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As one enters the CA Final level, the destination feels just a step away! Though we say - a step away, it is also the most challenging step. One of the trickiest parts of the CA Final level is Paper 3 - Advanced Auditing, Assurance, and Professional Ethics. The subject is undoubtedly interesting, practical, and easy to understand, but most of us will agree that it is not easy to remember theory, answer the questions, and get a better score in the examination. For a better understanding, it is important to be in constant touch with this subject. Regular reading and revision are key to retaining the subject and ensuring better performance in the examination.
CA Final students spend 2 years in articleship and do not find adequate time and flexibility to attend physical classes. Online classes provide the required flexibility where students can complete their syllabus at their own time, place, and convenience.
And what can be better than online classes that have the advantage of multiple play options? IndigoLearn provides such online classes with an unlimited view option, do give it a try!
As you see, the content is huge and segregated into 19 chapters. But upon closer inspection, you will find them familiar, as some of these are covered in CA Inter and many topics are linked to other subjects in CA Final. You explore auditing in articleship thus making subject more understandable and interesting. You can also relate the subject to the work experience of your articleship. Plan your preparation according to your comfort with the known topics, followed by other topics, giving multiple readings and covering the entire syllabus with conceptual understanding.
Key to Preparation
Completion of 100% of the syllabus with conceptual clarity is a must. No matter how vast the content is, if you plan well, it is possible. Focus more on high-weighted topics to boost your confidence.
Constant touch with the subject is a master key to the CA Final Audit paper. Plan adequate revisions covering all – study material, RTP, MTPs and suggested answers.Previous papers
Before starting the preparation, ensure the notes you refer to are purely based on the institute's study material and cover all the areas and keywords. Using the language of study material will ensure a better score in the examination. You can download the Auditing notes here .
Make your own short notes for all the topics, and if not possible, at least for Standards of Auditing (Chapters 1-11) and Professional Ethics (Chapter 19). This is emphasized because it leads to better retention and quick revision.
Make extra efforts to remember and reproduceretain the keywords and terms used in the study material. This has been vouched for by many students in the past. Creative mnemonics, visualizing the scenario, writing while reading, regular revision, and correlating topics are some of the tricks that have worked for many.
Always attempt previous question papers in an exam-like situationenvironment, and mock tests, and evaluate them to figure out areas requiring improvement.
It is obvious that every study hour will not be effective but keep your motivation high and bounce back harder after every dull day.
Attempting the mock tests will highlight the areas that need more work. It is always better to take 2-3 tests before your final examination paper.
Your exams test you on concepts and practical applications. Our classes help you with conceptual understanding for clearing your exams.
MCQs cover 30% of the exams. Practice MCQs from every possible source available. Click here to get started
If you have any doubts about the subject, post in our forums we're here to help you
Tips for the Day of the Exam
Always aim to attempt a 100-mark paper, and it is only possible if your preparation covers the entire syllabus.
Keep calm and don't panic. Sometimes it feels that you have forgotten the answer, you are not ready but believe in yourself. Pause for a moment and focus, you willbe able to write recollect the answers.
Plan the 15 minutes of reading time very well to decide the questions you will attempt from the choices available. Figure out the points and content of the answer briefly.
Always attempt the question which you are 100% sure that will impress the evaluator first. Make sure you attempt sub-questions in the sequence asked.
Ensure that your handwriting is readable and underline the keywords, sections, clause numbers, standard numbers, and exact titles. This adds value to your answer.
An exact and clear answer is always preferred over long answer. Plan your approach to answer the question well and avoid any repetition. Quality over the quantity matters.
A good hold over the concept can help in attempting MCQs better and quick. Please make best use of this bonus question.
It is preferred to attempt direct and clear question over the general point of view question. You can score more if you are sure of the answer.
While attempting question based on Standard of auditing and Professional Ethics , never miss to mention the section number with the exact title of standard, clause and schedule number.
An overview of the syllabus of CA final Paper 3 – Advanced Auditing & Professional Ethics.
Sr.No. |
Contents |
Section |
Weightage |
1. |
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 |
45- 55% |
2. |
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.) |
||
3. |
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 |
||
4. |
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.) |
||
5. |
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.) |
||
6. |
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.) |
||
7. |
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 |
||
8. |
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 |
||
9. |
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 |
||
10. |
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 |
||
11. |
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 |
||
12. |
Digital Auditing and Assurance Auditing digitally and Digital auditing, Usage of Automated Tools such as CAAT, Data Analytics, Artificial Intelligence, etc., Remote Auditing. |
II |
3-6% |
13. |
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 |
17-24% |
14. |
Special Features of Audit of Banks & Non-Banking Financial Companies
|
||
15. |
Overview of Audit of Public Sector Undertakings: Concept of Propriety Audit; Performance Audit; Comprehensive Audit.
|
||
16. |
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.
|
||
17. |
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 |
||
18 |
Emerging Areas: Sustainable Development Goals (SDG) & Environment, Social and Governance (ESG) Assurance etc. |
IV |
3-6% |
19 |
Professional Ethics and Liabilities of Auditors: Introduction of Code of Ethics as per IESBA and Code of Ethics with special reference to the relevant provisions of the Chartered Accountants Act, 1949 and the Regulations thereunder; Application of Fundamental Principles; Application of Threats, Evaluation of Threats; Addressing Threats and Safeguards; Conceptual Framework; Important Provisions of Chartered Accountants Act,1949 and Chartered Accountants Regulations 1988. |
V |
17-24% |
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