NOVEMBER 2009..............

Final (Old)

Group I Paper 3: Advanced Auditing

I.          Professional Topics/Subjects

1.         Code of Ethics

The Chartered Accountants (Amendment) Act, 2006 is applicable for June, 2009 Final Examination. Questions on Professional Ethics may be asked in accordance with the Chartered Accountants (Amendment) Act, 2006. Chapter 17 of Advanced Auditing of Final (Old) Course study material should be accordingly read with appropriate amendments.

A supplementary study material is released covering Chapter 17 of Advanced Auditing study material. The supplementary study material can also be downloaded from the website www.icai.org > Students > Courses (Course Curriculum) > Final > Supplementary Study Materials > Advanced Auditing.

II.         Statements and Standards

1.         Framework of Statements on Standard Auditing Practices and Guidance Notes on Related Services.

2.         Standards on Auditing  as given below.

S.No.               Standards on Auditing and Number

1.       Basic Principles Governing an Audit (SA 200)*

2.       Objectives and Scope of the Audit of Financial Statements (SA 200A)*

3.       Terms of Audit Engagement (SA 210)

4.       Quality Control for Audit Work (SA 220)

5.       Audit  Documentation (230)   (Revised)              

6.       The Auditor’s Responsibility to Consider Fraud and Error in an Audit of Financial Statements (SA 240) (Revised)              

7.       Consideration of Laws and Regulations in an Audit of Financial Statements (SA 250) (Revised)

8.       Communication of Audit Matters with Those Charged with Governance (SA 260) (Revised)

9.       Responsibility of Joint Auditors (SA 299)

10.    Planning  an Audit of Financial Statements (300)

11.    Identifying and Assessing the Risk of Material Misstatement Through Understanding

        the Entity and its Environment (SA 315) (Newly issued)**

12.    Audit Materiality (SA  320) (Revised)

13.    The Auditor’s Responses to Assessed Risks (SA 330) (Newly issued)**

14.    Audit Considerations Relating to Entities Using Service Organisations (SA 402) (Revised)

15.    Audit Evidence (SA 500)

16.    Audit Evidence  - Additional Considerations for Specific Items (SA 501)

17.    External Confirmations (SA 505)

18.    Initial Engagements – Opening Balances (SA 510) (Revised)

19.    Analytical Procedures (SA 520)

20.    Audit Sampling (SA 530) (Revised)

21.    Auditing of Accounting Estimates, Including Fair Value Accounting  Estimates and Related  Disclosures (SA 540) (Revised)

22.    Related Parties (SA 550) (Revised)

23.    Subsequent Events (SA 560) (Revised)

24.    Going Concern (SA 570) (Revised)

25.    Written Representations  (SA 580) (Revised)

26.    Using the Work of Another Auditor (SA 600)

27.    Relying Upon the Work of an Internal Auditor (SA 610)

28.    Using the Work of an Expert (SA 620) (Revised)

29.    The Auditor's Report on Financial Statements (SA 700)

30.    Comparatives (SA 710)

Note:

*   Presently, SA 200, “Basic Principles Governing an Audit” and SA 200A, “Objective and Scope of an Audit of Financial Statements” correspond to International Standard on Auditing (ISA) 200  (Revised and Redrafted).  Both the SAs are currently being revised in the light of the ISA 200 (Revised and Redrafted).  Post revision, the principles covered by SA 200 (erstwhile AAS 1) and SA 200A  (erstwhile AAS 2) will be merged into one Standard, i.e. SA 200.)

**    SA 315 & SA 330 – become effective in April, 2008. For November 2009 Final (Old) Examination  34 standards on Auditing as given in the Annexure – I. The  Standard on Auditing (SA) 400, “Risk Assessments and Internal Control”, SA 310, “Knowledge of the Business”, and SA 401, “Auditing in a Computer Information Systems Environment”, issued in June 2002, April 2000 and January 2003, respectively, would  stand withdrawn.

