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Please find text of the Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination notification below –

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination (New Syllabus)

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Board of Studies The Institute of Chartered Accountants of India

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Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2021 Examination

Intermediate Level (New Course)

List of Applicable Accounting Standards

AS 1 : Disclosure of Accounting Policies AS 2 : Valuation of Inventories

AS 3 : Cash Flow Statements

AS 10 : Property, Plant and Equipment

AS 11 : The Effects of Changes in Foreign Exchange Rates AS 12 : Accounting for Government Grants

AS 13 : Accounting for Investments AS 16 : Borrowing Costs

Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2021 Examination

Non-Applicability of Ind AS

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Rules, 2015 on 16^thFebruary, 2015, for compliance by certain class of companies. These Ind AS do not form part of the syllabus and hence are not applicable.

The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Other Laws, as amended by concerned authority, including significant notifications and circulars issued up to 31 ^stOctober, 2020 are applicable for May 2021 examination.

(1)	(2)	(3)
Chapters/ Topics of the syllabus	Inclusions(Provisions which are included from the corresponding chapter/topic of the syllabus)	Exclusions(Provisions which are excluded from the corresponding chapter/ topic of the syllabus)
Part I: Company Law
Companies Act, 2013(Sections 1 to148)	The entire content included in the October 2020 edition of the Study Material shall only be relevant for the said examinations.	(i) Sections 24, 30, 33, 38 & 41 [from chapter 3- Prospectus and Allotment of Securities]Sections 44, 45, 60, 65 & 72 [from chapter 4- Share capital and Debentures]Section 75 [from chapter 5- Acceptance of deposits by companies]Section 81 & 85 [from chapter 6- Registration of Charges] Also, except the Relevant rules as covered in the October 2020 edition of the Study Material, all other Rules of the Companies Act, 2013 are excluded.
Part II: Other Laws
1. The Indian Contract Act, 1872 (Specific contracts from section 123 onwards)	Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in the October 2020 edition of the Study Material shall only be relevant for the said examinations.	Questions that involve the reference or questions entirely based on Sections 1 to 122 of the Indian Contract Act, 1872, may be avoided.
2. TheNegotiable Instruments Act, 1881	Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in the October 2020 edition of the Study Material shall only be relevant for the said examinations.	–
3. TheGeneral Clauses Act, 1897	Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in the October 2020 edition of the Study Material shall only be relevant for the said examinations.	–

4.Interpretation of Statutes

Content of this chapter of the Study Material covers the significant rules and principles of interpretation in a broad manner. Thus, the content of the chapter as included in the study material may be taken into consideration.

–

Note: October 2020 edition of the Study Material is relevant for May 2021 examinations.

Section A: Income-tax Law

The provisions of income-tax law, as amended by the Finance Act, 2020, including significant circulars, notifications, press releases issued and legislative amendments made upto 31^stOctober, 2020, are applicable for May, 2021 examination. The relevant assessment year for income-tax is A.Y. 2021-22.

Note ? The October, 2020 edition of the Study Material for Intermediate (New) Paper 4A, based on the provisions of income-tax law, as amended by the Finance Act, 2020, is relevant for May, 2021 examination. The said Study Material is available at https://www.icai.org/post.html?post_id=16945. The initial pages of the Study Material available at https://resource.cdn.icai.org/61995bos50392ipmod1.pdf contains the Study Guidelines which specifies the list of topic-wise exclusions from the scope of syllabus. .

For May 2021 examination, the provisions of CGST Act, 2017 and IGST Act, 2017 as amended by the Finance Act, 2020 and Finance (No. 2) Act, 2019, which have become effective up to 31^stOctober, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31^stOctober, 2020, are applicable.

The Study Guidelines given below specify the exclusions from the syllabus for May 2021 examination.

