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22 September 2016 Whether SEBI(LODR) Reg 2015 applicable for CA Final Audit , Nov , 2016 exam .

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23 September 2016 Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2016 – Final Examination

Paper 3: Advanced Auditing and Professional Ethics

I. Statements and Standards
1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956(Section 143 (1) of the Companies Act, 2013).
2. Framework for Assurance Engagements.

II. Engagements and Quality Control Standards on Auditing

S.No SA Title of Standard on Auditing
1 SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
2 SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
3 SA 210 Agreeing the Terms of Audit Engagements
4 SA 220 Quality Control for Audit of Financial Statements
5 SA 230 Audit Documentation
6 SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
7 SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements
8 SA 260 Communication with Those Charged with Governance
9 SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
10 SA 299 Responsibility of Joint Auditors
11 SA 300 Planning an Audit of Financial Statements
12 SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
13 SA 320 Materiality in Planning and Performing an Audit
14 SA 330 The Auditor’s Responses to Assessed Risks
15 SA 402 Audit Considerations Relating to an Entity Using a Service Organization
16 SA 450 Evaluation of Misstatements Identified during the Audits
17 SA 500 Audit Evidence
18 SA 501 Audit Evidence - Specific Considerations for Selected Items
19 SA 505 External Confirmations
20 SA 510 Initial Audit Engagements-Opening Balances
21 SA 520 Analytical Procedures
22 SA 530 Audit Sampling
23 SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
24 SA 550 Related Parties
25 SA 560 Subsequent Events
26 SA 570 Going Concern
27 SA 580 Written Representations
28 SA 600 Using the Work of Another Auditor
29 SA 610 Using the Work of Internal Auditors
30 SA 620 Using the Work of an Auditor’s Expert
31 SA 700 Forming an Opinion and Reporting on Financial Statements
32 SA 705 Modifications to the Opinion in the Independent Auditor’s Report
33 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
34 SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
35 SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
36 SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
37 SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
38 SA 810 Engagements to Report on Summary Financial Statements
39 SRE 2400 Engagements to Review Financial Statements
40 SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
41 SAE 3400 The Examination of Prospective Financial Information
42 SAE 3402 Assurance Reports on Controls At a Service Organisation
43 SRS 4400 Engagements to Perform Agreed Upon Procedures Regarding Financial Information
44 SRS 4410 Engagements to Compile Financial Information

III. Guidance Notes and other publications
1. Code of Ethics
2. Guidance Note on Independence of Auditors.
3. Guidance Note on Audit Reports and Certificates for Special Purposes.
4. Guidance Note on Audit under Section 44AB of the Income-tax Act.
5. Guidance Note on Audit of Inventories.
6. Guidance Note on Audit of Debtors, Loans and Advances.
7. Guidance Note on Audit of Investments.
8. Guidance Note on Audit of Cash and Bank Balances.
9. Guidance Note on Audit of Liabilities.
10. Guidance Note on Audit of Revenue.
11. Guidance Note on Audit of Expenses.
12. Guidance Note on Reporting under section 143 (3) (f) and (h) of the Companies Act, 2013.
13. Guidance Note on Computer Assisted Audit Techniques (CAATs).
14. Guidance Note on Audit of Payment of Dividend.
15. Guidance Note on Audit of Capital and Reserves.

IV Applicability of the Companies Act, 2013:
(i) The relevant notified Sections of the Companies Act, 2013 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities, cut-off date will be 30th April, 2016.
(ii) Companies (Auditor’s Report) Order, 2016 issued by Ministry of Corporate Affairs on 29th March, 2016 is applicable for November, 2016 Examination.

Paper 4 : Corporate and Allied Laws

Applicability of the following Amendments/Circulars/Notifications:
(I) The Companies Act, 2013:The relevant sections of the Companies Act, 2013, along with significantRules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs upto 30thApril 2016. For updates, see http://www.mca.gov.in/
(II) SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009

SNo. Amendments Date of Notification Reference of Link
1 Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015 issued by SEBI vide Notification No. SEBI/LAD-NRO/GN/2015-16/012 w.e.f 1 January, 2016 14th August, 2015 http://www.sebi.gov.in/cms/sebi_data/attachdocs/1439551701999.pdf
2. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)(Seventh Amendment) Regulations, 2015 issued by SEBI vide

27th of October, 2015 http://www.sebi.gov.in/cms/sebi_data/attachdocs/1446100080710.pdf
Notification No. SEBI/ LAD-NRO/GN/2015-16/025w.e.f 1 December, 2015
3. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2016 issued by SEBI vide Notification No. SEBI/LAD-NRO/GN/2015-16/036 are effective from date of their publication in the Official Gazette. 17th February, 2016 http://www.sebi.gov.in/cms/sebi_data/attachdocs/1455800031396.pdf

(III) Foreign Exchange Management Act, 1999

SNo Amendment Notification No. with date Link

1.
Vide Notification no. RBI/FED/2015-16/3,Reserve Bank of India issues directions to Authorized Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999 to lay down the modalities as to how the foreign exchange business has to be conducted by the Authorized Persons with their customers/constituents with a view to implementing the Liberalized Remittance Scheme. 1st January 2016 https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10192&Mode=0

2.
Vide Notification No. FEMA 23(R)/2015-RB, in exercise of the powers conferred by clause (a) of sub-section (1), sub-section (3) of Section 7 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of itsNotificationNo.FEMA.23/2000-RB dated May 3, 2000as amended from time to time, Reserve Bank of India makes Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 in respect of Export of Goods and Services from India. 12thJanuary, 2016 https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10256&Mode=0

3.
Vide Notification No. FEMA. 345/2015-RB in exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes amendments in the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 by the issue of the Foreign Exchange 16th November, 2015 https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10129&Mode=0

(IV) The Competition Act, 2002

S No. Amendments Date of Notification Reference of Link
1 Vide Notification no. S.O. 673(E), in exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the ‘Group’ exercising less than fifty per cent. of voting rights in other enterprise from the provisions of section 5 of the said Act for a period of five years with effect from the date of publication of this notification in the official gazette. 4th March, 2016 http://www.cci.gov.in/sites/default/files/notification/SO%20673%28E%29-674%28E%29-675%28E%29.pdf
2. Vide Notification no S.O. 674(E), in exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise, whose control, shares, voting rights or assets are being acquired has either assets of the value of not more than rupees three hundred and fifty crores in India or turnover of not more than rupees one thousand crores in India from the provisions of section 5 of the said Act for a period of five years from the date of publication of the notification in the official gazette. 4th March, 2016 http://www.cci.gov.in/sites/default/files/notification/SO%20673%28E%29-674%28E%29-675%28E%29.pdf
3. Vide Notification no S.O. 675(E),in exercise of the powers conferred by sub-section (3) of Section 20 of the Competition Act, 2002 (12 of 2003), the Central Government in consultation with the Competition Commission of India, hereby enhances, on the basis of the wholesale price index, the value of assets and the value of turnover, by hundred per cent for the purposes of section 5 of the said Act, from the date of publication of this notification in the Official Gazette. 4th March, 2016 http://www.cci.gov.in/sites/default/files/notification/SO%20673%28E%29-674%28E%29-675%28E%29.pdf

Non-Applicability of the following Amendments/Circulars/Notifications / chapters of the Study material
S.No. Subject Matter
1. Chapter 9 of the study material (January 2016 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies.
2. Chapter 15 of the study material (January, 2016 edition) covering provisions relating to the National Company Law Tribunal and Appellate Tribunal.

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