Advanced Auditing and Professional Ethics

Advanced Auditing and Professional Ethics

CA Final- Paper 3 : Advanced Auditing and Professional Ethics

ICAI has introduced this paper Advanced Auditing and Professional Ethics at the CA Final level where Advanced Auditing can further be further divided into Standards on Auditing and Other topics and Professional Ethics contains code of conduct read with the CA Act, 1949. 

Note to be pointed! 😉 “Only auditors can save the world through peace and reconciliation.” 

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Advanced Auditing and Professional Ethics
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SRS - 4400 Engagements to perform Agreed- upon procedures regarding financial information
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Paper 1
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Paper 2
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Paper 4
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Paper 5
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Paper-6A
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Paper 7
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Paper 8
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November 2018
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May 2018

More about Advanced Auditing and Professional Ethics

What is Advanced Auditing and Professional Ethics?
  • Auditing in simple words means the process of verification. It is called advanced auditing because this is an extension of the auditing paper what you had at intermediate level  
  • It is a common misconception that Advanced Auditing and Professional Ethics is a theory paper; indeed, it is the most practical oriented paper in the CA Final syllabus  
  • This subject not only provides insights to the concepts of auditing and ethics but also paves a way for students to groom as professionals by enabling them to imbibe principles of ethics at work  
Why did ICAI introduce this paper Advanced Auditing and Professional Ethics (AA & PE) at the CA Final Level?
  • Chartered Accountants are popularly known as “Auditors”. An auditor is ought to have expert knowledge of the subject and hence this paper  
  • Our fraternity is a prominent link of chains in which the nation’s economy runs. Professional ethics are of utmost importance at this juncture since all CA Final students are just one step away from being a link of the above chain 
What are the topics covered in Advanced Auditing and Professional Ethics at the CA final Level?
  • This paper can be sub-divided into two main parts: 1) Advanced Auditing and 2) Professional Ethics  
  • Advanced Auditing can further be further divided into Standards on Auditing and Other topics  
  • Professional ethics contains code of conduct read with the CA Act, 1949   
What is the best approach to study Advanced auditing and professional ethics?
  • “Auditing pronouncements is your bible for standards on auditing”. Other materials can be helpful for other topics  
  • Your hand-written notes have 2 advantages 1) You analyse while you write and 2) They are your last-minute saviour 
  • Try recalling instances from the days of practical training and link it with the topics for better understanding   
  • Identify few key words that reflect the language of Auditing and incorporate in your answers  
  • Professional Ethics is a scoring area – pocket full marks   
  • Do not quote incorrect SA numbers or wrong sections

 

 

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CA Vikas Oswal

 And  CA Anand P Jangid

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 30th May 2019

Available Lectures for Advanced Auditing and professional Ethics
 
Paper-3: Advanced Auditing and Professional Ethics
Chapters No.of Lectures
Chapter 1: Auditing Standards, Statements and Guidance Notes  23
Chapter-2: Audit Planning, Strategy and Execution 2
Chapter 3: Risk Assessment and Internal Control 4
Chapter 5: Audit of Limited Companies 11
Chapter 6: Audit Reports 5
Chapter 8: Audit Committee and Corporate Governance  2
Chapter 9: Audit of Consolidated Financial Statements  3
Chapter 10: Audit of Banks 4
Chapter 12: Audit of Non-Banking Financial Companies 4
Chapter 16 : Liabilities of Auditor  3
Chapter 18 : Due Diligence, Investigation and Forensic Audit 4
Chapter 19 : Peer Review and quality Review 3
Chapter 20: Professional Ethics 11