(1)	(2)	(3)
S.No. in the syllabus	Topics of the syllabus	Exclusions(Provisions which are excluded from the corresponding topic of the syllabus)
2(ii)(c)	Charge of tax including reverse charge	CGST Act, 2017Rate of tax prescribed for supply of goodsRate of tax prescribed for supply of servicesCategories of supply of goods, tax on which is payable on reverse charge basis under section 9(3)IGST Act, 2017Rate of tax prescribed for supply of goodsRate of tax prescribed for supply of servicesCategories of supply of goods, tax on which is payable on reverse charge basis under section 5(3)

		Determination of nature of supply ? Inter-State supply;Intra-State supply; Supplies in territorial watersSpecial provision for payment of tax by a supplier of online information and database access or retrieval [OIDAR] services
2(ii)(d)	Exemption from tax	CGST Act, 2017 & IGST Act, 2017Exemptions for supply of goods
2(iii)	Basic concepts of time and value of supply	CGST Act, 2017 & CGST Rules, 2017Provisions relating to change in rate of tax in respect of supply of goods or servicesChapter IV: Determination of Value of Supply [Rules 27-35] of CGST Rules, 2017
2(iv)	Input tax credit	CGST Act, 2017 read with CGST Rules, 2017Input tax credit provisions in respect of inputs and capital goods sent for job workInput tax credit provisions relating to distribution of credit by Input Service Distributor [ISD]Manner of recovery of credit distributed in excessManner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projectsManner of reversal of credit of additional duty of customs in respect of Gold dore bar
2(viii)	Returns	CGST Act, 2017 read with CGST Rules, 2017Furnishing of GSTR-2, GSTR-1A, GSTR-3Matching, reversal & reclaim of input tax creditMatching, reversal & reclaim of reduction in output tax liability
2(ix)	Payment of tax	CGST Act, 2017Tax deduction at sourceCollection of tax at source

*Rates specified for computing the tax payable under composition levy are included in the syllabus. Notes:

Applicability of the Finance Act, 2020: The amendments made by the Finance Act, 2020 in the Central

Goods and Services Tax Act, 2017 [hereinafter referred to as CGST Act, 2017] and the Integrated Goods and Services Tax, 2017 [hereinafter referred to as IGST Act, 2017] which have become effective till 31.10.2020, to the extent included in the syllabus read with the Study Guidelines, are applicable for May 2021 examinations.

However, select amendments made by the Finance Act, 2020 – to the extent included in the syllabus read with the Study Guidelines – in sections 10, 16, 29, 30 and 31 of the CGST Act, 2017 have not become effective as on 31.10.2020. Therefore, the same are not applicable for May 2021 examinations.

Applicability of the Finance (No. 2) Act, 2019: All amendments made by the Finance (No. 2) Act, 2019 – to the extent included in the syllabus read with the Study Guidelines ? are applicable for May 2021

examinations except the amendment in section 39 (which has not become effective till 31.10.2020). Further, Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 introduced vide Chapter V of the Finance (No.

2) Act, 2019 is not applicable for May, 2021 examinations.

The syllabus includes select provisions of the CGST Act, 2017 and IGST Act, 2017 and not the entire CGST Act, 2017 and the IGST Act, 2017. The provisions covered in any topic(s) of the syllabus which are related to or correspond to the topics not covered in the syllabus shall also be excluded.
In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded. For example, since provisions relating to ISD and tax collection at source are excluded from the topics ?Input tax credit? and ?Payment of tax including reverse charge? respectively, the provisions relating to
1. registration of ISD and person required to collect tax at source and (ii) filing of returns by an ISD and submission of TCS statement by an electronic commerce operator required to collect tax at source are also excluded from the topics ?Registration? and ?Returns? respectively.
October 2020 edition of the Study Material is relevant for May 2021 and November 2021 examinations. The provisions of CGST Act, 2017 and the rules issued thereunder and IGST Act, 2017 and the rules issued thereunder, to the extent included in the October 2020 edition of the Study Material (except the exclusions mentioned herein) shall alone be relevant for May 2021 examinations.

List of Applicable 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 7 : Construction Contracts

AS 9 : Revenue Recognition

AS 14 : Accounting for Amalgamations AS 17 : Segment Reporting

AS 18 : Related Party Disclosures AS 19 : Leases

AS 20 : Earnings Per Share

AS 22: Accounting for Taxes on Income AS 24 : Discontinuing Operations

AS 26 : Intangible Assets

AS 29 : Provisions, Contingent Liabilities and Contingent Assets.

Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2021 Examination

Non-Applicability of Ind AS

List of topic-wise inclusion in the syllabus

I. List of applicable Engagements and Quality Control Standards on Auditing

S.No	SA	Title of Standard on Auditing
1	SQC 1	Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
2	SA 200	Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
3	SA 210	Agreeing the Terms of Audit Engagements
4	SA 220	Quality Control for Audit of Financial Statements
5	SA 230	Audit Documentation
6	SA 240	The Auditor?s responsibilities Relating to Fraud in an Audit of FinancialStatements
7	SA 250	Consideration of Laws and Regulations in An Audit of Financial Statements
8	SA 299	Joint Audit of Financial Statements(Revised)
9	SA 300	Planning an Audit of Financial Statements
10	SA 315	Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
11	SA 320	Materiality in Planning and Performing an Audit
12	SA 500	Audit Evidence
13	SA 501	Audit Evidence – Specific Considerations for Selected Items
14	SA 505	External Confirmations
15	SA 510	Initial Audit Engagements-Opening Balances
16	SA 520	Analytical Procedures
17	SA 530	Audit Sampling
18	SA 550	Related Parties
19	SA 560	Subsequent Events
20	SA 570	Going Concern (Revised)
21	SA 580	Written Representations

22	SA 610	Using the Work of Internal Auditors (Revised)
23	SA 700	Forming an Opinion and Reporting on Financial Statements(Revised)
24	SA 701	Communicating Key Audit Matters in the Independent Auditor?s Report(New)
25	SA 705	Modifications to the Opinion in the Independent Auditor?s Report (Revised)
26	SA 706	Emphasis of Matter Paragraphs and Other Matter Paragraphs in theIndependent Auditor?s Report (Revised)
27	SA 710	Comparative Information ? Corresponding Figures and Comparative Financial Statements

II Applicability of the Companies Act, 2013 and other Legislative Amendments

The October 2020 Edition of the Study Material on Intermediate Paper 6: Auditing and Assurance [comprising of 2 Modules ? Modules 1 ? 2] is relevant for May, 2021 Examinations. This is an integrated Study Material cum Practice Manual.

Students are expected to be updated with the notifications, circulars and other legislative amendments made upto 6 months prior to the examination. For instance, for May, 2021 examination, significant notifications and circulars issued upto 31^stOctober, 2020 would be relevant.

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30 ^thApril, 2020 will be applicable for November, 2020 Examination. It may be noted that the significant notifications and circulars issued up to 31^stOctober, 2020, which are not covered in the October 2020 Edition of the Study Material, would be given as Academic Update in the Revision Test Paper for May, 2021 Examination.

Companies (Auditor?s Report) Order, 2020 issued by Ministry of Corporate Affairs is applicable for May 2021 Examination.

List of topic-wise exclusion in the syllabus

Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013) excluded.
Following Engagements and Quality Control Standards on Auditing excluded:

(1)	(2)	(3)
S.No	SA	Exclusions
1	SA 260	Communication with Those Charged with Governance (Revised)
2	SA 265	Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
3	SA 330	The Auditor?s Responses to Assessed Risks
4	SA 402	Audit Considerations Relating to an Entity Using a Service Organization
5	SA 450	Evaluation of Misstatements Identified during the Audits
6	SA 540	Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

7	SA 600	Using the Work of Another Auditor
8	SA 620	Using the Work of an Auditor?s Expert
9	SA 720	The Auditor?s Responsibilities Relating to Other Information

Following Guidance Notes are excluded:
1. Guidance Note on Audit of Inventories.
2. Guidance Note on Audit of Debtors, Loans and Advances.
3. Guidance Note on Audit of Investments.
4. Guidance Note on Audit of Cash and Bank Balances.
5. Guidance Note on Audit of Liabilities.
6. Guidance Note on Audit of Revenue.
7. Guidance Note on Audit of Expenses.
8. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination (Old Syllabus)

Board of Studies The Institute of Chartered Accountants of India

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Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2021 ? Intermediate (IPC) Examination

Paper 1: Accounting

Accounting Standards

AS	1 :	Disclosure of Accounting Policies
AS	2 :	Valuation of Inventories
AS	3 :	Cash Flow Statements
AS	7 :	Construction Contracts
AS	9 :	Revenue Recognition
AS	10 :	Property, Plant and Equipment
AS	13 :	Accounting for Investments
AS	14 :	Accounting for Amalgamations

NOTE:

Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2021 Examination

Applicability of Amendments made by the MCA in the Companies (Accounting Standards) Rules, 2006

Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 are applicable for May, 2021 examination.

