Audit Amendments 30th March 2014

CA FINAL AUDIT AMENDMENTS
A COMPILATION OF AMENDMENTS APLLICABLE FROM NOV

2013 & NOV 2012 EXAMS ONWARDS AND THESE ARE APPLICABLE FOR
MAY 2014 ALSO (THERE ARE NO NEW AMENDMENTS FOR MAY 2014)

CA FINAL ADVACED AUDITING
By.
CA VINOD PARAKH JAIN
P a g e | 2
Complied by: CA Vinod Parakh Jain: Classes at: VPJ Classes Hindi Bhawan (ITO) Delhi. Cnct :07503630594,
8130713615. website: www. vpjclasses.com
Dear Friends,
The study material of the ICAI is like a BIBLE running into 1100 Pages. We have tried to
cover comprehensively all the Topics .This book is not a substitute for study Material. This
book has been prepared to provide students a tool for systematic revision.
The salient features of the book are:
Questions and Answers from Practice Manual, Latest Revision Test Papers
have been Incorporated in the Module.
Covering More then 100 Questions in Case of Professional Ethics, and 100 Questions
in case of Engagement Standards.
Incorporation of FLOWCHARTS at appropriate place
Tabular Presentation
Coverage of Bank Audit as per Latest RBI Guidelines

The reason for Low score in Audit Subject is lack of coverage of all the topics by students,
we have tried to contain the same by covering all the topics of Study Module
comprehensively
I look forward for your valuable suggestions and criticism, if any.
Thanks and Warm Regards,

CA Vinod Parakh Jain
(vpjclasses.com)
WE HAVE COMPREHENSIVELY COVERED ICAI MODULE CONSISTING OF
MORE THAN 1100 PAGES

P a g e | 3
Dear Students,
ICAI revised its Module in Jan 2012 and Jan 2013 and introduced number of New Topics which
we updated in our Material and we were very happy to find that two questions were asked from our
updated material in Nov 2013 exams .
Further we found that students were not reading some major topics which were revised in ICAI Module.
So we have incorporated the same also in our Revised Material.
The Audit Paper will now become More Typical. As all of you Know in the current Companies
Act- Auditing Standards have become Mandatory and audit subject will become more dynamic
as in the New Companies Act - the words" as may be Prescribed " is coming in almost 75% of the
Provisions which will lead to Radical Changes in the Audit Subject. Further NFRA coming into
Picture makes our audit Subject more dynamic.
Happy Reading
ALL THESE WERE APPLICABLE FOR NOV 2013 AND NOV 2012
EXAMS & ONWARD
ALL THESE AMENDMENTS ARE BASED ON AUDIT MODULE ISSUED
BY ICAI IN JAN 2013

These Updates can be downloaded at our facebook page vpj
classes or our site vpjclasses.com

Lot of queries are being recd. W.r.t. Audit Updates. There are no such Updates.
Panic is being created via showing very OLD UPDATES as Amendments. Further to
create more tensions for the students these amendment (so claimed) are hardly of
8-10 pages have been jumbled up in a 50 page documents to create more
confusions. Students are trying to search where the amendments are. In this
Process some of the real amendments have been missed - which were applicable
for Nov 2013 & Nov 2012 exams.

P a g e | 4
TWO QUESTIONS FROM OUR UPDATED MODULE
FOUND PLACE IN EXAMS OF NOV 2013 WHEREAS
OTHERS ARE UPDATING NOW

ICAI SUGGESTED ANSWERS

P a g e | 5
What the Answers Should have been
(Updated on our Facebook page - Vpj
classes on September 11 2013).
COVERED ONLY BY US
What the Student Wrote
because of reading wrong
Material
The Peer Review process shall apply to all the
assurance services provided by a Practice Unit.
1. Once a Practice Unit is selected for Review, its
assurance engagement records pertaining to the Peer
Review Period shall be subjected to Review.
2. The Review shall cover:
(i) Compliance with Technical, Professional and Ethical
Standards:
(ii) Quality of reporting.
(iii) Systems and procedures for carrying out
assurance services.
(iv) Training programmes for staff (including articled
and audit assistants) concerned with assurance
functions, including availability of appropriate
infrastructure.
(v) Compliance with directions and / or guidelines
issued by the Council to the Members, including Fees
to be charged, Number of audits undertaken, register
for Assurance Engagements conducted during the
year and such other related records.
(vi) Compliance with directions and / or guidelines
issued by the Council in relating to article assistants
and / or audit assistants, including attendance
register, work diaries, stipend payments, and such
other related records.
The peer review process is directed at
the attestation services of a practice unit:
(1) Once a practice unit is selected for
review, its attestation engagement records
pertaining to the immediately preceding
three completed financial years shall be
subjected to review.
(2) The Review shall focus on:
(i) Compliance with Technical Standards
(ii) Compliance with Ethical Standards.
(iii) Compliance with Professional
Standards.
(iv) Quality of Reporting.
(v) Office systems and procedures with
regard to compliance of attestation
services systems and procedures.
(vi) Training Programs for staff (including
Articled and Audit Assistants concerned
with attestation functions, including
appropriate
infrastructure.

Question 3(d) on Professional
Ethics in Nov 2013 Exams.
Similar Questions in Our Amendment
Module issued September 11 2013
C.A. Prabhu, is a leading income tax
practitioner and consultant for derivative
products. He resides in Mumbai near to the
ABC commodity stock exchange and does
trading in commodity derivatives. Every
day, he invests nearly 50% of his time to
settle the commodity transactions. Is C.A.
Prabhu liable for professional misconduct ?
(4 Marks)
Similar Question was there in
our Amendment Module
based on New Questions
inserted on PE in Jan 2013
Module Edition issued by
ICAI applicable for Nov 2013
Exams.

P a g e | 6
WE WERE THE ONLY ONE WHO GAVE THESE AMENDMENTS ON
September 10 2013 APPLICABLE FOR NOV 2013 EXAMS
Link.
https://skydrive.live.com/view.aspx?resid=636C986018151808%21108&cid=636c986018151808&app=W
ordPdf&wdo=2&authkey=%21ANTgcdrxf44Oar0

SIMILARLY WE WERE THE ONLY ONE WHO GAVE UPDATES IN FEB.
2012

WHICHWERE APPLICABLE FOR NOV 2012 EXAMS

Link. UPLOADED ON CACLUB ON
http://www.caclubindia.com/forum/ca-final-amendment-for-may-2012-by-ca-vinod-parakh-jain-sir-
192751.asp#.UzcIXaiSw0I

SOME OF THESE TOPICS HAVE STILL NOT BEEN UPDATED IN MANY
BOOKS. BECAUSE OF THESE NO/LATE UPDATES, MANY STUDENTS
WOULD HAVE LOST MARKS AND MAY BE LOST THEIR ATTEMPT,
THOSE WHO WERE ON BORDERLINE BY READING OUTDATED
MATERIAL.

CONNECT WITH US FOR LATEST UPDATE ON IDT AND AUDIT..
Connect with us at the Following Face book Page: vpj classes or our site vpjclasses.com

P a g e | 7
AUDIT GENERALLY CONSIDERED AS A LOW SCORING SUBJECT, EVEN
RANK HOLDERS NOT BEING ABLE TO SCORE.., Our Students are
Scoring More than the Rank Holders in The Audit Subject.

Around 60% of Our Students are scoring more than 55% Marks in
Audit Subject.

Mark Sheet of Our Student- TOP Bhadur Shahi

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
Examination Results May 2012

Final Examination Results

ROLL Number
122250
FINANCIAL REPORTING 62
STRATEGIC FINANCIAL MANAGEMENT 46
ADVANCED AUDITING AND FINANCIAL MANAGEMENT 64
CORPORATE AND ALLIED LAWS 57

MAY 2012- 2
nd
Rank Holders Marksheet
Examination Results May 2012


ROLL Number 111935

P a g e | 8
Mark Sheet of Our Student- Kamal Sharma

Examination Results Nov 2012


ROLL Number 120668

NOV 2012 1
st


ROLL Number 111935

Most of the Student know the answer , but do not know how to write , we
help the student to realize their Potential by conducting such sessions
When We started our Journey, It was a great challenge for us to Initially to
Prove that Audit Subject can be completed in such a short span of 22
classes and not being a CRASH COURSE and subject to 100% Satisfaction.
And the UTMOST delivering Results.
We at VPJ classes have proved the same in such a short span of Time.

P a g e | 9
Where the result was just 3% in Nov. 2013. Our No. of Students became CA in
this tough time.

