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CA IPCC Auditing Syllabus May 2017 – New Changes by ICAI

CA IPCC Auditing Syllabus May 2017  and Applicable Amendments & New Changes are here. In this article, We’ve provided CA IPCC Auditing & Assurance Syllabus Changes and Amendments Notification applicable for May 2017 and Nov 2017. Also Download CA IPCC Study Material for May 2017. The Syllabus of CA IPCC changes every two attempts. The Syllabus for May 2017 and Nov 2017 will be different for the IPCC subjects when compared to the syllabus that was applicable for Nov 2016 Exam. The reason for the change in CA IPCC Syllabus for May 2017 is the applicability of new Union Budget and also applicability of new Notifications and Circulars for this attempt. The CA IPCC Auditing Syllabus new changes for May 2017 and Nov 2017 exam are available from the below provided links for free download. In this Article, we will list out Applicable CA IPCC Auditing & Assurance Syllabus and also Amendments thereto.

CA IPCC Auditing Syllabus For May 2017 Image result for blinking new gif

IPCC Auditing Syllabus

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IPCC Subjects For May 2017

There are total 7 Papers in CA IPCC Syllabus. See below

Group I

Paper 1: Accounting (100 marks)

Paper 2: Business Laws, Ethics and Communication (100 marks)

  • Part I: Business Laws (60 marks) comprising
  1. Business Laws (30 marks)
  2. Company Law (30 marks)
  • Part II: Ethics (20 marks)
  • Part III: Communication (20 marks)

Paper 3: Cost Accounting and Financial Management (100 marks)

  • Part I: Cost Accounting (50 marks)
  • Part II: Financial Management (50 marks)

Paper 4: Taxation (100 marks)

  • Part I: Income-tax (50 marks)
  • Part II: Indirect Taxes (50 marks)

Group II

Paper 5: Advanced Accounting (100 marks)

Paper 6: Auditing and Assurance (100 marks)

Paper 7: Information Technology and Strategic Management (100 marks)

  • Section A: Information Technology (50 marks)
  • Section B: Strategic Management (50 marks)

CA IPCC Audit Syllabus Changes

In the entire IPCC Auditing part, there are few minor changes in the Company Audit Part. Other than that, there are no new changes in the CA IPCC Audit Syllabus applicable for May 2017 exam.

Here we are providing CA IPCC Auditing Syllabus for May 2017 in PDF format. Click below links to download.

Subject Syllabus
Auditing & Assurance Download

IPCC Syllabus Paper 6: Auditing and Assurance

(One paper – three hours – 100 marks)

Contents

1. Auditing Concepts – Nature and limitations of Auditing, Basic Principles governing an audit, Ethical principles and concept of Auditor’s Independence, Relationship of auditing with other disciplines.

2. Auditing and Assurance Standards – Overview, Standard-setting process, Role of International

Auditing and Assurance Standards Board and Auditing and Assurance Standards Board in India.

3. Auditing engagement – Audit planning, Audit programme, Control of quality of audit work– Delegation and supervision of audit work.

4. Documentation – Audit working papers, Audit files: Permanent and current audit files, Ownership and custody of working papers.

5. Audit evidence – Audit procedures for obtaining evidence, Sources of evidence, Reliability of audit evidence, Methods of obtaining audit evidence, Physical verification, Documentation, Direct confirmation, Re-computation, Analytical review techniques, Representation by management.

6. Internal Control – Elements of internal control, Review and documentation, Evaluation of internal control system, Internal control questionnaire, Internal control check list, Tests of control, Application of concept of materiality and audit risk, Concept of internal audit.

7. Internal Control and Computerized Environment, Approaches to Auditing in Computerised Environment.

8. Audit Sampling – Types of sampling, Test checking, Techniques of test checks.

9. Analytical review procedures.

10. Audit of payments – General considerations, Wages, Capital expenditure, Other payments and expenses, Petty cash payments, Bank payments, Bank reconciliation.

11. Audit of receipts – General considerations, Cash sales, Receipts from debtors, Other Receipts.

12. Audit of Purchases – Vouching cash and credit purchases, Forward purchases, Purchase returns, Allowance received from suppliers.

