CA Study Notes (Inter, Final & Foundation)
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โœ… Assertions while Obtaining Audit Evidence from Substantive Procedure

๐ŸŽ“ By
@Mission_CA_Inter

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Memory Trick - VE ROC PM
Alternative - MP COVER (mobile phone cover) - PM COVER

Valuation
Existence
Rights & Obligations
Occurrence
Completeness
Presentation & disclosure
Measurement.

Bifurcated lists of Assertions based on three categories.

Assertions about
- Classes of transactions
- Accounts Balances
- Presentation & Disclosure

Classes of transactions - OCACC

๐Ÿง‘๐Ÿปโ€๐ŸŽจ CA COC

Completeness
Accuracy
Cut off
Occurrence
Classification

Accounts Balance -

๐Ÿง‘๐Ÿปโ€๐Ÿ”ง Indifference Curv naam to suna hi hoga - CERV

Completeness
Existence
Rights & Obligations
Valuation

Presentation & Disclosure

- Coca cola ๐Ÿน

- Completeness
- Occurrence & rights and obligations
- Classification & understandability
- Accuracy and valuation

Completeness common for all categories


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๐Ÿ”ฐTRICKS TO REMEMBER SCHEDULES OF BALANCE SHEET OF BANKING :-๐Ÿ”ฐ

Schedule 1 :- Capital (CAN)
2:- Reserves (RAMU )
3:- Deposits (a DHOBI)
4:- Borrowings (BUY)
5 :- Other Liability and provisions ( OCTAVIA CAR)

"CAN RAMU,a DHOBI; BUY OCTAVIA CAR..????"

ASSETS:-
6:- Cash &Bank Balances with RBI:- (C)
7:- Balances with Banks, Money at call and Short Notice:- (B)
8:- Investments ( I)
Compounded mnemonic for 6,7,8 :- (C.B.I )
9:- Advances (a)
10:- Fixed Assets (FRAUD)
11:- Organisation (ORGANISATION)

"C.B.I , a FRAUD ORGANISATION".

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