CA Inter Paper-6 Chapter-wise weightage: Chapter-wise distribution of marks for CA Intermediate Nov 2022. Weightage of Marks for CA Intermediate Paper-6 Auditing and Assurance. ICAI published skill-wise and section wise weightage for audit paper of CA Intermediate course.
ICAI has released weightage of marks for Audit paper for the next CA Intermediate Nov term of exams to be held in the month of November 2022.
The Board of Studies (BoS) of the Institute of Chartered Accountant of India (ICAI) has assigned weightage of marks to various sections of a subject. This facility would help students to plan their studies in a structured manner for the coming ICAI examinations.
Accordingly, each subject has been divided into various topics and topics have been grouped into sections and weightage range has been assigned to these sections. The question paper would take into consideration the weightage range assigned to different sections.
Following are the detail section wise weightage of marks assigned to the Paper-6 Auditing and Assurance of CA Intermediate course examination to be held in Nov 2022 under New Scheme of Education and Training.
CA Intermediate Paper-6 Chapter-wise Weightage
Following table show you the weightage of marks for each chapter in Auditing and Assurance for the coming Nov 2022 exams:
| Chapter Name | Weightage of Marks |
|---|---|
| Module 1 | |
| Chapter 1: Nature, Objective and Scope of Audit | 4-8 Marks |
| Chapter 2: Audit Strategy, Audit Planning and Audit Programme | 4-8 Marks |
| Chapter 3: Audit Documentation and Audit Evidence | 4-6 Marks |
| Chapter 4: Risk Assessment and Internal Control | 5-10 Marks |
| Chapter 5: Fraud and Responsibilities of the Auditor in this Regard | 4-8 Marks |
| Chapter 6: Audit in an Automated Environment | 4-6 Marks |
| Chapter 7: Audit Sampling | 4 Marks |
| Chapter 8: Analytical Procedures | 4 Marks |
| Module 2 | |
| Chapter 9: Audit of Items of Financial Statements | 4-10 Marks |
| Chapter 10: The Company Audit | 8-16 Marks |
| Chapter 11: Audit Report | 4-8 Marks |
| Chapter 12: Audit of Banks | 4-8 Marks |
| Chapter 13: Audit of Different Types of Entities | 4-10 Marks |
Section wise Weightage for CA Inter Audit
Intermediate Course Paper 6: Auditing and Assurance (100 Marks)
Section I (20 Marks to 25 Marks)
- Nature, Objective and Scope of Audit
- Auditing Concepts: Nature, objective and scope of Audit; Relationship of auditing with other disciplines;
- Standard Setting Process: Overview, Standard-setting process, Role of International Auditing and Assurance Standards Board (IAASB) & Auditing and Assurance Standards Board (AASB); Standards on Auditing, Guidance Note(s) issued by the ICAI;
- Engagement Standards: Qualities of Auditor, Elements of System of Quality Control (SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements); Ethical requirements relating to an audit of financial statements; Inherent Limitations of an audit (SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing); Preconditions for an audit; Audit Engagement; Agreement on Audit Engagement Terms; Terms of Engagement in Recurring Audits (SA 210 Agreeing the Terms of Audit Engagements); Leadership Responsibilities for Quality on Audits; Concept of Auditor’s Independence; Threats to Independence; Acceptance and Continuance of Client Relationships and Audit Engagements (SA 220 Quality Control for an Audit of Financial Statements).
- Audit Strategy, Audit Planning and Audit Programme
- Audit Strategy; Audit planning (SA 300); Audit programme; Development of Audit Plan and Programme, Control of quality of audit work – Delegation and supervision of audit work; Materiality and Audit Plan; Revision of Materiality; Documenting the Materiality; Performance Materiality (SA 320 Materiality in Planning and Performing an Audit).
- Audit Sampling:
- Meaning of Audit Sampling; Designing an audit sample; Types of sampling; Sample Size and selection of items for testing; Sample selection method (SA 530 Audit Sampling).
- Analytical Procedures:
- Nature of analytical procedures; Designing and performing analytical procedures prior to Audit; investigating the results of analytical procedures (SA 520 Analytical Procedures).
