Auditing is one of the primary roles of the CA and an important subject of the complete CA course. Checking all the financial statements and books, auditing the entries made, and finding out the discrepancies are part of the auditing process for any CA in India. After auditing all the transactional documents of the company, CA makes the financial report and signs it as an auditor. His sign is a validation that all the data presented in the report are genuine and keenly observed.
CA Final Course is the last stage of the CA journey in India. After 2.5 years of articleship in CA, final-level students are eligible to appear for CA final exams. The CA exams are held twice a year, in May and November. CA final level has six papers divided into two groups to study.
Paper 3, Advanced Auditing, Assurance and Professional Ethics, popularly known as Auditing Paper, is in the First group. The CA Final May 2024 exam date is not yet released by ICAI.
For guidance on the study plan for CA final exams, we are providing all the necessary study material needed to prepare for the CA final Advanced Auditing and Professional Ethics Paper.
By solving the MCQ, question paper, sample paper, mock test paper, and model test paper, students regularly get a clear understanding of complex problems. You can easily download all the study material for preparing for the CA Final Auditing subject that will be held in the name of Advanced Auditing and Professional Ethics under the new course scheme.
The Professional Ethics syllabus is to be inherited by every professional rather than just memorising it to clear the exams.
You can even know the weightage of marks chapter-wise, Skill-wise syllabus and important tips and tricks related to CA Final P-3 exams 2024.
Students under CA’s final new revised course have the new and updated syllabus. CA’s final 3 paper is Under 30:70 assessment. CA’s final auditing paper is in 1st group. ICAI has also introduced New open-book- book exam papers under the new revised syllabus. They assess this elective paper on the evaluation, analytical and reporting skills of students.
CA Final Advanced Auditing, Assurance and Professional Ethics Paper Pattern 2024
Paper pattern: 30:70 assessment
Total questions asked: 30 as MCQ; 6 In subjective types question, out of which 5 need to be answered.
Total exam duration: 3 hours.
Maximum marks got: 100 marks, 30 for MCQ and 70 for subjective questions.
- ICAI will assess each question through comprehensive knowledge, analytical skills, and reporting efficiency.
- Each question has 3 or 4 sections to be addressed and solved.
When students don’t follow the exam answer pattern, they get low marks and fail in exams. Read tips for CA final failed students to know more about it.
Advanced Auditing, Assurance And Professional Ethics Skills Assessment 2024
Prepare for CA Final Advanced Audit exams at 3 different levels.
For CA Final to develop the first level skills make notes of all the questions that can be asked as a list, define, describe, explain, recognise, identify, classify, discuss. These types of questions will assess your knowledge and comprehension skills. These types of questions weightage in your exam paper will be 20%-35%.
For the CA Final second-level assessment practice, the prescribed format of ICAI is used for application and analysis skills. Practise a lot of questions, having to calculate, determine, solve, compute, identify, and reconcile kinds of queries to excel in this skill. For Application and analytical skills, weightage in your marks will be around 45%-70%.
For CA Final third-level assessment, practice the prescribed format of ICAI for evaluation and synthesis skills. Practise a lot of questions, having calculated, determined, solved, computed, and reconciled kinds of queries to excel in this skill. For evaluation and synthesis skills, weightage in your marks will be around 10%-20% portion of the syllabus.
| Subject: Cost and Management Accounting | Nature of Questions | Weightage |
|---|---|---|
| Comprehension and Knowledge | Definition Describe the process Explain the concept Discussing a provision of law Listing the Condition Classify | 20%-30% |
| Application and Analytical | Computation/calculation/estimation Examining Issue Reconciling the statements Identifying the nature of income and expenditure Calculating profit and loss Solving Problem by integrating the provision | 45%-70% |
| Evaluation and Synthesis | Compute income and profit and loss by assessing analysing and interpreting concepts and provision Interpretation of financial statement Evaluation of a proposal for assessing its validity Recommendation of a course of action | 10%-20% |
There are strict guidelines that need to be followed while answering the Auditing paper. ICAI has issued an illustrative list of verbs, and when a question comes from any of those verbs, it is compulsory for students to answer according to those illustrations of the verb.
For e.g..
If the question comes with the verb” Evaluate”, then the set proforma for answering is like this:
In such a question, the students need to provide a balanced assessment, including both the positive and negative aspects of an issue.
It might mean computations, but it might not.
It is important to emphasize something in qualitative terms and monetary terms.
The verb list with illustrations includes
- Recommend
♦ Identify and explain any reasonable options → evaluate each → conclude → recommend. - Evaluate
♦ Balanced assessment, including both the positive and negative aspects of an issue.
♦ It might mean computations, but it might not.