A big congratulation to have prefix CA with their names

Jivesh Rahul Dason Arpit Narayan kadel Rishabh

And Many More.
Mark Sheet of Our Student- Shreyans Jain



ROLL Number 16649

Nov 2013 -1
st


ROLL Number 111935

P a g e | 10

FOR MAY 2014/NOV 2014

Batch Start Days Timing Fees
Date to be Announced
Starting from Mid May
Regular Batch
6:45 -10:30 AM
5,500
By
{ACA, DISA, CVO, B.COM (H)
8 Years Practical Experience across leading MNCs
Key Features:
Questions of RTP, Suggested Answers & Practice Manual are practiced in the class
Simple and effective way of teaching through concept building, class-room practice,
home-exercise and power point presentation.
Industry Relevant examples to explain SA ,SRE,SAE, SRS etc.
ONE TO ONE ATTENTION. HANDLING OF QUERIES IN THE CLASS ITSELF
Short revisionary notes for quick revision Concept explained via Flow chart at appropriate places
LIVE BACK UP OF CLASSES
NOTE: Entire syllabus will be covered via 2 Modules

CLASSES AT ITO- HINDI BHAWAN.
Log on to vpjclasses.com; Facebook Page-vpj classes
For details contact: 7503630594, 8130713615
With 350+ Questions covered in Class Itself.
100% COVERAGE. NOT A FAST TRACK COURSE
Cover Your Entire Audit in JUST
70 Hours with our Expert
Guidance and save AT LEAST
240+ Hours of Self Study with
Ones Own Limitations
P a g e | 11
PEER REVIEW

OBJECTIVES OF PEER REVIEW

Earlier Amended
The main objectives of peer review are as discussed
below:
(i) To ensure that members while performing
attestation services comply with technical standards,
Ethical Standards and Professional Standards laid
down by the Institute;
(ii) To ensure that such a member has in place proper
system (including documentation system) for
maintaining the quality of attestation services
performed by him;
(iii) To ensure adherence to various statutory and other
regulatory requirements; and
(iv) To enhance the reliance placed by the users of
financial statements for economic decision making.
The main objective of Peer Review is to ensure
that in carrying out the assurance service
assignments, the members of the Institute
a) comply with Technical, Professional and
Ethical Standards as applicable including
other regulatory requirements thereto and
b) have in place proper systems including
documentation thereof, to amply
demonstrate the quality of the assurance
services.

Topic 21.2- of Study Material
(Page-21.1)
Updated in SM in Year Jan
2013
Link:
http://220.227.161.86/19377sm_aape_finalnew_cp21.pdf
SCOPE OF PEER REVIEW
EARLIER AMENDED
The peer review process is directed at
the attestation services of a practice
unit:
(1) Once a practice unit is selected for
review, its attestation engagement
records pertaining to the immediately
preceding three completed financial
years shall be subjected to review.
(2) The Review shall focus on:
(i) Compliance with Technical
Standards
(ii) Compliance with Ethical Standards.
(iii) Compliance with Professional
Standards.
(iv) Quality of Reporting.
(v) Office systems and procedures with
regard to compliance of attestation
The Peer Review process shall apply to all the assurance services
provided by a
Practice Unit.
1. Once a Practice Unit is selected for Review, its assurance
engagement records pertaining to the Peer Review Period shall
be subjected to Review.
2. The Review shall cover:
(i) Compliance with Technical, Professional and Ethical
Standards:
(ii) Quality of reporting.
(iii) Systems and procedures for carrying out assurance services.
(iv) Training programmes for staff (including articled and audit
assistants) concerned with assurance functions, including
availability of appropriate infrastructure.
(v) Compliance with directions and / or guidelines issued by the
Council to the Members, including Fees to be charged,
Number of audits undertaken, register for Assurance

P a g e | 12
services systems and procedures.
(vi) Training Programs for staff
(including Articled and Audit
Assistants) concerned with
attestation functions, including
appropriate infrastructure.
Engagements conducted during the year and such other
related records.
(vi) Compliance with directions and / or guidelines issued by the
Council in relating to article assistants and / or audit
assistants, including attendance register, work diaries,
stipend payments, and such other related records.

Note: A Practice Unit means members in practice, whether practicing individually or a firm of Chartered
Accountants.

Technical, Professional and Ethical Standards means Assurance services shall not include:
(i) Accounting Standards
(ii) Standards issued by ICAI including
(a) Engagement standards
(b) Statements
(c) Guidance notes
(d) Standards on Internal Audit
(e) Statements on Quality Control
(f) Notifications / Directions / Announcements /
Guidelines / Pronouncements / Professional
standards
(iii) Framework for the Preparation and presentation of FS,
framework of statements and SAs, SAEs. SQC and Guidance
Notes and framework for assurance
engagements;
(iv) Provisions of the various relevant statutes and / or
regulations applicable in the specific engagements
(i) Management Consultancy
Engagements;
(ii) Representation before various
Authorities;
(iii) Preparing tax returns or advising
clients in taxation matters;
(iv)Compilation of financial statements;
(v) Assist the client in preparing,
compiling or
collating information other than financial
statements;
(vi) Testifying as an expert witness;
(vii) Providing expert opinion on the basis
of
facts
(viii) Engagement for Due diligence

Note: The phrase 'Assurance Services' is used interchangeably with Audit Services, Attestation Functions,
and Audit Functions.

(Page-21.2)
2013
Link:

Applicability (New Norms)
Practice Units subject to Review
1. Every Practice Unit, based on their category as determined below will be subject to Peer Review in
accordance with this statement.

Level 1 Level II Level III
Periodicity of Review- Once in 3 years. Periodicity of Review-
Once in 4 years

Periodicity of
Review-
Once in 5
Years
A Practice Unit which has undertaken any of the under-
mentioned assurance services in the period under
review:
(i) A Practice Unit which has
undertaken any of the
under-mentioned
Any other
Practice Unit
providing
P a g e | 13
(i) Central Statutory Audit of Public Sector Banks,
Private Sector Banks, Foreign Banks, Cooperative
Banks and Public Financial Institutions;
(ii) Central Statutory Audit of Central or State Public
Sector Undertakings and Central Cooperative
Societies based on criteria such as turnover or paid
up capital etc. as may be decided by the Board;
(iii) Central Statutory Audit of Insurance Companies;
(iv) Statutory Audit of asset management companies
or mutual funds;
(v) Statutory Audit of enterprises whose equity or
debt securities are listed in India or abroad;
(vi) Statutory Audit of Entities which have raised funds
from public or banks or financial institutions of
over Rupees Fifty Crores during the period under
Review;
(vii) Statutory Audit of Entities which have raised
donations and / or contributions over Rupees Fifty
Crores during the period under Review;
(viii) Statutory Audit of entities having Net Worth of
more than Rupees Five Hundred Crores at any
time during the period under Review;
(ix) Statutory Audit of entities which have been funded
by Central and / or State Government(s) schemes of
over Rupees Fifty Cores during the period under
Review.

assurance services in the
period under review:
(ii) Statutory / Internal / /
Concurrent / Systems /
Tax audit and / or
Departmental Review of
Branches / Offices of
(iii) Public Sector or Private
Sector and / or Foreign
Banks;
(iv) Insurance Companies;
(v) Co-operative Banks
(vi) Statutory Audit of
Regional Rural Banks,
(vii) Statutory Audit of Non
Banking Financial
Companies (NBFCs)
(viii) Statutory Audit of
entities having Net
Worth of over Rs. Five
Crores or an annual
turnover of more than
Rs. Fifty Crores during
the period under
Review.;

assurance
services not
covered in
Level I and
Level II here
in above.

2. Any Practice Unit not selected for Peer Review, may suo moto apply to the Board for the conduct of
its Peer Review. The Board shall act upon the same within 30 days from the date of receipt of such
request.
3. An Auditee (Client) may request the Board for the conduct of Peer Review of its auditor (Practice
Unit). The Board shall act upon the same within 30 days from the date of receipt of such request.

(Page-21.4)
2013
Link:
Eligibility of Reviewer

EARLIER AMENDED
A Peer Review shall -
a) a member of ICAI;
b) possessing at least 10
years experience of
audit; and
c) currently active in the
practice of attestation
service engagements;
and
d) be free from any
obligation or conflict or

A Peer Review shall -
a) Be a member with at least 10 years of experience in
practice;
b) Is in Practice as per the Chartered Accountants Act,
1949.
c) Should have undergone the requisite training as
prescribed by the Board.
d) Should furnish a declaration as prescribed by the Board,
at the time of acceptance of Peer Review appointment.
P a g e | 14
interest in the reviewed
firm or its partners or
personnel.
e) Should have signed the Declaration of Confidentiality as
prescribed by the Board.
f) Should have conducted audit of Level I Entities for at
least 7 years to be eligible for conducting Peer Review of
Level I Entities as referred to in Para II of this Statement.

For being a Reviewer a member should not have: -
a) Disciplinary action / proceedings pending against him
b) been found guilty by the Council or the Disciplinary Board
or Committee at any time.
c) been convicted by a Competent Court whether within or
outside India, of an offence involving moral turpitude and
punishable with transportation or imprisonment.
d) any Obligation or conflict of interest in the Practice Unit or
its Partners / Personnel.

A Reviewer shall not accept any professional assignment from the Practice
Unit for a period two years from the date of appointment.