3.         Statement on Reporting under Section 227(1A) of the Companies Act, 1956

4.         Statement on the Companies (Auditor’s Report) Order, 2003 [2005 Edition].

III.        Guidance Notes/Study Guide/Monograph

            Guidance Notes on Auditing Aspects:

1.         Guidance Note on Independence of Auditors

2.         Internal Control Questionnaire.

3.         Guidance Note on Audit Reports and Certificates for Special Purposes

4.         Guidance Note on Audit of Fixed Assets.

5.         Guidance Note on Audit under Section 44AB of the Income Tax Act [2005 Edition].

6.         Guidance Note on Audit of Abridged Financial Statements.

7.         Guidance Note on Audit of Inventories.

8.         Guidance Note on Audit of Debtors, Loans and Advances.

9.         Guidance Note on Audit of Investments.

10.       Guidance Note on Audit of Miscellaneous Expenditure.

11.       Guidance Note on Audit of Cash and Bank Balances.

12.       Guidance Note on Audit of Liabilities.

13.       Guidance Note on Audit of Revenue.

14.       Guidance Note on Audit of Expenses.

15.       Guidance Note on Section 227 (3) (e) and (f) of the Companies Act, 1956.

16.       Guidance Note on Certificate of Corporate Governance [2006 Edition].

17.       Guidance Note on Revision of Audit Report.

18.       Guidance Note on Computer Assisted Audit Techniques (CAATs).

19.       Guidance Note on Audit of Payment of Dividend.

20.       Guidance Note on Audit of Capital and Reserves.

List of Institute’s Publications relevant for Paper setters / Examination Committee

The following List of Institute’s Publications is relevant for the forthcoming examination i.e. November, 2009. Paper-setters may kindly take it into consideration while preparing for the examinations.

Final Examination ( OLD ) 

Group I Paper 1: Advanced Accounting

I.          Statements and Standards

1.         Framework for the Preparation and Presentation of Financial Statements

2.         Accounting Standards – AS 1 to AS 29.

II.         Guidance Notes on Accounting Aspects

1.         Guidance Note on Treatment of Reserve Created on Revaluation of Fixed Assets.

2.         Guarantees and Counter-Guarantees Given by Companies.

3.         Guidance Note on Accrual Basis of Accounting.

4.         Guidance Note on Accounting Treatment for Excise Duty.

5.         Guidance Note on Accounting for Depreciation in Companies.

6.         Guidance Note on Availability of Revaluation Reserve for Issue of Bonus shares.

7.         Guidance Note on Accounting Treatment for MODVAT/CENVAT.

8.         Guidance Note on Accounting for Securitisation.

9.         Guidance Note on Accounting for Equity Index and Equity Stock Futures and Options (2003).

10.       Guidance Note on Accounting for Corporate Dividend Tax.

11.       Guidance Note on Accounting for Investments in the Financial Statements of Mutual Funds.

12.       Guidance Note on Accounting for Employee Share-based Payments.

13.       Guidance Note on Accounting for Fringe Benefits Tax.

14.       Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.

15.       Guidance Note on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25.

There are some revised Standard of auditing (SA), like SA-230 documentation, SA-580 responsibility of management, SA-530 sampling, SA-570 going concern, SA-540 accounting estimates, SA-250 & SA-260, which is applicable from 1-04-09.

I want to know whether i have to prepare SA(revised as mention above) or AAS(old) for nov final exam

Please confirm , its urgent.

Thanks

LINK:

 TFS !

Thanks Rahul

 Thanks

ALL R WELCOME

Thanks Rahul

do your best in exams

https://www.slide.com/mscd?bnc=bnc&pxcid=SxEwikH_3oTNmS5-pE8MZUD6JE5-7cSkQdHA6nOAJaEQGuMkTkWpGx4OYV_kup4P&nc=1

how can i get my hands on Sa 315 n Sa 330