USE "BIBLE" for Advantages:
B-Better Audit quality
I-Improve RIsk Assessment
B-Better Analytics
L-Low costs
E-Enhanced effectiveness and Efficiency
Use "AIS(Annual Information Statement)-ITP(Income tax Portal)" for Auditor's Understanding of automated environment
A-Application used by entity
I-IT Infrastructure Component
S-Structure and Governance
IT-IT Risks and Control
P-Policies, procedure and process followed
Hope these may help in remembering 50% of this chapter. I spend half a Sunday on this.
Use "CPT+BSR" for Challanges in digital Audit
C-Change Difficult
P-Process standardise
T-Target right process
B-Benefit for business
S-Standalone solution not available
R-Risk of Security
Use "Do Not SCN" for Disadv of Remote Audit
D-Doctored documents
N-Network Issue
S-Sensitive IT Sys may not be allowed
C-Culture challanges
N-No ability to visualise facility culture of organisation
Use "SDM MR. Manual" for aim of next generation audit
S-Sampling to 100%
D-Disconnected tools to automated
M-Multiple data set to one
M-Manual RA to Data Driven RA
R-Repetitive task to high value work
Manual work to Automation
Use "U For UPI ID Risk" for Risk arises from use of IT
U-Unauthorised access to data and improper changes
For-Failure to make neccessary update
U-Unauthorise change to data
P-Possibility if IT personnel gain extra acccess
I-IT application's unauth. changes
I-Improper manual Intervention
D-Data loss or Data Corruption
R-Risk of System down time
Use "RIB RIB Fines and penalties" for Impact of Impact of Cyber Risk
R-Regulatory costs
I-Intellectual property theft
B-Business Interruption
R-Reputation loss
I-Incident respond cost
B-Breach of Privacy
Fines and Penalties
stages of cyber risk- (AIM) assessing, impact and managing
Use "CA SIR" for Type of IT Dependence
C-Calculations
A-Automated Controls
S-Security
I-Interface
R-Reports
Use "Evidence of Widen CTC" for Adv of Remote audit
Evidence directly from IT System
Widen Selection of Auditor
C-Cost and time effective
T-Time period small
C-Comfort & Flexibility
Use "FISTA" for Key Features of Digital Audit:
F-Future for digital decision
I-Informed decision
S-Save in time, cost &effort
T-Technology Advancement
A-Audit report more Reliable
Use "FICTA" For Key area/consideration to understand IT Env
F-Flow of trans.
I-Iden of Sign. Sys
C-Controls
T-Technology Used
A-Assess complexity
Sir I request you please give the schedule of audit...how we should cover all the SAs and chapters...and if possible please provide us test of 2 to 3 chapters..so we can consistently study audit
1:37 lecture starts
7:50 key features of IT related controls
14:02 advantages of new technology
20:47 challanges un digital audit
22:20 understanding foll things while auditing
SICAR (IT dependency ke sicar ho jate h) for type of IT Dependencies
Sir im doing this 1 chapter for 3days...😢😢😢interest nahi arha he sir..frustrated with ICAI and attempts..so much to remember
@@sknbbx hmm.. Now u are able to collect it properly.. I am still struggling with this🙂
Sir I have purchased book now from which chapter I have to start first
Best Tricks To remember Sir.. thank You So Much..
u r awesome sir....u have a beautiful heart...........
29:08 advantages / key features- Auditing Digitally
Tq sir ❤
Finally khtm hua ye chapter
Sir ye notes kha se download ho jayenge full fast track batch
es chapter ko pad ke self doubt hone laga....1 din pura waste kar diya fir bhi yad kuch bhi nahi hai
Sir I request please make a video for inter audit
Pta ni mujhe aisa feel ho rha hai exams mein advantages and disdvantages wala question ayega, wo kaunsa hoga wo nhi bata skta, but feel ho rha hai
1:38:26
m bhul gaya tha audit padh raha hu. ese lg raha ha Info tech chl raha hai 🙂.
Thankyou @deepakupadhyay7896 for all your effort to helping others by giving tricks and mnemonics
Plzz upload the same for intermediate...
Start 3:25
Sir pls for ca inter also.
Will standards based capters be uploaded here??
ICAI ne kya ganda majak kiya hai new syllabus k naam pe jo jo dikha sab daaldiya IT related.
Jai shri ram
Third grade chapter sir😅
Doston, If needed, You can reduce the Speed of lecture using "Playback speed" setting of Video 😇
Further Must SUBSCRIBE the UA-cam channel & Telegram channel for Further videos & Free notes ✌️
Telegram: t.me/cahemantsomani
Book Purchase Link: rzp.io/l/AIR46AuditBookNew
Detailed Exam Oriented Batch for SA's/SRE/SAE/SRS (Chp 1 to Chp 11) - At Highly Discounted Price 🤩 (isme sab aaram se karenge bilkull, Saare Questions & McQ bhi)
www.classo.in/learn/CA-Final-Audit-Standards-CA-Hemant-Somani