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ISSN: 2045-0621

Online from: 2011

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Synergy between ISA and manual auditing practises at Jain Chowdhary & Company, India


Document Information:
Title:Synergy between ISA and manual auditing practises at Jain Chowdhary & Company, India
Author(s):Meghna Rishi (Associate Professor at the Institute for International Management and Technology, Gurgaon, India), Anjana Singh (Associate Professor at the Institute for International Management and Technology, Gurgaon, India)
Citation:Meghna Rishi, Anjana Singh, "Synergy between ISA and manual auditing practises at Jain Chowdhary & Company, India", Emerald Emerald Emerging Markets Case Studies, (2011)
Keywords:Accountancy, Auditing, Chartered accountant, Finance, Information systems audit, Information technology, Investors
Article type:Case study
DOI:10.1108/20450621111176256 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Acknowledgements:The authors are extremely thankful to S.C. Jain and Siddharth Jain for indulging in consecutive long discussions and offering key details of their operational activities for the purpose of this academic writing. Disclaimer. This case is written solely for educational purposes and is not intended to represent successful or unsuccessful managerial decision making. The author/s may have disguised names; financial and other recognizable information to protect confidentiality.
Abstract:

Title – Synergy between ISA and manual auditing practises at Jain Chowdhary & Company, India

Subject area – Finance, accountancy, auditing.

Study level/applicability – Supports information systems audit (ISA), auditing practises and controls, corporate governance and internal controls and financial management modules, business administration and MBA programmes.

Case overview – The case study focuses on the implementation of ISA and information technology in the highly responsible task of executing financial audits The case emphasises on the fact that the advantages of ISA can only be reaped when they are amalgamated with an auditor's scrutiny, sharp eye, extensive knowledge of auditing systems and accounting principles and a rich experience of the auditing function. The suggested synergy also facilitates a reduction of around 60 per cent, in the cost of executing the audits and the man-hours required to complete the audit, as in the case of Jain Chowdhary & Company.

Expected learning outcomes – The case helps students to comprehend the relevance of audit trail. It emphasises on the importance of identifying the source of information and tracking raw data backward. It familiarises the students with the complexities involved in a real audit and emphasises on the role of logic, intelligence, diligence, patience and farsightedness while performing the auditing function. It is important for them to understand how White collar crimes take place in real business economy. This case, hence exposes students to these nuances and can make a student, from a non-commerce background, understand the key elements of efficient auditing. (Elaborate teaching objectives are appended in the teaching note.)

Supplementary materials – Teaching note.


Icon: Teaching notes.

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