Topic 21.5.1- of Study
Material (Page-21.5)
2013
Link:

Peer Review Process (THIS PROCESS HAVE BEEN TOTALLY BEEN REVISED )

Process of Peer Review

Stage I Planning Stage II - Execution Stage Stage III - Reporting stage in
Peer Review
1. Empanelment of Reviewers
The reviewer should be
member of ICAI having at least
10 years audit experience
(cumulative) & currently in
practice

2. Selection of PU
PUs is selected for Peer review on
a random basis as per
applicability.
3. Intimation to Practice Unit (PU)
PU is informed in writing of its
selection for peer review along
with a panel of 3 reviewers & a
copy of questionnaire.
4. Initial communication by PU
PU shall intimate its choice of
1. Initial Meeting
An initial meeting shall be held
between the reviewer and the
practice unit to confirm the accuracy
of responses to the questionnaire.
2. Compliance Review
The reviewers expected to carry out
the compliance review of the key
controls- independence, maintenance
of professional skills and standards,
consultation, staff selection &
supervision and office administration
to gain an understanding of the
working of the PU and specific control
procedures existing at the PU.
3. Selection of Attestation Service
Engagements It depend upon:
Number of practicing members
1.Preliminary Report of Reviewer
At the end of review a preliminary
report is sent to the PU (before making
any report to the Board) in case
systems and procedures of the PU are
found to be deficient or where
noncompliance has been noticed.
The report does not contain name of
any individual of the PU.
No preliminary report is required in
case no deficiencies/ noncompliance
are noticed.
The report is addressed to the PU.
The report should also contain a
paragraph that discusses the scope of
the review performed.
If the reviewer draws a conclusion
that there existed a limitation on
scope of review, the fact, along with
such limitation on the scope of the
P a g e | 15
reviewer to Board within 15 days
from receipt of information.
Within 1 Month of receipt of
intimation, PU should send
completed questionnaire along
with
complete list of client
5. Selection of sample Attestation
service Engagement
should be done by Reviewer on
Random basis.
6. Communication of Sample
selection
Reviewer sends a written
intimation to the PU about the
sample selected by him 2 weeks
in advance from the date the
reviewer intends to begin review.
7. Confirmation of Visit
Reviewer in consultation with PU
fix the dates for on site review to
complete the peer review
process in the four months of
receipt of initial intimation to PU.
involved,
Degree of reliance to be placed on
general controls and the total
number of engagements
undertaken by the PU during the
period under review.
4. Review of Records - Compliance and
Substantive Approach
The reviewer would conduct
compliance procedures to gain
evidence that those general controls
on which he intends to rely upon,
actually exists and functioning
effectively throughout the period of
reliance.
Based on the results of compliance
procedures, the reviewer concludes
either to rely or not to rely on the
general controls.
In case he decides to rely on the
general controls, he would also
determine the extent of reliance to
be placed on such controls.
In such case, the NTE of substantive
procedures would be normally less
extensive and vice-versa.
The substantive approach involves
application of such review
procedures that provide the reviewer
with the evidence as to the
appropriateness of the factors on
which the review is required to be
focused on.
review, should also be communicated
to the PU.
The report on his letterhead. It should
be dated, signed by reviewer and must
have membership number and
reviewer's code number allotted by
the Board.
2. Reply to Preliminary Report
The PU has to send its representations,
in writing, to the reviewer within 21 days
from the receipt of the preliminary
report.
3. Interim Report of the Reviewer
If the reviewer is not satisfied with the
reply of the PU, then he has to submit an
interim report to the Board.
Then Board may then give
recommendations to the PU and instruct
the reviewer to carry out a further
review after minimum six months to
verify whether systems and procedures
have been modified appropriately
4. Final Report of the Reviewer
The reviewer shall submit his final report
to the Board. The final report should
incorporate the findings as discussed
with the PU

NEW PROCEDURE

Peer Review Process

The Peer Review process will include
1. Selection of Practice Unit and appointment of Reviewer,
2. Planning
3. Execution and
4. Reporting.

1 Selection of Practice Unit & appointment of Reviewer :
a) Notification to the Practice Unit: A Practice Unit which has been selected for a Peer Review shall be
notified by the Board.
b) Name of three Reviewers shall be recommended by the Board to the Practice Unit so selected.
c) The Practice Unit shall select one out of the three Reviewers & intimate to the Board within seven
days of receipt of the names.
d) The Board shall intimate the Reviewer so selected and seek his consent within seven days.

2 Planning :
(i) Information to be furnished by Practice Unit On intimation by the Board, of the Reviewers consent,
the Practice Unit shall within 15 days furnish the following information to the Reviewer:
Duly filled-in Questionnaire sent by the Board.
P a g e | 16
Complete list of assurance service clients indicating the nature of service provided and the fees
charged for the period under Review.
A note on the policies and procedures adopted by the Practice Unit in relation to Independence,
Staff Supervision and Development, Second Person Review and the process generally followed
in carrying out
assurance services.
Details of any proceedings against the Practice Unit or any of its partners or qualified assistants
taken by any regulatory, monitoring or enforcement bodies relating to investigation or
allegation of deficiency in the conduct of Attest function by them during the period of three
years preceding the period of Review or at any time thereafter i.e. till the date of submission of
the duly filled-in Questionnaire.

(ii) Selection of Sample by the Reviewer:
a) The Reviewer shall within 15 days of receiving the information from the Practice Unit select a
sample of the assurance services that he would like to Review and intimate the same to the
Practice Unit.
b) The Reviewer may also seek further / additional clarification from the Practice Unit on the
information furnished / not furnished.
c) The Reviewer shall plan for an onsite Review visit or initial meeting in consultation with the
Practice Unit. The Reviewer shall give the Practice Unit at least fifteen days time to keep ready
the necessary records of the selected assurance services.
d) The Reviewer and Practice Unit shall mutually cooperate and ensure that the entire Review
process is completed within 90 days from the date of notifying the Practice Unit about its
selection for Review.

3 Execution
(i) Peer Review visits will be conducted at the Practice Unit's head office or /and branch(es) or any
other locations. This on-site Review should not extend beyond seven working days.
(ii) Compliance Review-General Controls
a) The Reviewer is required to carry out a compliance Review of the following General Controls for
evaluating the degree of reliance to be placed upon them for effective Review:
Independence
Maintenance of Professional Skills and Standards
Outside Consultation
Staff recruitment, Supervision and Development
Office Administration
(iii) Selection of Assurance Service Engagements for Review
a) The number of assurance service engagements to be Reviewed shall depend upon:
Standard of quality controls generally prevailing;
The size and nature of assurance service engagements undertaken by the Practice Unit.
The methodology generally adopted by the Practice Unit in providing assurance services.
The number of partners / members involved in assurance service engagements in the
Practice Unit;
The number of locations / branch offices of the practice Unit;
The Fees charged / received / service tax paid by the Practice unit.

b) From the initial sample selected at the planning stage, the Reviewer, in consultation with the
Practice Unit, may reduce or enlarge the initial sample size of assurance service engagements
for Review.

(iv) Review of Records
The Reviewer is required to adopt a combination of compliance approach and substantive approach in
the Review process.
P a g e | 17
a) Compliance Approach Assurance Service Engagements
The compliance approach is to assess whether proper control procedures have been established /
followed by the Practice Unit to ensure that assurance services are being performed in accordance
with Technical, Professional and Ethical Standards.
The following areas shall be considered:
Assurance services records for Administration
Review and Evaluation of System of Internal controls
Substantive Tests
Financial Statements Presentation and
Assurance Services Conclusions
Assurance Services Reporting

b) Substantive Approach - Assurance Service Engagements
This approach requires a Review of the assurance working papers in order to establish the extent of
compliance, whether the assurance work has been carried out as per the Technical, Ethical, and
Professional Standards.

4 Reporting
The Peer Review Report should state that the system of quality control for the assurance services of the
Practice Unit for the period under Review has been designed so as to carry out the assurance services in
a manner that ensures compliance with Technical, Professional and Ethical standards.

The Peer Review Report shall address his report of compliance or otherwise on the following areas of
controls:
a) Independence
b) Maintenance of Professional skills and standards.
c) Outside Consultation
d) Staff recruitment, Supervision and Development.
e) Office Administration.
(i) Discussion/Communication of Findings
a) After completing the on-site Review, the Reviewer, before making his Report to the Board, shall
communicate his findings in the Preliminary Report to the Practice Unit if in his opinion, the
systems and procedures are deficient or non-compliant with reference to any matter that has
been noticed by him or if there are other matters where he wants to seek clarification.
b) The Practice Unit shall within 15 days after the date of receipt of the findings, make any
submissions or representations, in writing to the Reviewer. (i.e Response to the Preliminary
Report).
(ii) Peer Review Report of Reviewer
a) At the end of an on-site Review if the Reviewer is satisfied with the reply received from the
Practice Unit, he shall submit a Peer Review Report to the Board along with his initial findings,
response by the Practice Unit and the manner in which the responses have been dealt with. A
copy of the report shall also be forwarded to the Practice Unit.
b) In case the Reviewer is of the opinion that the response by the Practice Unit is not satisfactory,
the Reviewer shall accordingly submit a modified Report to the Board incorporating his reasons
for the same. The Reviewer shall also submit initial findings (i.e Preliminary Report), response by
the Practice Unit (Response to Preliminary Report) and the manner in which the responses have
been dealt with. A copy of the report shall also be forwarded to the Practice Unit.
c) In case of a modified report, The Board shall order for a Follow On Review after a period of
one year from the date of issue of report as mentioned in (b) above. If the Board so decides, the
period of one year may be reduced but shall not be less than six months from the date of issue
of the report.

