Paper-5 which is of 100 Marks. As per the New Course Syllabus of ICAI, CA Inter Audit has been renamed as CA Inter Auditing & Ethics. Now, the CA New Course Syllabus has been divided into 11 Chapters. In this video, we will be revising Chapter-3 of CA Inter Audit which is Risk Assessment and Internal Control. Timestamps- 00:00 Introduction 00:37 Chapter 3 Audit Risk and Risk Assessment Revision Video starts 00:44 Audit Risk 09:42 Risks that require special audit consideration 13:57 SA 315 Identifying and assessing the risk of material misstatement through understanding the entity and its environment 15:30 Risk assessment procedures and what it includes 23:08 Understanding the Entity and its Environment 31:28 Why is understanding the entity and its environment significant? 34:00 Chapter 3A Internal Control Revision Video starts 34:10 Meaning of Internal Control 37:34 Components of IC 49:55 Are all Controls Relevant to the audit? 53:00 Miscellaneous topics related to IC 54:14 Nature and Extent of the Understanding of Relevant Controls 57:34 Evaluation of Internal Control By Auditor 01:00:21 Formulate Audit Program after understanding Internal Control 01:01:16 Evaluation of Internal Control– Methods 01:04:20 Objectives of IC 01:05:19 Message to students 01:05:43 Chapter 3B Response to the Assessed Risk Revision Video starts 01:06:05 Objective and Responsibility of auditor 01:08:00 Testing of Internal Control 01:29:31 Tests of Details 01:33:55 Internal Financial Controls as per Regulatory Requirements 01:38:06 Chapter 3C Materiality Revision Video starts 01:38:26 What is meant by materiality? 01:41:54 Benchmarking 01:46:24 Determining Materiality and Performance Materiality 01:48:11 Determination of materiality- a matter of professional judgment 01:50:10 Revision in Materiality 01:51:09 Documenting the Materiality 01:51:23 Materiality and Audit Risk 01:53:01 Chapter 3D Automated Environment Revision Video starts 01:53:08 What is an automated environment? 01:54:23 Key features of an Automated Environment 01:54:59 Understanding and documenting automated environment 01:56:15 Understanding the Risks that arise from the use of IT and IT Systems 01:59:06 Types of Controls in an Automated Environment 02:12:33 Testing methods in an automated environment 02:14:56 Manual and Automated Elements of Internal Control Relevant to the Auditor’s Risk Assessment 02:18:10 Audit Approach in an Automated Environment 02:19:54 Data Analytics for Audit 02:21:08 Digital Audit