PLEASE TELL ME THE IMP TOPICS TO BE COVERED IN AUDIT FOR FINAL CA NOV 2013 EXAMS. PLZ REPLY SOON.
deepak
(Job)
(381 Points)
Replied 18 October 2013
Professional Ethics, AS & SAs, Company Audit, CARO, Audit Committee Corporate Governence
naman
(student)
(28 Points)
Replied 18 October 2013
Standards
Company Audit
Professional Ethis
Bank Audit
Audit under Fiscal Laws
priyank shrivastava
(Student)
(92 Points)
Replied 18 October 2013
Shiva
(job)
(61 Points)
Replied 18 October 2013
Important Topics for Advanced Auditing, November 2013 CA Final Examination:(As per CA Kamal Garg )
1. Appointment of Auditor by Special Resolution: Material date for 25% holding of subscribed share capital (see page 13 of the book)
2. Audit of Branch Accounts and Exemption thereto (see page 13 & 14 of the book)
3. Appointment of Special Auditor u/s 233A and/ vis-à-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 17 of the book)
5. Dividends and the related Rules on transfer of profits to reserves (see class notes)
6. Declaration of Dividend in the event of presence of past losses (section 205) (see class notes)
7. Final Dividend vs. Interim Dividend (see class notes (+) page 22 of the book)
8. Corporate Form of Practice by CA (Management Consultancy Company, i.e., MCC) (see class notes)
9. New Disciplinary Mechanism (Distinction b/w powers of Board of Discipline and Disciplinary Directorate) (see class notes)
10. Clause 2, 3, 4, 5, 6, 7, 8, 9 and 12 of Part I, First Schedule (see class notes)
11. Clause 7 and Clause 10 of Part I, Second Schedule (see class notes)
12. Part IV and Part III of Schedule First and Schedule Second respective (see class notes)ely
13. Council General Guidelines 2008 under Code of Ethics (see class notes)
14. Guidelines for Website by CA (see class notes)
15. Calculation of Turnover u/s 44AB (see page 85 of the book)
16. Clause 12A, 17, 17A, 18, 21, 22, 24, 27 and 32 of Form 3CD (see class notes)
17. Audit of Public Trusts (see page 105 of the book)
18. True and Fair cost of production (see class notes)
19. Propriety Cost audit (see page 115 of the book)
20. Management Audit and its objectives (see page 116 of the book)
21. Financial Audit vs. Management Audit vs. Operational Audit vs. Internal Audit (see page 118 of the book)
22. Types of Management Audit Reports (see page 119 of the book)
23. Practical question on drafting Management Control Questionnaire (MCQ) (general question to be answered as per guidelines discussed for ‘Due Diligence’ Chapter)
24. Audit Trail (see class notes)
25. Approaches to EDP Audit (see class notes)
26. Service Bureau/ BPO (see SA 402) (see class notes)
27. “The objective and scope of audit does not change in CIS environment.” Comment (see class notes)
28. Propriety Audit and its types (specially objective and scope of PSU audit whether different from statutory audit and Section 619 Questionnaire) (see para 2 and 3 of chapter 9 of the book, pages 133 to 135)
29. Propriety elements in CARO (see class notes)
30. Investigation on behalf of Incoming Partner (General Question: see class notes for Due Diligence chapter)
31. Investigation for Advancing Loan (General Question: see class notes for Due Diligence chapter)
32. Section 217 requirements for Board of Directors explanation about statutory auditors’ adverse remarks (see class notes)
33. Due Diligence and contents of DDR (Due Diligence Review) Report (see class notes)
34. CARO applicability on Private Limited Companies (see class notes)
35. Clauses of CARO dealing with: (i) End use of Funds and Company Trading in Shares , (ii) Section 301, (iii) Statutory Dues, (iv) Other Dues, (v) Term Loans, (vii) Internal Audit, (viii) Frauds, (ix) Sick Company, (x) Fixed Assets, and (xi) Inventories [(see class notes)]
36. Classification of Investments by Banks and Non-performing Assets with NPA Exemptions [(see class notes)]
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
43. Reinsurance, Contents of Management Report for GIC
44. NBFC vs. Banks
45. Classification of NBFC as per new guidelines of RBI
46. Appointment of Auditor in Cooperative Societies and Books of Accounts to be maintained by Society
