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Article Training Resource
Article Training Resource
II. Ethics
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III. Audit
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6.1 Due Diligence
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A. General
Small Audit – Model Working Papers
Specimen For Profile / Information About the Auditee Applicability Checklist Engagement Letter Acceptance Formalities Checklist Representations by Management |
B. Administration
Time Budget
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C. Planning & Control
Understanding the Client’s Business
Understanding the Accounting Policies General Audit Programme Analytical Procedures in Planning the Audit Assessment of Risk Materiality Performance Materiality Identification of Material Transactions, Account balances and Disclosures Permanent File Update Fraud Risk Questionnaire |
D. Audit Program- Balance sheet items
Audit Program – Tangible Assets
Audit Program – Intangible Assets Audit Program – Investments Audit Program – Inventories Audit Program – Miscellaneous Expenditure Audit Program – Debtors, Loans and Advances Audit Program – Cash and Bank Balances Audit Program – Capital and Reserve Audit Program – Liabilities |
E. Audit Program- Profit & Loss Account
Audit Program – Revenue
Audit Program – Expenses |
F. Working papers
Regrouping Journals
Adjusting Journals Specimen for Progress Sheet |
G. Reports
Audit Declaration
Matters for Partner’s Consideration Summary Memorandum Summary of Unadjusted Errors Financial Statement Review Subsequent Event Checklist Management Letter Points |
H. Appendices
Appendix – I Standards on Auditing Checklist – Control Sheet
Appendix – II Checklist for Disclosures under Accounting Standards Appendix – III Illustrative Letter of Confirmation of Inventories Held By Others Appendix – IV Illustrative Letter Confirmation of Account Receivable Appendix – V Illustrative Letter of Confirmation of Deposits Appendix – VI Disclosure Requirement Relating of Investment Appendix – VII Disclosure Requirement Relating to MSME Appendix – VIII Illustrative Letter of Appointment Appendix – IX Specimen letter to be obtained from the Company Conveying the Appointment of Auditors at the General Body Meeting Appendix – X Specimen Letter of Appointment for Tax Audit U/S. 44 AB of The Income Tax Act, 1961 Appendix – XI Illustrative Letter of Communication to Previous Auditor Appendix – XII Illustrative Guidance for the applicability Checklist |
A. Applicability checklist
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B. General
Specimen for Profile / Information About the Auditee
Assessment of Risk Materiality |
C. Audit Program
Analytical Review Procedures
Matters for Partner’s Consideration Audit Summary Memorandum Management Letter Points |
D. Appendix-Standards On Auditing Checklist- Control Sheet
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Draft Bank Branch Audit Program for the year ended March 31, 2014
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Checklist for various items as per RBI guidelines
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A. Internal Audit Engagement Management
Initial Introduction Letter
Proposal of Internal Audit Services Engagement Letter Scope and Objective Organization Background Industry Research List of files and Contents |
B. Overall planning
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C. Pre Audit Opening
Opening Meeting Control Statement
General Process Understanding Data Needs Identification and Collection Data Analysis and Summary Preparation Previous Audit Report Analysis Brain Storming Sessions (Internal) |
D. Detailed Walk Through
Selection of sample
Walk Through Tracking Documentation of Walk Through |
E. Risk, Checklist, Audit Programme
Listing of Risks and Audit Programme (Checklists)
Corporate Risks Review Checklist
Finance and Accounts Risks Review Checklists Human Resources Process Review Checklists Inventory Risks Review Checklists Information Security Review Checklist Marketing Risks Review Checklists Purchases Risk Review Checklists Production Risks Review Checklists Sale and Dispatch Risks Review Checklists Statutory Compliances Review Checklists Administration Risks Review Checklists
Planning and Executive of Audit Programme
Compilation of Observations and Draft Reporting Quality Check of Evidence Collection |
F. Report Compilation
Draft Audit Report
Covering Letter for Draft Report – by Email/Letter Head Collection of Management Comment |
G. Exit Meeting
Fixing of the Meeting Time
Presentation and Action Plan Preparation Updation of the Action Plan into the Draft Report |
H. Report Issue
Final Report Release Checklist
Audit Committee Presentation (Where Applicable) Audit Feedback Collection |
I. Work paper closure
Work Paper Compilation and Quality Audit Closures
Quality Audit Checklist Quality Audit Action Plan Statement Knowledge Bank updation |
J. Close Outs
Invoice Format
Out of Pocket Expenses Tracking Overall Closure Checklist |
K. General Annexure
Confirmation of Meeting Format
Minutes of Meeting Formats Agenda of the Meeting |
L. Standards on Internal Audit Issued by the ICAI
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14. Industry Specific Audits
14.1 Automobile Industry
