Important Topics for Advanced Auditing, Nov 2010 Examination (Both for Old & New Course)
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
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