301552 61738 Mnemonics of Audits in PDF

5/26/2018 301552 61738 Mnemonics of Audits in PDF

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CA FINAL PAPER 3

EXAM TIPS AND

MNEMONICS

ADVANCED AUDITING

AND PROFESSIONAL

ETHICSCA PAWAN ROHRA


2/17

CA FINAL PAPER 3 CA PAWAN ROHRAEmail: [email protected]

Page 1o 16

INTRODUCTION:

!"e#e a#e ma$y %&'de$&% i$ o'# #a&e#$i&y ("o i$d &"i% %'b)ec& diic'l& a$d &"e#e i%

al(ay% a &"o'g"& i$ o$e*% mi$d &"a& &"ey do$*& ge& good ma#k% i$ %'b)ec& like A'di&i$g&"o'g" &"ey "a+e good ,#ac&ical ex,e#ie$ce. F#om my o,i$io$- &"eo#y %'b)ec& i% ba%ed o$

"o( yo' ,#e%e$& yo'#%el i$ yo'# a$%(e#% mo%& im,o#&a$& i% yo'# comma$d o+e# E$gli%"

la$g'age.

/o (i&" my %mall eo#& &o "el, %&'de$&% i$ &"e %'b)ec& o a'di&i$g- I "a+e ied &o com,ile

%ome m$emo$ic% i$ &(o im,o#&a$& &o,ic% o a'di&i$g i.e. Com,a$ie% 0A'di&o#1% Re,o#&2

O#de#- 443 a$d /c"ed'le% o P#oe%%io$al E&"ic% a% ,e# C"a#&e#ed Acco'$&a$&% Ac&- 5676.

!"i% doc'me$& (ill "el, yo' &o memo#i8e &"e%e cla'%e% a$d (ill %'#ely e&c" yo' good

ma#k% beca'%e yo' (ill be able &o 9'o&e cla'%e% i$ yo'# a$%(e#% ("e#e+e# ,o%%ible a$d

exami$e# (ill al%o be im,#e%%ed i yo' 9'o&e co##ec& cla'%e%.

A. Mnemon!" T#e Com$%ne" &A'()o*+" Re$o*), O*(e*- //3

T#" " #o0 ) " $*e$%*e(

1 !2%'"e" o CARO %*e (4(e( n )0o $%*)":

5

%&

Pa#& Cla'%e i &o x$dPa#& Cla'%e xi &o xxi

Fi#%&ly- &"e#e i% /'mma#y o all &"e ,oi$&% o# a%& #ee#e$ce a$d &"e$ &"e#e i%de&ailed cla'%e% o com,le&e CARO*% 5 Cla'%e%

Ho0 )o 2e%*n )#"

Fo* e5%m$2e Cla'%e i i% #ela&ed &o Fixed A%%e& %o m$emo$ic &o i& (ill be Fa%"io$

!"e%e $emo$ic% (ill "el, yo' &o #emembe# &"e "eadi$g a$d $o& &"e ("olecla'%e. A% #ecollec&i$g &"e "eadi$g i$ exam (ill e$able yo' &o (#i&e%ome&"i$g abo'& &"a& cla'%e.

I$i&ial% o eac" cla'%e i% '%ed &o #ame o$e %&a&eme$&%- %o &"e#e a#e &(o%&a&eme$&% ("ic" co+e# all 5 cla'%e% o CARO

S)%)emen) 1 Fa%"io$ I$ Lo$do$ I% !e##ible ;'e &o I&alia$ Clo&"e% /old i$ Lo$do$.

S)%)emen) Ra$c"o Lo+e% Collec&i$g Pic&'#e%-


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F%") Ree*en!e )o CARO" C2%'"e"

PART 1

C2%'"e No. C2%'"e Mnemon!

i. Fixed A%%e&% FA/HIONii. I$+e$&o#y INiii. Loa$% = Ad+a$ce% LON;ONi+. I$&e#$al Co$ol /y%&em I/+. !#a$%ac&io$ (i&" Pa#&ie% Ree##ed I$

/ec&io$ 345 o Com,a$ie% Ac&!ERRI>LE

+i. ;e,o%i& o P'blic ;?E !O+ii. I$&e#$al A'di& I!ALIAN+iii. Co%& Reco#d% CLO!HE/ix. /&a&'&o#y ;'e% /OL; INx. Lo%%e% Acc'm'la&ed LON;ON

