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CA Final Amendments for Nov 2022 Examination
|Board of Studies |
The Institute of Chartered Accountants of India
25th July 2022
Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November 2022 Examination
Study Guidelines for November 2022 Examinations Final New Course
Paper 1: Financial Reporting
List of topic-wise exclusions from the syllabus
|S. No. in the revised syllabus||Topics of the syllabus||Exclusions|
|2.||Application of Indian Accounting Standards (Ind AS) with reference to General Purpose Financial Statements||Indian Accounting Standard (Ind AS) 16 ‘Property, Plant and Equipment’ Appendix B- Stripping Costs in the Production Phase of a Surface Mine|
|(v) Ind AS on Assets and Liabilities of the Financial Statements including Industry-specific Ind AS||Indian Accounting Standard (Ind AS) 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds|
|Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment|
|(viii) Other Ind AS||Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies|
|Indian Accounting Standard (Ind AS) 104 : Insurance Contracts|
|Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral Resources|
|Indian Accounting Standard (Ind AS) 114 : Regulatory Deferral Accounts|
|5.||Analysis of financial statements||Analysis of financial statements based on Accounting Standards|
- October, 2021 edition of the Study Material is relevant for November, 2022 examination. The relevant / applicable topics or content are to be read alongwith the webhosted ‘Corrigendum to Study Material’, if any.
- The relevant Amendments / Notifications / Circulars / Rules issued by the Companies Act, 2013 up to 30th April, 2022 will be applicable for November, 2022 Examination.
Accordingly, amendments issued by MCA and notified by the Central Government on 23rd March, 2022 wrt Amendments in the Companies Indian Accounting Standards Rules, 2015 is applicable for November, 2022 Examination.
Further, revised Conceptual Framework for Financial Reporting under Indian Accounting Standards is applicable from May, 2022 examination.
- List of topic-wise inclusion in the syllabus
- List of applicable Statements and Standards for November, 2022 Examination:
- Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
- Framework for Assurance Engagements.
- List of applicable Engagements and Quality Control Standards on Auditing for November, 2022 Examination
- List of applicable Statements and Standards for November, 2022 Examination:
|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 Financial Statements|
|7||SA 250||Consideration of Laws and Regulations in An Audit of Financial Statements|
|8||SA 260||Communication with Those Charged with Governance (Revised)|
|9||SA 265||Communicating Deficiencies in Internal Control to Those Charged with Governance and Management|
|10||SA 299||Joint Audit of Financial Statements (Revised)|
|11||SA 300||Planning an Audit of Financial Statements|
|12||SA 315||Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment|
|13||SA 320||Materiality in Planning and Performing an Audit|
|14||SA 330||The Auditor’s Responses to Assessed Risks|
|15||SA 402||Audit Considerations Relating to an Entity Using a Service Organization|
|16||SA 450||Evaluation of Misstatements Identified during the Audits|
|17||SA 500||Audit Evidence|
|18||SA 501||Audit Evidence – Specific Considerations for Selected Items|
|19||SA 505||External Confirmations|
|20||SA 510||Initial Audit Engagements-Opening Balances|
|21||SA 520||Analytical Procedures|
|22||SA 530||Audit Sampling|
|23||SA 540||Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures|
|24||SA 550||Related Parties|
|25||SA 560||Subsequent Events|
|26||SA 570||Going Concern (Revised)|
|27||SA 580||Written Representations|
|28||SA 600||Using the Work of Another Auditor|
|29||SA 610||Using the Work of Internal Auditors (Revised)|
|30||SA 620||Using the Work of an Auditor’s Expert|
|31||SA 700||Forming an Opinion and Reporting on Financial Statements (Revised)|
|32||SA 701||Communicating Key Audit Matters in the Independent Auditor’s Report (New)|
|33||SA 705||Modifications to the Opinion in the Independent Auditor’s Report (Revised)|
|34||SA 706||Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised)|
|35||SA 710||Comparative Information – Corresponding Figures and Comparative Financial Statements|
|36||SA 720||The Auditor’s Responsibility in Relation to Other Information (Revised)|
- List of applicable Guidance Notes and other publications for November, 2022 Examination:Guidance Note on Audit under Section 44AB of the Income-tax Act.Guidance Note on Audit of Banks.Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
IV Applicability of the Companies Act, 2013 and other Legislative Amendments for November, 2022 Examination
- Students are expected to be updated with the notifications, circulars and other legislative amendments made up to 6 months prior to the examination. Accordingly, the relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2022 will be applicable for November, 2022 Examination. It may be noted that the significant notifications and circulars issued which are not covered in the October 2021 edition of Study Material, would be given as Academic Update in the Revision Test Paper for November, 2022 Examination.
- Companies (Auditor’s Report) Order, 2020 issued by Ministry of Corporate Affairs is applicable for
November, 2022 Examination.
- Revised Statement on Peer Review is applicable for November, 2022 Examination.
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Official Link of CA Final Amendments for Nov 2022 Examination below –
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