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CA Final Advanced Auditing and Professional Ethics Syllabus

Advanced Auditing and Professional Ethics Syllabus

Advanced Auditing and Professional Ethics Syllabus (One Paper- Three hours – 100 marks)

Objectives: The main goal of the Advanced Auditing and Professional Ethics is to gain expert knowledge of current auditing practices and procedures and how to apply them in auditing engagements.Even to develop ability to solve cases relating to audit engagements.Check out the full CA Final Subjects syllabus and CA Final Amendments. Advanced Auditing and Professional Ethics Syllabus exam is the 100 marks paper and has the three hours.

CA final Indirect Tax Laws Syllabus (IDT)

CA final Indirect Tax Laws Syllabus (IDT)

Subjects:

The CA Final subject has the following syllabus mentioned below in the table and also find CA Final new syllabusYou can also find CA Final Free Video Lectures and even for perfect preparation.

  • Fundamentals OF Accounting.
  • Quantitative aptitude.
  • Mercantile Law.
  • General Economics.
  • General English.
  • Business Communication.

Advanced Auditing and Professional Ethics Syllabus: CA Final Advanced Auditing and Professional Ethics Syllabus Contents:

Advanced Auditing and Professional Ethics Syllabus contains the following contents.

1. Auditing Standards, Statements and Guidance Notes

Auditing and Assurance Standards (AASs); Statements and Guidance Notes on Auditing issued by the ICAI; Significant differences between Auditing and Assurance Standards and International Standards on Auditing.

2. Audit strategy, planning and programming

Planning the flow of audit work; audit strategy, planning programme and importance of supervision: review of audit notes and working papers; drafting of reports; principal’s ultimate responsibility; extent of delegation; control over quality of audit work; reliance on the work of other auditor, internal auditor or an expert.

3. Risk Assessment and Internal Control

Evaluation of internal control procedures; techniques including questionnaire, flowchart; internal audit and external audit, coordination between the two.

4. Audit under computerized information system (CIS) environment

Special aspects of CIS Audit Environment, need for review of internal control especially procedure controls and facility controls. Approach to audit in CIS Environment, use of computers for internal and management audit purposes: audit tools, test packs, computerized audit programmes; Special Aspects in Audit of E-Commerce Transaction.

5. Special audit techniques

– Selective verification; statistical sampling: Special audit procedures; physical verification of assets, direct confirmation of debtors and creditors

– Analytical review procedures

– Risk-based auditing.

6. Audit of limited companies

Statutory requirements under the Companies Act 1956; Audit of branches: joint audits; Dividends and divisible profits ─ financial, legal, and policy considerations.

7. Rights, duties, and liabilities of auditors; third party liability.

8. Audit reports;

qualifications, notes on accounts, distinction between notes and qualifications, detailed observations by the statutory auditor to the management vis-a-vis obligations of reporting to the members.

9. The Audit Committee and Corporate Governance

10. Audit of Consolidated Financial Statements

Audit Reports and Certificates for Special Purpose engagements; Certificates under the Payment of Bonus Act, import/export control authorities, etc.; Specific services to non-audit clients; Certificate on Corporate Governance.

11. Special features of audit of banks, insurance companies, cooperative societies and non-banking financial companies.

12. Audit under Fiscal Laws, viz, Direct and Indirect Tax Laws.

13. Cost audit

14. Special audit assignments like audit of bank borrowers

Audit of stock and commodity exchange intermediaries and depositories; inspection of special entities like banks, financial institutions, mutual funds, stock brokers.

15. Special features in audit of public sector companies.

Directions of Comptroller and Auditor General of India under Section 619; Concepts of propriety and efficiency audit.

16. Internal audit

management and operational audit Nature and purpose, organisation, audit programme, behavioural problems; Internal Audit Standards issued by the ICAI; Specific areas of management and operational audit involving review of internal control, purchasing operations, manufacturing operations, selling and distribution, personnel policies, systems and procedures. Aspects relating to concurrent audit.

17. Investigation and Due Diligence.

18. Concept of peer review

19. Salient features of Sarbanes –

Oxley Act, 2002 with special reference to reporting on internal control.

20. Professional Ethics

– Code of Ethics with special reference to the relevant provisions of The Chartered Accountants Act, 1949 and the Regulations there under.

CA Final Paper 3 : Advanced Auditing and Professional Ethics[100 marks]

Check out the objectives and contents of Advanced Auditing and Professional Ethics Syllabus.

Objectives:

(a)To gain expert knowledge of current auditing practices and procedures and apply them in auditing engagements,
(b)To develop ability to solve cases relating to audit engagements.

Contents:

1.

Auditing Standards, Statements and Guidance Notes
Auditing and Assurance Standards (AASs); Statements and Guidance Notes on Auditing issued by the ICAI; Significant differences between Auditing and Assurance Standards and International Standards on Auditing.

2.

Audit strategy, planning and programming
Planning the flow of audit work; audit strategy, planning programme and importance of supervision: review of audit notes and working papers; drafting of reports; principal’s ultimate responsibility; extent of delegation; control over quality of audit work; reliance on the work of other auditor, internal auditor or an expert.

3.

Risk Assessment and Internal Control
Evaluation of internal control procedures; techniques including questionnaire, flowchart; internal audit and external audit, coordination between the two.

4.

Audit under computerized information system (CIS) environment

Special aspects of CIS Audit Environment, need for review of internal control especially procedure controls and facility controls. Approach to audit in CIS Environment, use of computers for internal and management audit purposes: audit tools, test packs, computerized audit programmes; Special Aspects in Audit of E-Commerce Transaction.

5.

Special audit techniques

(a)Selective verification; statistical sampling: Special audit procedures; physical verification of assets, direct confirmation of debtors and creditors
(b)Analytical review procedures
(c)Risk-based auditing.
6Audit of limited companies
Statutory requirements under the Companies Act 1956; Audit of branches: joint audits; Dividends and divisible profits % financial, legal, and policy considerations.
7.Rights, duties, and liabilities of auditors; third party liability.
8.Audit reports; qualifications, notes on accounts, distinction between notes and qualifications,
detailed observations by the statutory auditor to the management vis-a-vis obligations of reporting to the members.
9.Audit Committee and Corporate Governance
10.Audit of Consolidated Financial Statements, Audit Reports and Certificates for Special Purpose engagements; Certificates under the Payment of Bonus Act, import/export control authorities, etc.; Specific services to non-audit clients; Certificate on Corporate Governance.
11.Special features of audit of banks, insurance companies, co-operative societies and non-banking financial companies.
12.Audit under Fiscal Laws, viz, Direct and Indirect Tax Laws.
13.Cost audit
14.Special audit assignments like audit of bank borrowers, audit of stock and commodity exchange intermediaries and depositories; inspection of special entities like banks, financial institutions, mutual funds, stock brokers.
15.Special features in audit of public sector companies. Directions of Comptroller and Auditor General of India under Section 619; Concepts of propriety and efficiency audit.
16. Internal audit, management and operational audit Nature and purpose, organisation, audit programme, behavioural problems; Internal Audit Standards issued by the ICAI; Specific areas of management and operational audit involving review of internal control, purchasing operations, manufacturing operations, selling and distribution, personnel policies, systems and procedures. Aspects relating to concurrent audit.
17.Investigation and Due Diligence.
18.Concept of peer review
19.Salient features of Sarbanes – Oxley Act, 2002 with special reference to reporting on internal control.
20.Professional Ethics
Code of Ethics with special reference to the relevant provisions of The Chartered Accountants Act, 1949 and the Regulations thereunder.

Advanced Auditing and Professional Ethics Syllabus

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