Non-Applicability of Ind AS

Paper 2: Business Laws, Ethics and Communication

The provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the business laws, as amended by concerned authority, including significant notifications and circulars issued up to 31 ^stOctober, 2020, are applicable for May 2021 examination.

Inclusions /Exclusions from the syllabus

(1)	(2)	(3)
Chapters/ Topics of the syllabus	Inclusions(Provisions which are included from the corresponding chapter/topic of the syllabus)	Exclusions(Provisions which are excluded from the corresponding chapter/ topic of the syllabus)
Part I: Business Law
Chapter 1: The Indian Contract Act, 1872	The entire content included in Module 1 of Study Material read with RTP for May 2021, shall only be relevant for the said examinations.	–
Chapter 2: The Negotiable Instruments Act, 1881	Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in Module 1 of Study Material read with the Supplementary Study Paper (December 2018) and RTP for May 2021, shall only be relevant for the said examinations.	–
Chapter 3: The Payment of Bonus Act, 1965	Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in Module 1 of Study Material read with the Supplementary Study Paper (December 2018) and RTP for May 2021, shall only be relevant for the said examinations.	–
Chapter 4: The Employees? Provident Fund and Miscellaneous Provisions Act, 1952	Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in Module 1 of Study Material read with the Supplementary Study Paper (December 2018) and RTP for May 2021, shall only be relevant for the said examinations.	EPF Scheme, EPS Scheme and EDLI Scheme, shall be applicable for the students only to the extent as covered in the *Relevant Publications.
Chapter 5: The Payment of Gratuity Act, 1972	Content of this chapter of the Study Material covers the significant provisions of the said Act in a broad manner (not in entirety).The entire content included in Module 1 of Study Material read with the Supplementary Study Paper (December 2018) and RTP for May 2021, shall only be relevant for the said examinations.	–

Chapter 6: Companies Act, 2013 (Sections1 to 122)

The entire content included in the Supplementary Study Paper (December 2018) read with amendments given in RTP for May 2021, shall only be relevant for the said examinations.

(i) Sections 24, 30, 33, 38 & 41 [from chapter 3- Prospectus and Allotment of Securities]Sections 44, 45, 60, 65 & 72 [from chapter 4- Share capital and Debentures]Section 75 [from chapter 5- Acceptance of deposits by companies]Section 81 & 85 [from chapter 6- Registration of Charges]
Also, except the Relevant rules covered in the *Relevant Publications (including RTP for May 2021), all other Rules of the Companies Act, 2013 are excluded.

Note: *Relevant publications for the examinations

Publication	Edition
Study Material (Module 1 & 3)	July 2015
?Supplementary Study Paper for May 2019 examination and onwards? for Paper 2: Business Law,Ethics and Communication(Please Note: Module 2 of Study Material- July 2015 edition, has been completely replaced with the?Chapter 6- The Companies Act, 2013?, as contained in the said Supplementary)	(December 2018)

The amendments made after the issuance of the Study material/ Supplementary Study Paper, to the extent covered in the RTP for May 2021, shall also be relevant for the said examinations

Paper 4: Taxation

Section A: Income-tax

Applicability of the Finance Act, Assessment Year etc. for May, 2021 Examination

The provisions of income-tax law, as amended by the Finance Act, 2020, including significant circulars, notifications, press releases issued and legislative amendments made upto 31^stOctober, 2020, are applicable for May, 2021 examination. The relevant assessment year for income-tax is A.Y. 2021-22.

Note ? The October, 2020 edition of the Study Material for Intermediate (New) Paper 4A, based on the provisions of income-tax law, as amended by the Finance Act, 2020, is also relevant for IIPCE (Old) Paper 4A: Income-tax, May, 2021 examination, with the exception of the topic ?Tax Collection at Source ? Basic Concepts? in Chapter 9 and the topic ?Self-assessment? in Chapter 10. The remaining topics in chapters 9 and 10 and the entire content of chapters 1 to 8 of the said Study Material are relevant and applicable for IIPCE (Old) Paper 4A: Income-tax for May, 2021 examination.

