Audit Kick-off Meeting Minutes — ICAI Audit Working Paper

The audit kick-off meeting minutes working paper from ICAI AASB's Audit Working Paper Templates (June 2023). Pre-stamped with your firm letterhead, editable in Word.

Free · ICAI AASB (June 2023)

Updated 28 May 2026

Source

ICAI AASB (June 2023)

Chapter

2. Planning

Section

2.7

Format

Microsoft Word (.docx)

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Audit Kick-off Meeting Minutes — ICAI Audit Working Paper

29 May 2026

(Following draft may be used)

This note summarizes the major points discussed in the meeting held at XX:XX PM at our office situated at …..

Present in the meeting:

From ABC: Mr. T(‘Initial’); Ms C(‘Initial’)

From XYZ Company Pvt Ltd (XYZ): Mr. SG (‘SG’); and Mr. AL(‘AL’).

Key deliberations are as under-.

Mr T apprised the attendees with the key considerations during previous year audit and asked for the status on the same from the XYZ team.
Mr T apprised the attendees whether business risks relevant to financial reporting objectives have been identified and how they have been addressed.
Mr T apprised the attendees whether the absence of a documented risk assessment process is appropriate in the circumstances, or determine whether it represents a significant deficiency in internal control.
Mr T shall obtain an understanding of the information system, including the related business processes, relevant to financial reporting, including the following areas:
(a) The classes of transactions in the entity’s operations that are significant to the financial statements;
(b) The procedures, within both information technology (IT) and manual systems, by which those transactions are initiated, recorded, processed, corrected as necessary, transferred to the general ledger and reported in the financial statements;
(c) The related accounting records, supporting information and specific accounts in the financial statements that are used to initiate, record, process and report transactions; this includes the correction of incorrect information and how information is transferred to the general ledger. The records may be in either manual or electronic form;
(d) How the information system captures events and conditions, other than transactions, that are significant to the financial statements;
(e) The financial reporting process used to prepare the entity’s financial statements, including significant accounting estimates and disclosures.
(f) Controls surrounding journal entries, including non-standard journal entries used to record non-recurring, unusual transactions or adjustments.
Mr T informed SG of the recent amendments/updates in Schedule III format and additional reporting requirements under CARO, 2020. SG agreed to prepare the financial statements as per the updated requirements.
Mr T enquired the timeline within which XYZ will provide the finalized trial balance and the requisite GL dumps. To this SG and AL submitted that they would provide the same by third week of June 2xx3.
Mr T enquired regarding the date of commencing the audit field work from SG, SG replied that they are planning to commence the IFC testing from the first week of June 2xx3 and other audit requirements would be shared from the first week of August 2xx3 and the audit team can visit the XYZ office premises starting August 2xx3.
Mr T enquired regarding the confirmations to be floated or already floated in respect of trade receivables, trade payables and related parties. To this, SG and AL informed the attendees that confirmations with respect to trade payables and related parties are yet to be floated and would be floated post sharing of the samples for the same while confirmations in respect of trade receivables and bank confirmations have already been floated. Mr T instructed Ms C to maintain and update the confirmation tracker accordingly and to share the list of samples in respect of trade payables at the earliest.
Mr T enquired from SG whether company has availed any loan facility from in or outside India. SG informed that the company has during the year availed loan facility amounting to INR XXXX million to meet the working capital requirements and to import machinery for the---------Plant. SG further informed that no charge has been created or guarantee from parent company has been given for the purpose of availing such facility.
Mr T enquired from SG whether company has put in any special fire mitigating plans in its plant to avoid the unfortunate fire incidents faced by the company in the past few years. SG informed that the company has planned to outsource their finished good warehouse to third party vendors since in the past fire incidents at such warehouses maintained by the company proved to be the initiating point of fire. SG further informed that water sprinkle and fire detection systems have been installed at the-------facility of the company.
Mr T enquired from SG the status of company’s insurance claim in respect of fire incidents at the -------------------facility. SG informed that the company has received payments of approximately INR XXXX million in respect of ------------- claim while the insurance claim in respect of --------- facility is under audit by the special auditor appointed by the insurance company.

