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Auditing important questions

Swapna (CA Student) (88 Points)

15 April 2013

Hey friends,

Does anyone know if Kamal Garg sir has posted any important questions for CA Final may 2013 exams????

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Sathish M (Management Accountant) (40581 Points)
Replied 15 April 2013

Important Topics for Advanced Auditing, May 2013

Important Topics for Advanced Auditing, May 2013

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

2. Audit of Branch Accounts and Exemption thereto

3. Appointment of Special Auditor u/s 233A and/ vis-à-vis communication under Clause 8 Part I of First Schedule of Chartered Accountants Act, 1949 (as amended)

4. Audit Strategy (Short Note)

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

6. Declaration of Dividend in the event of presence of past losses (section 205)

7. Final Dividend vs. Interim Dividend

8. Corporate Form of Practice by CA (Management Consultancy Company, i.e., MCC)

9. New Disciplinary Mechanism (Distinction b/w powers of Board of Discipline and Disciplinary Directorate)

10. Clause 2, 3, 4, 5, 6, 7, 8, 9 and 12 of Part I, First Schedule

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

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

13. Council General Guidelines 2008 under Code of Ethics

14. Guidelines for Website by CA

15. Calculation of Turnover u/s 44AB

16. Clause 12A, 17, 17A, 18, 21, 22, 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/ BPO (see SA 402)

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

28. Propriety Audit and its types (specially objective and scope of PSU audit whether different from statutory audit and Section 619 Questionnaire)

29. Propriety elements in CARO

30. Investigation on behalf of Incoming Partner

31. Investigation for Advancing Loan

32. Section 217 requirements for Board of Directors explanation about statutory auditors’ adverse remarks

33. Due Diligence and contents of DDR (Due Diligence Review) Report

34. CARO applicability on Private Limited Companies

35. Clauses of CARO dealing with: (i) End use of Funds and Company Trading in Shares , (ii) Section 301, (iii) Statutory Dues, (iv) Other Dues, (v) Term Loans, (vii) Internal Audit, (viii) Frauds, (ix) Sick Company, (x) Fixed Assets, and (xi) Inventories

36. Classification of Investments by Banks and Non-performing Assets with NPA Exemptions

37. Concurrent Audit, Corporate Debt Restructuring and Credit Card Operations in a Bank

38. AS 11, AS 17 and Banks

39. Donations made by Banks – RBI Requirements

40. NOSTRO and VOSTRO Accounts of Banks

41. Solvency Margin

42. Valuation of Investments by General Insurance Companies

43. Reinsurance, Contents of Management Report for GIC

44. NBFC vs. Banks

45. Classification of NBFC as per new guidelines of RBI

46. Appointment of Auditor in Cooperative Societies and Books of Accounts to be maintained by Society

47. Borrowings and Loans for Cooperative Societies

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

49. Excise Audit 2000

50. Accounting Aspects for Mutual Funds (specially the treatment of Underwriting Commission and Unit Premium Reserve), Contents of Audit Report

51. 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, Proprietary Trading (Beneficiary Account) and Pool Trading (Pool Account), Contents of Audit Report

52. SEBI Investigation for question 50 and 51 above

53. New definition of Independent Directors under Clause 49

54. CEO/ CFO certification under Clause 49

55. Whistle Blower Policy under Clause 49

56. Audit Committee

57. Energy Audit and Environmental Audit

58. Peer Review (can a peer reviewer access the clients’ premises and books of accounts, etc.)

59. SOX (Clause 49 known as Indian SOX)

60. Clause 41

61. SA 240, 315, 330, 500 & 501, 620, 580, 299, 520, 530, 570, 560, 540, 510, 710, 505, 700, 705, 720, SRS 4410, 4400, SRE 2400, SAE 3400

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

63. Guidance Notes: Independence of Auditors, Section 227(3)(e) and (f) reporting, Financial Information in Offer Document, Consolidation of Financial Statements (specially the concept of permanent consolidated adjustments and current consolidated adjustments), Revision of Audit Report

64. Auditor’s Right to Lien (Short Note)

65. Auditor’s Right to attend General Meeting (Section 231)

66. Xerox copies of books of accounts vis-à-vis Auditor’s obligations

67. From Company Law: Short Note on XBRL Filing, Buy Back and Deposit Acceptance Rules

cakamalgarg @ gmail.com

Source:https://auditingforcafinal.blogspot.in/2012/08/important-topics-for-advanced-auditing_2.html