SECRET TIP 🙊

AUDITING AND ETHICS

Shh..kisiko btatana mtt 🤫

CHAPTER 05,
CHAPTER 07,
CHAPTER 09, &
CHAPTER 11

issme se 45 marks ka paper aayega😉
Exemptions in audit, update baad me aayeg!! 🤝

*same soon for other subjects!! :)

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

CA INTERMEDIATE

AUDIT AND ETHICS

# CARO 2020 SUMMARY

(a) Provisions of CARO are equally applicable in case of branches also, because under sec. 143(8), a branch auditor has same duties as of company auditor.
(b) A company is covered under the definition of small company, it will remain exempted from the applicability of the Order even if it falls under any of the criteria specified for private company.
(c) Paid up capital includes equity as well as preference.
(d) Amount originally paid up on forfeited shares should be added to the figure of paid up capital.
(e) Share Application money should not be considered as part of paid up capital.
(f) Reserves includes Capital reserves, revenue reserves as well as Revaluation Reserves.
(g) Credit Balance of Profit and Loss Account will form part of reserve.
(h) In case of debit balance of profit or loss, same shall be netted for computing reserves & surplus.
(i) Loans from banks and financial institutions are to be considered in aggregate. Financial Institutions will include NBFC.
(j) Loans may be in any form like term loan, demand loans, cash credit overdraft, export credit, bill purchased/discounted.
(k) Non fund-based credit facilities have devolved and have been converted into fund based credit facilities should also be considered as outstanding loan.
(l) Long term loans as well as short term loans, secured as well as unsecured will be considered.
(m) Outstanding dues in respect of credit cards will also be considered.
(n) Interest accrued as well as due does form part of outstanding loan, whereas interest accrued but not due is not considered as loan.
(o) Total revenue as disclosed in Schedule III comprises of Revenue from operations and Other Income.
(p) In respect of a company other than a finance company revenue from operations shall consists of revenue from
(a) Sale of products;
(b) Sale of services; and
(c) Other operating revenues, as reduced by Excise duty.
(q) In respect of a finance company, revenue from operations shall consists of revenue from
(a) Interest; and
(b) Other financial services.
(r) Other income shall consist of the followings:
• Interest Income (in case of a company other than a finance company);
• Dividend Income; • Net gain/loss on sale of investments;
• Other non-operating income (net of expenses directly attributable to such income).

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CAINTERCOMMUNITY
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

CA INTERMEDIATE

AUDITING & ETHICS

CARO, 2020 SUMMARY HANDWRITTEN NOTES BY ADMIN

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

CA INTERMEDIATE

AUDITING AND ETHICS

CARO, 2020 MEMORY TRICK

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

CA INTERMEDIATE

AUDITING AND ETHICS

ICAI, MAY 2024 EXAM MCQS+SOLUTION ONLY ON CNC CHANNEL

https://t.me/CAQUIZZCOMMUNITY/307

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

CA INTERMEDIATE

AUDITING AND ETHICS

MOCK TEST PAPERS ANALYSIS – SEPTEMBER, 2024

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CAINTERCOMMUNITY
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

CA FOUNDATION

BEST OF LUCK

Dear CA Foundation Students,

May your understanding of supply and demand be as balanced as a perfectly competitive market! Best wishes for your CA Foundation exams in economics. You’ve got this! 🌟📚

Remember, confidence and preparation are key. You’ve put in the hard work, and now it’s time to shine. Good luck! 😊👍

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CAFOUNDATIONCOMMUNITY
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

IMPORTANT ANNOUNCEMENT

JANUARY, 2025 EXAM DATES

CA INTERMEDIATE AND CA FOUNDATION JANUARY,2025 EXAM DATES ARE OUT

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CAFOUNDATIONCOMMUNITY
@CAINTERCOMMUNITY
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

IN ADANCE...

HAPPY MAKAR SANKRANTI 🪁
HAPP PONGAL 🙏

to all CA FOUNDATION STUDENTS who have exams in January, 2025.

On 14th January, 2025, Ab law katega sabka aur patch LAGANE aayega 🙌

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CAFOUNDATIONCOMMUNITY
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

Those who are planning to Buy FastTrack Track Classes

Either from the official website of Facilities Or Authorised Franchise Partners like CNC CLASSES

⚠️To avoid any monetary loss

Msg me for any purchase enquiries - https://wa.me/message/YPSAKHGVVT2XF1

Regards CNC CLASSES

IMPORTANT ANNOUNCEMENT

EXPECTED RESULT DATE FOR SEPTEMBER, 2024 EXAMS

Dear Members,

Tentative result date for CA FOUNDATION and CA INTERMEDIATE exams which is held in Sept-24 is between 07th November, 2024 to 15th November, 2024.

