What’s New in New Syllabus of CA Final Audit??
The CA Final Audit New Syllabus is designed to provide a comprehensive understanding of auditing principles, practices, and standards in alignment with the latest industry requirements. With a focus on efficiency and effectiveness, our CA Final Audit Fast Track program covers the entire syllabus in a condensed timeframe, ensuring you are well-prepared for the exam. Our experienced faculty members deliver engaging CA Final audit lectures that provide in-depth insights and practical examples. Here’s what CA Pragnesh Kanabar has to say to the aspiring CA Final students.
Dear CA Final Aspirants,
I hope that all of you are doing great in your life and you are in great mental space. First of all let me congratulate you for choosing this tough course which can be taxing and exhausting beyond human capacity but as we all know, it will reward you in time to come! Now, coming to the captioned blog, what has changed in CA Final Audit May’24 onwards in the new syllabus and how is it different from the syllabus which ended it’s cycle in Nov’23 exams! New look Audit subject in CA Final is divided into 3 modules containing 19 chapters. First 11 Chapters deal with Auditing Standards and rest 8 chapters deal with Other Topics.
First let me give you a broad comparison with the old syllabus
Topic list as per CA Final Nov’23 | Is it applicable in New syllabus? | My Remarks |
Chapter 1 Auditing Standards- overview | Yes | There has been some shuffling and change of chapter names but entire topic remains relevant |
Chapter 2- Audit Planning Strategy and Execution | Yes | There has been some shuffling and change of chapter names but entire topic remains relevant |
Chapter 3- Risk Assessment and Internal Control | Yes | There has been some shuffling and change of chapter names but entire topic remains relevant |
Chapter 4- Special aspects of audit in an automated environment | Yes | This topic is titled as Digital Auditing and Assurance- few paras have been added in the chapter. |
Chapter 5- Company Audit | No | Few sections of Company Audit are relevant while studying PE chapter and Audit Report Chapter |
Chapter 6 Audit Report | Yes | There has been some shuffling and change of chapter names but entire topic remains relevant |
Chapter 7- Audit Committee | No | Shifted to Self Paced online module of Law Paper |
Chapter 8- Audit of CFS | Yes | Renamed as ‘Group Audits’ |
Chapter 9- Audit of Banks | Yes | Entire chapter is relevant without any changes |
Chapter 10-Audit of Insurance Co | No | Removed from syllabus |
Chapter 11- Audit of NBFC | Yes | Some paras have changed especially with respect to registration requirements and type of NBFCs |
Chapter 12- Tax Audit | No | Shifted to Direct Tax Paper |
Chapter 13- Audit of PSU | Yes | Entire chapter is relevant without any changes |
Chapter 14- Liabilities of Auditor | No | ICAI’s logic is that these penalties get covered in Law, Tax and Prof Ethics chapter of Audit |
Chapter 15- Internal, Management and Operational Audit | Yes | Chapter renamed as ‘ Internal Audit’. Few Paras of old chapter deleted. Some content from Standards on Internal Audit has been added. |
Chapter 16- Investigation, Due Diligence and Forensic Accounting | Yes | Investigation and Due Diligence remains the same but Forensic Accounting has some changes as some old syllabus paras have been deleted and 2 new paras have been added. |
Chapter 17- Peer Review and Quality Review | No | Only intro of peer review and quality review and NFRA has been given under quality control chapter. This is limited to just 1 para per concept. |
Chapter 18- Professional Ethics | Yes | Decisions of Ethical Standard board- 12 to 13 new decisions have been added and Nov 23 RTP amendments have been incorporated in the chapter. |
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In addition to above, following chapters have been added which didn’t form part of old syllabus:
- SA 800 805 810
- SRE 2400 2410
- SAE 3400 3402 3420
- SRS 4400 4410
- ESG and SDG (Environment and Sustainability Reporting requirements)- Very small chapter with some basic points of ESG and SDG reporting.
- Question bank of all chapters is very interesting including test your knowledge and test your knowledge and case scenarios given in each chapter. Students must solve it.
On analyzing the questions of the module we can derive the following:
1. Expect application based questions from following topics:
a. 11 chapters based upon standards (although one or two theory questions can be asked)
b. Some parts of Audit of Banks and Audit of NBFC dealing with RBI requirements and NPA recognition.
c. Professional Ethics chapter
2. Expect largely theory questions from balance chapters.
Having taught for more than 10 years, I can definitely say that this is by far the most practical and sorted syllabus that I have seen. I have read the entire new module and I also took new batch as per new syllabus. I am expecting the paper to be 70-30 in case of application based and theory questions respectively.
It is also very evident that The ICAI will focus more on Standards in order to improve the quality of services CA Profession.
I am happy that finally we are progressing towards a practical syllabus and kudos to The ICAI for working with this psychology!
So students fasten your seat belt and gear up for the new syllabus audit Paper in May’24 attempt and onwards.
Regards,
CA Pragnesh Kanabar
Senior Audit Faculty
Founder, The Audit Academy, a unit of Glocommerce Learning Private Limited
This CA Final Audit New Syllabus emphasizes practical application through case studies and scenarios, enabling candidates to develop critical thinking skills and apply audit concepts to real-world situations.
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