a. To gain the ability to analyse current auditing practices and procedures and apply them in auditing engagements.
b. To develop the ability to solve cases relating to audit engagements.
SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements
SA 220 Quality Control for an Audit of Financial Statements
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 Statements
SA 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.)
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 Procedures
SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures
SA 610 Using the Work of Internal Auditors
SA 620 Using the Work of an Auditor's Expert
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 Controls
SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management SA 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.
Note: Content of SA 500 Audit Evidence; SA 501 Audit Evidence - Specific Considerations for Selected tems; 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.
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.
SA 700 Forming an Opinion and Reporting on Financial Statements
SA 701 Communicating Key Audit Matters in the Independent Auditor's Report
SA 705 Modifications to the Opinion in the Independent Auditor's Report
SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditors Report
SA 710 Comparative Information - Corresponding Figures and Comparative Financial Statements
SA 720 The Auditor's Responsibility in Relation to Other Information
Basic and Overview of SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
Basic and Overview of SA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
Basic and Overview of SA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
Basic and Overview of SA 810 Engagements to Report on Summary Financial Statements
Basic and Overview of SRS 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial Information
Basic and Overview of SRS 4410 Compilation Engagements
Basic and Overview of SRE 2400 Engagements to Review Historical Financial Statements
Basic and Overview of SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
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 Organisation
Basic and Overview of SAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
Auditing digitally and Digital auditing, Usage of Automated Tools such as CAAT, Data Analytics, Artificial Intelligence, etc., Remote Auditing
Audit of Consolidated Financial Statements - Responsibility of Parent Company, Auditor of the Consolidated Financial Statements; Audit Considerations - Permanent Consolidation, Current Period Consolidation; Reporting
Audit of Group Financial Statements including the work of Component Auditors
(SA 600 Using the Work of Another Auditor)
14. Special Features of Audit of Banks & Non-Banking Financial Companies
Concept of Propriety Audit; Performance Audit; Comprehensive 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 CAI; Drafting of Internal Audit Report; Audit Trail, Internal Audit as a Management Function
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
Sustainable Development Goals (SDG) & Environment, Social and Governance (ESG) Assurance, etc.
Introduction of Code of Ethics as per lESBA 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 legislation / 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.
