The Institute of Chartered Accountants of Pakistan CAF Syllabus

Education Scheme 2025

For Autumn 2026

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

SYLLABI
Proficiency and testing levels are mentioned against each learning outcome within the syllabus and
are explained below:

Proficiency levels
The proficiency level is the description of pitch of the performance expected from the person taking
action. The levels are as follows:

Level of
Description
Proficiency

P1 Typically, learning outcomes in a competence area focus on:

• Defining, explaining, summarizing, and interpreting the underlying principles

and theories of relevant areas of technical competence to complete tasks while
working under appropriate supervision;

• Performing assigned tasks by using the appropriate professional skills;

• Recognizing the importance of professional values, ethics, and attitudes in

performing assigned tasks;

• Solving simple problems, and referring complex tasks or problems to

supervisors or those with specialized expertise; and

• Providing information and explaining ideas in a clear manner, using oral and
written communications.
Learning outcomes at the foundation level relate to work environments that are
characterized by low levels of ambiguity, complexity and uncertainty.

P2 Typically, learning outcomes in a competence area focus on:

• Independently applying, comparing, and analyzing underlying principles and

theories from relevant areas of technical competence to complete work
assignments and make decisions;

• Combining technical competence and professional skills to complete work

assignments;

• Applying professional values, ethics, and attitudes to work assignments; and

• Presenting information and explaining ideas in a clear manner, using oral and
written communication, to accounting and non-accounting stakeholders.
Learning outcomes at the intermediate level relate to work environments that are
characterized by moderate levels of ambiguity, complexity, and uncertainty.

P3 Typically, learning outcomes in a competence area focus on:

• Selecting and integrating principles and theories from different areas of

technical competence to manage and lead projects and work assignments, and
to make recommendations appropriate to stakeholder needs;

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

• Integrating technical competence and professional skills to manage and lead

projects and work assignments;

• Making judgments on appropriate courses of action drawing on professional

values, ethics, and attitudes;

• Assessing, researching, and resolving complex problems with limited

supervision;

• Anticipating, consulting appropriately, and developing solutions to complex

problems and issues; and

• Consistently presenting and explaining relevant information in a persuasive

manner to a wide-range of stakeholders.
Learning outcomes at the advanced level relate to work environments that are
characterized by high levels of ambiguity, complexity, and uncertainty.

Testing Levels
Testing levels are the maximum marks assigned to a topic for examination purposes. The levels are
as follows:

Testing
Description
Levels

T1 The maximum limit per topic and a maximum aggregate limit of testing level-1
topics will be 8 marks and 35 marks respectively in an attempt. Topics covered in
testing level 1 will include the following:
(i) Topics that are specifically identified as testing level 1 for a specified
professional stage.
(ii) All topics assessed at earlier stages of qualification.
(iii) New topics included in the syllabus for the first time.

T2 The maximum limit per topic of this level 2 will be 20 marks.

T3 The maximum limit per topic of this level 3 will be 25 marks.

Any new topic included in the syllabus will be tested in the first attempt at level 1
irrespective of the testing level mentioned in the syllabus. Any amendment or
replacement of existing laws, IFRS, ISAs, Code of Ethics, etc. will not be considered
as the inclusion of a new topic in the syllabus.

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

CAF 1: FINANCIAL ACCOUNTING AND REPORTING

Competency

Understanding the application of selected accounting standards while preparing financial

statements.

Syllabus Teaching
Grid Weightage
Ref. Hours

A Preparation of Statements of Financial Position and 32-43 30-40

Profit or Loss

B Preparation of Statements of Changes in Equity and 28-30 30-40

Cash Flows

C Accounting for Non-Current Assets 50-57 25-35

Total 110-130 100

Key Examinable Technical Competencies

Syllabus Proficiency Testing
Learning Outcomes
Ref. levels levels

A Preparation of Statements of financial position and profit or loss

1 Apply and discuss the requirements of the conceptual P2 T1

framework for financial reporting.

2 Understand the purpose of the regulatory system, P1 T1

including the roles of IFRS Foundation, IASB, IFRS
Advisory Council, IFRS Interpretations Committee,
ISSB.

3 Apply the principles, laws and concepts for a P2 T2

company, with respect to preparation and
presentation of:
• Statement of Financial Position
• Statement of Profit or Loss

4
Prepare financial statements for non-profit P2 T2
organizations and describe the requirements of the
Accounting Standards for Non-Profit Organizations

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

B Preparation of Statements of changes in equity and cash flows

1 Prepare the Statement of Changes in Equity. P2 T2

2 Apply the principles and concepts of selecting and P2 T1

applying accounting policies, accounting for changes
in estimates and reflecting corrections of prior period
errors.

3 Prepare the Statement of Cashflows. P2 T2

4 Calculate and interpret ratios to give an assessment P2 T2

of an entity’s performance and financial position with
different benchmarks and discuss window dressing of
financial statements to produce the desired effect.