Note: This memo attempts to capture the essence of the discussion in a summarized manner. Various other topics were discussed, however, only relevant discussion has been minuted.

Chapter	2.8 and 2.9		Name
Topic	Note on Materiality and Basis of Materiality	Prepared	C
The client	XYZ Company Private Limited	Reviewed	T
Task	Statutory Audit	Approved	A
Period	for the year ended March 31, 2xx3

(Following draft may be used)

(To add guidance to explain how the metrics have been determined to be relevant (Refer para A2 of SA 320) and identification of appropriate benchmark)

Note: There can be other relevant metrics as well, EBITDA/ Total expenses etc. Refer to Para A2 of SA 320 which talks about judgement in determining relevant metrics.

Materiality (Planning)

					(Amount in Millions)	(Amount in Millions)	(Amount in Millions)
S. No.	Particulars	Amount	% Consider-ed	Overall materi-ality	Planning materi-ality	% Consider-ed	Perfor-mance Materiality
1	On the basis of Revenue (net)
2	On the basis of Assets (Property, Plant and Equipment)
3	On the basis of Profit before Tax
4	Clearly Trivial Threshold (Refer Note given below)

Note: Centre for Audit Quality of ICAI has issued an excel “Utility for Determining Materiality”. Readers are advised to consider the Utility which is available on ICAI Website at below link:

https://www.icai.org/post/special-purpose-directorate-centre-for-audit-quality

Materiality Considered: On the basis of Revenue -
Overall Materiality
Planning Materiality
Performance Materiality

Comparative trend attached separately at Annexure 1

Comparative Trend	Comparative Trend	Comparative Trend	Comparative Trend	Comparative Trend	Comparative Trend
Particulars	A	B	C	Total	Avg variance
Particulars	20xx-xx	20xx-xx	20xx-xx	Total	Avg variance
Revenue from operations
Change
Profit/(Loss) Before Tax
Change
Property, Plant and Equipment
Change

Percentage change in variance	Percentage change in variance	Percentage change in variance	Percentage change in variance
Particulars	20xx-xx	20xx-xx	20xx-xx
Revenue
Avg. variance in revenue
% change
PBT
Avg. variance in PBT
% change
PPE
Avg. variance in PPE
% change

Conclusion:

Based on the above trend, we found that revenue is consistent for past three years. Therefore, the same is taken as the base to compute materiality.

Note on Basis of Materiality

Purpose: To conclude on factors for determining materiality to be considered at the planning level.

Factors Considered for determining materiality: % of Revenue.

Basis of factors for materiality: We have considered following factors for planning percentage of factors for materiality:

S. No.	Question	Rationale
1	Whether the company listed on a stock exchange in India?
2	What is the status of the company as per Ministry of Corporate Affairs?
3	Does the Company have publicly traded debt arrangements?
4	Are the operations of the company complex?
5	Who are the stakeholders of the company?	The Company consists of the following stakeholders: • •
6	Is the company regulated by any specific regulator in India?

Conclusion:

Considering above mentioned factors and since operations of the company are relatively less complex, therefore, % of revenue as overall materiality for the engagement is reasonable.

Chapter	2.10*		Name
Topic	Significant Risks and Planned Procedures	Prepared	C
The client	XYZ Company Private Limited	Reviewed	T
Task	Statutory Audit	Approved	A
Period	for the year ended March 31, 2xx3

(Following draft may be used)

* The table given below is for illustrative purposes and the procedures given are not exhaustive.