Fixed Assets: Checklist for Identifying & Assessing the Risk of Material misstatement Inventories: Checklist for Identifying & Assessing the Risk of Material misstatement Other Assets, Loans & Advances: Checklist for Identifying & Assessing the Risk of Material misstatement Current Liabilities & Provisions: Checklist for Identifying & Assessing the Risk of Material misstatement Other Income: Checklist for Identifying & Assessing the Risk of Material misstatement 14.2 Tea Industry : (Standard Internal Audit program) 14.3 Tours and Travels: (Illustrative Internal Audit Checklist) 14.4 Stock Brokers: Internal Audit Checklist 14.5 Treasury functions in Bank: Checklist 14.6 Inventories and Receivables Audit: Checklist 14.7 Mutual Funds: Internal Audit Checklist 14.8 NPO’S: Illustrative Internal Audit Checklist |
IV. Taxation
A.Direct Tax Code 2013
B.Guidance Note on Tax Audit under Section 44 AB of The Income-Tax Act, 1961 Terms, abbreviations used in this Guidance Note Introduction Provisions of Section 44 AB Profession and Business explained Sales, turnover, gross receipts Liabilities to Tax Audit- special cases Specified date and Tax Audit Penalty Tax Auditor Accounting Standard Audit Procedure Professional Misconduct Audit report Form No 3CA Form No 3CB Form No 3CD Particulars of Assessee (clause 1-6) Particulars of Members/Partners (clause 7) Nature of Business of Profession (clause 8) Books of Accounts (clause 9) Presumptive Income (Clause 10) Method of accounting (clause 11) Valuation of Closing Stock (clause 12) Conversion of Assets into Stock in Trade (clause 12A) Items of Income not credited (clause 13) Particulars of Depreciation (clause 14) Deduction under sections 35AB-35E (clause 15) Bonus, Commission, PF recoveries, etc. (clause 16) Amount Debited to Profit & Loss Account (clause 17) Capital expenditure (Clause 17(a)) Person Expenses (clause 17(b)) Advertisement expenses [clause 17(c)] Payments to clubs [clause 17(d)] Penalty, fine, etc. [clause 17(e)] Amounts inadmissible u/s 40(a) [clause 17(f)] Interest, salary, bonus, etc. to partners [clause 17(g)] Amounts inadmissible u/s 40A (3) [clause 17(h)] Amounts inadmissible u/s 40A (7) [clause 17(i)] Amounts inadmissible u/s 40A (9) [clause 17(j)] Contingent liabilities [clause 17(k)] Amount inadmissible in term of section 14A [clause 17(l)] Amount inadmissible under proviso to section 36(1)(iii) [clause 17(m)] Amount inadmissible u/s 23 of MSME Act, 2006 [clause 17A] Payments to relatives under section 40A (2)(b) [clause 18] Deemed profits under section 33AB/33ABA/33AC [clause 19] Profits chargeable under section 41 [clause 20] Payments under section 43B [clause 21] MODVAT credits [clause 22(a)] Prior period expenditure [clause 22(b)] Hundi loans [clause 23] Loans/Deposits accepted [clause 24(a)] Loans/Deposits repaid [clause 24(b)] Certificate for loan taken or repayment [clause 24(c)] Brought forward loss/depreciation [clause 25(a)] Change in shareholding [clause 25(b)] Deductions under Chapter VIA [clause 26] Tax Deducted at Source [clause 27] Quantitative details of a trading concern [clause 28(a)] Quantitative details of a manufacturing concern [clause 28(b)] Tax on distributed profits [clause 29] Cost Audit Report [clause 30] Excise Audit Report [clause 31] Accounting ratios [clause 32] Statement of particulars to be annexed to Form No. 3CD Signature Code of Ethics and other matters Format of Financial Statements APPENDICES Circular No. 452 dated 17.3.1986 (Para 5.10) Circular No. 4/2007, dated 15th June, 2007 (Para 5.13) Mandatory Communication - Relevant Extracts from the Code of Ethics (Para 9.8) Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 (Para 9.8, 9.9, 9.10, 9.23) Relevant extracts from the Code of Ethics (Para 9.18) Form of tax audit particulars to be furnished by members/ firm (Para 9.26) Revision of recommended scale of fees chargeable for the work done by the members of the Institute (Para 9.27) Criteria for classification of non-corporate entities as decided by the Institute of Chartered Accountants of India & Criteria for classification of companies under the Companies (Accounting Standards) Rules, 2006 (Para 10.3 & 10.8) Circular No. 561, dated 22nd May, 1990 (Para 13.12) Circular No. 739, dated 25-3-1996 (Para 18.1 & 36.7) The relevant extracts of the Micro, Small and Medium Enterprises Development Act, 2006 (Para 43.9) Chart of persons specified in Section 40A(2)(b) (Para 44.1) Circular No. 208, dated 15th November, 1976 & Circular No. 221, dated 6-6-1977 (Para 50.1) Recommended form of financial statements for non-corporate manufacturing entities (Para 13.8 & 67.3) Recommended form of financial statements for non-corporate trading entities (Para 13.8 & 67.3) Form No. 3CA, 3CB and 3CD C. Questionnaire for Service Tax Audit of Banks |
V. Information Technology (to be updated shortly)
XBRL
A. XBRL Concepts
B. XBRL Mandate C. Indian GAAP Taxonomy D. XBRL Instance Creation E. Validation of Instance Creation F. General approach to preparation of XBRL Financial Statements |
VI. Others
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The checklists and other content under the “Articleship Training Resources” have been compiled from various publications of the Institute to assist the students. These checklists and other content need to be suitably adapted for the specific requirements and due diligence may be exercised while using this content.
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Common Proficiency Test(CPT)
Intermediate (Integrated Professional Competence) Examination
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It also handles examinations relating to the post qualification courses for members
How to Apply on-line exam form of ICAI (CPT?IPCC?FINAL)
CA EXAMINATION - DECEMBER, 2015 (PP MODE CPT)
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