CA IPCC Auditing and Assurance Notes
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CA IPCC Auditing and Assurance Notes
|Relevant for Nov 2018 exam|
CA IPCC Auditing and Assurance Notes Amendments for Nov 2018 exam
Following are the lists of 34 Engagements and Quality Control Standards on Auditing which are applicable in CA IPC Nov, 2018 exams.
|SA 200||Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing|
|SA 210||Agreeing the Terms of Audit Engagements|
|SA 220||Quality Control for Audit of Financial Statements|
|SA 230||Audit Documentation|
|SA 240||The Auditor’s responsibilities relating to Fraud in an Audit of Financial Statements|
|SA 250||Consideration of Laws and Regulations in an Audit of Financial Statements|
|SA 260||Communication with Those Charged with Governance (Revised)|
|SA 265||Communicating Deficiencies in Internal Control to Those Charged with Governance and Management|
|SA 299||Responsibility of Joint Auditors|
|SA 300||Planning an Audit of Financial Statements|
|SA 315||Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment|
|SA 320||Materiality in Planning and Performing an Audit|
|SA 330||The Auditor’s Responses to Assessed Risks|
|SA 402||Audit Considerations Relating to an Entity Using a Service Organization|
|SA 450||Evaluation of Misstatements Identified during the Audits|
|SA 500||Audit Evidence|
|SA 501||Audit Evidence – Specific Considerations for Selected Items|
|SA 505||External Confirmations|
|SA 510||Initial Audit Engagements-Opening Balances|
|SA 520||Analytical Procedures|
|SA 530||Audit Sampling|
|SA 540||Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures|
|SA 550||Related Parties|
|SA 560||Subsequent Events|
|SA 570||Going Concern (Revised)|
|SA 580||Written Representations|
|SA 600||Using the Work of Another Auditor|
|SA 610||Using the Work of Internal Auditors (Revised)|
|SA 620||Using the Work of an Auditor’s Expert|
|SA 700||Forming an Opinion and Reporting on Financial Statements|
|SA 705||Modifications to the Opinion in the Independent Auditor’s Report|
|SA 706||Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report|
|SA 710||Comparative Information – Corresponding Figures and Comparative Financial Statements|
|SA 720||The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements|
Highlights of CA IPCC Auditing and Assurance Notes
1. QUESTION PAPERS OF RECENT
2 EXAMS: At the beginning of this material we have included the question papers of recent 2 exams. This will help to analyse the previous exam trends in a better manner and to assess whether our material is able to cater the needs of the examinations or not. 2. EXAMINATION TRENDS: At the beginning of each chapter we have given a table called QUESTION – WISE ANALYSIS OF PREVIOUS EXAMINATIONS. This analysis will help you to judge the relative importance of each question in each chapter. Based on that analysis you can easily pay more attention on relatively more important questions. Similarly at the beginning of the material we have included a table called CHAPTER WISE ANALYSIS OF PREVIOUS EXAMINATIONS. This analysis will help you to judge the relative importance of each chapter and you can pay more attention on relatively more important chapters.
3. ONE STOP SOLUTION: All Questions in SM, PM, latest RTPs and latest MTPs have been covered in our material along with previous examination questions of IPCC. Our material is like a one stop solution. In the public exam you can expect atleast 90% of the Questions to come from our material. For each question we have given the reference of Study Material (SM), Practice Manual (PM), RTPs, MTPs & previous examinations of IPCC. This will help you to assess the relative importance of each question from examination point of view.
4. RECENT AMENDMENTS: All the recent amendments are being highlighted with GREY background and all such amendments are important from examination point of view. With this students can pay more attention on such areas.
5. PURPOSE OF ABC ANALYSIS: All the questions are categorized into ABC which shows the importance of the question from examination point of view. This analysis helps the student to devote the time on the important areas at the time of exams. However, it is advisable to read even “C” category questions atleast once. In other words, don’t ignore C category questions completely. On the other hand, if you have enough time to prepare then it is recommended to thoroughly read C category questions also. The decision to leave B category or C category questions is purely left to your discretion and it is advisable for you to take the decision based on the availability of time and your caliber. In simple words, if you have enough time and if you are capable enough then read all the questions. Otherwise leave C category questions. If you are ready to take still more risk then you can leave B category questions too. Everything depends upon – availability of time, your caliber and the amount of risk that you are ready to take.
6. APPROACH TO PRACTICAL QUESTIONS: First get a complete grip on theory conceptually and then read practical questions, but simply don’t mug up the practical questions. This is to ensure that you feel comfortable at the examination. As the CA course is a professional course you won’t always get the same questions every time, therefore in order to clear the exams you must be conceptually strong.
7. ANSWERING PRACTICAL QUESTIONS: Students are advised to answer the practical questions in the same format as given in the material (Facts, Provision, Analysis, Conclusion i.e. FPAC).
8. REFERENCE OF PRACTICAL QUESTIONS: At the end of each Theory question, we have given the reference of practical question to be read correspondingly. Immediately after completion of each theory question it is advisable to refer the corresponding Practical Questions, as per the reference given by us.
9. SIGNIFICANCE OF TEXT GIVEN IN ‘ITALICS’ IN SOME PLACES: The text given in italics indicate that the matter need not be written, if that question is asked for lesser marks i.e. as a short answer. However, if the question is asked for more number of marks then the entire answer must be written. In simple words, in the examination, write the content given in italics only if time and marks permit.
10. FEW QUESTIONS ARE TO BE PREPARED ON YOUR OWN: Few theory questions and practical questions are marked as “FOR STUDENT’S SELF STUDY”. Those questions will not be discussed by the faculty in the classroom. Generally questions of very easy nature are classified under this category. Students shall not get confused that all the questions given under this category are unimportant. Some of the questions classified under this category might be even important. We have done this to ensure that syllabus is completed in time.
11. PURPOSE OF “SIMILAR QUESTIONS”: At the end of each question there are some similar questions and the purpose of giving similar questions is to make students understand the different ways of asking the same question. For your convenience we have also given hints for answering such similar questions in the exam.
12. QUESTIONS FOR ACADEMIC INTEREST ONLY: Questions classified under this heading are not important from examination point of view and they are given only for your academic knowledge and are not important from examination point of view. If time permits then it is advisable to prepare those questions also.
If time does not permit then students can leave those questions as choice. So, it is upto you to decide based on your preparation schedule. Are you appearing for Group 1 alone or aiming for a rank in IPCC exams?: If you want to attempt for Group 1 alone or aiming for a rank in IPCC exams then you shall not take risk. So, for such kind of students it is advisable to read the full content of the material.
Download CA IPCC Auditing and Assurance Notes By Manoj Kamavat Applicable for Nov 2018 Exam
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