S.No.	Particulars	Assertions	Potential Risk	Planned Procedures
1	Revenue	Completeness Cut-off Accuracy	Considering the pervasive impact, there is a risk that the revenue for the year is materially misstated.	1. Balance confirmation to be circulated for account receivables, to check completeness. 2. Substantive testing to be performed. (Refer para 21 and A53 of SA 330) 3. To reconcile sales from sales register. 4. To reconcile the sales with statutory records. 5. To perform analytical on year on year basis 6. Sales analytical to be performed to have a track over any extraordinary transactions. 7. Sales cut-off to be done.
1	Revenue	Completeness Cut-off Accuracy	Considering the pervasive impact, there is a risk that the revenue for the year is materially misstated.	1. Balance confirmation to be circulated for account receivables, to check completeness. 2. Substantive testing to be performed. (Refer para 21 and A53 of SA 330) 3. To reconcile sales from sales register. 4. To reconcile the sales with statutory records. 5. To perform analytical on year on year basis 6. Sales analytical to be performed to have a track over any extraordinary transactions. 7. Sales cut-off to be done.
1	Revenue	Completeness Cut-off Accuracy	Considering the pervasive impact, there is a risk that the revenue for the year is materially misstated.	1. Balance confirmation to be circulated for account receivables, to check completeness. 2. Substantive testing to be performed. (Refer para 21 and A53 of SA 330) 3. To reconcile sales from sales register. 4. To reconcile the sales with statutory records. 5. To perform analytical on year on year basis 6. Sales analytical to be performed to have a track over any extraordinary transactions. 7. Sales cut-off to be done.
1	Revenue	Completeness Cut-off Accuracy	Considering the pervasive impact, there is a risk that the revenue for the year is materially misstated.	1. Balance confirmation to be circulated for account receivables, to check completeness. 2. Substantive testing to be performed. (Refer para 21 and A53 of SA 330) 3. To reconcile sales from sales register. 4. To reconcile the sales with statutory records. 5. To perform analytical on year on year basis 6. Sales analytical to be performed to have a track over any extraordinary transactions. 7. Sales cut-off to be done.
2	Purchases	Completeness Cut-off Accuracy	Purchase is not recorded completely and accurately.	1. To circulate balance confirmation for account payables, for completeness. 2. Substantive testing to be done on sample basis. 3. Reconciliation of purchases from purchase register.
3	Inventory	Existence Valuation and allocation	Physical inventory does not exist, or physical quantity does not match with the actual quantity.	1. Physical verification of inventory. 2. Checking valuation of inventory.
4	Cash and Cash Equivalents	Existence Accuracy Completeness	Considering the company has several bank accounts and there is substantial movement in fixed deposits during the year, there is a risk of significant misstatement.	1. Obtain bank balance confirmation 2. Reperformance of Bank Reconciliation Statement (BRS) 3. To trace stale cheques 4. To obtain cash certificate 5. To obtain FD schedule and verify the same.
5	CWIP/PPE	Existence Valuation and Allocation Classification	Assets as per PPE register may not be physically identifiable. PPE is not valued appropriately.	1. Substantive testing to be done on sample basis. 2. To obtain physical verification report of property, plant and equipment and verify the same with PPE register. 3. To obtain PPE register and reconciliation to be done with financials. 4. To check whether depreciation of PPE is accounted properly by reperformance.
6	Trade receivables and payables	Accuracy Valuation and Allocation	There is a risk that a portion of the stated carrying value of the trade receivables is unrecoverable.	1. Assessing recoverability by obtaining balance confirmation 2. Review of ageing report and subsequent realisation and payment 3. To obtain direct balance confirmation and in case of difference, reconciliation need to be verified.
7	Expenses	Occurrence Accuracy Classification	Wrong classification of capital expenditure as revenue expenditure.	1. Substantive testing to be done on sample basis 2. To check the nature of classification of expenditure into revenue and capital.
8	AS/ Ind AS compliance	Disclosure Non-compliance of AS/ Ind AS	Non-compliance of AS/ Ind AS Classification of financial and non-financial instruments. Componentization and others (If any)	1. To Review the accounting and classification of asset, liability, expenses, and income is in line with AS/ Ind AS. 2. To verify disclosures are in compliance with AS/Ind AS or not.
9	ICFR Testing	Control Testing	Control deficiency	1. To perform walkthrough 2. To perform ICFR testing

Chapter	2.11*		Name
Topic	Fraud Risk	Prepared	C
The client	XYZ Company Private Limited	Reviewed	T
Task	Statutory Audit	Approved	A
Period	for the year ended March 31, 2xx3

(Following draft may be used)

* The table given below is for illustrative purposes and the procedures given are not exhaustive

Fraud Risk planning:

