Syllabus - Modified Scheme of Study

Strategic Level-1


[S2] AUDIT & ASSURANCE

PART - A WEIGHTAGE 10%
1. Audit framework and regulation
• Audit and other assurance engagements
• Statutory audit and regulation
• Legal consideration relating to appointment and removal of auditor
PART - B WEIGHTAGE 55%
2. Planning and risk assessment General Principles and Responsibilities
• ISA 200, Overall objectives of the Independent Auditor and the conduct of an Audit in accordance with International Auditing Standards
• ISA 210, Agreeing the terms of Audit Engagements
• ISA 220, Quality Control for an Audit of Financial Statements
• ISA 230, Audit Documentation
• ISA 240, The Auditor’s responsibilities relating to fraud in an audit of financial statements
• ISA250, Consideration of laws and regulations in an audit of financial statements
• ISA 260, Communication with those charged with governance
• ISA 265, Communicating deficiencies in internal control to those charged with governance and management
3. Risk Assessment and Response to Assessed Risk
• ISA 300, Planning an audit of financial statements
• ISA 315, Identifying and assessing the risks of material misstatement through understanding the entity and its environment
• ISA 320, Materiality in planning and performing an audit
• ISA 330, The auditor’s response to assessed risks
• ISA 402, Audit considerations relating to an entity using a service organization
• ISA 450, Evaluation of misstatements identified during the audit.
4. Internal Control
• Internal control
• Testing the controls regarding
• Inventory
• Sales
• Purchases
• Cash and bank
• Revenue and capital expenditure
• Non current tangible assets
5. Internal Audit
• Internal audit and corporate governance
• Distinction among external and internal auditing
• Scope of and need for internal auditing
• Nature and types of internal operation audits
• Relationship between internal and external auditors
• Nature and types of internal audits
6. Audit Evidence
• ISA 500, Audit Evidence
• ISA 501, Audit Evidence-specified consideration for selected items
• ISA 505, External confirmation
• ISA 510, Initial audit engagements-opening balances
• ISA 520, Analytical procedures
• ISA 530, Audit Sampling
• ISA 540, Auditing accounting estimates, including fair value accounting estimates, and related disclosures
• ISA 550, Related parties
• ISA 560, Subsequent events
• ISA 570, Going concern
• ISA 580, Written representation
7. Collecting Audit Evidence of
• Collecting Audit Evidence of:
. Non‐current assets
• Inventory
• Receivables
• Cash and bank
• Liabilities, capital and directors’ emoluments
• Not‐for‐profit organization
PART - C WEIGHTAGE 20%
8. . Using the Work of Others
• ISA 600, Special consideration-audits of group financial statements (including the work of component auditors)
• ISA 610, Using the work of internal auditors
• ISA 620, Using the work of auditor’s expert
9. Audit Conclusions and Reporting
• ISA 700, Forming an opinion and reporting on financial statements
• ISA 705, Modifications to the opinion in the independent auditor’s report
• ISA 706, Emphasis of matter paragraphs and other matter paragraphs in the independent auditor’s report
• ISA 710, Comparative information-corresponding figures and comparative financial statements
• ISA 720, the auditor’s responsibilities relating to other information in documents containing audited financial statements.
PART - D WEIGHTAGE 15%
10. Cost Audit
• Nature, Objectives, Functions, advantages and Scope of Cost Audit
• Planning the Cost Audit
• Provision of Cost Accounting Records Rules
• Material Cost
• Labor Cost
• Overheads
• Sales, Royalty, Inter-Company Transactions
• Companies audit of cost accounts rules
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