Ca final important topics for advanced auditing, november 2014 by ca kamal garg

This covers almost all the topics :/

Please provide your suggestions for ca final may 2015

for Advanced Auditing and Professional Ethics, CA Final May 2015 Examination: A Checklist for 100% Syllabus Coverage 1. Audit of Divisible Profits [Contained in the Print Outs given in the Class] 2. Appointment, Disqualifications, Casual Vacancy, Removal and Liabilities of Auditors [Section 139 to Section 147 Contained in the Print Outs given in the Class and dictation given in the Class] 3. Appointment of Special Auditor u/s 233A of Companies Act, 1956 and/ vis--vis communication under Clause 8 Part I of First Schedule of Chartered Accountants Act, 1949 (as amended) (See Class Notes) 4. Audit Strategy (Short Note) (see page 72 of the Book) 5. Appointment of Internal Auditors [See Section 138 dictation given in the Class] 6. CSR (see Section 135 contained in the Print Outs given in the Class) 7. Corporate Form of Practice by CA (Management Consultancy Company, i.e., MCC) (see Class Notes) and KYC Norms (See Class Notes) 8. New Disciplinary Mechanism (Distinction b/w powers of Board of Discipline and Disciplinary Directorate) (see Class Notes) 9. Clause 2, 3, 4, 5, 6, 7, 8, 9 and 12 of Part I, First Schedule (see Class Notes) 10. Clause 7 and Clause 10 of Part I, Second Schedule (see Class Notes) 11. Part IV and Part III of Schedule First and Schedule Second respectively (see Class Notes) 12. Council General Guidelines 2008 under Code of Ethics (see Class Notes) 13. Guidelines for Website by CA (see Class Notes) 14. NFRA, Liabilities of Auditor under Other Laws an overview (see pages 25, 26, 131 and 132 of the Book) 15. Calculation of Turnover u/s 44AB (see page 134 of the Book) 16. Clause 12, 13, 14, 17 18, 21, 23, 26, 27, 28, 29, 30, 31, 33 34, 35, 40 and 41 of New Form 3CD (see page 139 of the Book) 17. Audit of Public Trusts (see page 146 of the Book) 18. Cost Audit Applicability, Steps, True and Fair cost of production, Contents of Cost Audit Report (see Section 148 dictation given in the Class); Note that Rule 7 of Cost Accounting and Audit Rules, 2014, the requirement for cost audit shall not be applicable to a company: whose export revenue in foreign exchange > 75% of its total revenue; or which is operating from a special economic zone 19. Propriety Cost audit (see contents of cost audit report dictated in the Class) 20. Management Audit and its objectives (see page 157 of the Book) 21. Financial Audit vs. Management Audit vs. Operational Audit vs. Internal Audit (see page 158 of the Book) 22. Types of Management Audit Reports (see page 159 of the Book) 23. Basic elements of Internal Audit Report (see page 162 of the Book) 24. Practical question on drafting Management Control Questionnaire (MCQ) (general question to be answered as per guidelines discussed for Due Diligence Chapter) 25. Audit Trail (see Class Notes) 26. Approaches to EDP Audit (see Class Notes) 27. Service Bureau/ BPO (see SA 402, SAE 3402) (see Class Notes print outs) 28. The objective and scope of audit does not change in CIS environment. Comment (see Class Notes) 29. Propriety Audit and its types (specially objective and scope of PSU audit whether different from statutory audit and Section 143(3)&(5) Questionnaire) (see para 3, page 176 of the Book) 30. Propriety Audit and Performance Audit (see dictation under SA 200(R) given in the Class) 31. Investigation on behalf of Incoming Partner (General Question: see Class Notes for Due Diligence chapter) 32. Investigation for Advancing Loan (General Question: see Class Notes for Due Diligence chapter) 33. Section 134 of the Companies Act, 2013 requirements for Board of Directors explanation about statutory auditors adverse remarks (see Class Notes