♦ It is important to emphasise something is in qualitative terms and monetary. - Advise
♦ Building up a good, comprehensive argument that leads to one or more choices for the owners or managers to consider. - Produce
♦ Begin with very little or nothing to make something or bring something into existence. - Prioritize
♦ To decide which of a group of things is the most important so that you can deal with them first. Here, you’ll also have to explain/ clarify, for each item, why you put it where you did in the list of ‘priorities’. - Interpret
♦ Translation in a more coherent way in its exact sense than the former. This is often the second stage of ‘analysis’. - Discuss
♦ There needs to be an ‘argument’. You need two or more differing or conflicting viewpoints. Also, any discussion should, if possible, end in an outcome.
♦ For example, advantages vs. disadvantages → outcome; Or reasons why vs. why not → the outcome; Or maybe this vs. maybe that → outcome. - Construct
♦ As ‘prepare with the explicit reason. Use Compare and contrast or similarities and differences between two or more things. - Categorize
♦ To put things into groups with the same features with an explanation after each item saying why you put it in that particular group and not one of the others. - Analyze
♦ Taking apart information or data to discover relationships, causes, patterns and connections.
♦ This is about a series of detailed explanations. - Tabulate
♦ An arrangement of facts and numbers in rows or blocks. - Solve
♦ ‘Calculation’ with the most suitable technique or process and explain. - Reconcile
♦ To find the results of calculations of two opposed problems and submit the reconciling statement. - Prepare
♦ ‘Prepare’ by considering the relevant data, processing it by calculations or rearranging it, and then providing it in a specific form. - Demonstrate
♦ ‘Demonstrate’ or show something is correct, apart from any doubt, by giving proof. - Calculate
♦ Reckon mathematically. - Apply
♦ Applying the facts, rules, concepts, and ideas. This is not just talking about it in theory; do it for real, i.e., in new situations.
Illustrate
♦ Give an example.
- Identify
♦ Recognize, establish or select after consideration. - Explain
♦ Describing or giving information about it.
♦ Write a sentence that makes a point → Then write another to clarify why the sentence is so → If the point still isn’t clear, write another sentence that makes it clearer. - Distinguish
♦ To recognize the difference between two things.
♦ List the features of each of the things that make them unlike each other. - Describe
♦ What is it?
♦ This is the next step from the list, state, and define.
♦ You might need to give a short paragraph covering the issues. - Define
♦ Just give a textbook or dictionary definition; you may use your own words instead.
♦ This is simply a test of memory. - State
♦ What is…?
♦ Convey what needs to be said in brief.
♦ No need to explain unless it isn’t clear. - List
♦ How many…?
♦ Just give a list.
♦ Each of the points on the ‘list’ should be stated in terms of a full sentence for clarity, but there’s no requirement to go any further than that.
Must Read: How to Get a Rank in CA Final Exam
CA Final Advanced Accounting, Assurance and Professional Ethics Weightage: Chapter-Wise (2023)
ICAI has given weightage to particular chapters according to their implication on the real world and level of difficulty. It is important for students to plan and prepare for the exams according to the weightage of topics and break down chapters accordingly.
| Chapter | Topics | Weightage |
|---|---|---|
| Chapter 1-4,6 | Chapter 1: Auditing Standards, Statements and Guidance Notes – An Overview Chapter-2: Audit Planning, Strategy and Execution Chapter 3: Risk Assessment and Internal Control Chapter 4: Special Aspects of Auditing in an Automated Environment Chapter 6: Audit Reports | 25%-40% |
| Chapter 5, 7, 8,14 | Chapter 5: Company Audit Annexure: Schedule III to The Companies Act, 2013 Chapter 7: Audit Committee and Corporate Governance Chapter 8: Audit of Consolidated Financial Statements Chapter 14: Liabilities of Auditor | 15%-20% |
| Chapter 9,10, 11,12 | Chapter 9: Audit of Banks Chapter 10: Audit of Insurance Company Chapter 11: Audit of Non-Banking Financial Companies Chapter 12: Audit under Fiscal Laws | 15%-30% |
| Chapter 13, 14, 15, 16, 17 | Chapter 13: Audit of Public Sector Undertakings Chapter 14: Liabilities of Auditor Chapter 15: Internal Audit, Management and Operational Audit Chapter 16: Due Diligence, Investigation and Forensic Audit Unit 1: Due Diligence Unit 2: Investigation Unit 3: Forensic Audit Chapter 17: Peer Review and Quality Review Unit 1: Peer Review Unit 2: Quality Review | 10%-20% |
| Chapter 18 | Professional Ethics | 10%-15% |
CA Final Advanced Auditing, Assurance And Professional Ethics Syllabus
ICAI has revised the CA Final syllabus under the new scheme. Students can download the entire CA Final New Scheme Syllabus 2024.
Free download of the updated Syllabus of CA final Advanced Auditing and professional Ethics for the newly revised course from here.
CA Final Advanced Auditing Study Material for 2024
Students can download CA Final study material for all subjects provided by the Institute of Chartered Accountants of India from the link.