P a g e | 18
(Page-21.6)
2013
Link:

Procedures of Reviewer- THIS TOPIC HAVE BEEN DELETED
IN ICAI MODULE

Procedures of Reviewer

Off Site Procedures
The reviewer would start his review procedures as soon as the PUs response to the questionnaire is
received by him. He should examine PU response so as to:
Determine initial sample of the clients to whom attestation services have been rendered.
Obtain a basic understanding of quality control policies and procedures of the PU.
Develop an appropriate plan to conduct review in an effective, efficient and timely manner

On Site Procedures
To have a Initial Meeting with PU.
Evaluation of PUs policies and procedures:
Compliance & Substantive Testing

Compliance Review Procedures
In this the reviewer should consider General Controls which comprises of five controls

Does the PU have
a policy to ensure
independence,
objectivity and
integrity, on the
part of partners
and staff? Who is
responsible for
this policy?
Does the PU
communicate
these policies and
the expected
standards of
professional
behaviour to all
staff?
Does the PU
monitor
compliance with
Does the PU have an
established plan for
personnel needs at
all levels, based on
current and
anticipated clientele,
business growth,
impending
retirements, etc.?
Does the PU have an
established
recruitment policy?
Are applicants and
new personnel
informed of the
personnel policies
and procedures
relevant to them?
Does the PU have
continuing education
Is there any
policy for
consulting
experts (both
internal and
external)?
Has the PU
built up a
network of
other
accountants,
solicitors and
advocates,
and technical
consultants
in industries
in which its
clients
operate?
Does the PU have
written guidelines
on the responsibility
at each level, and on
the expected
performance and
qualifications
necessary for
advancement to the
next level?
Does the PU have a
system for gathering
and evaluating
information on the
performance of
personnel?
Does the PU have a
system of assigning
an audit to the most
appropriate
Does the PU have
established
procedures for
record retention,
including security
aspects?
Does the PU
maintain a record
containing
particulars like
client name,
nature of
engagement,
particulars
regarding date of
commencement of
audit, date of audit
report, billing, etc?
Does the PU
maintain staffs
P a g e | 19
policies and
procedures
relating to
independence?
Does the PU
periodically
review its
association with
clients to ensure
objectivity and
independence?
programmes for
partners and staff?
How easily are
current and relevant
professional
literature, including
accounting and
auditing standards
and pronouncements
by professional
bodies, available to
partners and staff?
Does the PU conduct
programmes for
developing expertise
in specialized areas
and industries?
personnel?
Are requirements of
specialized expertise
and personnel skills
given due
consideration?
Does the PU have
written guidelines
for maintaining
working papers
(form and content)?
Does the PU have
standardized forms,
checklists, and
questionnaires to
assist conduct of
audit?
register?
Does the office
have a proper
library containing
relevant book and
all publications of
ICAI.

Review of Records - Compliance/Substantive Review Procedures
After evaluating general controls by performing compliance procedures, the reviewer should actually
review the records of the PU. Such review may either be conducted by compliance approach or
substantive approach or a combination of both. At the first stage, the records in respect of following key
controls are to be reviewed to ensure compliance with technical standards:
Audit Record Administration
Financial Statements Presentation
Review and Evaluation of System of Internal controls
Substantive Tests
Audit Conclusion
Audit Report

Compliances With Technical, Ethical and Professional Standards
The Reviewer has to see the compliances of the followings:
a) AS issued by ICAI & CG
b) AAS (including General Clarifications thereof) issued by ICAI
c) Engagement Standards issued by ICIA
d) Framework for the Preparation and Presentation of Financial Statements, Framework of
Statements on Standard Auditing Practices and Guidance Notes on Related Services issued by
the Institute of Chartered Accountants of India and Framework for Assurance Engagements;
e) Statements issued by the ICAI
f) Guidance Notes issued by ICAI
g) Notifications/Directions/Announcements issued by ICAI
h) Provisions of the various relevant Statutes and/or Regulations which are applicable in the
context of the specific engagements being reviewed including instructions/guidelines/
notifications/directions issued by the regulatory bodies;
i) Ethical Standards/pronouncements issued by ICAI.

Confidentiality

Earlier Provisions New Provisions
Strict confidentiality provisions shall apply to all
those involved in the peer review process,
namely, reviewers, members of the Board, the
Strict confidentiality shall be maintained by all those
involved in the Peer Review process, namely,
Reviewers, members of the Board, any Qualified
P a g e | 20
Council, or any person who assists any of these
parties.
Those persons subject to the secrecy provision:
1) Shall at all times after his/ their appointment
preserve and aid in preserving secrecy with
regard to any matter coming to his/ their
knowledge in the performance or in assisting
in the performance of any function, directly
or indirectly related to the process and
conduct of peer reviews;
2) Shall not at any time communicate any such
matter to any other person; and
3) Shall not at any time permit any other
person to have any access to any record,
document or any other material in any form
which is in his/their possession or under
his/their control by virtue of his/their being
or having been so appointed or his/their
having performed or having assisted any
other person in the performance of such a
function.

Non-compliance with the secrecy provisions in
the above clause shall amount to professional
misconduct as defined under Section 22 of the
Chartered Accountants Act, 1949.
A statement of confidentiality shall be filled in by
the persons who are responsible for the conduct
of peer review i.e., reviewers, the members of
the Board and others who assist them.
Assistants or Practice Unit.
All persons governed by the secrecy provisions:
a) shall at all times preserve and aid in preserving
secrecy with regard to any matter arising in the
performance or in assisting in the performance of
any function, directly or indirectly related to the
process and conduct of Peer Reviews;
b) Reviewer shall not make use of or disclose the
contents of Review report or any confidential
information about the process of Review unless as
required by the Board or the Council.

Non-compliance with the secrecy provisions in the
above clause shall amount to professional misconduct
as defined under Section 22 of the Chartered
Accountants Act, 1949.

A Declaration of Confidentiality shall be signed by the
persons who are responsible for the conduct of Peer
Review i.e., Reviewers, and his Qualified Assistants
and be filed with the Board. All members of the Board
shall also sign a declaration of Confidentiality in a
manner as may be prescribed by the Board.

2013
Link:

NBFC

Meaning:
NBFC is one whose principal business is that of receiving deposits or
that of a financial institution, such as lending, investment in
securities, hire purchase finance or equipment leasing.
P a g e | 21
Definition of NBFCs

Definition of NBFC
Section 45 I(f) of Reserve Bank of India (Amendment) Act, 1997 defines a non-banking financial company
as:
(i) A financial institution which is a company;
(ii) A non banking institution which is a company with principal business of receiving of deposits, under
any scheme or arrangement or in any other manner, or lending in any manner;
(iii) Such other non-banking institution or class of such institutions, as the Reserve Bank with the
previous approval of the Central Government may specify by notification in the Official Gazette.

For purposes of RBI Directions relating to Acceptance of Public Deposits, non-banking financial company
means only the non-banking institution which is a Loan company, Investment company, Hire purchase
finance company, Equipment leasing company and Mutual benefit financial company.

Registration and Regulation of NBFCs

Under Section 45IA of the Reserve Bank of India (Amendment) Act, 1997, no nonbanking financial
company is allowed to commence or carry on the business of a nonbanking financial institution without
obtaining a certificate of registration issued by the Reserve Bank of India.
A company incorporated under the Companies Act, 1956 and desirous of commencing business of non-
banking financial institution as defined under Section 45IA of the RBI Act, 1934 can apply to Reserve
Bank of India in prescribed form along with necessary documents for registration. The RBI issues
Certificate of Registration after satisfying itself that the conditions as enumerated in Section 45-IA of the
RBI Act, 1934 are satisfied.

However, to obviate dual regulation, certain categories of NBFCs which are regulated by other regulators
are exempted from the requirement of registration with RBI viz. Venture Capital Fund/Merchant Banking
companies/Stock broking companies registered with SEBI, Insurance Company holding a valid Certificate
of Registration issued by IRDA, Nidhi companies as notified under Section 620A of the Companies Act,
1956, Chit companies as defined in clause (b) of Section 2 of the Chit Funds Act, 1982 or Housing Finance
Companies regulated by National Housing Bank.

The Reserve Bank of India has issued directions to non-banking financial companies on acceptance of
public deposits, prudential norms like capital adequacy, income recognition, asset classification,
provision for bad and doubtful debts, risk exposure norms and other measures to monitor the financial
solvency and reporting by NBFCs. Directions were also issued to auditors to report non-compliance with
the RBI Act and regulations to the Reserve Bank, Board of Directors and shareholders.

Type of NBFCs- Compliance and Regulatory Perspective
Currently, NBFCs registered with RBI are being classified as:
1) Asset Finance Company (AFC): The main activity of an AFC is financing of physical assets supporting
productive / economic activity. These may be in the areas such as automobiles, tractors, lathe
machines, generator sets, earth moving and material handling equipments and general purpose
industrial machines.
2) Investment Company (IC): which mainly deal in acquisition of shares and securities of other
companies. A core investment company would be a company which acquires shares and securities of
Group companies.
3) Loan Company (LC): Loan companies primarily provide finance (whether by making loans or
advances or otherwise for any activity), other than its own activity.
P a g e | 22
4) Infrastructure Finance Companies: This category of NBFCs deploys a minimum of three-fourths of
their total assets in infrastructure loans. The net owned funds of this category of NBFCs are more
than Rs. 300 crores and they should have a minimum credit rating of A or equivalent and the
Capital to Risk-Weighted Assets Ratio (CRAR) is 15% (with a minimum Tier I Capital of 10%).
5) Core Investment Company (CIC): These are NBFCs which carry on the business of acquisition of
shares and securities in group companies and satisfies four conditions stated in the regulatory
framework for Core Investment Companies issued by RBI.
6) Infrastructure Debt Fund- Non- Banking Financial Company (IDF-NBFC): Infrastructure Debt Funds
(IDFs) are funds set up to facilitate the flow of long-term debt into infrastructure projects. The IDF
will be set up either as a trust or as a company. A trust based IDF would normally be a Mutual Fund
(MF) while a company based IDF would normally be a NBFC.
7) Non-Banking Financial Company - Micro Finance Institution (NBFC-MFI): An NBFC-MFI is defined as
a non-deposit taking NBFC(other than a company licensed under Section 25 of the Indian Companies
Act, 1956) that fulfils certain conditions.
8) Core Investment Companies, Infrastructure Debt Fund NBFC and NBFC Micro Finance Institution
(other than Companies Act, 1956 - Section 25 companies) are non deposit holding Companies.