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CAFOUNDATIONCOMMUNITY
@CAINTERCOMMUNITY
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

27,000 STRONG IN CA NOTES COMMUNITY! 🌟

Dear Members,

We’re thrilled to announce that our family has grown to a whopping 27,000 members! 🎊🎈 Each one of you is more than just a subscriber; you’re an integral part of our close-knit community—a family of CA aspirants and professionals who support, uplift, and inspire one another. 🤗

From late-night study sessions to sharing exam tips, from celebrating victories to consoling during setbacks, we’ve been through it all together. 📚💪 Your dedication, resilience, and unwavering commitment to your CA journey make us immensely proud. 🙌

Thank you for being more than just numbers on a screen. You’re the heartbeat of CA NOTES COMMUNITY! ❤️ Let’s continue to learn, grow, and conquer milestones together. 🚀

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

CA INTERENDIATE - IMPORTANT QUESTIONS LISTS

AUDITING AND ETHICS
[MODULE - II]

CHAPTER 07. COMPLETION AND REVIEW
• SA 560 SUBSEQENT EVENTS
- Audit procedure regarding events occurring between Date of FS and Date of Audit Report
- Specific inquiries to be made from management
- Facts that become known to auditor after date if Audit report but before FS are issued
• SA 570 GOING CONCERN
- Evaluating management assessment of Going Concern
- Additional audit procedures when events or conditions are identified
- Events or Conditions that may cast significant doubt in entity’s ability to continue as a Going Concern
- Implications for reporting
• SA 450 EVALUATION OF MISSTATEMENT IDENTIFIED DURING AUDIT
- Objectives of Auditor
- Communication and correction of misstatements
- Communication with TCWG
- Accumulation on misstatement identified during the audit
• SA 580 WRITTEN REPRESENATIONS
- Written Representations about management’s responsibilities
- Other written representations
- Date and Period covered by Written Representation
• SA 260 – COMMUNICATION WITH THOSE CHARGED WITH GOVERNACE
- Matters to be communicated
- Auditor independence
• SA 265 - COMMUNICATING DEFICIENCIES IN INTERNAL CONTROL TO TCWG & MANAGEMENT
- How to decide if identified deficiency is significant or not?
- Written communication to TCWG
- How to determine if there are significant deficiencies in Internal Control?

CHAPTER 08. AUDIT REPORT
- To form opinion – Auditor to obtain reasonable assurance
- Circumstances when a modification to the auditor’s opinion is required
- Types of modified opinions
- Consequence of an inability to obtain SAAE due to Management
- Auditor’s responsibilities for the audit of the FS when the Auditor disclaims an opinion on the FS
- Emphasis of matters para and other matters para in the independent Auditor’s report
- Communicating Key Audit Matters
- Communication with TCWG
- Audit of Branch Office accounts
- CARO, 2020
• SA 710 - COMARATIVE INFROMATION – CORRESPONDING FIGURES & COMPARATIVE FS
-Audit Procedures
- Reporting
- Auditor’s opinion
• SA 299 – JOINT AUDIT
- Advantages & Disadvantages
- Responsibilities

CHAPTER 09. SPECIAL FEATURES OF AUDIT DIIFERENT TYPE OF ENTITIES
- Government audit
- Co-operative audit
- Other audit
Local Bodies
Firm
Charitable institution
Hire Purchase & Leases
Trusts & Societies

CHAPTER 10. AUDIT OF BANKS
- Reserve Bank of India : Regulatory Body
- Bank Audit Approach
- Reporting of fraud to RBI
- Types of Bank audit reports to be issued
- Clarification of advances
- Classification of advances as per RBI prudential norms
- Advances under consortium
- Computation of Drawings
- Evaluation of internal controls over advances
- Reversal of Income
- Interest Expense
- Provisions & Contingences

CHAPTER 11. EHICS AND TERMS OF AUDIT ENGAGEMENT
- Principal based approach vs Rules based approach
- Fundamental principles of professional ethics
- Threat and Safeguard to independence
- Professional skepticism
- Terms of engagement in recurring audits
- Audit quality
- SQC – 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
- SA 220 - Quality Control for an Audit of Financial Statements

NOTE:
By yesterday, CNC had already shared important questions lists from Module - I

CHANNEL LINK :
https://t.me/CANOTESCOMMUNITY

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

Dear Members,

Many of you are asking all topics from module but dear one, would like to say that kindly note that there not full module, full chapters or full SA but there is selected topics that what study from respective chapters or SA since suppose there is 15 topics of chapters and out of which here shared around 5-7 topics out of which means it's Approx 50% and that what you have to study!!