The said Study Material is available at https://www.icai.org/post.html?post_id=16945. The initial pages of the Study Material available at https://resource.cdn.icai.org/61995bos50392ipmod1.pdf contains the Study Guidelines which specifies the list of topic-wise exclusions from the scope of syllabus.

Section B: Indirect Taxes

The Study Guidelines given below specify the exclusions from the syllabus for May 2021 examination.

(1)	(2)	(3)
S.No. in the syllabus	Topics of the syllabus	Exclusions(Provisions which are excluded from the corresponding topic of the syllabus)
2(ii)(c)	Charge of tax including reverse charge	CGST Act, 2017Rate of tax prescribed for supply of goodsRate of tax prescribed for supply of servicesCategories of supply of goods, tax on which is payable on reverse charge basis under section 9(3)IGST Act, 2017Rate of tax prescribed for supply of goodsRate of tax prescribed for supply of servicesCategories of supply of goods, tax on which is payable on reverse charge basis under section 5(3)Determination of nature of supply ? Inter-State supply;Intra-State supply; Supplies in territorial watersSpecial provision for payment of tax by a supplier of online information and database access or retrieval [OIDAR] services
2(ii)(d)	Exemption from tax	CGST Act, 2017 & IGST Act, 2017Exemptions for supply of goods
2(iii)	Basic concepts of time and value of supply	CGST Act, 2017 & CGST Rules, 2017Provisions relating to change in rate of tax in respect of supply of goods or servicesChapter IV: Determination of Value of Supply [Rules 27-35] of CGST Rules, 2017
2(iv)	Input tax credit	CGST Act, 2017 read with CGST Rules, 2017Input tax credit provisions in respect of inputs and capital goods sent for job workInput tax credit provisions relating to distribution of credit by Input Service Distributor [ISD]Manner of recovery of credit distributed in excessManner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projectsManner of reversal of credit of additional duty of customs in respect of Gold dore bar
2(viii)	Returns	CGST Act, 2017 read with CGST Rules, 2017(i) Furnishing of GSTR-2, GSTR-1A, GSTR-3

		Matching, reversal & reclaim of input tax creditMatching, reversal & reclaim of reduction in output tax liability
2(ix)	Payment of tax	CGST Act, 2017Tax deduction at sourceCollection of tax at source

*Rates specified for computing the tax payable under composition levy are included in the syllabus.

Notes:

Applicability of the Finance Act, 2020: The amendments made by the Finance Act, 2020 in the Central Goods and Services Tax Act, 2017 [hereinafter referred to as CGST Act, 2017] and the Integrated Goods and Services Tax, 2017 [hereinafter referred to as IGST Act, 2017] which have become effective till 31.10.2020, to the extent included in the syllabus read with the Study Guidelines, are applicable for May 2021 examinations.

Applicability of the Finance (No. 2) Act, 2019: All amendments made by the Finance (No. 2) Act, 2019 – to the extent included in the syllabus read with the Study Guidelines ? are applicable for May 2021 examinations except the amendment in section 39 (which has not become effective till 31.10.2020). Further, Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 introduced vide Chapter V of the Finance (No.

2) Act, 2019 is not applicable for May, 2021 examinations.

The syllabus includes select provisions of the CGST Act, 2017 and IGST Act, 2017 and not the entire CGST Act, 2017 and the IGST Act, 2017. The provisions covered in any topic(s) of the syllabus which are related to or correspond to the topics not covered in the syllabus shall also be excluded.
In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded. For example, since provisions relating to ISD and tax collection at source are excluded from the topics ?Input tax credit? and ?Payment of tax including reverse charge? respectively, the provisions relating to
1. registration of ISD and person required to collect tax at source and (ii) filing of returns by an ISD and submission of TCS statement by an electronic commerce operator required to collect tax at source are also excluded from the topics ?Registration? and ?Returns? respectively.
October 2020 edition of the Study Material is relevant for May 2021 and November 2021 examinations. The provisions of CGST Act, 2017 and the rules issued thereunder and IGST Act, 2017 and the rules issued thereunder, to the extent included in the October 2020 edition of the Study Material (except the exclusions mentioned herein) shall alone be relevant for May 2021 examinations.