The above type of companies may be further classified into those accepting deposits or those not
accepting deposits

Infrastructure Debt Fund- Non- Banking Financial
Company (IDF-NBFC)
Non-Banking Financial Company - Micro Finance
Institution (NBFC-MFI)
(RBI notification dt. Nov. 21, 2011)
Infrastructure Debt Funds (IDFs), to facilitate the flow of
long-term debt into infrastructure projects. IDF- NBFC
would raise resources through issue of either Rupee or
Dollar denominated bonds of minimum 5 year maturity.
The investors would be primarily domestic and off-shore
institutional investors, especially insurance and pension
funds which would have long term resources. IDF-NBFC
would be regulated by the Reserve Bank.
Besides the above class of NBFCs the Residuary Non-
Banking Companies are also registered as NBFC with the
(RBI notification dated December 02, 2011)
RBI having considered it necessary in the public interest
and being satisfied that for the purpose of enabling the
Bank to regulate the credit system to the advantage of the
country, gave the directions for the Non-Banking Financial
Company -Micro Finance Institutions (Reserve Bank)
Directions, 2011.
An NBFC-MFI is defined as a non-deposit taking NBFC
(other than a company licensed under Section 25 of the
Indian Companies Act, 1956) that fulfils the following
conditions:
Asset Finance
Company
Loan Company
Investment
Company

Infrastructure
Finance
Company
P a g e | 23
Bank. (i) Minimum Net Owned Funds of Rs.5 crore. (For NBFC-
MFIs registered in the North Eastern Region of the
country, the minimum NOF requirement shall stand at
Rs. 2 crore).
(ii) Not less than 85% of its net assets are in the nature of
qualifying assets.
(iii) Further the income an NBFC-MFI derives from the
remaining 15 percent of assets shall be in accordance
with the regulations specified in that behalf.
(iv) An NBFC which does not qualify as an NBFC-MFI shall
not extend loans to micro finance sector, which in
aggregate exceed 10% of its total assets.

In case of Non-Banking Financial Company - Micro Finance Institution (NBFC-MFI) - For the purpose of
ii. above,
Net assets are defined as total assets other than cash and bank balances and money market
instruments.
Qualifying asset shall mean a loan which satisfies the following criteria:-
a) loan disbursed by an NBFC-MFI to a borrower with a rural household annual income not exceeding
Rs. 60,000 or urban and semi-urban household income not exceeding Rs. 1,20,000;
b) loan amount does not exceed Rs. 35,000 in the first cycle and Rs. 50,000 in subsequent cycles;
c) total indebtedness of the borrower does not exceed Rs. 50,000;
d) tenure of the loan not to be less than 24 months for loan amount in excess of 15,000 with
prepayment without penalty;
e) loan to be extended without collateral;
f) aggregate amount of loans, given for income generation, is not less than 75 per cent of the total
loans given by the MFIs;

2013
Link:

COMPANY AUDIT

Non-provision of proposed dividend

The Revised Schedule VI which is applicable from 01.04.2011 requires disclosure of the amount of
dividends proposed to be distributed to equity and preference shareholders for the period and the
related amount per share to be disclosed separately. It also requires separate disclosure of the arrears of
fixed cumulative dividends on preference shares. The Old Schedule VI specifically required proposed
dividend to be disclosed under the head Provisions. In the Revised Schedule VI, this needs to be
disclosed in the notes. Hence, a question that arises is as to whether this means that proposed dividend
is not required to be provided for when applying the Revised Schedule VI.
Further, as per AS-4 Contingencies and Events Occurring After the Balance Sheet Date, there are events
which, although take place after the balance sheet date are sometimes reflected in the financial
statement because of Statutory requirement or because of their special nature and such item includes
the amount of dividend proposed or declared by the enterprise after the balance sheet date in respect of
theperiod covered in the financial statements.
Keeping this in view and the fact that earlier the disclosure of provision for proposed dividend was
statutory requirement as per Old Schedule VI, hence it was adjusting event as per AS 4 and was provided
for. However, this statutory requirement has been changed to disclosure by way of notes as per Revised
Schedule VI. Therefore, provision for proposed dividend is non-adjusting event

P a g e | 24
2013
Link:

MANAGEMENT AND OPERATIONAL AUDIT

Internal Audit, Management and Operational Audit

Integrity, Objectivity and Independence of Internal Auditor
As per Standard on Internal Audit (SIA) 2, Basic Principles Governing Internal Audit, issued by the Council
of the Institute of Chartered Accountants of India, The internal auditor should be straightforward,
honest and sincere in his approach to his professional work. He must be fair and must not allow
prejudice or bias to override his objectivity. He should maintain an impartial attitude. He should not only
be independent in fact but also appear to be independent. The internal auditor should not, therefore, to
the extent possible, undertake activities, which are or might appear to be incompatible with his
independence and objectivity. For example, to avoid any conflict of interest, the internal auditor should
not review an activity for which he was previously responsible. It is also expected from the management
to take steps necessary for providing an environment conducive to enable the internal auditor to
discharge his responsibilities independently and also report his findings without any management
interference. For example, in case of a listed company, the internal auditor may be required to report
directly to those charged with governance, such as the Audit Committee instead of the Chief Executive
Officer or the Chief Financial Officer. The internal auditor should immediately bring any actual or
apparent conflict of interest to the attention of the appropriate level of management so that necessary
corrective action may be taken.

(Page-19.5)
2013
Link:

Internal Audit Report

As per Standard on Internal Audit (SIA) 2, Basic Principles
Governing Internal Audit, issued by the Council of the
Institute of Chartered Accountants of India, the internal
auditor should carefully review and assess the conclusions
drawn from the audit evidence obtained, as the basis for
his findings contained in his report and suggest remedial
action. However, in case the internal auditor comes across
any actual or suspected fraud or any other

P a g e | 25
misappropriation of assets, it would be more appropriate
for him to bring the same immediately to the attention of
the management.

Basic Elements of the Internal Audit Report: Basic elements of the internal audit report as per Standard
on Internal Audit (SIA) 4, on Reporting issued by ICAI.

The internal auditors report includes the following basic elements, ordinarily, in the following layout:
(a) Title;
(b) Addressee;
(c) Report Distribution List;
(d) Period of coverage of the Report;
(e) Opening or introductory paragraph;
(i) identification of the processes/functions and items of financial statements audited; and
(ii) a statement of the responsibility of the entitys management and the responsibility of the
internal auditor;
(f) Objectives paragraph - statement of the objectives and scope of the internal audit engagement;
(g) Scope paragraph (describing the nature of an internal audit):
(i) a reference to the generally accepted audit procedures in India, as applicable;
(ii) a description of the engagement background and the methodology of the internal audit
together with procedures performed by the internal auditor; and
(iii) a description of the population and the sampling technique used.
(h) Executive Summary, highlighting the key material issues, observations, control weaknesses and
exceptions;
(i) Observations, findings and recommendations made by the internal auditor;
(j) Comments from the local management;
(k) Action Taken Report Action taken/ not taken pursuant to the observations made in the previous
internal audit reports;
(l) Date of the report;
(m) Place of signature; and
(n) Internal auditors signature with Membership Number.

A measure of uniformity in the form and content of the internal auditors report is desirable because it
helps to promote the readers understanding of the internal auditors report and to identify unusual
circumstances when they occur.

(1) Title: The internal auditors report should have an appropriate title expressing the nature of the
Report.
(2) Addressee: The internal auditors report should be appropriately addressed as required by the
circumstances of the engagement. Ordinarily, the internal auditors report is addressed to
the appointing authority or such other person as directed.
(3) Report
Distribution
List, Coverage
and Opening
or
Introductory
Paragraph:
There should be a mention of the recipients of the report in the section on Report
Distribution List.
The internal auditors report should identify the systems, processes, functional lines or
other items of the entity that have been audited, including the date of and period
covered.
The report should include a statement that the operation of systems, procedures and
controls are the responsibility of the entitys management and a statement that the
responsibility of the internal auditor is to express an opinion on the weaknesses in
internal controls, risk management and governance (entity level controls) framework,
highlighting any exceptions and cases of noncompliance and suggest or recommend
improvements in the design and operations of controls based on the internal audit.
P a g e | 26

(4) Scope
Paragraph:

The internal auditors report should describe the scope of the internal audit by stating
that the internal audit was conducted in accordance with generally accepted audit
procedures as applicable. The management needs this as an assurance that the audit has
been carried out in accordance with established Standards. Scope refers to the internal
auditors ability to perform internal audit procedures deemed necessary in the
circumstances. The report should include a statement that the internal audit was planned
and performed to obtain reasonable assurance whether the systems, processes and
controls operate efficiently and effectively and financial information is free of material
misstatement. The internal auditors report, in line with the terms of the engagement,
should describe the internal audit as including:
(i) examining, on a test basis, evidence to support the amounts and disclosures in
financial statements;
(ii) assessing the strength, design and operating effectiveness of internal controls at
process level and identifying areas of control weakness, business risks and
vulnerability in the system and procedures adopted by the entity
(iii) assessing the accounting principles and estimates used in the preparation of the
financial statements; and
(iv) evaluating the overall entity-wide risk management and governance framework.
The Report should include a description of the engagement background, internal audit
methodology used and procedures performed by the internal auditor mentioning further
that the internal audit provides a reasonable basis for his comments.
(5) Executive
Summary
Paragraph:
The Executive Summary paragraph of the internal auditors report should clearly indicate
the highlights of the internal audit findings, key issues and observations of concern,
significant controls lapses, failures or weaknesses in the systems or processes.

