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Changes/ amendments in paper 3 -audit as compared to nov -15

Nishant (Accounts Assistant) (378 Points)

03 April 2016

Hello friends,

Can anyone plz tell me what are the new changes/amendments in

Paper 3 - Audit & Professional Ethics

as compared to the Nov 15 attempt

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1 Replies

Sathish M (Management Accountant) (40581 Points)
Replied 03 April 2016

Applicability of Standards/Guidance Notes/

Legislative Amendments etc. for May, 2016 –

Final Examination

Paper- 3: Advanced Auditing and Professional Ethics

I. Statements and Standards

1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 (1) of the Companies Act, 2013).

2. Framework for Assurance Engagements.

II. Engagements and Quality Control Standards on Auditing

S No.	SA	Title of Standard on Auditing
1	SQC 1	Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
2	SA 200	Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
3	SA 210	Agreeing the Terms of Audit Engagements
4	SA 220	Quality Control for Audit of Financial Statements
5	SA 230	Audit Documentation
6	SA 240	The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
7	SA 250	Consideration of Laws and Regulations in An Audit of Financial Statements
8	SA 260	Communication with Those Charged with Governance
9	SA 265	Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
10	SA 299	Responsibility of Joint Auditors
11	SA 300	Planning an Audit of Financial Statements
12	SA 315	Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
13	SA 320	Materiality in Planning and Performing an Audit
14	SA 330	The Auditor’s Responses to Assessed Risks
15	SA 402	Audit Considerations Relating to an Entity Using a Service Organization
16	SA 450	Evaluation of Misstatements Identified during the Audits
17	SA 500	Audit Evidence
18	SA 501	Audit Evidence - Specific Considerations for Selected Items
19	SA 505	External Confirmations
20	SA 510	Initial Audit Engagements-Opening Balances
21	SA 520	Analytical Procedures
22	SA 530	Audit Sampling
23	SA 540	Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
24	SA 550	Related Parties
25	SA 560	Subsequent Events
26	SA 570	Going Concern
27	SA 580	Written Representations
28	SA 600	Using the Work of Another Auditor
29	SA 610	Using the Work of Internal Auditors
30	SA 620	Using the Work of an Auditor’s Expert
31	SA 700	Forming an Opinion and Reporting on Financial Statements
32	SA 705	Modifications to the Opinion in the Independent Auditor’s Report
33	SA 706	Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
34	SA 710	Comparative Information – Corresponding Figures and Comparative Financial Statements
35	SA 720	The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
36	SA 800	Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
37	SA 805	Special Considerations-Audits of Single Purpose Financial Statements and Specifi c Elements, Accounts or Items of a Financial Statement
38	SA 810	Engagements to Report on Summary Financial Statements
39	SRE 2400	Engagements to Review Financial Statements
40	SRE 2410	Review of Interim Financial Information Performed by the Independent Auditor of the Entity
41	SAE 3400	The Examination of Prospective Financial Information
42	SAE 3402	Assurance Reports on Controls At a Service Organisation
43	SRS 4400	Engagements to Perform Agreed Upon Procedures Regarding Financial Information
44	SRS 4410	Engagements to Compile Financial Information

III. Guidance Notes and other publications

1. Code of Ethics

2. Guidance Note on Independence of Auditors.

3. Guidance Note on Audit Reports and Certificates for Special Purposes.

4. Guidance Note on Audit under Section 44AB of the Income-tax Act

5. Guidance Note on Audit of Inventories.

6. Guidance Note on Audit of Debtors, Loans and Advances.

7. Guidance Note on Audit of Investments.

8. Guidance Note on Audit of Cash and Bank Balances.

9. Guidance Note on Audit of Liabilities.

10. Guidance Note on Audit of Revenue.

11. Guidance Note on Audit of Expenses.

12. Guidance Note on Reporting under section 143 (3) (f) and (h) of the Companies Act, 2013.

13. Guidance Note on Computer Assisted Audit Techniques (CAATs).

14. Guidance Note on Audit of Payment of Dividend.

15. Guidance Note on Audit of Capital and Reserves.

IV Applicability of the Companies Act, 2013:

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including

relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2015 will be applicable for May, 2016 Examination.