PART

C2%'"e No. C2%'"e Mnemon!

xi. Re,ayme$& o ;'e% RANCHOxii. Loa$% = Ad+a$ce% agai$%& /ec'#i&y O

Pledge O /"a#e%- ;ebe$&'#e%LOE/

xiii. C"i& F'$d COLLEC!IN'%i$e%% o# occ',a&io$ o&"e# &"a$,#oe%%io$ o C.A. '$le%% ,e#mi&&ed by co'$cil %o &oe$gage.Ho(e+e#- a membe# may become di#ec&o# 0$o& bei$g.;. o# W!;2 i$ a com,a$y ,#o+ided "e o# a$y o "i%,a#&$e# i% $o& i$&e#e%&ed i$ %'c" com,a$y a% a$ a'di&o#.

EVERB

5.Allo(% a ,e#%o$ $o& bei$g a membe# o ICAI i$ ,#ac&iceo# a membe# $o& bei$g "i% ,a#&$e# &o "8no$ "i% be"alo# o$ be"al o "i% i#m- a$y >ala$ce /"ee&- P=L Ac.Re,o#& o# Fi$a$cial /&a&eme$&%

SUNDAB

PART ITO SECOND SCHEDULE: PROFESSIONAL MISCONDUCT IN RELATIONTO MEM;ERS IN PRACTICE

C2%'"eNo.

C2%'"e Mnemon!

5.D"!2o"e"&"e i$o#ma&io$ ac9'i#ed i$ &"e co'#%e o "i%

,#oe%%io$al e$gageme$& &o a$y ,e#%o$ o&"e# &"a$ "i%

clie$& %o e$gagi$g "im (i&"o'& &"e co$%e$& o "i% clie$&o# o&"e#(i%e &"a$ a% #e9'i#ed by a$y la(.

DONT

.Ce*)e" o# %'bmi&% i$ "i% $ame o# i$ &"e $ame o "i%

i#m a #e,o#& o a$ exami$a&io$ o i$a$cial %&a&eme$&%

'$le%% &"e exami$a&io$ o %'c" %&a&eme$&% a$d &"e

#ela&ed #eco#d% "a% bee$ made by "im o# by a ,a#&$e#

o# a$ em,loyee i$ "i% i#m o# by a$o&"e# CA i$ ,#ac&ice.

CHEAT

3.Pe#mi&% "i% $ame o# &"e $ame o "i% i#m &o be '%ed i$

co$$ec&io$ (i&" a$ e%&ima&e o ea#$i$g% co$&i$ge$&

',o$ ')'*e )*%n"%!)on"i$ ma$$e# ("ic" may lead &o

&"e belie &"a& "e +o'c"e% o# &"e acc'#acy o &"eo#eca%&.

FRIENDS


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7.Ex,#e%%e% "i% o,i$io$ o$ i$a$cial %&a&eme$&% o a$y

b'%i$e%% o# e$&e#,#i%e i$ ("ic" "e o# a ,a#&$e# i$ "i%

i#m "a% a %'b%&a$&ial n)e*e").IT

.Fail% &o di%clo%e a m%)e*%2 %!)k$o($ &o "im ("ic" i%

$o& di%clo%ed i$ a i$a$cial %&a&eme$&- b'& di%clo%'#e o

("ic" i% $ece%%a#y i$ maki$g %'c" i$a$cial %&a&eme$&

$o& mi%leadi$g ("e#e "e i% co$ce#$ed (i&" &"a&

i$a$cial %&a&eme$& i$ a ,#oe%%io$al ca,aci&y.

MAB

.Fail% &o #e,o#& a m%)e*%2 m"")%)emen) k$o($ &o "im

&o a,,ea# i$ a i$a$cial %&a&eme$& (i&" ("ic" "e i%

co$ce#$ed i$ a ,#oe%%io$al ca,aci&y.