(6)
Observations
(Main Report)
Paragraph:
The Observations paragraph should clearly mention the process name, significant
observations, findings, analysis and comments of the internal auditor.

(7) Comments
from Local
Management:
The Comments from Local Management Paragraph should contain the observations and
comments from the local management of the entity provided after giving due cognizance
to the internal auditors comments.
This should also include local managements action plan for resolution of the issues and
compliance to the internal auditors recommendations and suggestions on the areas of
process and control weakness/ deficiency. The management action plan, should contain,
inter alia:
(i) the timeframe for taking appropriate corrective action;
(ii) the person responsible; and
(iii) resource requirements, if any, for ensuring such compliance. Further comments
from the internal auditor, in response to the auditee feedback, are to be clearly
mentioned. This paragraph should also contain the internal auditors suggestions
and recommendations to mitigate risks, strengthen controls and streamline
processes with respect to each of the observations and comments made.

(8) Action
Taken Report
Paragraph:
The Action Taken Report paragraph should be appended after the observations and
findings and should include:
(i) Status of compliance / corrective action already taken / being taken by the auditee
with respect to previous internal audit observations;
(ii) Status of compliance / corrective action not taken by the auditee with respect to
previous internal audit observations and the reasons for non-compliance thereof;
and
(iii) Revised timelines for compliance of all open items in (b) above and fixation of the
P a g e | 27
responsibility of the concerned process owner.
(9) Date The date of an internal auditors report is the date on which the internal auditor signs the
report expressing his comments and observations.
10) Place of
Signature:
The report should name the specific location, which is ordinarily the city where the
internal audit report is signed.
(11) Internal
Auditors
Signature:
The report should be signed by the internal auditor in his personal name.

The internal auditor should also mention the membership number assigned by the
Institute of Chartered Accountants of India in the report so issued by him. Further, the
internal auditor should exercise due professional care to ensure that the internal audit
report, inter alia, is:
(i) clear
(ii) factual presents all significant matters with disclosure of material facts
(iii) specific
(iv) concise
(v) unambiguous
(vi) timely
(vii) complies with generally accepted audit procedures in India, as applicable.

(Page-19.6)
2013
Link:

Management Audit Questionnaire
A management audit questionnaire is an important tool for conducting the management audit. It is
through these questionnaires that the auditors make an inquiry into important facts by measuring
current performance. Such questionnaires aim at a comprehensive and constructive examination of an
organisations management and its assigned tasks. Overall it is concerned with the appraisal of
management actions in accomplishing the organisations objectives. Its primary objective is to highlight
weaknesses and deficiencies of the organisation. It includes a review of how well or badly the
management functions of planning, organising, directing and controlling are being performed. In
addition it evaluates how effective the decision-making process is accomplishing the stated organisation
objectives. Within this framework, the questionnaire provides a means for evaluating an organisations
ongoing operations by examining its major functional areas. There are three possible answers to the
management audit questions: Yes, No and N.A., (not applicable). A Yes answer indicates that the
specific area, function, or aspect under study is functioning in an acceptable manner; no written
explanation is needed in that case. On the other hand, a no answer indicates unacceptable
performance and should be explained in writing.
Questionnaire comments on negative answers not only provide documentation for future reference,
but, more important, provide background information for undertaking remedial action. Those questions
that are not applicable and should be ignored in the audit are checked in the N.A. column. The
management audit questionnaire does not give answers, but simply asks questions. If all questions are
answered with a yes, operations are proceeding as desired. On the other hand, if there are one or
more no answers, difficulties are being experienced and must be explained in writing. If the question
does not apply, the N.A. (not applicable) column is checked. Thus, management audit questionnaire for
this part of the audit not only serves as a management tool to analyse the current situation; more
importantly, it enables the management auditors to synthesis those elements that are causing
organisational difficulties and deficiencies.

P a g e | 28
Standards on Internal Audit
The following Standards on Internal Audit are recommendatory in nature. The Standards shall become
mandatory from such date as notified by the council:
SIA 1 : Planning an Internal Audit
SIA 2 : Basic Principles Governing Internal Audit
SIA 3 : Documentation.
SIA 4 : Reporting
SIA 5 : Sampling
SIA 6 : Analytical Procedures
SIA 7 : Quality Assurance in Internal Audit
SIA 8 : Terms of Internal Audit Engagement.
SIA 9 : Communication with Management
SIA 10 : Internal Audit Evidence
SIA 11 : Consideration of Fraud in an Internal Audit.
SIA 12 : Internal Control Evaluation
SIA 13 : Enterprise Risk Management
SIA 14 : Internal Audit in an Information Technology Environment
SIA 15 : Knowledge of the Entity and its Environment.
SIA 16 : Using the Work of an Expert.
SIA 17 : Consideration of Laws and Regulations in an Internal Audit.

Topic 19.10- of Study
2013
Link:

THESE TOPICS HAVE BEEN DELETED IN ICAI MODULE

Requirements of Schedule B to the IRDA (Preparation of FS and AR of Insurance Companies)
Regulations, 2002

Part I- Accounting Principles for Preparation of Financial Statements
1) Applicability of Accounting Standards - issued by the ICAI, to extent applicable to the insurers
carrying on general insurance business, except that:
i. AS 3 Cash Flow Statements - prepared only under the Direct Method.
ii. AS 4 Not applicable w.r.t liabilities arising out Insurance policies.
iii. AS 9 Not applicable w.r.t income of Insurance business.
iv. AS 13 Apply the regulations.
v. AS 17 - Segment Reporting shall apply to all insurers
2) Premium- Premium shall be recognised as income over the contract period or the period
of risk, whichever is appropriate.
3) Premium Deficiency -Recognised if the sum of expected claim costs, related expenses and
maintenance costs exceeds related reserve for unexpired risks.
P a g e | 29
4) Acquisition Costs-If any, shall be expensed in the period in which they are incurred.
5) Claims--The components of the ultimate cost of claims to an insurer comprise the claims under
policies and specific claims settlement costs.
6) Investments : valuation in the following manner:-
a) Real Estate Investment Property- measured at historical cost less accumulated
depreciation and impairment loss, residual value being considered zero and no
revaluation being permissible.
b) Debt Securities-Debt securities including G-Sec and redeemable preference shares shall
be considered as held to maturity securities and measured at historical cost subject to
amortisation.
c) Equity Securities and Derivative Instruments that are traded in active markets- Measured
at fair value as at BS date.
d) Unlisted and other than actively traded Equity Securities and Derivative Instruments-
measured at historical costs. Provision shall be made for diminution in value of such
investments.
7) Loans - Loans shall be measured at historical cost subject to impairment provisions.
8) Catastrophe Reserve as per norms prescribed by the Authority.
Part II Disclosures forming part of Financial Statements
a) by way of notes to the Balance Sheet -
b) Accounting policies shall form an integral part of the financial statements
Part III General Instructions for Preparation of Financial Statements
Part IV Contents of Management Report:
a) Confirmation regarding the continued validity of the registration granted by the Authority;
b) Certification that all the dues payable to the statutory authorities have been duly paid;
c) Confirmation to the effect that the shareholding pattern and any transfer of shares during the
year are in accordance with the statutory or regulatory requirements;
d) Declaration that the management has not directly or indirectly invested outside India the
funds of the holders of policies issued in India;
e) Confirmation that the required solvency margins have been maintained;
f) Certification to the effect that the values of all the assets have been reviewed on the date of
the Balance Sheet
g) Disclosure with regard to the overall risk exposure and strategy adopted to mitigate the same;
h) Operations in other countries, if any,
i) Ageing of claims indicating the trends in average claim settlement time
j) Review of asset quality and performance of investment in terms of portfolios
k) A responsibility statement
l) A schedule of payments, in which Directors of the insurer are interested.

Part V Preparation of Financial Statements
(1) An insurer shall prepare the Revenue Account, Profit and Loss Account [Shareholders
Account] and the Balance Sheet in Form B-RA, Form B-PL, and Form B-BS, or as near thereto as
the circumstances permit.
Provided that an insurer shall prepare Revenue Accounts separately for fire, marine, and
Miscellaneous insurance business and separate schedules shall be prepared for Marine Cargo,
Marine Other than Marine Cargo and the following classes of miscellaneous insurance
business under miscellaneous insurance and accordingly application of AS 17 Segment
Reporting - shall stand modified.
1. Motor, 2. Workmens Compensation/Employers Liability, 3. Public/Product Liability, 4.
Engineering, 5. Aviation, 6. Personal Accident, 7. Health Insurance, 8. Others
(2) An insurer shall prepare separate Receipts and Payments Account in accordance with the
Direct Method prescribed in AS 3 Cash Flow Statement issued by the ICAI.