Consider the reliability of the information to be used as audit evidence and the controls over its preparation and maintenance where relevant. Refer para A23-A27 of SA 240, “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements”. In addition to this, also refer para 44 of SA 240 relating to the auditor’s documentation of the responses to the assessed risks of material misstatement.	Consider the reliability of the information to be used as audit evidence and the controls over its preparation and maintenance where relevant. Refer para A23-A27 of SA 240, “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements”. In addition to this, also refer para 44 of SA 240 relating to the auditor’s documentation of the responses to the assessed risks of material misstatement.	Consider the reliability of the information to be used as audit evidence and the controls over its preparation and maintenance where relevant. Refer para A23-A27 of SA 240, “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements”. In addition to this, also refer para 44 of SA 240 relating to the auditor’s documentation of the responses to the assessed risks of material misstatement.
S. No	Description	Audit Procedures
1	Revenue
	Risk: Risk of overstatement of revenue in the financial information to align with the forecast to meet the revenue/surplus target for entity	Review the revenue recognition practice followed by the company. Also refer Para 29 and A36 of SA 240
	Risk: Risk of overstatement of revenue in the financial information to align with the forecast to meet the revenue/surplus target for entity	Procedures to be performed as per Ind AS 115/AS 9/AS 7.
	Risk: Risk of overstatement of revenue in the financial information to align with the forecast to meet the revenue/surplus target for entity	Sampling to be done on random basis from each category of revenue. Example- comparing revenue reported by month and by product line or business segment during the current reporting period with comparable prior periods. Computer-assisted audit techniques may be useful in identifying unusual or unexpected revenue relationships or transactions.
	Risk: Risk of overstatement of revenue in the financial information to align with the forecast to meet the revenue/surplus target for entity	To check whether revenue recognised as per the revenue recognition policy.
2	Test Management override of controls:
		To examine the minutes of Board meetings etc. to ensure that there are no overbearing personalities in the Company with the power to conduct against the accounting policies.
		Journal Entry testing to be performed.

Conclusions:

The auditor’s documentation of the responses to the assessed risks of material misstatement shall include:

(a) The overall responses to the assessed risks of material misstatement due to fraud at the financial statement level and the nature, timing and extent of audit procedures, and the linkage of those procedures with the assessed risks of material misstatement due to fraud at the assertion level; and
(b) The results of the audit procedures, including those designed to address the risk of management override of controls.

Chapter	2.12*		Name
Topic	Testing Strategy-BS	Prepared	C
The client	XYZ Company Private Limited	Reviewed	T
Task	Statutory Audit	Approved	A
Period	for the year ended March 31, 2xx3

(Following draft may be used)

* The table given below is for illustrative purposes and the procedures given are not exhaustive.

This workpaper is drafted based on the requirement of Standards on Auditing to develop testing strategy for material financial statements line items.

(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)
S.No	Particulars	Account Balance*	Planning Materiality Level	Exceeding Materiality Level	Audit Procedure	Audit Procedure	Audit Procedure	Key Procedures	Assertions	Assertions	Assertions	Assertions	Assertions	Risk Identified
S.No	Particulars	Account Balance*	Planning Materiality Level	Exceeding Materiality Level	Control testing	Substantive Testing	Substantive Testing	Key Procedures	Assertions	Assertions	Assertions	Assertions	Assertions	Risk Identified
S.No	Particulars	Account Balance*	Planning Materiality Level	Exceeding Materiality Level	Control testing	Analytical Procedures	Test of Details		E	R	C	V&A	D	Risk Identified
1	Property Plant and Equipment			Yes/No	Yes/ No	Yes/ No	Yes/ No	PPE register checking to be performed, depreciation to be reperform-ed, performance of control testing, check physical verification report.	Yes/ No	Yes/ No	Yes/ No	Yes/ No	Yes/ No
2	Cash and cash equivalents			Yes/No	Yes/No	Yes/ No	Yes/No	Checked BRS, Specified bank note transactions and obtained bank balance confirma-tions. Refer SA 315 for significant and non significant account, para 29 & A202	Yes/No	Yes/No	Yes/No	Yes/No	Yes/No
3	Inventory			Yes/No	Yes/No	Yes/ No	Yes/No	Stock count to be done on an alternate date Inventory valuation to be checked. Cost v/s NRV testing to be done. Calculation of overhead cost allocation is to be checked.	Yes/No	Yes/No	Yes/No	Yes/No	Yes/No
4	Trade Receivables			Yes/No	Yes/No	Yes/ No	Yes/No	Balance confirmation to be floated, Analysis of ageing, subsequent collection checking, reconcile-ation and provisioning (ECL) thereof.	Yes/No	Yes/No	Yes/No	Yes/No	Yes/No
5	Trade Payables			Yes/No	Yes/No	Yes/ No	Yes/No	Balance confirmation to be floated, Analysis of ageing, subsequent payment checking.	Yes/No	Yes/No	Yes/No	Yes/No	Yes/No
6	Borrowings			Yes/No	Yes/ No	Yes/ No	Yes/ No	Checked the noting file for current situation, ledgers for movement and agree-ments made for the same.	Yes/ No	Yes/ No	Yes/ No	Yes/ No	Yes/ No