47. Borrowings and Loans for Cooperative Societies
48. Appropriation of Profits, Overdue Principal and Interest in case of Cooperative Societies
49. Features of Indirect Tax Audit and Excise Audit 2000
50. Accounting Aspects for Mutual Funds (specially the treatment of Underwriting Commission and Unit Premium Reserve), Contents of Audit Report
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
52. SEBI Investigation for question 50 and 51 above
53. New definition of Independent Directors under Clause 49
54. CEO/ CFO certification under Clause 49
55. Whistle Blower Policy under Clause 49
56. Audit Committee
57. Energy Audit and Environmental Audit (see markings under chapter 20)
58. Peer Review (can a peer reviewer access the clients’ premises and books of accounts, etc.) (see markings under chapter 20)
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 551 for a very general reference only)
63. Guidance Notes: Independence of Auditors, Section 227(3)(e) and (f) reporting, Financial Information in Offer Document (see page 527), Consolidation of Financial Statements (specially the concept of permanent consolidated adjustments and current consolidated adjustments), Revision of Audit Report (see class notes)
64. Auditor’s Right to Lien (Short Note) (see page 8 of the book)
65. Auditor’s Right to attend General Meeting (Section 231) (see class notes)
66. Xerox copies of books of accounts vis-à-vis Auditor’s obligations (see SA 580)
67. From Company Law: Short Note on XBRL Filing, Buy Back and Deposit Acceptance Rules (see class notes)
68. May 2006, November 2006 Question Papers and Practice Paper Accounting Standards (see Financial Reporting Syllabus) and Revised Schedule VI (see class notes) form the integral part of Advanced Auditing and Professional Ethics Paper
Shiva
(job)
(61 Points)
Replied 18 October 2013
Important Topics for Advanced Auditing, November 2013 CA Final Examination:(As per CA Kamal Garg )
1. Appointment of Auditor by Special Resolution: Material date for 25% holding of subscribed share capital (see page 13 of the book)
2. Audit of Branch Accounts and Exemption thereto (see page 13 & 14 of the book)
3. Appointment of Special Auditor u/s 233A and/ vis-à-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 17 of the book)
5. Dividends and the related Rules on transfer of profits to reserves (see class notes)
6. Declaration of Dividend in the event of presence of past losses (section 205) (see class notes)
7. Final Dividend vs. Interim Dividend (see class notes (+) page 22 of the book)
8. Corporate Form of Practice by CA (Management Consultancy Company, i.e., MCC) (see class notes)
9. New Disciplinary Mechanism (Distinction b/w powers of Board of Discipline and Disciplinary Directorate) (see class notes)
10. Clause 2, 3, 4, 5, 6, 7, 8, 9 and 12 of Part I, First Schedule (see class notes)
11. Clause 7 and Clause 10 of Part I, Second Schedule (see class notes)
12. Part IV and Part III of Schedule First and Schedule Second respective (see class notes)ely
13. Council General Guidelines 2008 under Code of Ethics (see class notes)
14. Guidelines for Website by CA (see class notes)
15. Calculation of Turnover u/s 44AB (see page 85 of the book)
16. Clause 12A, 17, 17A, 18, 21, 22, 24, 27 and 32 of Form 3CD (see class notes)
17. Audit of Public Trusts (see page 105 of the book)
18. True and Fair cost of production (see class notes)
19. Propriety Cost audit (see page 115 of the book)
20. Management Audit and its objectives (see page 116 of the book)
21. Financial Audit vs. Management Audit vs. Operational Audit vs. Internal Audit (see page 118 of the book)
22. Types of Management Audit Reports (see page 119 of the book)
23. Practical question on drafting Management Control Questionnaire (MCQ) (general question to be answered as per guidelines discussed for ‘Due Diligence’ Chapter)
24. Audit Trail (see class notes)
25. Approaches to EDP Audit (see class notes)
26. Service Bureau/ BPO (see SA 402) (see class notes)
27. “The objective and scope of audit does not change in CIS environment.” Comment (see class notes)
