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Advanced Auditing and Professional Ethics - I
(a) To acquire the ability to analyze current auditing practices and procedures and apply them in auditing engagements;
(b) To acquire the ability to solve cases relating to audit engagements.
Auditing Standards, Statements and Guidance Notes: Engagement & Quality Control Standards, Statements and Guidance Notes on Auditing issued by the ICAI; Elements of system of quality control, leadership responsibilities for quality within the firm, Acceptance and Continuance of clients relationships and specific engagements, Engagement Performances, etc. (SQC 1).
Audit Planning, Strategy and Execution: Planning the flow of audit work; audit strategy, audit plan, audit programme and importance of supervision; principal’s ultimate responsibility; extent of delegation; control over quality of audit work; Analytical Procedures prior to audit as well as towards finalization; Concept of Principal Auditor and Other Auditor, Acceptance as Principal Auditor, Procedures to be performed by Principal Auditor, Co-ordination between the Principal Auditor and Other Auditor (SA 600 ); Concept of Internal Audit Functions and its evaluation, Using the work of the internal audit function (SA 610 ); Auditor's Expert (SA 620).
Risk Assessment and Internal Control: Evaluation of internal control procedures; Components of internal controls; Internal control and risk assessment; Risk-based audit- audit risk analysis, general steps; Internal audit; Reporting on internal control weaknesses (SA 265); Framework on Reporting of Internal Controls.
Special aspects of Auditing in an Automated Environment: Key features of automated environment, related risks and controls, Standards, Guidelines and procedures, using relevant frameworks and best practices, understanding and documenting automated environment, Enterprise Risk management overview, assessing IT-related risks and controls, evaluating risks and controls at entity level and process level, Considerations of automated environment at each phase of audit cycle, using relevant analytical procedures
and tests using data analytics, key concepts of auditing in real-time automated environments such as E-Commerce, ERP, Core Banking, etc..
Audit of Limited Companies: Application of Relevant Provisions under the Companies Act, 2013 relating to Audit and Auditors and Rules made there under; Powers/rights, duties of auditors; Branch Audit; true and fair view; Dividends and divisible profits- financial, legal, and policy considerations; depreciation; Special features of audit of Limited Liability Partnerships (LLPs)- Eligibility for audit, appointment of auditor, remuneration, etc. Audit report under the Companies Act, 2013; Reporting under CARO.
Liabilities of Auditors: Professional negligence; Civil liabilities; Criminal liabilities; Liabilities under different statutes.
Audit Reports: Basic elements of auditor’s report; Types of opinion; Notes on accounts; Distinction between notes and qualifications; Distinction between audit reports and certificates; Communication to Management and those charged with Governance; Self Review threats; Drafting of different types of Audit Reports.
Audit Reports & Certificates for Special Purpose Engagement: Reporting on Agreed Upon Procedure, Review Reports, Special Purpose Reports (SA 800, 805, 810); Guidance Note on Audit Reports and Certificates for Special Purposes including Scope of special purpose reports and certificates; Responsibility for preparation of special purpose statements, Scope of the reporting auditor’s functions, Contents of such reports and certificates, Reports and certificates on specific items of financial statements, Communication of report or certificate.
Reference Books
1. Study Material Published by ICAI
2. Scanner-Arun Kumar (Suchitra Prakashan (P) Ltd)
3. Contemporary Auditing Kamal Gupta-(Tata McGraw Book Co., New Delhi )
4. Advanced Auditing and Investigation -Emile Woolf etal (Mcdonald & Evans, U.K. )
5. Management Auditing: Questionnaires approach R.J. Thirauf AMACOM Publication.
6. Auditing Today: Emile Woolf (Prentice Hall)
7. Compendium of Statements and Standards — Accounting and Auditing
8. Compendium of Guidance Notes Vol 1,11,111 and IV
Note:
(i) The specific inclusions/exclusions, in any topic covered in the syllabus, will be affected every year by way of Study Guidelines.
(ii) The provisions of the Companies Act, 1956 which are still in force would form part of the syllabus till the time their corresponding or new provisions of the Companies Act, 2013 are enforced.
(iii) If new legislations/ Engagement and Quality Control Standards /Guidance
Notes/Statements are enacted in place of the existing legislations; the syllabus would include the corresponding provisions of such new legislations with effect from a date notified by the Institute. The changes in this regard would also form part of Study Guidelines.
