CA IPCC Audit Important Topics for November 2014 Exams

1 Discuss the basic principles governing an audit.
2 Discuss the limitations of auditing.
3 Discuss the areas in which different accounting policies may be adopted.
4 State briefly qualities of auditors.
5 Write short note on Independent audit and its advantages.
6 Discuss the concept of true & fair view.
7 What are fundamental accounting assumptions and their disclosure requirement?
8 Write short note on Substantive procedure.
9 Discuss the reliability of audit evidences.
10 What are the specific assertions relating to items appearing in financial statements?
11 What are the audit techniques to obtain audit evidences?
12 Discuss analytical review procedure with reference to SA.
13 Write the differences between Auditing & Investigation.
14 What do you mean by “Sufficient Appropriate Audit Evidence”? State various factors that help the auditor to ascertain as to what is sufficient appropriate audit evidence.
15 What are the benefits of audit planning?
16 What are the advantages and disadvantages of audit programme?
17 Discuss examination in depth.
18 Discuss Surprise check.
19 Discuss Audit Risk.
20 Discuss Random Sampling
21 What are the inherent limitations of internal control?
22 What are the General considerations in framing a system of internal check?
23 Discuss the concept of Internal audit.
24 Discuss the concept of audit materiality.
25 Write difference between Internal control questionnaire and Internal control evaluation.

http://i0.wp.com/caultimates.in/wp-content/uploads/2014/04/CA-IPCC-Auditing-Assurance-Important-Questions-Topics-Chapters.jpg
26 Factors to be considered while establishing overall audit strategy.
27 Short note on Audit working paper and its advantages.
28 Content of permanent working file and current working file.
29 Difference between black box approach and while box approach.
30 Define audit trail.
31 Internal control in CIS environment.
32 How auditor is removed?
33 Disclosure requirement u/s 224 (1A).
34 Write rights of the auditor.
35 Verify issue of share for consideration other than cash.
36 Verify Buy Back of shares.
37 Share transfer audit.
38 Verify issue of sweat equity shares.
39 Verify issue of share at premium.
40 Verify payment of interest out of capital
41 Write note on expenditure audit.
42 Special audits of Hotel, Hospital, Cinema, Club, NGO, Educational institution, and Local bodies.
43 What is CARO 2003, and what is it’s applicability.
44 How the first auditor of the Co is appointed?

45 Appointment of auditor by passing SR.
46What are reporting requirement as per section 227 (3).
47 Cut off procedure.
48 Verify option on share capital
49 Audit of Government receipts.
50 Power of CG to appoint the auditor.

Join with us : www.facebook.com/groups/caultimates 
Get all updates from our facebook page : http://facebook.com/caultimatespage

Applicable sections of the Companies Act, 2013- for Group II : Paper 6 Auditing & Assurance Intermediate (IPC) November 2014 Examination



Intermediate (IPC) Course November 2014 Examination
Subject : Applicable sections of the Companies Act, 2013- for Group II : Paper 6 Auditing & Assurance Intermediate (IPC) November 2014 Examination,

Students may note that given below is the list of sections of the Companies Act, 2013 (notified on 12th Sept, 2013) which are applicable for Group II : Paper 6 Auditing & Assurance subject Intermediate (IPC) Level November 2014 Examination.
S. No.
Section No of the Companies Act, 2013
Description of Section
1
39
Allotment of Securities by Company
2
51
Payment of Dividend in proportion to amount paid-up
3
70
Prohibition for buy back in certain circumstances
4
133
Central Government to Prescribe Accounting Standards
5
180
Restrictions on Powers of Board
6
181
Company to contribute to bona fide and Charitable Funds
7
182
Prohibitions and restrictions regarding political contribution
8
183
Power of board and other persons to make contribution to National Defence Fund etc.

These sections are also discussed for the convenience of the students as “Academic Update in view of Legislative Amendments in the Companies Act, 2013” in Group II : Paper 6 Auditing and Assurance Revisionary Test Paper for November 2014 Examination at following link
 
Join with us : www.facebook.com/groups/caultimatesGet all updates from our facebook page : http://facebook.com/caultimatespage

CA IPCC Cost of Capital, Capital Structure Decisions, Leverages notes

Cost of Capital notes
Click Here to Download

Capital Structure Decisions notes
Click Here to Download

Leverages notes
Click Here to Download 

Definition of 'Cost Of Capital'

The cost of funds used for financing a business. Cost of capital depends on the mode of financing used – it refers to the cost of equity if the business is financed solely through equity, or to the cost of debt if it is financed solely through debt. 