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

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:

Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2021 Examination

Applicability of Amendments made by the MCA in the Companies (Accounting Standards) Rules, 2006

Amendments made by MCA on 30.3.2016 in the Companies (Accounting Standards) Rules, 2006 are applicable for May, 2021 examination.

Non-Applicability of Ind AS

Paper 6: Auditing and Assurance

I. Standards on Auditing (SAs)

S.No	SA	Title of Standard on Auditing
1	SA 200	Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
2	SA 210	Agreeing the Terms of Audit Engagements
3	SA 220	Quality Control for Audit of Financial Statements
4	SA 230	Audit Documentation
5	SA 240	The Auditor?s responsibilities Relating to Fraud in an Audit of FinancialStatements
6	SA 250	Consideration of Laws and Regulations in An Audit of Financial Statements
7	SA 260	Communication with Those Charged with Governance (Revised)
8	SA 265	Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
9	SA 299	Joint Audit of Financial Statements (Revised)
10	SA 300	Planning an Audit of Financial Statements
11	SA 315	Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
12	SA 320	Materiality in Planning and Performing an Audit
13	SA 330	The Auditor?s Responses to Assessed Risks
14	SA 402	Audit Considerations Relating to an Entity Using a Service Organization
15	SA 450	Evaluation of Misstatements Identified during the Audits
16	SA 500	Audit Evidence
17	SA 501	Audit Evidence – Specific Considerations for Selected Items
18	SA 505	External Confirmations

19	SA 510	Initial Audit Engagements-Opening Balances
20	SA 520	Analytical Procedures
21	SA 530	Audit Sampling
22	SA 540	Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
23	SA 550	Related Parties
24	SA 560	Subsequent Events
25	SA 570	Going Concern (Revised)
26	SA 580	Written Representations
27	SA 600	Using the Work of Another Auditor
28	SA 610	Using the Work of Internal Auditors (Revised)
29	SA 620	Using the Work of an Auditor?s Expert
30	SA 700	Forming an Opinion and Reporting on Financial Statements (Revised)
31	SA 701	Communication Key Audit Matters in the Independent Auditor?s Report (New)
32	SA 705	Modifications to the Opinion in the Independent Auditor?s Report (Revised)
33	SA 706	Emphasis of Matter Paragraphs and Other Matter Paragraphs in theIndependent Auditor?s Report (Revised)
34	SA 710	Comparative Information ? Corresponding Figures and Comparative Financial Statements
35	SA 720	The Auditor?s Responsibilities Relating to Other Information (Revised)

II Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2021 Examination:

Students are expected to be updated with the notifications, circulars and other legislative amendments made upto 6 months prior to the examination. For instance, for May, 2021 examination, significant notifications and circulars issued upto 31st October, 2020 would be relevant.

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31st October, 2020 will be applicable for May, 2021 Examination. It may be noted that the legislative and other amendments applicable for May, 2021 Examination would be given as Academic Update in the Revision Test Paper for May, 2021 Examination.

(iii) Companies (Auditor?s Report) Order, 2020 issued by Ministry of Corporate Affairs is applicable for May, 2021 Examination.

List of topic-wise exclusion in the syllabus.

Statements

Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143 (1) of the Companies Act, 2013).

Guidance Notes
1. Guidance Note on Audit of Inventories.
2. Guidance Note on Audit of Debtors, Loans and Advances.
3. Guidance Note on Audit of Investments.
4. Guidance Note on Audit of Cash and Bank Balances.
5. Guidance Note on Audit of Liabilities.
6. Guidance Note on Audit of Revenue.
7. Guidance Note on Audit of Expenses.
8. Guidance Note on Reporting under section 143(3) (f) and (h) of the Companies Act, 2013

Official Link of Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021-Intermediate Examination notification can be accessed from below –

New Syllabus – https://icai.org/resource/62716bos50708.pdf

Old Syllabus – https://icai.org/resource/62717bos50709.pdf

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