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Saturday, 1 October 2016

CA IPCC AND FINAL AUDITING AMENDMENTS NOV 2016 AND MAY 2017

Here we are providing the CA IPCC Auditing Amendments and CA Final Advanced Auditing and Professional Ethics Amendments for November 2016 and May 2017 exams. In the previous post, we have listed out all the amendments applicable in Tax and Company Law Topics.


IPCC AND FINAL AUDIT AMENDMENTS

Amendment regarding matters to contain in Audit Report:

Every Audit report made by an auditor u/s 143 of the Companies Act, 2013 relating the accounts of every company audited by him/her, to which this Order applies, for the financial years commencing on or after 1st April, 2015, shall in addition, contain the matters specified in paragraphs 3 and 4, as may be applicable.

CARO 2016 replaces CARO 2015

AMENDMENTS ARE STRICTLY AS PER ICAI

In the early months of 2016, the government has notified the CARO 2016. As this notification has come before April, CARO 2016 will be applicable for the upcoming Nov 2016 and May 2017 CA IPCC Exams.


CA Final Auditing and Professional Ethics Amendments:

There has been few changes in the Guidance Note on Reporting under section 143(3)(f) and section 143(3)(h). These sections deals with the duties and powers of company auditors.
It requires the auditors to give his report to the members on the financial statement accounts examined by him. He shall also give his opinion on the financial statements which will be submitted to the shareholders in the Annual General Meting of the company.

CARO 2016 applicable for CA Final Nov 2016

In the beginning months of 2016, the government has notified the CARO 2016. As this notification has come before April, CARO 2016 will be applicable for the upcoming Nov 2016 and May 2017 CA IPCC Exams.
Amendment in Inventories part: Auditor need to collect necessary evidences to ensure that physical verification of inventory has been conducted at reasonable intervals by the management and discrepancies were noticed has been dealt with in the books of account.



Amendment in Deposit under CARO: Definition of the deposit as per companies act is so wider like advance received from customers and not adjusted up to or more than 365 days become included under the definition of deposit. Various other transactions are fall under that category.



CA FINAL STUDENTS CAN ALSO CHECK

1. CA FINAL FEMA VIDEO LECTURE
2. CARO VIDEO LECTURE 2016
CARO 2016 NOTES
4 . CA FINAL LAW DIRECTOR ULTRASUMMARIZED NOTES
5. CA FINAL STANDARD COSTING 4 PAGES NOTES
6. CA FINAL INCOME TAX FAST TRACK REVISION NOTES