CA Final Syllabus for May 2019 Exams
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CA Final New Course Syllabus of Advanced Auditing and Professional Ethics:
Objectives: A) To acquire the ability to analyse current auditing practices and procedures and apply them in auditing engagements. B) To acquire the ability to solve cases relating to audit engagements.
1. Auditing Standards, Statements and Guidance Notes:
Engagement & Quality Control Standards, Statements and Guidance Notes on Auditing issued by the ICAI; Elements of system of quality control, leadership responsibilities for quality within the firm, Acceptance and Continuance of clients relationships and specific engagements, Engagement Performances, etc. (SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements).
2. Audit Planning, Strategy and Execution:
Planning the flow of audit work; audit strategy, audit plan, audit programme and importance of supervision; principal’s ultimate responsibility; extent of delegation; control over quality of audit work; Analytical Procedures prior to audit as well as towards finalization; Concept of Principal Auditor, Co-ordination between the Principal Auditor and Other Auditor, Internal Audit Functions & its evaluation, using the work of the internal audit function, understanding the auditor’s expert, etc.
3. Risk Assessment and Internal Control:
Evaluation of internal control procedures; components of internal controls; Internal control and risk assessment; risk based audit-audit risk analysis, general steps; internal audit; reporting on internal control weaknesses, framework on reporting of internal controls.
4. Special aspects of Auditing in an Automated Environment:
Key features of automated environment, related risks and controls, Standards, Guidelines and procedures, using relevant frameworks and best practices, understanding and documenting automated environment, Enterprise risk management overview, assessing IT-related risk and controls, key concepts of auditing in real-time automated environments such as E-Commerce, ERP, Core banking, etc.
5. Audit of Limited Companies:
Application of relevant provisions under the Companies Act, 2013 relating to audit and auditors and rules made thereunder; powers/rights, duties of auditors; branch audit, special features of audit of limited liability partnerships, reporting under CARO, etc.
6. Audit Reports:
Basic elements of auditor’s report; Types of opinion; Notes on accounts; Distinction between notes and qualifications; audit reports and certificates; communication to management and those charged with governance, etc.
7. Audit Reports & Certificates for Special Purpose Engagement: Reporting on Agreed Upon:
Procedure, review reports, special purpose reports, guidance note on audit reports and certificates for special purpose framework; scope of the reporting auditor’s functions, contents of such reports and certificates, etc.
8. Audit Committee and Corporate Governance:
Audit Committee; Role of auditor in audit committee & certification of compliance of corporate governance, compliances with laws & regulations, disclosure requirements including those of SEBI, report on corporate governance, etc.
9. Audit of Consolidated Financial Statements:
Provisions under the Companies Act, 2013 in respect of Accounts of Companies and Rules made thereunder; audit of consolidated financial statements responsibility of parent company, etc.
10. Special features of audit of Banks, Insurance & Non-Banking Financial Companies.
11. Audit under Fiscal Laws:
Audit under Fiscal laws, viz., Direct and Indirect tax laws including documentation for Form 3CD, etc.
12. Special Audit Assignments:
Special audit assignments like audit of members of stock exchange, mutual funds, depositories bank borrowers, energy audit, etc.
13. Audit of Public Sector Undertakings:
Special features, directions of comptroller & auditor general of India, etc.
14. Liabilities of Auditors:
Professional negligence; civil liabilities; criminal liabilities; liabilities under different statutes, etc.
15. Internal Audit Management and Operational Audit:
Provisions of internal audit as per Companies act, 2013; scope of internal auditing; relationship between internal and external auditor, etc.
16. Due Diligence, Investigation and Forensic Audit:
Due diligence review; audit versus investigation; steps for investigation; procedure, powers, etc.
Read: Forensic Auditing – Meaning and its Basic Concepts
17. Peer Review and Quality Review
18. Professional Ethics:
Code of Ethics with special reference to the relevant provisions of the Chartered Accountants Act 1949 and the regulations thereunder.
Notes: i) The specific inclusions/exclusions, in any topic covered in the syllabus, will be effected every year by way of Study Guidelines. ii) The provisions of the Companies Act, 1956 which are still in force would form part of syllabus till the time their corresponding or new provisions of the Companies Act, 2013 are enforced. iii) If new legislations/Engagement and Quality Control Standards/Guidance Notes/Statements are enacted in place of the existing legislations, the syllabus would include the corresponding provisions of such new legislations with effect from a date notified by the Institute. The changes in this regard would also form part of study guidelines.
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