Section II (5 Marks to 15 Marks)
- Audit Documentation and Audit Evidence
- Concept of Audit Documentation; Nature & Purpose of Audit Documentation; Form, Content & Extent of Audit Documentation; Completion Memorandum; Ownership and custody of Audit Documentation (SA 230 Audit Documentation); Audit procedures for obtaining audit evidence; Sources of evidence; Relevance and Reliability of audit evidence; Sufficient appropriate audit evidence, Evaluation of Audit Evidence (SA 500 Audit Evidence); Written Representations as Audit Evidence; Objective of Auditor regarding Written Representation; Management from whom Written Representations may be requested; Written Representations about Management’s Responsibilities (SA 580 Written Representations); Obtaining evidence of existence of inventory; Audit procedure to identify litigation & claims (SA 501 Audit Evidence – Specific Considerations for Selected Items); External confirmation procedures; Management’s refusal to allow the auditor to send a confirmation request; Negative Confirmations (SA 505 External Confirmations); Audit evidence about opening balances; Accounting policies relating to opening balances; Reporting with regard to opening balances (SA 510 Initial Audit Engagements-Opening Balances); Meaning of Related Party; Nature of Related Party Relationships & Transactions; Understanding the Entity’s Related Party Relationships & Transactions (SA 550 Related Parties); Meaning of Subsequent Events; Auditor’s obligations in different situations of subsequent events (SA 560 Subsequent Events); Responsibilities of the Auditor with regard to Going Concern Assumption; Objectives of the Auditor regarding Going Concern; Events or Conditions that may cast doubt about Going Concern Assumption; Audit Procedures when events or conditions are identified (SA 570 Going Concern).
Section III (10 Marks to 15 Marks)
- Risk Assessment and Internal Control:
- Risk Assessment procedures; Understanding the entity and its environment; Identifying and Assessing the Risk of Material Misstatement; Documenting the Risks; Elements of internal control; Review and documentation; Evaluation of internal control system; Tests of control; Internal Control and IT Environment (SA 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment); Application of concept of materiality and audit risk (SA 320 Materiality in Planning and Performing an Audit); Concept of internal audit, Basics of Standards on Internal Audit (SIAs) issued by the ICAI; Basics of Internal Financial Control and reporting requirements; Distinction between Internal Financial Control and Internal Control over Financial Reporting.
- Audit in an Automated Environment:
- Key features, Impact of IT related Risks, Impact on Controls, Internal Financial Controls as per Regulatory requirements, Types of Controls, Audit approach, Understanding and documenting Automated environment, Testing methods, data analytics for audit, assessing and reporting audit findings.
Section IV (15 Marks to 20 Marks)
- Fraud and Responsibilities of the Auditor in this Regard:
- Responsibility for the Prevention and Detection of Fraud; Fraud Risk Factors; Risks of Material Misstatement Due to Fraud; Communication of Fraud (SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements); Provisions of the Companies Act 2013 relating to fraud and rules thereunder including reporting requirements under CARO.
- The Company Audit:
- Eligibility, Qualifications and Disqualifications of Auditors; Appointment of auditors; Removal of auditors; Remuneration of Auditors; Powers and duties of auditors; Branch audit; Joint audit; Reporting requirements under the Companies Act, 2013 including CARO; Other Important Provisions under the Companies Act, 2013 relating to Audit and Auditors and Rules made thereunder.
Section V (5 Marks to 15 Marks)
- Audit Report:
- Forming an opinion on the Financial Statements; Auditor’s Report- basic elements (SA 700 Forming an Opinion and Reporting on Financial Statements); Types of Modified Opinion; Circumstances when a modification to the Auditor’s Opinion is Required, Qualified, Adverse, Disclaimer of Opinion (SA 705 Modification to the Opinion in the Independent Auditor’s Report); Qualification, Disclaimer, Adverse opinion SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent, Auditor’s Report; Nature of Comparative Information; Corresponding Figure; Comparative Financial Statements (SA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements).
Section VI (10 Marks to 15 Marks)
- Audit of Items of Financial Statements:
- Audit of sale of Products and Services; Audit of Interest Income, Rental Income, Dividend Income, Net gain/loss on sale of Investments etc. Audit of Purchases, Employee benefits expenses, Depreciation, Interest expense, Expenditure on Power & Fuel, Rent, Repair to building, Repair to Machinery, Insurance, Taxes, Travelling Expenses, Miscellaneous Expenses etc. Audit of Share Capital, Reserve & Surplus, Long Term Borrowings, Trade Payables, Provisions, Short Term Borrowings & Other Current Liabilities. Audit of Land, Buildings, Plant & Equipment, Furniture & Fixtures, Vehicles, Office Equipments, Goodwill, Brand/Trademarks, Computer Software etc. Audit of Loan & Advances, Trade Receivable, Inventories, Cash & Cash Equivalent, Other Current Assets. Audit of Contingent Liabilities. (The list of items is illustrative only)
Section VII (10 Marks to 20 Marks)
- Audit of Banks:
- Understanding of accounting system in Banks, Bank Audit Approaches, Audit of Revenue items, Special Consideration in Bank Audit with emphasis on Advances and NPAs.
- Audit of Different Types of Entities:
- Appointment of Auditor, Audit Procedure & Audit Report in respect of different Category of Entities: Government; Local bodies and Not-for-profit organizations; Partnership Firms, Audit of different type of undertakings, i.e., Educational institutions, Hotels, Clubs, Hospitals, Basics of Limited Liability Partnerships (LLPs) audit and Co-operative Societies Audit.