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SA-240 The Auditor'a responsibility relating to fraud in an audit of financial statements

SA-230 Audit Documentation

Concept of Strategy

"STRATEGY" dictionary definition-   Something that has to do with war and to win over the enemy. 

Business also has to respond to dynamic and often hostile external forces while pursuing their mission and objectives. 

Very injection of strategy into business organization is intended to unravel complexity and to reduce uncertainty caused by the changes in the environment. 

Strategy is the game plan that the management  of a business uses to take market position, conduct its operations, attract and satisfy customers, complete successfully and achieve organizational objectives. 

Strategy is associated with unified design and action for achieving major goals ,gaining command over the situation with a long range perspective and searching securing a critically advantageous position, its implications for corporate functioning are obvious. 

Strategy can be defined as a long range blueprint of an organization's desired image, direction and destination, that is, what it wants to be, what it wants to do and where it wants to go. 

According to William F Glueck:A unified, comprehensive and integrated plan designed to assure that the basic objectives of the enterprise are achieved. 

Strategy is consciously considered and flexibly designed scheme of corporate intent and action to mobilize resources, to direct human effort and behavior, to handle events and problems, to perceive and utilize opportunities, and to meet challenges and threats for corporate survival  and success. 

Strategy is no substitute for sound,alert and responsible management. Strategy can never be perfect, flawless and optimal .It is in the very nature of strategy that it is flexible and pragmatic to take care of sudden emergencies, pressures, and avoid failures and frustrations. In a sound strategy, allowances are made for possible miscalculations and unanticipated events. 

Strategies are formulated at the corporate, divisional and functional levels.

Strategy is partly proactive and partly reactive. 

A company's strategy is typically a blend of:-

➡️Proactive actions on the part of manages to improve the company's market position and financial performance. 

➡️Reactions to unanticipated developments and fresh market conditions. 

A company uses both proactive and reactive strategies to cope up the uncertain business environment. Proactive strategy is planned strategy whereas reactive strategy is adaptive reaction to changing circumstances. 

Company experiences ,know how,resource strength &weakness & competitive abilities

1) Planned strategy, new initiatives plus ongoing strategy features continued from prior periods. 

2)Reactive strategy:Adaptive reaction to changing circumstances. 

🏹      ACTUAL COMPANY STRATEGY 

Concept of " Management "

MANAGEMENT  is used in two senses such as:-

➡️1) It is used in reference to a key group in an organization in charge of its affairs. In relation to an organization, management is the chief organ entrusted with the task of making it a purposeful and proactive entity, by undertaking the task of bringing together and integrating the disorganized resources of manpower, money ,materials and technology into a functioning whole.

An organization becomes a unified functioning system when management systematically mobilizes and utilizes the diverse resources efficiently and effectively. The survival and success of an organization depend to a large extent on the competence and character of its management. 

Management has to also facilitate organizational change and adaption for effective interaction with the environment. 

➡️2) The  term management is also used with reference to a set of interrelated functions and processes carried out by the management of the organization to attain its objectives. 

This functions include Planning ,Organizing, Directing, Staffing and Controlling. The functions or sub processes of management are wide ranging but closely related. 

They range all the way from determination of the goals, design of the organization, mobilization and acquisition of resources, allocation of tasks and resources among the personnel and activity units and installation of control systems to ensure that what is planned is achieved. 

Management is an influence process to make things happen, to gain command over phenomena, to induce and direct events and people in a particular way. Influence is backed by power,competence, knowledge and resources. 

Managers formulate organizational goals, values and strategies to cope with, to adapt and to adjust themselves with the behavior and changes in the environment. 

Strategic Management Chapter 1 INTRODUCTION TO STRATEGIC MANAGEMENT

Business Policy 

Business Policy, as defined by Christensen & others ,is the study of the functions & responsibilities of senior management, the crucial problems that affects the success of the total enterprise, &the decisions that determine the direction of the organization & shape its future. 

Business Policy tends to emphasize on the rational analytical aspects of Strategic Management. It presents a framework for understanding strategic decision making in organizations. Such a framework enables a manager to make preparations for handling general management responsibilities effectively. 

