Overview of Amendments applicable for May 2021 Exams

CA – Final
Paper 3 – Advanced Auditing and Professional Ethics
1 Professional Ethics Revised Code of Ethics will be applicable.

2 Companies Auditor’s Report Order CARO 2016 will be applicable.

(CARO)

3 Audit under Fiscal Laws 1. Sec. 44AB of Income Tax Act, 1961.

2. Revised Form 3CD (Clause 8A, 18, 32)

4 Peer Review and Quality Review Statement of Peer Review, 2021.

Revised Procedure for Quality Review of Audit Services of

Audit Firms

5 Miscellaneous Few other topics has also been changed in some chapters
through the Revised Study Material.

List of main additions and exclusions are:

Chapter Name Topics

Risk Assessment & 1. Risk Assessment

Internal Control 2. Risk Based Audit Approach

Internal Audit 1. Integrity, Objectivity and

Independence.
2. Internal Audit Report

Audit of Banks 1. Stress Testing

2. BASEL III Framework

Audit of NBFC Reporting to RBI – Excluded

from syllabus

Audit of LIC Commission Payable to Agents

Note: Detailed Notes (On All topics of

Amendments) and Classes (On Main Topics)
will be provided by mid of March on
Telegram Channel (https://t.me/altclasses)
 Overview of Amendments applicable for May 2021 Exams

CA – Final

Paper 4 – Corporate and Economic Laws

1 Appointment and Qualification of Rule 6 of the Companies (Appointment and Qualification of

Directors Directors) Rules, 2014.

Amended through companies (Appointment and

Qualification of Directors) 3rd and 4th Amendment Rules, 2020

2 Meetings of the Board and its Rule 4 of the Companies (Meetings of Board and its Powers)
Powers Rules, 2014

Amended through Companies (Meetings of Board and its

Powers) 2nd and 3rd Amendment Rules, 2020

3 SCRA, 1956 and SCRR, 1957 Sec. 29B

Inserted through International Financial Services Centres

Authority Act, 2019.

4 SEBI Act, 1992 and SEBI (LODR) Sec. 28C

Regulations, 2015
Inserted through International Financial Services Centres
Authority Act, 2019.

5 FCRA, 2010 Sec. 7, 11, 12, 12A, 13, 14A, 15 and 17

Amended/inserted through FCRA (Amendment) Act, 2020.

6 IBC, 2016 Sec. 10A

Inserted through IBC (2nd Amendment) Act, 2020

Sec. 33 to 54

Updated by Revised Study Material

Note: Detailed Notes (On All topics of

Amendments) and Classes (On Main Topics)
will be provided by mid of March on
Telegram Channel (https://t.me/altclasses)