MAE

G. ;oe% $o& exe#ci%e d'e dilige$ce- o# i% 8*o""2 ne828en)i$ &"e co$d'c& o "i% ,#oe%%io$al d'&ie%.

GOOD

J.Fail% &o ob&ai$ %'icie$& no*m%)on("ic" i% $ece%%a#y

o# ex,#e%%io$ o a$ o,i$io$ o# i&% exce,&io$% a#e

%'icie$&ly ma&e#ial &o $ega&e &"e ex,#e%%io$ o a$

o,i$io$.

INTENTIONS

6.Fail% &o i$+i&e a&&e$&io$ &o a$y m%)e*%2 (e$%*)'*e#om

&"e ge$e#ally acce,&ed ,#oced'#e o a'di& a,,licable &o

&"e ci#c'm%&a$ce%.

MORE

54.Fail% &o kee, mo$ey% o "i% clie$& o&"e# &"a$ ee% o#

#em'$e#a&io$ o# mo$ey mea$& &o be ex,e$ded- i$ a

%e,a#a&e


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S'88e")on o* 0*)n8 %n"0e*" o P*oe""on%2 E)#!"

Al(ay% ;i+ide yo'# a$%(e#% i$ &"#ee ,a#&%:o In)*o('!)on W#i&e yo'# cla'%e% i$ &"i% ,a#& o a$%(e# 0>o&" cla'%e $'mbe#a$d ("a& cla'%e i% all abo'& i.e. yo' "a+e &o (#i&e com,le&e cla'%e a% gi+e$

i$ abo+e &able2

o An%2"" W#i&e yo'# a$aly%i% acco#di$g &o &"e 9'e%&io$ a%ked a$d &"ecla'%e yo' (#o&e i$ i$od'c&io$ ,a#&.

o Con!2'"on W#i&e yo'# co$cl'%io$ ba%ed o$ yo'# a$aly%i% 0a+oid '%i$g QIF*i$ yo'# co$cl'%io$ i.e. yo'# a$%(e# %"o'ld be %aig"&2

;e))e* 0% )o !on!2'(e o'* %n"0e*("e$ a membe# a%ked i$ 9'e%&io$ i%

o'$d g'il&y o "i% mi%co$d'c& (ill be &"a& yo' %"o'ld (#i&e &"e

co$%e9'e$ce% "e%"e may ace. 0REFER EAPLE >ELOW2

;I/CIPLINAR ;IREC!ORA!E

A$y membe# agg#ie+ed by o#de# o >oa#d o# ;i%ci,li$a#y commi&&ee ca$ ,#ee#

a,,eal 0)#n / (%"


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To 84e % !2e%* 'n(e*")%n(n8- I 0o'2( 2@e )o 84e o' one e5%m$2e:

'e")on:

CA B ("o i% leadi$g I$come !ax P#ac&i&io$e# a$d co$%'l&a$& i$ 'mbai i%al%o adi$g i$ de#i+a&i+e%.

An"0e*

A% ,e# cla'%e 55 o Pa#& I o Fi#%& /c"ed'le o C"a#&e#ed Acco'$&a$& Ac&-

5676- a c"a#&e#ed acco'$&a$& i% deemed &o be g'il&y o ,#oe%%io$al

mi%co$d'c& i "e En8%8e n %n ;'"ne"" o* o!!'$%)on o)#e* )#%n

$*oe""on o C.A. 'n2e"" $e*m))e(


16/17


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C. SOME TIPS FOR AUDITING IN GENERAL52 I&*% +e#y im,o#&a$& &"a& yo' %"o'ld com,le&e yo'# C"a,&e# $o. 5 #om

P#ac&ice a$'al. !"i% c"a,&e# ca$ be &ake$ a% a #e,laceme$& o /&a$da#d o$A'di&i$g 0/A2 a% &"i% co+e#% /A*% o$ g#ea&e# ex&e$&.

A$d day beo#e exam- yo' %"o'ld go &"#o'g" o$ly &"i% c"a,&e# i$%&ead o

goi$g o# 'llledged /A*%. !"i% (ill %a+e yo'# &ime o# o&"e# im,o#&a$&

c"a,&e#%.

