CA Final Auditing Important Topics

Important Topics for Advanced Auditing

Appointment of Auditor by Special Resolution: Material date for 25% holding of subscribed share capital
Audit of Branch Accounts
Appointment of Special Auditor u/s 233A
Audit Strategy
Dividends and the related Rules on transfer of profits to reserves
Final Dividend vs. Interim Dividend
Corporate Form of Practice by CA
New Disciplinary Mechanism
Clause 5, 6, 7 and 8 of Part I, Schedule First
Clause 7 and Clause 10 of Part I, Schedule Second
Part IV and Part III of Schedule First and Schedule Second respectively
Guidelines for website by CA
Calculation of turnover u/s 44AB
Clause 12A, 17, 21, 24, 27 and 32 of Form 3CD
Audit of Public Trusts
True and Fair cost of production
Propriety Cost audit
Management Audit and its objectives
Financial Audit vs. Management Audit vs. Operational Audit vs. Internal Audit
Types of Management Audit Reports
Practical question on drafting Management Control Questionnaire (MCQ)
Audit Trail
Approaches to EDP Audit
Service Bureau
“The objective and scope of audit does not change in CIS environment.” Comment
Propriety Audit and its types
Propriety elements in CARO
Investigation on behalf of incoming auditor
Investigation for advancing loan
Practical Question 4 from Chapter 10 (Question on Page 147 of the book)
Due Diligence and contents of DDR report
CARO applicability on Private Limited Companies
Clauses of CARO dealing with: (i) End use of Funds, (ii) Section 301, (iii) Statutory Dues and (iv) Other Dues, (v) Frauds
Classification of Investments by Banks
Concurrent Audit
AS 11, AS 17 and Banks
NOSTRO and VOSTRO Accounts of Banks
Solvency Margin
Valuation of Investments by General Insurance Companies
Reinsurance
NBFC vs. Banks
Classification of NBFC as per new guidelines of RBI
Appointment of Auditor in Cooperative Societies
Borrowings and Loans for Cooperative Societies
Appropriation of Profits, Overdue Principal and Interest in case of Cooperative Societies
Excise Audit 2000
Accounting Aspects for Mutual Funds
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
New definition of Independent Directors under Clause 49
CEO/ CFO certification under Clause 49
Whistle Blower Policy
Audit Committee
Energy Audit and Environmental Audit
Peer Review
SOX
Clause 41
AAS 11, 26, 14, 15, 17, 23, 28, 29, 30 to 35
Drafting of (i) Letter of Engagement and (ii) Management Representation Letter
Guidance Notes: Independence of Auditors, Section 227(3)(e) and (f) reporting, Financial Information in Offer Document
Practice Paper 3 and Practice Paper 5 of the Book