Hope you get point and understand :)

Happy Reading!! 📖

Thank you.
Team CNC

CA INTERMEDIATE

AUDITING AND ETHICS
EXPECTED EXAM PAPER PATTERN FOR SEPTEMBER, 2024 EXAMS

PART A : MCQS [30MARKS]

3 CASE SCENARIOS - 20 TO 24 MARKS
GENERAL MCQS - 6 TO 10 MARKS

PART B : DESCRIPTIVE PART [70 MARKS]

Q1 WOULD BE 14 MARKS
[COMPULSORY QUESTION]
(A) FROM CH 02. AUDIT STRATEGY, AUDIT PLANNING AND AUDIT PROGRAMME - 5 marks
(B) FROM CH O4. AUDIT EVIDENCE - 5 MARKS
(C) FROM CH 11. EHICS AND TERMS OF AUDIT ENGAGEMENT - 4 MARKS

Q2 WOULD BE 14 MARKS
(A) FROM CH 06. AUDIT DOUMENTATION - 5 MARKS
(B) FROM CH 08. AUDIT REPORT - 5 MARKS
(C) FROM CH 01. NATURE, OBJECTIVE AND SCOPE OF AUDIT - 4 MARKS

Q3 WOULD BE 14 MARKS
(A) FROM CH 11. EHICS AND TERMS OF AUDIT ENGAGEMENT - 5 MARKS
(B) FROM CH 05. AUDIT OF ITEMS OF FINANCIAL PROGRAMME - 5 MARKS
(C) FROM CH 07. COMPLETION AND REVIEW - 4 MARKS

Q4 WOULD BE 14 MARKS
(A) FROM CH 08. AUDIT REPORT - 5 MARKS
(B) FROM CH 10. AUDIT OF BANKS - 5 MARKS
(C) FROM CH 03. RISK ASSESSMENT AND INTERNAL CCONTROL - 4 MARKS

Q5 WOULD BE 14 MARKS
(A) FROM CH 09. SPECIAL FEATURES OF AUDIT DIIFERENT TYPE OF ENTITIES - 5 MARKS
(B) FROM CH 07. COMPLETION AND REVIEW - 5 MARKS
(C) FROM CH 04. AUDIT EVIDENCE - 4 MARKS

Q6 WOULD BE 14 MARKS
(A) FROM CH O5. AUDIT OF ITEMS OF FINANCIAL PROGRAMME - 5 MARKS
(B) FROM CH 02. AUDIT STRATEGY, AUDIT PLANNING AND AUDIT PROGRAMME - 5 marks
(C) FROM CH 03. RISK ASSESSMENT AND INTERNAL CCONTROL - 4 MARKS
(C) [OR] FROM CH 10. AUDIT OF BANKS - 4 MARKS

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CAINTERCOMMUNITY
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

CA INTERMEDIATE

AUDITING & ETHICS

AUDIT OF ITEMS OF FINANCIAL STATEMENTS HANDWRITTEN NOTES BY ADMIN

⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉
@CANOTESCOMMUNITY
⑉⑉⑉⑉⑉⑉⑉⑉༄༄༄⑉⑉⑉⑉⑉⑉⑉⑉⑉⑉

🔊Audit quizzes tracker 💎

🔮Chapter 1:- Nature, objective and scope of audit

https://t.me/CANOTESCOMMUNITY/6970

🔮Chapter 2:- Audit strategy, Audit planning and audit programme

https://t.me/CANOTESCOMMUNITY/7028

🔮Chapter 3:- Audit documentation and audit evidence 📑

https://t.me/CANOTESCOMMUNITY/7093

🔮Chapter 4:- Risk assessment and internal control

https://t.me/CANOTESCOMMUNITY/7239

🔮Chapter 5:- Fraud and responsibilities of the auditor in the regard

https://t.me/CANOTESCOMMUNITY/7322

🔮Audit of automated environment 🖥👩🏻‍💻

https://t.me/CANOTESCOMMUNITY/7407

🔮Audit sampling

https://t.me/CANOTESCOMMUNITY/7465

🔮Analytical procedures
https://t.me/CANOTESCOMMUNITY/7578

🔮Audit Report

https://t.me/CANOTESCOMMUNITY/7827

🔮 Company Audit

https://t.me/CANOTESCOMMUNITY/7750

🔮 Audit of items of financial statement

https://t.me/CANOTESCOMMUNITY/7670

🔮 Bank Audit
https://t.me/CANOTESCOMMUNITY/7891

🔮 Audit of different entities 👩🏻‍💻🏥🎥

https://t.me/CANOTESCOMMUNITY/7994