Important Topics for Advanced Auditing

1. Appointment of Auditor by Special Resolution: Material date for 25% holding of subscribed share capital
2. Audit of Branch Accounts
3. Appointment of Special Auditor u/s 233A
4. Audit Strategy
5. Dividends and the related Rules on transfer of profits to reserves
6. Final Dividend vs. Interim Dividend
7. Corporate Form of Practice by CA
8. New Disciplinary Mechanism
9. Clause 5, 6, 7 and 8 of Part I, Schedule First
10. Clause 7 and Clause 10 of Part I, Schedule Second
11. Part IV and Part III of Schedule First and Schedule Second respectively
12. Guidelines for website by CA
13. Calculation of turnover u/s 44AB
14. Clause 12A, 17, 21, 24, 27 and 32 of Form 3CD
15. Audit of Public Trusts
16. True and Fair cost of production
17. Propriety Cost audit
18. Management Audit and its objectives
19. Financial Audit vs. Management Audit vs. Operational Audit vs. Internal Audit
20. Types of Management Audit Reports
21. Practical question on drafting Management Control Questionnaire (MCQ)
22. Audit Trail
23. Approaches to EDP Audit
24. Service Bureau
25. “The objective and scope of audit does not change in CIS environment.” Comment
26. Propriety Audit and its types
27. Propriety elements in CARO
28. Investigation on behalf of incoming auditor
29. Investigation for advancing loan
30. Practical Question 4 from Chapter 10 (Question on Page 147 of the book)
31. Due Diligence and contents of DDR report
32. CARO applicability on Private Limited Companies
33. Clauses of CARO dealing with: (i) End use of Funds, (ii) Section 301, (iii) Statutory Dues and (iv) Other Dues, (v) Frauds
34. Classification of Investments by Banks
35. Concurrent Audit
36. AS 11, AS 17 and Banks
37. NOSTRO and VOSTRO Accounts of Banks
38. Solvency Margin
39. Valuation of Investments by General Insurance Companies
40. Reinsurance
41. NBFC vs. Banks
42. Classification of NBFC as per new guidelines of RBI
43. Appointment of Auditor in Cooperative Societies
44. Borrowings and Loans for Cooperative Societies
45. Appropriation of Profits, Overdue Principal and Interest in case of Cooperative Societies
46. Excise Audit 2000
47. Accounting Aspects for Mutual Funds
48. Whole Chapter on Members of Stock Exchanges, specially Margins, Circuit Breakers, Contract Notes, Types of Market in NEAT system, Limit Orders, Types of books and records
49. New definition of Independent Directors under Clause 49
50. CEO/ CFO certification under Clause 49
51. Whistle Blower Policy
52. Audit Committee
53. Energy Audit and Environmental Audit
54. Peer Review
55. SOX
56. Clause 41
57. AAS 11, 26, 14, 15, 17, 23, 28, 29, 30 to 35
58. Drafting of (i) Letter of Engagement and (ii) Management Representation Letter
59. Guidance Notes: Independence of Auditors, Section 227(3)(e) and (f) reporting, Financial Information in Offer Document
60. Practice Paper 3 and Practice Paper 5 of the Book