C Accounting for non-current assets

1 Apply the principles and concepts of recognition, P2 T2

measurement at recognition and after recognition
and disposal of property plant and equipment, the
determination of their carrying amounts, and the
depreciation charges and impairment losses to be
recognized in relation to them.

2 Apply the principles and concepts of recognition, P2 T1

measurement and disclosure of borrowing costs.

3 Apply the principles and concepts of carrying assets P2 T1

(other than cash-generating unit and goodwill) at no
more than their recoverable amount and recognition
of impairment loss and reversal thereof.

4 Apply the principles and concepts of recognition, P2 T2

measurement, transfer, disposal and disclosure of
Investment Property.

5 Apply the principles and concepts of accounting and P2 T1

disclosure of Government grants, other Government
assistance and loans granted by the government
(subsidized and forgivable).

6 Apply the principles and concepts for recognition, P2 T1

measurement at and after recognition and disclosure
of biological assets, agriculture produce and
government grants related to a biological asset.

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

Key Examinable Professional Skills

1 Evaluate data and information from a variety of sources and perspectives through
research, collaboration integration and analysis.

2 Apply critical thinking skills to solve problems, form judgements, make informed
decisions and reach well-reasoned conclusions.

3 Communicate clearly and concisely with a range of stakeholders.

4 Evaluate changing facts and circumstances to solve problems, form judgments, make
informed decisions, and reach well-reasoned conclusions.

5 Apply relevant IFRS on transactions and other events and conditions based on facts and
circumstances.

Key Examinable Professional Values, Ethics and Attitude

1 Apply an inquiring mind when collecting and assessing data and information.

2 Apply critical thinking when identifying and evaluating alternatives to determine an

appropriate course of action.

Specific Examinable Knowledge Reference

1 Conceptual Framework for financial reporting

2 IAS 1: Presentation of Financial Statements

3 IAS 7: Statement of Cash Flows

4 IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors

5 IAS 16: Property, plant and equipment

6 IAS 20: Accounting for government grants and disclosure of government assistance

7 IAS 23: Borrowing costs

8 IAS 36: Impairment of assets

9 IAS 40: Investment property

10 IAS 41: Agriculture

11 Accounting standards for Not-for-profit organizations

12 Ratios Analysis

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

CAF-2: TAXATION PRINCIPLES AND COMPLIANCE

Competency

Prepare income and sales tax information.

Syllabus Teaching
Grid Weightage
Ref. Hours

A Objective, System, Constitutional Provisions and 10-15 5-10

Ethics Provisions and Ethics

B Income Tax Laws – Chargeability 55-65 50-60

C Income Tax Laws – Administration and compliance 15-20 10-15

D Sales Tax Laws 30-35 20-30

Total 110-135 100

Key Examinable Technical Competencies

Syllabus Proficiency Testing
Learning Outcomes
Ref. levels levels

A Objective, System, Constitutional Provisions and Ethics

a Basic Concepts of taxation and Constitutional

Provisions

1 Discuss the implication of direct and indirect P1 T1

taxation.

b Federal and Provincial Financial Procedures

1 Describe Federal Consolidated Fund and Public P1 T1

Account.

2 Describe Provincial Consolidated Fund and Public P1 T1

Account.

3 Discuss taxes that can be raised under the P1 T1

authority of Parliament.

4 Describe the powers of provincial assemblies in P1 T1

respect of provincial taxes.

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

c Ethics

1 Discuss the objectives and rights of the state to P1 T1

tax its citizens excluding canons of taxation.

2 Discuss morality behind compliance with tax laws by P1 T1

taxpayers and tax practitioners.

3 Describe the powers vs ethical responsibilities of tax P1 T1

implementation authorities.

4 Discuss pillars of tax administration, namely; P1 T1

fairness, transparency, equity and accountability.

5 Explain the basic difference between evasion and P1 T1

avoidance of tax.

B Income Tax Laws – Chargeability

a Central Concepts

1 Describe the central concepts and scope of income P2 T2

b Chargeability and Computation of Income and Tax

1 Compute income, taxable income and tax thereon P2 T2

under various heads of income for non-corporates
i.e. salary, income from property, income from
business, capital gains and income from other
sources.

2 Apply the provisions relating to carry forward, P2 T2

deductible allowances, set-off of losses, tax credit
and tax exemptions / concessions.

C Income Tax – Administration and compliance

a Returns, Assessments, Appeals and Records

1 Explain tax compliance requirements and related P2 T2

submissions.

2 Identify persons required to furnish a return of P2 T2

income and wealth statement.

3 Explain the provisions of law relating to the method P2 T2

of filing, revision, due dates for filing and extension
in the date for filing of return/statement.

4 Prepare return of income and wealth statement P2 T2

along with its reconciliation.