Study material includes the basic content of all the chapters included in the syllabus. We give the study material for paper 3, Auditing CA final, below. You can download and use it while preparing for exams.
Syllabus Modules | Chapters |
Module-1 | |
| Chapter 1: Quality Control | |
| Chapter 2: General Auditing Principles and Auditors Responsibilities | |
| Chapter 3: Audit Planning, Strategy and Execution | |
| Chapter 4: Materiality, Risk Assessment and Internal Control | |
| Chapter 5: Audit Evidence | |
| Chapter 6: Completion and Review | |
| Chapter 7: Reporting | |
Module-2 | |
| Chapter 8: Specialised Areas | |
| Chapter 9: Audit-related Services | |
| Chapter 10: Review of Financial Information | |
| Chapter 11: Prospective Financial Information and Other Assurance Services | |
| Chapter 12: Digital Auditing and Assurance | |
| Chapter 13: Group Audits | |
| Chapter 14: Special Features of Audit of Banks and Non-Banking Financial Companies | |
Module-3 | |
| Chapter 15: Overview of Audit of Public Sector Undertakings | |
| Chapter 16: Internal Audit | |
| Chapter 17: Due Diligence, Investigation & Forensic Audit | |
| Chapter 18: Emerging Areas: Sustainable Development Goals (SDG) & Environment, Social and Governance (ESG) Assurance | |
| Chapter 19: Professional Ethics & Liabilities of Auditors |
Students use the ICAI study material along with some other books and notes available online and offline to have a proper understanding of the topics. VSI provides the most sorted and simple CA final Auditing paper notes for the proper and deep understanding of topics.
Students who are presenting for CA Final exams under the old course were provided with a Practise Manual. The students under the new revised syllabus need not worry about the practice manual.
CA Final Auditing Pronouncement for 2024 (Updated)
A handy note issued by ICAI contains all the amendments in the auditing process. These SAs are important for students as it keep them updated with the current procedure of auditing in the real world.
- Initial Pages
- Part I: Auditing and Assurance Standards
- Part II: Statements
CA Final Advanced Auditing Question Papers with Suggested Answers 2024
By practising CA final previous year’s question paper and answering it in a similar format as the suggested answers, the student develops the skills to present the answers in the format expected by ICAI, which helps them to score marks.
Students can download the pdf of the CA Final papers of past attempts for all the subjects.
CA Final Advanced Auditing Mock Test Papers 2024
ICAI has revised the syllabus under the new scheme. Students can download the suggested Mock Test Paper for CA Final Advanced Auditing and Professional Ethics for the new syllabus from here.
CA Final Advanced Auditing and Professional Ethics RTP 2024
ICAI has revised the 65% syllabus under the new scheme. Students can download the RTP of CA Final costing for both Hindi and English medium students for 2018, 2019, 2020, 2021 and 2022.
- November 2021 – Hindi Medium
- November 2021
- May 2021 – Hindi Medium
- May 2021
- November 2020 – Hindi Medium
- November 2020
- May 2020 – Hindi Medium
- May 2020
- November 2019 – Hindi Medium
- November 2019
- Corrigendum
- May 2019 – Hindi Medium
- May 2019
CA Final Advanced Auditing – 30:70 Assessment MCQ for Practice
The more you practice, the more chances of clearing exams with good marks. So we are sharing the 30:70 McQ for you to practise for your CA Final Auditing 2023 Paper under the new revised scheme.
- Sample Questions 1
- Sample Questions 2
- Sample Questions 3
Related post: CA Final One Month Revision Strategy.
CA Final Advanced Auditing And Professional Ethics Pen Drive and Online Classes
Study material includes the basic content of all the chapters included in the syllabus. Students use the ICAI study material along with some other books and notes available online and offline to have a proper understanding of the topics. VSI provides the most sorted and simple study material for a proper and deep understanding of Advanced Auditing in their exclusive classes. They also provide pen drive classes to their students that cover the entire study material in the most effective way.
VSI also provides the pen drive class for both English and Hindi medium students. You can also download the study material for Hindi medium students for the May 2024 CA FINAl Auditing paper.
Should I do self-study for the CA final Auditing paper, or should I enrol for CA coaching classes?
If you are well prepared with the syllabus and have expert knowledge and comprehensive analytical and application Skills, then you surely can build the evaluation skill required at the final level with self-study. You can enrol with VSI for CA final coaching as:
- VSI gives the best Ca final results
- They have the highest number of rankers
- They have the highest number of toppers.
Are you still wondering where to join for CA final coaching?
Don’t waste your time figuring out who is the best teacher for CA final auditing or which are the best books for CA final costing. Enrol with VSI, and you will have all the best things to help you in your studies.
We wish you all the best for the future.
Keep yourself healthy and positive.