2 ;o #ee# Acco'$&i$g /&a$da#d 0A/2 beca'%e a'di&i$g ca$$o& be do$e (i&"o'&A/- bo&" ,#ac&ically a% (ell a% &"eo#e&ically.

o' (ill %'#ely i$d 9'e%&io$% ba%ed o$ bo&" /&a$da#d% o$ A'di&i$g a$d

Acco'$&i$g /&a$da#d i$ 5 o yo'# exam. /o /&a$da#d% o$ A'di&i$g a$dAcco'$&i$g /&a$da#d ,lay% a +i&al #ole i$ yo'# exam ,#e,a#a&io$.

32 I$ &"eo#y %'b)ec&- yo' %"o'ld al(ay% ,#e%e$& yo'# a$%(e#% i$ &"#ee ,a#&%.!"e (ay i& "a% bee$ ,#e%e$&ed o# ,#oe%%io$al e&"ic% i$ exam,le abo+e i.e.

In)*o('!)on- An%2"" %n( Con!2'"on.

W"ile co$cl'di$g yo'# a$%(e#% o com,a$y la(- yo' ca$ gi+e #ee#e$ce &o

cla'%e% o ,#oe%%io$al e&"ic%- i a$y &"a& i&% i$&o yo'# a$%(e#%.

72 I yo' me$&io$ #ele+a$& %ec&io$ $'mbe#% o Com,a$ie% Ac& o# a$y o&"e# Acela&i$g &o yo'# a$%(e#- i& (ill %'#ely im,#e%% yo'# exami$e# a$d &"e#e a#e

c"a$ce% &"a& yo'# (ill ge& ma#k% o# (#i&i$g %ec&io$ $'mbe#.

2 !#y &o co+e# ', Com$%n A'(),#o,e#ly a% &"i% i% &"e %ame &o,ic i$ Pa,e#3 a$d Pa,e# 7 a$d &"i% co+e#% a,,#ox 3 ma#k% i$ ,a,e# 3 a$d "a+e e9'al

(eig"& age i$ ,a,e# 7 a% (ell. /o- i& (ill %a+e yo'# &ime i$ ,#e,a#a&io$ o

Pa,e# 7.

2 o' ca$ al(ay% ex,ec& o$e 9'e%&io$ o$ Fi%cal La(- &o be %,eciic o$ Q!axA'di& a,,#ox a#k%

=, I)" e%" )o "e!'*e m%*@" n A'()


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, Ho0 )o ')2e 19 mn')e" %22o))e( )o 8o )#*o'8# 'e")on $%$e* Read yo'# 9'e%&io$ ,a,e# &"o#o'g"ly &o '$de#%&a$d ("ic" 9'e%&io$ i%

a%ked #om c"a,&e#.

/e& &"e %e9'e$ce i$ ("ic" yo' (ill a&&em,& yo'# exam. Al(ay% %&a#&(i&" yo'# be%& a$d e$d (i&" yo'# (o#%&. !"i% (ill "el, yo' %ec'#e

good ma#k% i$ yo'# be%& a$%(e#%.

O$ce yo' "a+e %e& yo'# %e9'e$ce &"e$ %&a#& #ami$g yo'# a$%(e#% &o&"e 9'e%&io$% yo' (ill be a&&em,&i$g i$i&ially.

62 I& %ome&ime "a,,e$% &"a& yo' a#e $o& able &o a&&em,& o$e %'b,a#& o9'e%&io$ i$ &"a& ca%e lea+e a,,#o,#ia&e %,ace o# &"a& a$%(e# a$d y &o

a&&em,& yo'# $ex& be%&.

A&&em,& &"e 9'e%&io$ yo' le& o# a$%(e#i$g a& la%&.

542!ime a$ageme$& i% +e#y im,o#&a$&:1/ mn')e" o* 1// M%*@" .e.1. mn')e? m%*@"

o' %"o'ld $o& allo& mo#e &ime &o o$e %i$gle 9'e%&io$ a% i& i% #ig"&ly %aid

&"a& 6 %4e*%8e %n"0e*" 022 e)!# o' mo*e m%*@" )#%n 9 8oo(.

/o i yo' a#e $o& able &o com,le&e &"e a$%(e# do$*& %&ick &o i&- lea+e i& a$d

go o# &"e $ex& 9'e%&io$.

JJJJJJJJ ALL THE ;EST JJJJJJJJ

301552 61738 Mnemonics of Audits in PDF

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