Paper - 6: Auditing and Assurance

PAPER – 6: AUDITING AND ASSURANCE
PART – I: ACADEMIC UPDATE

(Legislative Amendments as per the Companies Act, 2013 and Rules made thereunder)
1. Reporting under Companies (Auditor’s Report) Order, 2015 [CARO, 2015]:

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PAPER – 6: AUDITING AND ASSURANCE 59
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“Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order, 2015 (“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the
Companies Act, 2013, we give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
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2. Companies (Cost Records and Audit) Rules, 2014: 7KH &HQWUDO *RYHUQPHQW KDV
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PART – II: QUESTIONS AND ANSWERS

QUESTIONS
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Applicability of Pronouncements/Legislative Amendments/Circulars etc.
for November, 2015 – Intermediate (IPC) Examination
Paper 5: Advanced Accounting
Accounting Standards
AS 4 : Contingencies and Events occurring after the Balance Sheet Date
AS 5 : Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting
Policies
AS 11 : The Effects of Changes in Foreign Exchange Rates (Revised 2003)
AS 12 : Accounting for Government Grants
AS 16 : Borrowing Costs
AS 19 : Leases
AS 20 : Earnings Per Share
AS 26 : Intangible Assets
AS 29 : Provisions, Contingent Liabilities and Contingent Assets.
Note Regarding Applicability for Paper 1 and Paper 5:
The relevant notified Sections of the Companies Act, 2013 up to 31st March, 2015 and for
other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines
issued by Regulating Authority up to 30th April, 2015 will be applicable for November, 2015
Examination
Non-Applicability of Ind ASs for November, 2015 Examination:
The Ministry of Corporate Affairs has notified Roadmap for applicability of Indian Accounting
Standards (Ind AS) vide Notification No. G.S.R…….(E) dated 16 February, 2015, for
compliance by the class of companies specified in the said roadmap. The notification has
been uploaded on www.mca.gov.in along with the thirty nine (39) Indian Accounting Standards
(Ind AS). Students may note that these Ind ASs are not applicable for November, 2015
Examination.

Paper - 6: Auditing and Assurance

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Paper - 6: Auditing and Assurance

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PAPER – 6: AUDITING AND ASSURANCE

PART – I: ACADEMIC UPDATE

1. Reporting under Companies (Auditor’s Report) Order, 2015 [CARO, 2015]:

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

“Report on Other Legal and Regulatory Requirements

© The Institute of Chartered Accountants of India

(B) Non-Regulated Sectors-

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

PART – II: QUESTIONS AND ANSWERS

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© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

SUGGESTED ANSWERS / HINTS

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

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© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

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© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

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© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

© The Institute of Chartered Accountants of India

Paper 5: Advanced Accounting

© The Institute of Chartered Accountants of India

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