CA Final Advanced Auditing, Assurance and Professional Ethics New Syllabus Study Material Compilation for May 2024 onwards

CA FINAL, CA Final G1, P3: Advanced Auditing and Professional Ethics Leave a comment

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We are Sharing With You CA Final Advanced Auditing, Assurance and Professional Ethics New Syllabus Study Material Compilation for May 2024 onwards Paper-3: Advanced Auditing, Assurance and Professional Ethics . So kindly Check Out our http://www.castudynotes.com website and ALL the Best for Your upcoming Exams.

CA STUDY NOTES

PAPER 3: ADVANCED AUDITING, ASSURANCE AND (100 MARKS) PROFESSIONAL ETHICS

Objective

  1. To gain the ability to analyse current auditing practices and procedures and apply them in auditing engagements.
  2. To develop the ability to solve cases relating to audit engagements.

Contents

I Quality Control

SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services EngagementsSA 220 Quality Control for an Audit of Financial Statements

General Auditing Principles and Auditors Responsibilities

SA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements SA 250 Consideration of Laws and Regulations in an Audit of Financial Statements

SA 260 Communication with Those Charged with Governance SA 299 Joint Audit of Financial StatementsSA 402 Audit Considerations Relating to an Entity Using a Service Organisation(Note: Content of SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing; SA 210 Agreeing the Terms of Audit Engagements and SA 230 Audit Documentation is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.)

Audit Planning, Strategy, and Execution

SA 300 Planning an Audit of Financial Statements; (Content is covered in depth at Intermediate level, therefore, application part of SA 300 may be discussed in the form of Case Study at Final level.)SA 450 Evaluation of Misstatements identified During the Audit SA 520 Analytical ProceduresSA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related DisclosuresSA 610 Using the Work of Internal Auditors SA 620 Using the Work of an Auditor’s Expert

Materiality, Risk Assessment and Internal Control

Evaluation of Internal Control Procedures; Components of Internal Controls; Internal Control and Risk Assessment; Auditor’s response to assessed risks; Risk-Based Audit- Audit Risk Analysis; Reporting on Internal Control Weaknesses, Framework on Reporting of Internal ControlsSA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and ManagementSA 330 The Auditor’s Responses to Assessed Risks(Note: Content of SA 315 Identifying and Assessing the Risk of Material Misstatement through Understanding the Entity and its Environment and SA 320 Materiality in Planning and Performing an Audit is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.)

Audit Evidence

(Note: Content of SA 500 Audit Evidence; SA 501 Audit Evidence – Specific Considerations for Selected Items; SA 505 External Confirmations; SA 510 Initial Audit Engagements – Opening Balances; SA 530 Audit Sampling & SA 550 Related Parties is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.)

Completion and Review

(Note: Content of SA 560 Subsequent Event; SA 570 Going Concern and SA 580 Written Representation is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.)

Reporting

SA 700 Forming an Opinion and Reporting on Financial StatementsSA 701 Communicating Key Audit Matters in the Independent Auditor’s Report SA 705 Modifications to the Opinion in the Independent Auditor’s ReportSA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s ReportSA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements SA 720 The Auditor’s Responsibility in Relation to Other Information

Specialized Areas

Basic and Overview of SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose FrameworksBasic and Overview of SA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial StatementBasic and Overview of SA 810 Engagements to Report on Summary Financial Statements

Audit-related Services

Basic and Overview of SRS 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial InformationBasic and Overview of SRS 4410 Compilation Engagements

Review of Financial Information

Basic and Overview of SRE 2400 Engagements to Review Historical Financial StatementsBasic and Overview of SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity

Prospective Financial Information and Other Assurance Services

Basic and Overview of SAE 3400 The Examination of Prospective Financial Information Basic and Overview of SAE 3402 Assurance Reports on Controls at a Service OrganisationBasic and Overview of SAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial IJnfoorminatiUonsIncolundedTien alePgrorsapemctushttp://t.me/canotes_final

Digital Auditing and Assurance

Auditing digitally and Digital auditing, Usage of Automated Tools such as CAAT, Data Analytics, Artificial Intelligence, etc., Remote Auditing

Group Audits

Audit of Consolidated Financial Statements – Responsibility of Parent Company, Auditor of the Consolidated Financial Statements; Audit Considerations – Permanent Consolidation, Current Period Consolidation; ReportingAudit of Group Financial Statements including the work of Component Auditors (SA 600 Using the Work of Another Auditor)

Special Features of Audit of Banks & Non-Banking Financial Companies
  1. Overview of Audit of Public Sector Undertakings: Concept of Propriety Audit; Performance Audit; Comprehensive Audit
  2. Internal 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; Audit Trail, Internal Audit as a Management Function
  3. Due Diligence, Investigation and Forensic Accounting: 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 Accounting- meaning, difference between Statutory Audit and Forensic Accounting, Forensic Accounting and Investigation Report, Introduction of Forensic Accounting and Investigation Standards
Emerging Areas: Sustainable Development Goals (SDG) & Environment, Social and Governance (ESG) Assurance, etc.
  1. Professional Ethics and Liabilities of Auditors: Introduction of Code of Ethics as per IESBA and Code of Ethics with special reference to the relevant provisions of the Chartered Accountants Act, 1949 and the Regulations thereunder; Application of Fundamental Principles; Application of Threats, Evaluation of Threats; Addressing Threats and Safeguards; Conceptual Framework; Important Provisions of Chartered Accountants Act,1949 and Chartered Accountants Regulations 1988

Note: If any new legislations / Engagement and Quality Control Standards/ Guidance Notes / Statements are enacted in place of the existing legislations / Engagement and Quality Control Standards / Guidance Notes/ Statements, the syllabus will accordingly include the corresponding provisions of such new legislations / Engagement and Quality Control Standards / Guidance Notes / Statements, with effect from the date to be notified by the Institute.Similarly, if any existing legislations / Engagement and Quality Control Standards/ Guidance Notes / Statements ceases to be in force, the syllabus will accordingly exclude such legislations / Engagement and Quality Control Standards/ Guidance Notes / Statements with effect from the date to be notified by the Institute.Further, the specific inclusions/exclusions in any topic covered in the syllabus will be effected by way of Study Guidelines every year, if required.

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