Many companies use a combination of debt and equity to finance their businesses, and for such companies, their overall cost of capital is derived from a weighted average of all capital sources, widely known as the weighted average cost of capital (WACC). Since the cost of capital represents a hurdle rate that a company must overcome before it can generate value, it is extensively used in the capital budgeting process to determine whether the company should proceed with a project.


Join with us : www.facebook.com/groups/caultimatesGet all updates from our facebook page : http://facebook.com/caultimatespage

CA not giving transfer from Articleship

Query:

Hi, I am doing Articleship from Small firm. I am into 8th month of A'ship. Now I want to leave it bcoz: * I don't get stipend, he pays me cheque and forces me to reimburse in cash. * there is no quality work. * He asks me to do his personal work like going bank for his work, maintaining his personal accounts. When I asked him for transfer, He got annoyed & Denied it. Also threatened me of Deed I signed. I am feeling badly trapped. Please suggest me what should I do now? What are my Rights?..:.

Best Answer:
I. Transfer /termination of articles is permitted without any restriction during the first year of articles.


Regulation 67: Complaint Against the Principal

(1) Where an articled assistant makes a complaint against his principal on a matter concerning his training as an articled assistant, the President or the Vice- President as the Executive Committee may decide from time to time, may cause an investigation to be made and submit a report to the Executive Committee.

(2) The Executive Committee shall submit the report of the investigation to the Council with its recommendations.

(3) The Council may, on a consideration  of the report of the Executive Committee,  pass such order as it may consider expedient, including an order withdrawing the entitlement of the principal to train one or more articled assistants either permanently or for a specified period.
  
(4) The President or the Vice-President as the Executive  Committee may decide from  time to time, may, pending an investigation of the complaint, either terminate or suspend the articles and allow the articled assistant to be accepted as additional articled assistant by a member, notwithstanding anything contained in Regulation 43.

Join with us : www.facebook.com/groups/caultimatesGet all updates from our facebook page : http://facebook.com/caultimatespage

Ethics Notes For CA IPCC



Business Ethics
  •      Business  Ethics is the branch  that examines as to what is right or wrong in the context of  business.
  •          It  requires  application  of  ethical  principles  to  ethical  problems  and  issues  that  arise  in  a  business environment.
  •       These  are  written  or  unwritten  codes  of  principles  and  values  that  govern  decisions  and  actions in a business or commercial environment.
  •       It is generally said that business & ethics are contradictory in practical sense because of the inherent  inconsistency  between  ethics  and  the  self-interested  motive  of  profit.  On  the contrary it is now a well accepted fact that  ethical behavior creates a positive reputation that expands the opportunities for profit. 
  •     Being ethical in business requires developing code of conduct and acting with an awareness that how the same is affecting to its stakeholders & society at large. In other words, the requirements of Business Ethics are:
1.       Awareness of actions affecting its stakeholders & society
2.       Social Responsibilities
3.       Legal Responsibilities
4.       Transparency & Accountability

Trusteeship Philosophy propounded by Mahatma Gandhi
A  business  man  has  to  act  only  as  a  trustee  of  the  society  for  whatever  he  has  gained  from  the Society. Everything finally belongs to the society. "Trusteeship provides a means of transforming the present capitalist order of society into an egalitarian one". 


Social Sins by Mahatma Gandhi
Mahatma Gandhi, Father of India, promoted non-violence, justice and harmony between people of
all faiths. He stressed that people follow ethical principles and listed following seven Social Sins:
1.  Politics without Principles.    (PP)
2.  Wealth without work.      (WW)
3.  Commerce without Morality.    (CM)
4.  Knowledge without Character.    (KC)
5.  Pleasure without Conscience.    (PC)
6.  Science without humanity.    (SH)
7.  Worship without sacrifice.    (WS)

Benefits of Business Ethics
1.  Increased Brand Image & Reputation
2.  Increased Sales and customer Loyalty
3.  Increased Employee Loyalty
4.  Increased Operational Efficiency owing to increased Motivation
5.  Reduced Regulatory Supervision

Join with us : www.facebook.com/groups/caultimatesGet all updates from our facebook page : http://facebook.com/caultimatespage