28. Propriety Audit and its types (specially objective and scope of PSU audit whether different from statutory audit and Section 619 Questionnaire) (see para 2 and 3 of chapter 9 of the book, pages 133 to 135)
29. Propriety elements in CARO (see class notes)
30. Investigation on behalf of Incoming Partner (General Question: see class notes for Due Diligence chapter)
31. Investigation for Advancing Loan (General Question: see class notes for Due Diligence chapter)
32. Section 217 requirements for Board of Directors explanation about statutory auditors’ adverse remarks (see class notes)
33. Due Diligence and contents of DDR (Due Diligence Review) Report (see class notes)
34. CARO applicability on Private Limited Companies (see class notes)
35. Clauses of CARO dealing with: (i) End use of Funds and Company Trading in Shares , (ii) Section 301, (iii) Statutory Dues, (iv) Other Dues, (v) Term Loans, (vii) Internal Audit, (viii) Frauds, (ix) Sick Company, (x) Fixed Assets, and (xi) Inventories [(see class notes)]
36. Classification of Investments by Banks and Non-performing Assets with NPA Exemptions [(see class notes)]
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
43. Reinsurance, Contents of Management Report for GIC
44. NBFC vs. Banks
45. Classification of NBFC as per new guidelines of RBI
46. Appointment of Auditor in Cooperative Societies and Books of Accounts to be maintained by Society
47. Borrowings and Loans for Cooperative Societies
48. Appropriation of Profits, Overdue Principal and Interest in case of Cooperative Societies
49. Features of Indirect Tax Audit and Excise Audit 2000
50. Accounting Aspects for Mutual Funds (specially the treatment of Underwriting Commission and Unit Premium Reserve), Contents of Audit Report
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
52. SEBI Investigation for question 50 and 51 above
53. New definition of Independent Directors under Clause 49
54. CEO/ CFO certification under Clause 49
55. Whistle Blower Policy under Clause 49
56. Audit Committee
57. Energy Audit and Environmental Audit (see markings under chapter 20)
58. Peer Review (can a peer reviewer access the clients’ premises and books of accounts, etc.) (see markings under chapter 20)
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 551 for a very general reference only)
63. Guidance Notes: Independence of Auditors, Section 227(3)(e) and (f) reporting, Financial Information in Offer Document (see page 527), Consolidation of Financial Statements (specially the concept of permanent consolidated adjustments and current consolidated adjustments), Revision of Audit Report (see class notes)
64. Auditor’s Right to Lien (Short Note) (see page 8 of the book)
65. Auditor’s Right to attend General Meeting (Section 231) (see class notes)
66. Xerox copies of books of accounts vis-à-vis Auditor’s obligations (see SA 580)
67. From Company Law: Short Note on XBRL Filing, Buy Back and Deposit Acceptance Rules (see class notes)
68. May 2006, November 2006 Question Papers and Practice Paper Accounting Standards (see Financial Reporting Syllabus) and Revised Schedule VI (see class notes) form the integral part of Advanced Auditing and Professional Ethics Paper
Ankur
(student)
(22 Points)
Replied 19 October 2013
N GANESHAN.
(CA FINAL STUDENT - PRACTITIONER)
(921 Points)
Replied 20 October 2013
?WRONG IN AS ASKING FOR IMPORTANT CHAPTERS..I DONT SEE ANY DISRESPECT TO OUR PROFESSION....
Krm91
(Student)
(782 Points)
Replied 20 October 2013
guys dont take my q wrongly ..... m coverin all chps m just askin which r imp so that i concentrate only on those while revising....
CS Alok Mishra
(Income Tax Practitioner)
(786 Points)
Replied 20 October 2013
There is nothing called Important in CA Final level exams. All topics are most important. Dont make any mistake by leaving any topic.
Choice is yours...
All the Best
CA Rahul Jain
(Job)
(148 Points)
Replied 23 October 2013
Finish audit practice manual, all the question given in practise manual are important one.
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