Investment norms for General Insurance Companies

In exercise of the power conferred by the Insurance Act, 1938, the Authority, in consultation with the
Insurance Advisory Committee, has made the Insurance Regulatory and Development Authority
P a g e | 30
(Investment) Regulations are subject to revision by the Authority from time to time. Regulation 4 of the
amended Regulations on investments prescribes that every insurer carrying on the business of general
insurance should invest and at all times keep invested its total assets in the following manner:

(i) Government Securities Not less than 20% of Investment Assets
(ii) Government Securities and
other approved securities
Not less than 30% of Investment Assets (including (i)
above)
(iii) (a) Approved investments and other
investments (out of (iiia) other
investments shall not exceed 25% of
Investment Assets)
Not exceeding 55%
(b) Housing and Loans to State
Government
Not less than 5%
(c) Investment in infrastructure Not less than 10%

It may be mentioned here that with regard to (iv) above, subscription/purchase of bonds or debentures
issued by HUDCO, National Housing Insurance Company or House Building Institutions duly accredited by
National Housing Banks, for house building activities, duly guaranteed by Government or carrying
current fating of not less than AA by an independent, reputed and recognized agencies also qualify to
be included in the limits [under clause (iv)] above.

2012
Link:

Trade Credit Insurance

MEANING

Trade Credit
Insurance
business
It means the business of effecting contracts of insurance in respect of trade credit insurance
transactions.

Trade credit
insurance
It means insurance of suppliers against the risk of non-payment of goods or services by their
buyers who may be situated in the same country as the supplier (domestic risk) or a buyer
situated in another country (export risk) against non-payment as a result of insolvency of the
buyer or non-payment after an agreed number of months after duedate (protracted default)
or non-payment following an event outside the control of the buyer or the seller (political
risk cover). Political risk cover is available only in case of buyers outside India and in
countries agreed upon at the proposal stage.

Trade Credit
Insurance
transaction
It means a transaction between two persons for supply of goods or services on open and
agreed terms.

Trade Credit
insurance
policy
It is a conditional insurance contract between two parties (insurer and seller) that cannot be
traded and is always directly related to an underlying trade transaction, which is either the
delivery of goods or of services. The correct fulfilment of this trade transaction and
satisfaction of the contract terms which is essential for credit cover to exist

Basic Requirements of a Trade Credit Insurance Product
An insurer shall offer trade credit insurance product only if all requirements mentioned below are met:
P a g e | 31
1) Policyholder's loss is non-receipt of trade receivable arising out of a trade of goods or services.
2) Policyholder is a supplier of goods or services in consideration for a fair market value.
3) Policyholder's trade receivable does not arise out of factoring or reverse factoring arrangement or
any other similar arrangement.
4) Policyholder has a customer (i.e. Buyer) who is liable to pay a trade receivable to the policyholder in
return for the goods and services received by him from the policyholder, in accordance with a policy
document filed with the insurer.
5) Policyholder undertakes to pay premium for the entire Policy Period.
6) Any other requirement that may be specified by the Authority from time to time.

Topic 12.12- of Study
2012
Link:

PROFESSIONAL ETHICS

NEW Case Study Introduced in ICAI Module OF JAN 2013 APPLICABLE FOR NOV
2013 EXAMS ONWARDS

Whether the CA Will be Guilty of Professional Misconduct in the Following Case
1. CA Sanjeev was appointed as the Auditor of SHREE Ltd. for 2007-08. Since he declined to accept
the appointment, the Board of Directors appointed CA Mohan as the auditor in the place of CA
Sanjeev, which was also accepted by CA Mohan as the auditor in the place of CA Sanjeev, which
was also accepted by CA Mohan.
Ans: Board can appoint the auditor in the case of casual vacancy under Sections 224 (5) & 6(a) of
the Companies Act, 1956.The non-acceptance of appointment by CA. Sanjeev does not constitute
a casual vacancy to be filled by the Board.
In this case, it will be deemed that no auditor was appointed in the AGM. Hence the appointment
of auditor can be made only by the Central Government and the Board appointment is defective in
law.
Clause 9 of Part-I of First Schedule states that a chartered accountant is deemed to be guilty of
professional misconduct if he Accepts an appointment as auditor of a company without first
ascertaining from it whether the requirements of section 225 of the Companies Act, 1956 in
respect of such appointment have been fully complied with.
2. CA Deepak, a Chartered Accountant prepared a project report for one of his clients to obtain
bank finance (long-term) of Rs. 50 lakhs from a Commercial Bank. Consequent to the sanction
of the loan by the bank CA Deepak raised a bill for his services @ 2% of the loan sanctioned.
Ans: Clause 10 of part I to First Schedule to the Chartered Accountants Act prohibits a Chartered
Accountant in practice to charge, to offer, to accept or accept fees which are based on a
percentage of profits or which are contingent upon the findings or results of such work done by
him.
However, this restriction is not applicable where such payment is permitted by the Chartered
Accountants Act, 1949, the Council of the Institute has framed regulation 192 which exempts
certain professional services from the operation of clause 10.
3. CA Ram who is a leading Income Tax Practitioner and consultant in Jaipur is also trading in
derivatives.
Ans: As per clause 11 of Part-I of First Schedule of CA Act, 1949, a Chartered Accountant is
P a g e | 32
deemed to be guilty of professional misconduct if he engages in any business or occupation other
than the profession of Chartered Accountant unless permitted by the Council so to engage.
However, the Council has granted general permission to the members to engage in certain specific
occupation. In respect of all other occupations specific permission of the Institute is necessary.
4. CA Chiranjiv who conducted ABC audit of a Haryana daily New Era certified the circulation
figures based on Management Information System Report (M.I.S Report) without examining
the books of Account.
Ans: According to clause 7 of Part-I of Second Schedule of Chartered Accountants Act, 1949, a
Chartered Accountant in practice is deemed to be guilty of professional misconduct if he does not
exercise due diligence or is grossly negligent in the conduct of his professional duties.

AUDIT OF BANKS

Powers and
Duties of
Auditors

The auditor of a banking company or of a nationalised bank, State Bank of India, a
subsidiary of State Bank of India, or a regional rural bank has the same powers as those
of a company auditor in the matter of access to the books, accounts, documents and
vouchers. except with following modifications:-
The auditor of SBI and a nationalized bank may employ accountants or other
persons at the expense of the bank to assist him in audit of accounts.
Branches of other banking companies will be audited as per section 228 of the
Companies Act, 1956.
Regional Rural Banks Act, 1976, does not contain any provisions relating to audit of
branches.
Accordingly, in the case of such banks, audit of branches is also carried out by the
auditors appointed for the bank as a whole.

Initial consideration by the statutory auditor
Declaration of Indebtedness:
(i)The RBI has advised that the banks, before appointing their statutory central/circle/ branch auditors,
should obtain a declaration of indebtedness. In addition to this, the RBI has further advised the banks
that no credit facility (including guaranteeing any facilities availed of by third party) should be availed of
by the proprietor/ any of the partners of the audit firm/members of his/their families or by firm/
company in which he/they are partners/directors

Appointment of Auditor:

Type of Bank How Auditor is appointed How Remuneration to be fixed
State Bank of India To be appointed by RBI Comptroller and
Auditor General of India in consultation
with the CG
To be fixed by RBI of India in
consultation with the CG

P a g e | 33
Format of Audit Report
The auditors, central as well as branch, should also ensure that the audit report issued by them
complies with the requirements of Revised SA 700, Forming an Opinion and Reporting on
Financial Statements, SA 705, Modifications to the Opinion in the Independent Auditors
Report and SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the
Independent Auditors Report. The auditor should ensure that not only information relating to
number of unaudited branches is given but quantification of advances, deposits, interest
income and interest expense for such unaudited branches has also been disclosed in the audit
report. Such disclosure in the audit report is not only in accordance with the best international
trends but also provides useful information to users of financial statements, for example,
though the absolute number of unaudited branches might be quite large but in relation to
overall operations of the bank such unaudited branches are quite miniscule and thus, not
material. Therefore, the auditor should ensure that the complete information in respect of
unaudited branches is collected and disclosed in the audit report.

(Page-11.5)
2013
Link:

Classification Norms relating to NPAs

Advances to
on-Lending
Arrangement
In respect of Loans/credit facilities granted under on-lending arrangement to Primary
Agricultural Credit Societies (PACSs)/Farmers Service Societies (FSSs), only the particular
credit facility granted to PACs/FSS which is in default should be classified as NPA. Other
credit facilities granted to the PACS/FSS will not be treated as NPA. This exemption does
not extend to credit facilities granted outside the on-lending system.

Classification of Advances & Provisioning Norms

Doubtful Assets
Provision
Norms
For Unsecured Portion
Full provision TO THE EXTENT of the UNSECURD PORTION should be made. In doing
so, the realisable value of the security available, to which the bank has a valid
recourse, should be determined on a realistic basis.
DICGC/ECGC cover is also taken into account
For Secured Portion

In case the advance covered by CGTSI guarantee becomes non-performing, no
provision need be made towards the guaranteed portion
Period - advance remain in doubtful category %
Up to one year 20 25 (Changed)
More than 1 up to 3 years 40
More than 3 years 100

P a g e | 34

Sub-Standard Assets

Provision
Norms
General Provision: A general provision of 15% percent on total outstanding (changed
from 10%) should be made without making any allowance for ECGC guarantee cover
and securities available.