According to William F Glueck, evolution of business Policy arose from developments in the use of planning techniques by managers .Managers tried to anticipate the future by preparation of budgets & using control systems like management by objectives & capital budgeting .Soon long range planning came to be used.Long range planning was replaced by strategic planning & later by "Strategic Management " ,a term used to describe the process of strategy formulation, implementation and control. 

Enterprise Information Systems & Strategic Management

For papers like Enterprise Information Systems and Strategic Management presentations skills are a must.In EIS diagrams and flowcharts  should be properly labelled .Always try to draw diagrams as much as possible and stick to the ICAI keywords and avoid making answers by yourself in exams.In Strategic  Management  give real situations and examples as much as possible  and stay aware about things happening  in business world.For example in chapter  4 of Strategic  Management if a question  is asked about RELATED DIVERSIFICATION you can first  explain the topic and give example of WALT DISNEY COMPANY'S  ACQUISITION OF PIXAR ANIMATIONS.

Avoid redundancy in writing answers .

Start writing the papers with answers which you are confident  about .This will give a good impression on the examiner.

Try to study from the IcaI study material first and then you can take help of notes to revise the chapters.Writing practice  is a must.Make sure you have practiced  writing answers of past year attempts before giving the exam. 

Stay consistent  and true to yourself.

Paper 6 AUDITING &ASSURANCE

STANDARD ON AUDITING -210 Agreeing The Terms of Audit Engagement

STANDARD ON AUDITING -200 Overall Objectives of the Independent Auditor and conduct of the Audit in Accordance with the Standards

CA Study Notes

Dear Readers I am going to share CA intermediate  notes and commerce related articles on my blogs.Notes would be in handwritten  format and charts of Standards on Auditing, Accounting Standards, Financial Management, Enterprise Information Systems, Strategic Management  and related topics. Hope you will find it useful and informative.

Share with your friends and stay connected 

About

Hi my name is Esha Jena and I have recently cleared CA Intermediate Group 1 in November 2020.I am also pursuing BCom Hons. from DU Sol.

I see myself as a relentless problem solver and I'm always looking for a new challenge.

I personally believe that marks does not define your capabilities,it can be a tool to enter organisation of our choice but what helps us to  sustain is our confidence and attitude of learning.

In my free time I love to sing and watch series.I also love journalising.

What makes me different from others is that I  very humble & hardworking.If given a challenge I do not leave it until I succeed.

I am fortunate that I got opportunity in my school days to enhance my leadership skills.I was the USM (Universal Solidary Movement)Leader in my school .This has helped me to learn team spirit & how to work &move forward with people of different mentality.

My ultimate aim in life is to become highly educated and use my knowledge to bring a change in the life of people.

 Dear Readers  stay connected  with  me on LinkedIn 

https://www.linkedin.com/in/esha-jena-574594206

THE MAN WHO THINKS HE CAN By WALTER D.WINTLE

If you think you're beaten,you are;

If you think you dare not,you don't.

If you want to win but think you can't;

It's almost a clinch you won't. 

If you think you will lose,you're lost.

For out of the world we find 

Success begins with a person's will ;

It's all in a state  of mind.

Life's battles don't always goes,to the 

Strongest and faster human;

But sooner or later the people who win

Are the ones who think they  CAN

Teamwork Matters ,But Nobody Is Indispensable In Any Co

➡️ Failures teach you more than success .A big failure can lead many of our well wishers to lose faith in our abilities. It may also lead to demoralization. 

➡️Leaders lead from the front. 

➡️Every crisis can bring out the best in you.

➡️Teamwork produces greater results than individual brilliance. A Leader needs to work like a conductor in a symphony orchestra so that he is able to get the best out of every team member. 

➡️ Focus and commitment enables you to get over adversaries .

➡️ Hardwork can take you wherever  you want to reach in life.

➡️Resources are only means to an end ,and not an end in itself :This means that resources are only a means to an end and not an end in itself. We can succeed even with limited resources if we are determined to do so.

➡️Critics can demoralize you, but cannot prevent you from winning. Critics can only make you more determined to win.This is equally true in organizations.If we take critics in our stride ,learn from the mistakes of the past and move on,we can give our best in future. 

➡️Humility gains more respect:A Leader who leads from the front and is calm and humble gets you great results. Humility is still a great virtue for a leader to possess,especially to tide over a crisis and lead the team to victory, literally from the ashes.