Tips to get exemption in CA Final Audit!

Quality Control: 

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 

I 

General Auditing Principles and Auditors Responsibilities: 

SA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 

SA 250 Consideration of Laws and Regulations in an Audit of Financial Statements 

SA 260 Communication with Those Charged with Governance 

SA 299 Joint Audit of Financial Statements 

SA 402 Audit Considerations Relating to an Entity Using a Service Organisation. 

(Note: Content of SA; SA 210 and SA are covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.) 

Audit Planning, Strategy, and Execution: 

SA 300 Planning an Audit of Financial Statements; (Content is covered in depth at Intermediate level, therefore, application part of SA 300 may be discussed in the form 

of Case Study at Final level.) 

SA 450 Evaluation of Misstatements identified During the Audit 

SA 520 Analytical Procedures 

SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures 

SA 610 Using the Work of Internal Auditors 

SA 620 Using the Work of an Auditor’s Expert 

Materiality, Risk Assessment and Internal Control: 

Evaluation of Internal Control Procedures; Components of Internal Controls; Internal Control and Risk Assessment;   Auditor’s   response   to assessed   risks;  Risk-Based  Audit-Audit Risk Analysis; Reporting on Internal Control Weaknesses, Framework on Reporting of Internal Controls. 

SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management. 

SA 330 The Auditor’s Responses to Assessed Risks 

(Note: Content of SA 315 and SA 320 is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.) 

Audit Evidence 

(Note: Content of SA 500; SA 501; SA 505; SA 510; SA 530 & SA 550 is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.) 

Completion and Review 

(Note: Content of SA 560; SA 570 and SA 580 is covered in depth at Intermediate level. Thus, application part of above SAs may be discussed in the form of Case Study at Final level.) 

Reporting 

SA 700 Forming an Opinion and Reporting on Financial Statements 

SA 701 Communicating Key Audit Matters in the Independent Auditor’s Report 

SA 705 Modifications to the Opinion in the Independent Auditor’s Report 

SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report 

SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements 

SA 720 The Auditor’s Responsibility in Relation to Other Information 

Specialised Areas 

Basic and Overview of SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 

Basic and Overview of SA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 

Basic and Overview of SA 810 Engagements to Report on Summary Financial Statements 

Related Services: 

Basic and Overview of SRS 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial Information 

Basic and Overview of SRS 4410 Compilation Engagements 

 Review of Financial Information 

Basic and Overview of SRE 2400 Engagements to Review Historical Financial Statements 

Basic and Overview of SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity 

 Prospective Financial Information and Other Assurance Services 

Basic and Overview of SAE 3400 The Examination of Prospective Financial Information 

Basic and Overview of SAE 3402 Assurance Reports on Controls at a Service Organisation 

Basic and Overview of SAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus 

Digital Auditing and Assurance 

Auditing digitally and Digital auditing, Usage of Automated Tools such as CAAT, Data Analytics, Artificial Intelligence, etc., Remote Auditing. 

II 

Group Audits 

Audit of Consolidated Financial Statements - Responsibility of Parent Company, Auditor of the Consolidated Financial Statements; Audit Considerations - Permanent Consolidation, Current Period Consolidation; Reporting. 

Audit of Group Financial Statements including the work of Component Auditors, 

SA 600 Using the Work of Another Auditor 

III 

Special Features of Audit of Banks & Non-Banking Financial Companies 

Overview of Audit of Public Sector Undertakings: Concept of Propriety Audit; Performance Audit; Comprehensive Audit. 

Internal Audit : Provisions of Internal Audit as per Companies Act, 2013; Scope of Internal Auditing; Relationship between Internal and External Auditor; Basics of Internal Audit Standards issued by the ICAI; Drafting of Internal Audit Report; Audit Trail, Internal Audit as a Management Function. 

Due Diligence, Investigation and Forensic Accounting: Audit versus Investigation; Steps for Investigation; Types of Investigation; Procedure, Powers, etc. of Investigator; Types of Fraud, Indicators of Fraud, Follow-up thereof; Forensic Accounting- meaning, difference between Statutory Audit and Forensic Accounting, Forensic Accounting and Investigation Report, Introduction of Forensic Accounting and Investigation Standards 

Emerging Areas: Sustainable Development Goals (SDG) & Environment, Social and Governance (ESG) Assurance etc. 

IV