Topic Provisioning of Loans
and Advances- of Study
2013
Link:

Assess the Risk of Fraud including Money Laundering
As per SA 240 (Revised), The Auditors Responsibilities Relating to Fraud in an Audit of Financial
Statements, the auditors objective are to identify and assess the risks of material misstatement in the
financial statements due to fraud, to obtain sufficient appropriate audit evidence on those identified
misstatements and to respond appropriately. The attitude of professional skepticism should be
maintained by the auditor so as to recognise the possibility of misstatements due to fraud.

Deposit Taking Dealing Lending
Management
and employee
frauds
Camouflage of
depositors by
hiding their
identity in
connection with
funds transfer or
money
laundering.
Unrecorded
deposits.
Theft of customer
deposits
particularly, from
dormant
accounts.
Off market / related party deals
whereby no checks are carried out on
the prices at which deals are
transacted or there are unusual
activity levels with certain
counterparties.
High level of business with particular
brokers, including payment of
abnormal commission.
False deals represented by unusual
number of cancelled deals or
unusually high number of unsettled
transactions.
Delayed deal allocations
represented by no time stamping of
deals or alterations or overwriting on
deals sheets.
Exploiting weaknesses in matching
procedures due to absence of proper
guidelines.
Loans to fictitious
borrowers.
Transactions with
connected companies.
Kick backs and
inducements.
Selling recovered
collateral at below
market prices.
Bribes to obtain release
of security or to reduce
the amount claimed.
Theft or misuse of
collateral held as
security.
External
Frauds
Money
Laundering.
Fraudulent
instructions.
Counterfeit
currency.
Fraudulent custodial sales.
False information or documents
regarding counterparties.
Impersonation and false
information on loan
applications.
Fraudulent valuations.
Misappropriation of loan
funds by agents
/customers

P a g e | 35
Due to the nature of their business, banks are ready for targeting those who are engaged in the money
laundering activities by which the proceeds of illegal acts are converted into proceeds from the legal
acts. The RBI has framed specific guidelines that deal with prevention of money laundering and Know
Your Customer (KYC) norms. The RBI has from time to time issued guidelines (Know Your Customer
Guidelines Anti Money Laundering Standards), requiring banks to establish policies, procedures and
controls to deter and to recognise and report money laundering activities.

(Page-11.13)
2013
Link:

Sale/ Purchase of NPAs:
In case of a sale/ purchase of NPAs by the bank, the auditor should examine the policy laid
down by the Board of Directors in this regard relating to procedures, valuation and delegation
of powers.

The auditor should also examine that:
(i) only such NPA has been sold which has remained NPA in the books of the bank for at least 2
years.
(ii) the assets have been sold/ purchased without recourse only.
(iii) subsequent to the sale of the NPA, the bank does not assume any legal, operational or any
other type of risk relating to the sold NPAs.
(iv) the NPA has been sold at cash basis only.
(v) the bank has not purchased an NPA which it had originally sold.

Sale of NPAs Purchase of NPAs

In case of sale of an NPA, the auditor
should also ensure that:
(i) on the sale of the NPA, the same has
been removed from the books of the
account.
(ii) the short fall in the net book value has
been charged to the profit and loss account.
(iii) where the sale is for a value higher than
the NBV, no profit is recognised and the
excess provision has not been reversed but
retained to meet the shortfall/ loss on
account of sale of other non-performing
financial assets.
Similarly, in case of purchase of NPAs, the
auditor should verify that:
(i) the NPA purchased has been subjected to
the provisioning requirements appropriate to
the classification status in the books of the
purchasing bank.
(ii) any recovery in respect of an NPA
purchased from other banks is first adjusted
against its acquisition cost and only the
recovered amount in excess of the acquisition
cost has been recognised as profit.
(iii) for the purpose of capital adequacy, banks
has assigned 100% risk weights to the NPAs
purchased from other banks.

(Page-11.95)
2013
Link:
P a g e | 36

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act
(SRFAESI), 2002 Securitisation of Standard Assets:

After the enactment of the Securitization and Reconstruction of Financial Asset and Enforcement of
Security Interest Act, 2002, banks have got significant power to possess the securities of defaulting
borrower. Banks can now take possession of the assets from borrower and convert the same in Security
Receipts.

Process In the process of securitisation, assets are sold to a bankruptcy remote special purpose
vehicle (SPV) in return for an immediate cash payment.
The cash flow from the underlying pool of assets is used to service the securities issued
by the SPV.
Stages Securitisation follows a twostage process. In the first stage, there is sale of single asset or
pooling and sale of pool of assets to a 'bankruptcy remote' special purpose vehicle (SPV)
in return for an immediate cash payment and in the second stage repackaging and selling
the security interests representing claims on incoming cash flows from the asset or pool
of assets to third party investors by issuance of tradable debt securities. Thus, the non-
performing asset of the banker is taken out of the balance sheet of the bank and
converted into Security Receipts.
Accounting Securitised asset should be derecognised in the books of the bank, if the bank loses
control of the contractual rights that comprise the securitised asset. The bank loses such
control if it surrenders the rights to benefits specified in the contract.
For enabling the transferred assets to be removed from the balance sheet of the
originator in a securitisation structure, the isolation of assets or true sale from the
originator to the SPV is an essential prerequisite. In case the assets are transferred to the
SPV by the originator in full compliance with all the conditions of true sale, the transfer
would be treated as a 'true sale' and originator will not be required to maintain any
capital against the value of assets so transferred from the date of such transfer. The
effective date of such transfer should be expressly indicated in the subsisting agreement.
In the event of the transferred assets not meeting the "true-sale" criteria the assets
would be deemed to be on the balance sheet of the originator and accordingly the
originator would be required to maintain capital for those assets.
Profit & Loss on Such Sale

When a bank sells the non-performing assets to securitising company, if the sale value of
assets is less than the Net book Value, i.e., books value of advances less provisions, the
shortfall needs to be debited to Profit & Loss Account. However, in case the sale value
being higher, excess provision cannot be reversed and is kept to meet the shortfall/ loss
on account of other non-performing assets

Acounting
Treatment in
the Book of
subscribing
Bank
These Security Receipts are treated as non-SLR security (Investment) in the books of
subscribing bank as per RBI guidelines. In the absence of ready market for the Security
Receipts, the subscribing bank needs to value Security Receipts on the basis of Net Asset
Value to be declared by Securitising Company on a quarterly basis.

(Page-11.64) of SM
2012
Link:
P a g e | 37

Agricultural Debt Waiver and Debt Relief Scheme 2008 (This topic was already there in Study module
since no. of years and not so Important)

Prudential Norms
for the Borrowal
Accounts Covered
under the
Agricultural Debt
Waiver and Debt
Relief Scheme, 2008
While the entire 'eligible amount' shall be waived in the case of a small or
marginal farmer, in the case of 'other farmers', there will be a one time
settlement scheme (OTS) under which the farmer will be
given a rebate of 25 per cent of the 'eligible amount' subject to the condition
that the farmer repays the balance of 75 per cent of the 'eligibl e amount'
Norms for the
Accounts subjected
to Debt Waiver:
As regards the small and marginal farmers eligible for debt waiver, the
amount eligible for waiver, pending receipt from the Government of India,
may be transferred by the banks to a separate account named "Amount
receivable from Government of India under Agricultural Debt Waiver
Scheme 2008"
The balance in this account may be treated by the banks as a "performing"
asset, provided adequate provision is made for the loss in Present Value (PV)
terms, computed under the assumption that such payments would be
received from Government of India in the instalments.
However, the provision required under the current norms for standard
assets, need not be provided for in respect of the balance in this account.
Asset Classification: Where the farmers covered under the Debt Relief Scheme have given
the undertaking, agreeing to pay their share under the OTS, their relevant
accounts may be treated by banks as "standard" / "performing" provided :
(a) adequate provision is made by the banks for the loss in PV terms for all the
receivables due from the borrowers as well as the Government; and (b) such
farmers pay their share of the settlement within one month of the due dates
Provisioning in case
of down-gradation
of accounts:
In case the payments are delayed by the farmers beyond one month of the
respective due dates, the outstanding amount in the relevant accounts of such
farmers shall be treated as NPA. The asset classification of such accounts shall be
determined with reference to the original date of NPA

KINDLY NOTE THAT:
SUCH TOPICS WERE ALREADY THERE IN ICAI STUDY MODULE. THERE ARE
NUMEROUS TOPICS WHICH ARE PART OF VPJ CLASSES MODULE AND HAVE
NOT BEEN INCORPORATED HERE. SOME OF THESE TOPICS ARE BEING
SHOWN AS AMENDMENT. FURTHER THERE ARE VARIOUS OTHER TOPICS
WHICH HAVE BEEN MISSED BY THE OTHER AUTHORS. STUDENT CAN
REFER TO OUR MODULE FOR DETAILS. CONTACT-
8130713615,7503630594

P a g e | 38

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CA FINAL AUDIT AMENDMENTS

A COMPILATION OF AMENDMENTS APLLICABLE FROM NOV

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