13. Audit of Sales – Vouching of cash and credit sales, Goods on consignment, Sale on approval basis, Sale under hire-purchase agreement, Returnable containers, Various types of allowances given to customers, Sale returns.

14. Audit of suppliers’ ledger and the debtors’ ledger – Self-balancing and the sectional balancing system, Total or control accounts, Confirmatory statements from credit customers and suppliers, Provision for bad and doubtful debts, Writing off of bad debts.

15. Audit of impersonal ledger – Capital expenditure, deferred revenue expenditure and revenue expenditure, Outstanding expenses and income, Repairs and renewals, Distinction between reserves and provisions, Implications of change in the basis of accounting.

16. Audit of assets and liabilities.

17. Company Audit – Audit of Shares, Qualifications and Disqualifications of Auditors, Appointment of auditors, Removal of auditors, Powers and duties of auditors, Branch audit, Joint audit, Special audit, Reporting requirements under the Companies Act, 1956.

18. Audit Report – Qualifications, Disclaimers, Adverse opinion, Disclosures, Reports and certificates.

19. Special points in audit of different types of undertakings, i.e., Educational institutions, Hotels, Clubs, Hospitals, Hire-purchase and leasing companies (excluding banks, electricity companies, cooperative societies, and insurance companies).

20. Features and basic principles of government audit, Local bodies and not-for-profit organizations, Comptroller and Auditor General and its constitutional role.

Note: Candidates are expected to have working knowledge of relevant Auditing and Assurance

Standards issued by the ICAI with reference to above-mentioned topics.

IPCC Syllabus Paper 6: Auditing and Assurance

  1. Standards on Auditing (SAs)
S.No SA Title of Standard on Auditing
1 SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
2 SA 210 Agreeing the Terms of Audit Engagements
3 SA 220 Quality Control for Audit of Financial Statements
4 SA 230 Audit Documentation
5 SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
6 SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements
7 SA 260 Communication with Those Charged with Governance
8 SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
9 SA 299 Responsibility of Joint Auditors
10 SA 300 Planning an Audit of Financial Statements
11 SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
12 SA 320 Materiality in Planning and Performing an Audit
13 SA 330 The Auditor’s Responses to Assessed Risks
14 SA 402 Audit Considerations Relating to an Entity Using a Service Organization
15 SA 450 Evaluation of Misstatements Identified during the Audits
16 SA 500 Audit Evidence
17 SA 501 Audit Evidence – Specific Considerations for Selected Items
18 SA 505 External Confirmations
19 SA 510 Initial Audit Engagements-Opening Balances
20 SA 520 Analytical Procedures
21 SA 530 Audit Sampling
22 SA 540 Auditing Accounting Estimates, Including Fair Value Accounting
Estimates, and Related Disclosures
23 SA 550 Related Parties
24 SA 560 Subsequent Events
25 SA 570 Going Concern
26 SA 580 Written Representations
27 SA 600 Using the Work of Another Auditor
28 SA 610 Using the Work of Internal Auditors
29 SA 620 Using the Work of an Auditor’s Expert
30 SA 700 Forming an Opinion and Reporting on Financial Statements
31 SA 705 Modifications to the Opinion in the Independent Auditor’s Report
32 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
33 SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
34 SA 720 The Auditor’s Responsibility in Relation to Other Information in
Documents Containing Audited Financial Statements

Statements

Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 of the Companies Act, 2013).

Guidance Notes

Guidance Note on Audit of Inventories.

Guidance Note on Audit of Debtors, Loans and Advances.

Guidance Note on Audit of Investments.

Guidance Note on Audit of Cash and Bank Balances.

Guidance Note on Audit of Liabilities.

Guidance Note on Audit of Revenue.

Guidance Note on Audit of Expenses.

IV Applicability of the Companies Act, 2013: The relevant notified Sections of the Companies Act, 2013 up to 30th September 2014 will be applicable for May, 2015 Examination and for other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority cut-off date will be 31stOctober, 2014.

New CA Syllabus Applicability Date
It is a known fact that, the syllabus of CA Course is being radically changed. We have been receiving numerous requests regarding the applicability of this new syllabus.

It is hereby clarified that, the new syllabus will likely come into effect only from Nov 2017 exams.

Students who registered under old syllabus will be given at least three attempts before making the new syllabus applicable to them.

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