CA Final GroupI (Classes in Laxmi Nagar, Delhi) – Paper 3 – Advanced Auditing and Professional Ethics

CA Final GroupI-Paper 3 - Advanced Auditing and Professional Ethics Auditing Standards, Statements and Guidance Notes Audit of Limited Companies Audit Reports Audit Reports & Certificates for Special Purpose Engagement Special features of audit of Banks, Insurance & Non-Banking
Financial Companies
Audit of Public Sector Undertakings Professional Ethics

CA Final GroupI - Paper 3

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Paper Details
Paper Title Faculty Name No. of Classes
CA Final GroupI – Paper 3 Faculty Name 20 Classes
Final Course Paper 3: Advanced Auditing and Professional Ethics
Sections Weightage Content Area
I 10%-20% 1. Auditing Standards, Statements and Guidance Notes:
    Planning the flow of audit work; audit strategy, audit plan, audit programme and importance of supervision; principal’s ultimate responsibility; extent of delegation; control over quality of audit work; Analytical Procedures prior to audit as well as towards finalization; Concept of Principal Auditor and Other Auditor, Acceptance as Principal Auditor, Procedures to be performed by Principal Auditor, Co-ordination between the Principal Auditor and Other Auditor (SA 600 Using the Work of Another Auditor); Concept of Internal Audit Functions and its evaluation, Using the work of the internal audit function, Using internal auditors to provide direct assistance (SA 610 Using the Work of Internal Auditors); Auditor’s Expert – Meaning, Need for an Auditor’s Expert, Understanding the Auditor’s Expert, Agreement with the Auditor’s Expert, Adequacy of the Auditor’s Expert’s Work (SA 620 Using the Work of an Auditor’s Expert).
    3. Risk Assessment and Internal Control:
    Key features of automated environment, related risks and controls, Standards, Guidelines and procedures, using relevant framework and best practices, understanding and documenting automated environment, Enterprise Risk management overview, assessing IT-related risks and controls, evaluating risks and controls at entity level and process level, Considerations of automated environment at each phase of audit cycle, using relevant analytical procedures and tests using data analytics, key concepts of auditing in real- time automated environments such as E-Commerce, ERP, Core Banking, etc.
III 15%-20% 5. Audit of Limited Companies:
    Professional negligence; Civil liabilities; Criminal liabilities; Liabilities under different statutes for example Income Tax Act, Companies Act.
    8. Audit Committee and Corporate Governance:
    Audit committee Role of auditor in Audit Committee and Certification of Compliance of Corporate Governance; Compliances with Laws and Regulations (SA 250 Consideration of Laws and Regulations in an Audit of Financial Statements); Disclosure requirements including those of SEBI; Regulatory requirements of Corporate Governance, Report on Corporate Governance.
IV 10%-20% 6. Audit Reports:
    Basic elements of auditor’s report; Types of opinion; Notes on accounts; Distinction between notes and qualifications; Distinction between audit reports and certificates; Communication to Management and those charged with Governance; Self Review threats; Drafting of different types of Audit Reports.
IV 10%-20% 7. Audit Reports & Certificates for Special Purpose Engagement:
    Reporting on Agreed Upon Procedure, Review Reports, Special Purpose Reports (SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework; SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; SA 810 Engagements to Report on Summary Financial Statements); Guidance Note on Audit Reports and Certificates for Special Purposes including Scope of special purpose reports and certificates; Responsibility for preparation of special purpose statements, Scope of the reporting auditor’s functions, Contents of such reports and certificates, Reports and certificates on specific items of financial statements, Communication of report or certificate.
    9. Audit of Consolidated Financial Statements:
    Provisions under the Companies Act, 2013 in respect of Accounts of Companies and Rules made thereunder; Audit of Consolidated Financial Statements- responsibility of parent company, auditor of the consolidated financial statements; audit considerations- permanent consolidation, current period consolidation; reporting.
V 10%-15% 10. Special features of audit of Banks, Insurance & Non-Banking Financial Companies
    11. Audit under Fiscal Laws:
    Audit under Fiscal Laws, viz, Direct and Indirect Tax Laws including documents for Form 3CD etc.
    12. Special Audit Assignments:
    Special audit assignments like audit of members of stock exchange, mutual funds, depositories, bank borrowers; Environmental Audit; Energy audit; Audit of Stock and Debtors (Unit Inspections).
VI 5%-15% 13. Audit of Public Sector Undertakings:
    Special features, Directions of Comptroller and Auditor General of India; Concept of propriety audit; Performance audit; Comprehensive audit.
    15. Internal Audit, Management and Operational Audit:
    Provisions of internal audit as per Companies Act, 2013; Scope of internal auditing; Relationship between internal and external auditor; Basics of Internal Audit Standards issued by the ICAI; Drafting of Internal Audit Report; Management audit and Operational audit.
    16. Due Diligence, Investigation and Forensic Audit:
    Due Diligence Review; Audit versus Investigation; Steps for investigation; Types of investigation; procedure, powers, etc. of investigator; Types of Fraud, Indicators of fraud, Follow-up thereof; Forensic audit- meaning, difference between Statutory Audit and Forensic audit, Forensic Audit Techniques, Forensic Audit Report etc.
    17. Peer Review and Quality Review
VII 15%-20% 18. Professional Ethics:
    Code of Ethics with special reference to the relevant provisions of the Chartered Accountants Act, 1949 and the Regulations thereunder.