CA Final Audit | CA Final Audit Amendments | Part 1 | Most Important Amendments | Pankaj Garg | ICAI

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Amendments Part 1 : https://youtu.be/on8jWvno-hs
Amendments Part 2 : https://youtu.be/AGgiyUPJj78
Amendments Part 3 : https://youtu.be/nNLa__Q3d4M
Amendments Part 4 : https://youtu.be/hc-rZOmB0Hk
Amendments Part 5 : https://youtu.be/65sIO9Li1rM
Amendments Part 6 : https://youtu.be/YVyPAo2IwzM
Amendments Part 7 : https://youtu.be/Ar50YqhVhWs
Amendments Part 8 : https://youtu.be/XS82d_aZX4I
Amendments Part 9 : https://youtu.be/qDLoNjO9M8k

New Syllabus: Academic Updates (Amendments) applicable for Final level exams Nov 2021. The Companies audit and auditors amendment rules 2021.

Chapter-5: Company Audit
Chapter-11: Audit of Non-Banking Financial Companies
Chapter-13: Audit of Public Sector Undertakings
Chapter-14: Liabilities of Auditor
Old Syllabus: Revision of Tax Audit Report vide Notification No. 28/2021 dated 01.04.2021.

Chapter-6: The Company Audit
Chapter-7: Liabilities of Auditors
Chapter-8: Audit Report
Chapter-9: Audit Committee and Corporate Governance
Chapter-10: Audit of Consolidated Financial Statements
Chapter-14: Audit of Non Banking Financial Companies
Chapter-15: Audit under Fiscal Laws
Chapter-18: Audit of Public Sector Undertakings
Chapter-19: Internal Audit, Management and Operational Audit
Chapter-20: Investigations and Due Diligence
Chapter-21: Peer Review
Chapter-22: Professional Ethics
Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).

List of applicable Engagements and Quality Control Standards on Auditing for Nov 2021 Exam
Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements [SQC 1]
Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing [SA 200]
Agreeing the Terms of Audit Engagements [SA 210]
Quality Control for Audit of Financial Statements [SA 220]
Audit Documentation [SA 230]
The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements [SA 240]
Consideration of Laws and Regulations in An Audit of Financial Statements [SA 250]
Communication with Those Charged with Governance (Revised) [SA 260]
Communicating Deficiencies in Internal Control to Those Charged with Governance and Management [SA 265]
Joint Audit of Financial Statements (Revised) [SA 299]
Planning an Audit of Financial Statements [SA 300]
Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment [SA 315]
Materiality in Planning and Performing an Audit [SA 320]
The Auditor’s Responses to Assessed Risks [SA 330]
Audit Considerations Relating to an Entity Using a Service Organization [SA 402]
Evaluation of Misstatements Identified during the Audits [SA 450]
Audit Evidence [SA 500]
Audit Evidence – Specific Considerations for Selected Items [SA 501]
External Confirmations [SA 505]
Initial Audit Engagements-Opening Balances [SA 510]
Analytical Procedures [SA 520]
Audit Sampling [SA 530]
Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures [SA 540]
Related Parties [SA 550]
Subsequent Events [SA 560]
Going Concern (Revised) [SA 570]
Written Representations [SA 580]
Using the Work of Another Auditor [SA 600]
Using the Work of Internal Auditors (Revised) [SA 610]
Using the Work of an Auditor’s Expert [SA 620]
Forming an Opinion and Reporting on Financial Statements (Revised) [SA 700]
Communicating Key Audit Matters in the Independent Auditor’s Report (New) [SA 701]
Modifications to the Opinion in the Independent Auditor’s Report (Revised) [SA 705]
Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised) [SA 706]
Comparative Information – Corresponding Figures and Comparative Financial Statements [SA 710]
The Auditor’s Responsibility in Relation to Other Information (Revised) [SA 720]

ICAI Announcement (24.07.2021): The Companies (Auditor’s Report) Order, 2020 is not applicable for the CA Final examinations to be held in Nov 2021. CA Final New syllabus as well as old course students may note that Companies (Auditor’s Report) Order, 2016 [CARO 2016] issued by Ministry of Corporate Affairs would be applicable for November, 2021 Exam.

List of topic-wise exclusions from the syllabus
Chapter on Special Audit Assignment topic has been excluded.
SA-800: Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework.
SA-805: Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
SA-810: Engagements to Report on Summary Financial Statements
Guidance Note on Audit of Debtors, Loans and Advances.
Guidance Note on Audit of Investments.
Guidance Note on Audit of Cash and Bank Balances.
Guidance Note on Audit of Liabilities.
Guidance Note on Audit of Revenue.
Guidance Note on Audit of Expenses.

By CA Pankaj Garg Sir
Category
Management
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