CA Final Professional Ethics Memory technique. Professional ethics short notes. Professional ethics shortcut

CA Final

Memory Techniques / Memory Maps

Audit - Professional Ethics

Part I Schedule 1 

1. Use of name by others 

2. Sharing of fees with others 

3. Accepting fees of others 

4. Entering into partnership with others 

5. Securing Work through wrongful means 

6. Soliciting Clients 

7. Advertising Professional attainments 

8. Communication with previous auditor

9. Compliance with Companies Act 2013 

10. Charging fees on % of turnover/performance 

11. Engaging in other services/business/occupation 

12. Signing by others 

To remember the above clauses in exam, just recall two famous stars of bollywood industry:

NANA PATEKAR

SHILA SHETTY

So the memory technique or mind map goes as follows:-

NANA PATEKAR ASKS PARTNER SHILPA SHETTY ABOUT CA PROSPECTS BEING IN SOUTH.     

1. NANA- ALLOWS TO USE HIS NAME   

2. PATEKAR- PAYS FEES   

3. ASKS- ACCEPTS   

4. PARTNER- ENTERING INTO PARTNERSHIP.   

5. SHILPA- SECURING WORK FROM UNAVAILABLE MEANS   

6. SHETTY- SOLICITATION OF CLIENT   

7. ABOUT- ADVERTISING OTHER QUALIFICATIONS, ETC.   

8. C- COMMUNICATION WITH OUTGOING AUDITOR   

9. A- ACCEPTIN CO AUDIT WITHOUT COMLYING CO ACT SECTIONS    

10. PROSPECTS- CHARGING FEES ON PERCENTAGE BASIS.

11. BEING- ENGAGED IN OTHER BUSINESS  

12. SOUTH- SIGNING FINANCIALS BY SOMEONE ELSE, EXCEPT PARTNER OF SAME FIRM. 

Part I Schedule 2 

1. Client Confidentiality 

2. Attestation without examination 

3. Verifying projections

4. Expressing opinion in case of substantial interest 

5. Material Fact not disclosed in Financial statement 

6. Material Misstatement appearing in financial statement 

7. Gross negligence 

8. Expression of opinion a. Without sufficient info b. With a material exception 

9. Compliance with Standard Auditing Practices 

10. Utilising Moneys of the client

To remember the above clauses in exam, just recall your FRIEND in exam:

DON'T CHEAT FRIENDS IT MAY MAKE GOOD IMPRESSION GO BAD

1. DON'T- DISCLOSURE OF INFO OBTAINED DURING AUDIT.   

2. CHEAT- CERTIFYING WITHOUT BELIEVING IT TO BE TRUE.   

3. FRIENDS- FUTURE FORECAST, EXCEPT BASIS OF FORECAST,MAJOR ASSUMPTIONS, SORCE OF INFO AND NOT VOUCH FOR ACCURACY   

4. IT- AUDIT OF INTERESTED PARTIES ENTITIES.   

5. MAY- FAILURE TO DISCLOSE MATERIAL FACTS.   

6. MAKE- FAILURE TO IDENTIFY MISTATEMENTS   

7. GOOD- GROSSLY NEGLIGENT, NO DUE DILLIGENCE   

8. INTENTIONS- MAKING OPINION WITHOUT OBTAINING SUFFICENT INFO.   

9. GO- DEPARTURE FROM GAAP AND AUDIT PRINCIPLES.   

10. BAD- KEEPING CLIENTS MONEY IN SEPERATE BANK AC.

HAPPY LEARNING.....