Advanced Auditing: Important Topics for Nov 2010 Examination

Important Topics for Advanced Auditing, Nov 2010 Examination

1. Appointment of Auditor by Special Resolution: Material date for 25% holding of subscribed share capital

2. Audit of Branch Accounts

3. Appointment of Special Auditor u/s 233A

4. Audit Strategy

5. Dividends and the related Rules on transfer of profits to reserves

6. Final Dividend vs. Interim Dividend

7. Corporate Form of Practice by CA (Management Consultancy Company)

8. New Disciplinary Mechanism

9. Regulation 190A, 191, 192, 53A, 53B and 53C of CA Regulations, 1988

10. Clause 5, 6, 7 and 8 of Part I, Schedule First

11. Clause 7 and Clause 10 of Part I, Schedule Second

12. Part IV and Part III of Schedule First and Schedule Second respectively

13. Guidelines for website by CA

14. Central Council General Guidelines, 2008

15. Calculation of turnover u/s 44AB

16. Clause 12A, 17, 17A, 21, 24, 27 and 32 of Form 3CD

17. Audit of Public Trusts

18. True and Fair cost of production

19. Propriety Cost audit

20. Management Audit and its objectives

21. Financial Audit vs. Management Audit vs. Operational Audit vs. Internal Audit

22. Types of Management Audit Reports

23. Practical question on drafting Management Control Questionnaire (MCQ)

24. Audit Trail

25. Approaches to EDP Audit

26. Service Bureau

27. “The objective and scope of audit does not change in CIS environment.” Comment

28. Propriety Audit and its types

29. Propriety elements in CARO

30. Investigation on behalf of incoming auditor/ proposed merger

31. Investigation for advancing loan

32. Due Diligence and contents of DDR report

33. CARO applicability on Private Limited Companies

34. Clauses of CARO dealing with: (i) End use of Funds, (ii) Section 301, (iii) Statutory Dues and (iv) Other Dues, (v) Frauds, (vi) Internal Audit, (vii) Utilisation of Term Loans

35. Classification of Investments by Banks

36. Concurrent Audit

37. AS 11, AS 17 and Banks

38. NOSTRO and VOSTRO Accounts of Banks

39. Solvency Margin

40. Valuation of Investments by General Insurance Companies

41. Reinsurance

42. NBFC vs. Banks

43. Classification of NBFC as per new guidelines of RBI

44. Appointment of Auditor in Cooperative Societies & Special report to Registrar of Cooperative Societies

45. Borrowings and Loans for Cooperative Societies

46. Appropriation of Profits, Overdue Principal and Interest in case of Cooperative Societies

47. Excise Audit 2000 (Desk Review)

48. Accounting Aspects for Mutual Funds

49. 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

50. New definition of Independent Directors under Clause 49

51. CEO/ CFO certification under Clause 49

52. Whistle Blower Policy

53. Audit Committee

54. Energy Audit and Environmental Audit

55. Peer Review

56. SOX

57. Clause 41

58. AAS 11, 13, 26, 14, 15, 17, 23, 27, 28, 29, 30 to 35 (i.e. corresponding new SA) plus SA 265, SA 450, SA 501, SA 720

59. Drafting of (i) Letter of Engagement and (ii) Management Representation Letter

60. Guidance Notes: Independence of Auditors, Section 227(3)(e) and (f) reporting, Financial Information in Offer Document, Revision of Audit Report, Audit of Consolidated Financial Statements

61. Statement of Facts vs. Statement of Opinions