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CA Final May 2016 Amendments in Auditing

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(@abha-singh-2)
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The statement on reporting under Section 143 of the Companies Act, 2013 (Section 227(1A) of the Companies Act, 1956) shall be applicable for May, 2016 Examination. Companies (Auditor’s Report) Order, 2015 [CARO] issued by Ministry of Corporate Affairs on 10th April, 2015 is applicable for CA Final May 2016 Exams.

Additionally, all auditing related sections of the Companies Act, 2013 up to 30th September, 2015 will be applicable for CA Final May, 2016 Exams. All other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2015 is applicable for May 2016 Examination.

Engagements and Quality Control Standards on Auditing:

Following are the lists of all 44 Engagements and Quality Control Standards on Auditing which are applicable in CA May, 2016 exams.

SQC 1: Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
SA 200: Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
SA 210: Agreeing the Terms of Audit Engagements
SA 220: Quality Control for Audit of Financial Statements
SA 230: Audit Documentation
SA 240: The Auditor’s responsibilities relating to Fraud in an Audit of Financial Statements
SA 250: Consideration of Laws and Regulations in An Audit of Financial Statements
SA 260: Communication with Those Charged with Governance
SA 265: Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
SA 299: Responsibility of Joint Auditors
SA 300: Planning an Audit of Financial Statements
SA 315: Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
SA 320: Materiality in Planning and Performing an Audit
SA 330: The Auditor’s Responses to Assessed Risks
SA 402: Audit Considerations Relating to an Entity Using a Service Organization
SA 450: Evaluation of Misstatements Identified during the Audits
SA 500: Audit Evidence
SA 501: Audit Evidence – Specific Considerations for Selected Items
SA 505: External Confirmations
SA 510: Initial Audit Engagements Opening Balances
SA 520: Analytical Procedures
SA 530: Audit Sampling
SA 540: Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
SA 550: Related Parties
SA 560: Subsequent Events
SA 570: Going Concern
SA 580: Written Representations
SA 600: Using the Work of Another Auditor
SA 610: Using the Work of Internal Auditors
SA 620: Using the Work of an Auditor’s Expert
SA 700: Forming an Opinion and Reporting on Financial Statements
SA 705: Modifications to the Opinion in the Independent Auditor’s Report
SA 706: Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
SA 710: Comparative Information – Corresponding Figures and Comparative Financial Statements
SA 720: The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
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
SRE 2400: Engagements to Review Financial Statements
SRE 2410: Review of Interim Financial Information Performed by the Independent Auditor of the Entity
SAE 3400: The Examination of Prospective Financial Information
SAE 3402: Assurance Reports on Controls At a Service Organisation
SRS 4400: Engagements to Perform Agreed Upon Procedures Regarding Financial Information
SRS 4410: Engagements to Compile Financial Information

Guidance Notes and other publications:

Following are the list of 14 Guidance Notes and other publications which are fully applicable for CA Final May, 2016 exams:
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 (Revised in view of Latest Form 3CA, 3CB and 3CD notified on 25th July).
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
12. Guidance Note on Computer Assisted Audit Techniques (CAATs)
13. Guidance Note on Audit of Payment of Dividend
14. Guidance Note on Audit of Capital and Reserves
The Guidance Note on Audit of Abridged Financial Statements, the Guidance Note on Audit of Miscellaneous Expenditure, the Guidance Note on Certificate of Corporate Governance and the Guidance Note on Auditing of Accounts of Liquidators shall not be applicable for May, 2016 Examinations.

[Reference: aubsp.com]

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