on Audit Reports) 34. Reporting about fraud u/s 143(12) [See Class Notes] 35. Due Diligence and contents of DDR (Due Diligence Review) Report (see Class Notes) 36. Risk Management Disclosures in Directors Report [see page 34 of the Book] 37. Concurrent Audit, Corporate Debt Restructuring and Credit Card Operations in a Bank [(see Class Notes)] 38. AS 11, AS 17 and Banks (see Class Notes) 39. Donations made by Banks RBI Requirements (see Class Notes) 40. NOSTRO and VOSTRO Accounts of Banks (see Class Notes) 41. Solvency Margin (see Class Notes) 42. Valuation of Investments by General Insurance Companies (see page 233 of the Book) 43. Reinsurance, Contents of Management Report for GIC (see Class Notes) 44. NBFC vs. Banks (see Class Notes) 45. Classification of NBFC as per new guidelines of RBI (see Class Notes) 46. Appointment and Powers of Auditor in Cooperative Societies and Books of Accounts to be maintained by Society (see Class Notes) 47. Borrowings and Loans for Cooperative Societies (see Class Notes) 48. Appropriation of Profits, Overdue Principal and Interest in case of Cooperative Societies (see Class Notes) 49. Features of Indirect Tax Audit (see para 2 at page 321), Excise Audit 2000 (see page 322 of the Book) 50. Accounting Aspects for Mutual Funds (specially the treatment of Underwriting Commission and Unit Premium Reserve), Contents of Audit Report (see Class Notes) 51. Whole Chapter on Members of Stock Exchanges, specially Margins, Circuit Breakers, Contract Notes, Types of Market in NEAT system, Limit Orders, Types of Books and records, Proprietary Trading (Beneficiary Account) and Pool Trading (Pool Account), Contents of Audit Report (see Class Notes) 52. SEBI Investigation for question 49 and 50 above (see Class Notes) 53. New definition of Independent Directors under Clause 49 (see Class Notes) 54. CEO/ CFO certification and Management Discussion and Analysis Report under Clause 49 (see Class Notes) 55. Whistle Blower Policy (vigil mechanism) under Clause 49 (see Class Notes reference to Company Law Paper for vigil mechanism) 56. Audit Committee (see Class Notes) 57. Energy Audit and Environmental Audit (see page 338 to 340 of the Book) 58. Peer Review (see Class Notes) 59. SOX (Clause 49 known as Indian SOX) (see Class Notes) 60. Clause 41 (see Class Notes) 61. SA 240, 315, 330, 500 & 501, 620, 580, 299, 520, 530, 570, 560, 540, 510, 710, 505, 700, 705, 720, SRS 4410, 4400, SRE 2400, SAE 3400, SA 800 series (see Class Notes) 62. Drafting of (i) Letter of Engagement and (ii) Management Representation Letter (see Class Notes and page 432 for a very general reference to format of MRL) 63. Guidance Notes: Independence of Auditors, Section 227(3)(e) and (f) reporting, Consolidation of Financial Statements (specially the concept of permanent consolidated adjustments and current consolidated adjustments), Revision of Audit Report (see Class Notes for all) plus Financial Information in Offer Document (see page 586 and 587 of Book) 64. Auditors Right to Lien (Short Note) (see Class Notes; Hint: The auditors can exercise right of lien on those books and records of the clients, which came to his possession for the purpose of audit examination, if his fees is not paid by the client. But he has not right to withheld audit report to be issued to the client for non payment of his fees) 65. Auditors Obligation to attend Annual General Meeting (Section 146) (see Class Notes) 66. Xerox copies of Books of accounts vis--vis Auditors obligations (see SA 580) 67. From Company Law: Short Note on XBRL Filing, Buy Back (see Class Notes) 68. May 2006, November 2010 Question Papers and Practice Paper Accounting Standards (see Financial Reporting Syllabus) and Schedule III form the integral part of Advanced Auditing and Professional Ethics Paper