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AMENDMENTS IN AUDITING

February 4, 2010 12 comments

HERE is the presentation slides of the seminar cunducted by FAST and CACTUS on the Amendments in Auditing.

This gives you a insight of SA 265,SA 450,SA 720.

must read!!

to DOWNLOAD click the link below……..

AMENDMENTS IN AUDITING

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Applicability of SAs in Nov’09 exam clarified

October 21, 2009 2 comments

“Student had been for long confused about the applicability of SAs or AAS in for their Auditing paper”

The Excel Sheet provided below an end to all confusion including answers to the following FAQs:
FAQ 1: Are students expected to remember the new SA numbers?
Answer – Yes. Further, while quoting the numbers in exams it is recommended to quote SA no. first and AAS numbers in the bracket Eg. “SA 500 Audit Evidence (AAS 5)”
FAQ 2: Is there a change in numbers only or the content has also been changed. If yes, are students expected to know the revised content and are there major differences?
Answer – Yes, there have been changes in the content of some but not all SAs as compared to the erstwhile AAS and students are expected to understand the mention the revised contents. However, in few SAs the changes are insignificant and some it is substantial. A details of such SAs is provided in the file attached.
FAQ 3: Are there any new SAs or else all SAs are in replacement of old AAS?
Answer: Yes, some new SAs have been introduced which are included in the syllabus of Nov 2009 exams. A details of such SAs is provided in the file attached.
For detailed notes on SAs with all revisions contact CACTUS
To download the file click the link:

List Of SAs to be refered for November 2009 Exams

October 14, 2009 7 comments

ICAI has published list of  SAs for  (PCC  & IPCC) \PE2\(Final New & Old Course)  for the purpose of November 2009 Exams.

It has also provided Detailed PDF files for all SAs for the purpose of reference.

For further Details visit the link below.

http://www.icai.org/post.html?post_id=5066&c_id=219

For detailed notes on SAs with all revisions contact CACTUS
To download the list of applicability of SAs in tabular format click below:

Properly formatted VAT Audit Report

October 2, 2009 Leave a comment

Hey all!

I have uploaded here the new improved and proper;y formatted version of Form 41A issued by the sales tax department, so that you can directly fill it up like a 3CD report.

The report can be downloaded from here:

http://www.box.net/shared/3n8afpqpba

SQC 1 Amended!

August 22, 2009 1 comment

The Institute has reduced the time of holding engagement documents as mentioned in the SQC 1 has been reduced from 10 years to 7 years

ANNOUNCEMENT

 

Amendment to SQC 1 – Retention Period
for Engagement Documentation (Working Papers)

 

 

Paragraph 83 of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, states as follows:

 

“83.     The needs of the firm for retention

            ……………….

            ………………

In the specific case of audit engagements, the retention period ordinarily is no shorter than ten years from the date of the auditor’s report, or, if later, the date of the group auditor’s report.” (emphasis added)

 

The Council of the Institute of Chartered Accountants of India, at its 289th meeting held on August 19, 2009 at New Delhi, pursuant to the provisions of Rule 12 of the Chartered Accountants (Procedures of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, has decided to amend paragraph 83 of the SQC 1 as follows:

 

“83.     The needs of the firm for retention

            ………………………………

            ………………………………………..

In the specific case of audit engagements, the retention period ordinarily is no shorter than seven years from the date of the auditor’s report, or, if later, the date of the group auditor’s report.” (emphasis added)

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