E	Existence
C	Completeness
R	Rights and Obligations
V&A	Valuation and Accuracy
D	Disclosure

Chapter	2.12*		Name
Topic	Testing Strategy-PL	Prepared	C
The client	XYZ Company Private Limited	Reviewed	T
Task	Statutory Audit	Approved	A
Period	for the year ended March 31, 2xx3

(Following draft may be used)

* The table given below is for illustrative purposes and the procedures given are not exhaustive.

											(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)	(Amount in INR Millions)
S.No.	Parti-culars	Accou-nt Balan-ce*	Plan-ning Mat-riali-ty Level	Exce-eding Mate-riality Level	Audit Procedure	Audit Procedure	Audit Procedure	Audit Procedure	Audit Procedure	Key Procedures	Assertions	Assertions	Assertions	Assertions	Assertions
S.No.	Parti-culars	Accou-nt Balan-ce*	Plan-ning Mat-riali-ty Level	Exce-eding Mate-riality Level	Con-trol test-ing	Con-trol test-ing	Substantive Testing	Substantive Testing	Substantive Testing
S.No.	Parti-culars	Accou-nt Balan-ce*	Plan-ning Mat-riali-ty Level	Exce-eding Mate-riality Level	Con-trol test-ing	Con-trol test-ing	Analy-tical Proced-ures	Analy-tical Proced-ures	Test of Deta-ils		O	C	CO	A	CL
1	Revenue from Operat-ions			Yes/ No	Yes/ No	Yes/ No	Yes/ No	Yes/ No	Yes/ No	Obtain Sales Register. Perform TOC and TOD on sales. Perform Analytical procedures to identify any major variations in sales. Reconciliat-ion to be done with statutory records	Yes/ No	Yes/No	Yes/ No	Yes/No	Yes/No
2	Purchase of Stock in trade			Yes/ No	Yes/No	Yes/No	Yes/ No	Yes/ No	Yes/No	Perform TOC and TOD, Verify the cost allocation through bills of material (BOM).	Yes/No	Yes/No	Yes/No	Yes/No	Yes/No
3	Employ-ee Benefit			Yes/ No	Yes/No	Yes/No	Yes/ No	Yes/ No	Yes/No	Verification of gratuity, leave encashment and other post employment benefits working with the company policy and the relevant applicable financial reporting framework.	Yes/No	Yes/No	Yes/No	Yes/No	Yes/No
4	Other Expenses			Yes/ No	Yes/No	Yes/No	Yes/ No	Yes/ No	Yes/No	Verification of major expenses and variance analysis	Yes/No	Yes/No	Yes/No	Yes/No	Yes/No

	Legend	Assertions	Assertions
	O	Occurrence	Occurrence
	C	Completeness	Completeness
	CO	Cut-off	Cut-off
	A	Accuracy	Accuracy
	CL	Classification	Classification

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An excerpt from the template.

This note summarizes the major points discussed in the meeting held at XX:XX PM at our office situated at …..

Present in the meeting:

From ABC: Mr. T(‘Initial’); Ms C(‘Initial’)

From XYZ Company Pvt Ltd (XYZ): Mr. SG (‘SG’); and Mr. AL(‘AL’).

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