Friday, May 15, 2009

Important areas in advanced auditing chapeterwise for June 2009 Examination

Chapter – 4 : Company auditor

1)Functions of an auditor under companies act 1956 -page 4.19
2)Exemption of branches from audit requirements in certain situation – page 4.27
3)Gist of important circulars – one reading – page 4.34

Chapter –5 : Company audit

1)Types of registers – page 5.7
2)Personal exp of directors – page 5.9
3)Sec 205 – page 5.21
4)Transfer to reserves exceeding 10% - page 5.25
5)Definition of capital reserve, capital receipts – page 5.31
6)Interim dividend – page 5.37
7)Non provision of proposed dividend, non provision of tax in the accounts–page 5.41

Chapter –6 : Audit report

1)Director’s comments on qualifications – page 6.23
2)Short notes on loan outstanding, turnover
3)Important points in comments of matters to be included in report

Paragraph Comments
4(i)(a) 2,3
4(i)(b) 3
4(i)(c) 3,4
4(ii)(a) 3
4(ii)(b) 2
4(ii)(c) 2
4(iii)(a) 1
4(iii)(b) 2
4(iii)(c) 2
4(iii)(d) 1,2
4(iv) 3,4,5
4(v)(a) all
4(v)(b) 2
4(vi) 2,3,4,5
4(vii) 2,3
4(viii) 3
4(ix)(a) 3,4,5
4(ix)(b) 1,2
4(x) 2,3,4
4(xii) 5
4(xiii) all
4(xiv) 2,5
4(xv) 1,2,5
4(xvi) 2,3
4(xvii) 1
4(xviii) all
4(xix) 2
4(xx) 2
4(xxi) 1,2,6

Chapter – 7 : EDP Audit

1) Short notes : batch processing , real time processing – page 7.3
2) Specific problems of EDP relating to internal control – page 7.5
3) Internal control in a computer based system – page 7.14
4) Service Bureau – page 7.26

Chapter – 8 : Investigations

1) Difference between auditing & investingation – page 8.2
2) Special issues in investigations – page 8.6
3) Types of investigations – non statutory – page 8.15
4) Financial due diligence – page 8.36
5) Contents of a due diligence report – page 8.42

Chapter – 10 : Audit of PSU

Propriety audit – page 10.7

Chapter – 11 : Audit of Banks

1) Bills for collections, Bills purchased, Loans & advances, credit card operation – page 11.20
2) Money at call & short notice – page 11.23
3) Investments – page 11.25
4) Threats in recovery, erosion in the value of security – page 11.39
5) CDR – page 11.41
6) Third party guarantees – page 11.60
7) Contingent liabilities – page 11.71
8) Concurrent audit – page 11.77

Chapter – 12 : Audit of General Insurance

1) Legal framework – page 12.1
2) Part I & IV of IRDA Regulation 2002 – page 12.7
3) Auditors report – page 12.18
4) Audit procedures – page 12.21
5) Verification of claims, commission, operating exp – page 12.26,12.28,12.29
6) Investments – page 12.30
7) Unexpired risk reserves & reinsurance – page 12.37
8) Co insurance , solvency margin – page 12.44

Chapter – 13 : Tax Audit

Tax audit u/s 44AB – page 13.4
Form 3CD – page 13.16

Chapter – 14 : Stock Exchange

1) Margins – page 14.5
2) Rolling settlement – page 14.12
3) Circuit filters & circuit breakers – page 14.14
4) Contract notes – page 14.19

Chapter – 15 : Special Aspects

1) Audit of NBFC – page 1 to 11
2) Audit of co-operatives societies – page 15.18
3) Audit of mutual fund
4) Short notes on board of directors, independent directors, audit committee – page 15.47, Peer review – page 15.60

Chapter – 17 : Professional Ethics

Other misconduct, maintenance of branch offices
Part I of First Schedule – Clause 2,4,6,7,11
Part III of First Schedule – Clause 2
Part I of Second Schedule – Clause 1,4,8

Chapter – 18 : Management & operational audit

Desirability of management audit – page 18.5
Behavioural aspects of mgt audit – page 18.15
Audit objectives – page 18.27

Important AAS – 1,6,10,12,13,16,19,21,22,26,28,31

1 comments:

srihari said...

very useful....... carry on chandan