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

5 Explain the provisions of law relating to various P2 T2

types of assessment.

6 Discuss the provisions of law relating to audit of P2 T2

income tax affairs of a person and retention period
of records.

7 Describe procedure involved in appeals before P2 T2

various appellate authorities i.e. Commissioner
(Appeals), Appellate Tribunal and High Court.

8 State provisions of law relating to alternative P2 T2

dispute resolution.

D Sales Tax Laws

a Scope and Payment of Tax

1 Calculate sales tax (output and input) on taxable P2 T2

supplies (including zero-rated and exempt supplies).

2 Discuss the time and manner of sales tax liability P2 T2

and its payment.

3 Calculate apportionment of input tax and carry P2 T2

forward / refund thereof.

b Registration

1 Describe the types, requirements and procedures P2 T2

involved for registration, de-registration and
returns.

c Book Keeping and Invoicing Requirements

1 List the records to be kept by a registered person P2 T2

and explain the related retention requirements and
procedures involved in the audit.

2 State the significance of tax invoice, debit and P1 T1

credit notes and their related requirements.

3 Explain the procedure for the destruction of goods. P2 T2

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

Key Examinable Professional Skills

1 Evaluate data and information from a variety of sources and perspective through
research, collaboration, integration and analysis.

2 Apply critical thinking skills to solve problems, form judgements, make informed
decisions and reach well-reasoned conclusions.

3 Communicate clearly and concisely with a range of stakeholders.

Key Examinable Professional Values, Ethics and Attitudes

1 Apply an inquiring mind when collecting and assessing data and information

2 Apply critical thinking when identifying and evaluating alternatives to determine an

appropriate course of action.

3 Identify threats to compliance with the fundamental principles of ethics.

Specific Examinable Knowledge Reference

1 Article 78 to 88 of the Constitution of Pakistan

2 Article 118 to 127 of the Constitution of Pakistan

3 Sections 43 to 53 in the Fourth Schedule attached to the Constitution.

4 Code of Ethics for Chartered Accountants (Revised 2024): Sections 604.1 to 604.10.

Income Tax Ordinance, 2001

5 Clauses of Section 2: (1, 3, 3C, 5, 5A, 8, 9, 10, 10A, 11A, 13AA, 16, 19, 19A, 20, 21, 22,
29, 29A, 29C, 30AC, 30AE, 32, 33, 36, 38A, 44A, 45, 46, 47, 49, 54, 59A, 59AB, 62A, 63,
66, 68) and other definitions covered under relevant sections

6 Chapter II - (excluding Sections 4B, 5A, 5AA, 6, 7, 7A, 7C, 7D)

7 Chapter III - (excluding Sections 15(5), 21(la), 23B, 29A, 30, 31, 36,44A , 49, 56A, 57A,
59AA, 59B, 64B, 65B, 65E and 65G )

8 Chapter IV - (excluding Sections 78 and 79)

9 Chapter V - (excluding Part II Division III, Part IV and V)

10 Chapter VII - Part II only

11 Chapter VIII – sections 108B and 110 only

12 Chapter IX – Section 113 only

13 Chapter X:

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

- Part I excluding section 114(1A)

- Part II excluding section 120B
- Part III
- Part V, Division III, sections 149, 150, 151, 155 and 156 only; and
- Part VIII Sections 174 and 177 only

14 Schedules: Relevant Parts of First, Second, Third and Sixth Schedules

Income Tax Rules, 2002

15 3 to 6, 10, 11, 13A, 13B, 13D, 13L(1)(d), 13N(4), 13N(5), 13N(6), 13N(8), 14, 33, 231E,
231G

Sales Tax Act, 1990

16 Clauses of Section 2: 1, 3, 5AA, 5AB, 7, 9, 11, 12, 13, 14, 16, 17, 19, 20, 21, 22A, 25,
27, 28, 29A, 31, 33, 35,36 , 37, 39, 40, 41, 43, 43A , 44, 46, 47, 48

17 Chapters II, III, IV and V excluding sections 3(7), 3(9AA), 6(1A), 8(5), 11F, 25AA

18 Chapter X: Section 73

Sales Tax Rules, 2006

19 Rule 2(1)(xlvii) and Chapters I, II, III, IV and XVII [excluding proviso to Rule 14(1) and
proviso to Rule 18(9)]

Basic concepts of 3rd, 5th 6th and 8th Schedules of the Sales Tax Act, 1990 (Item-wise lists are
excluded).
Specific issues mentioned in the Schedules shall not be tested in the examination such as minimum
production under 13th Schedule or withholding sales tax under 11th Schedule.

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

CAF 3: DATA, SYSTEMS AND RISKS

Competency

Ability to effectively understand and use data with the assistance of technology and IT systems, and
manage associated risks to enhance organizational efficiency, decision-making, and security.

Syllabus Teaching
Grid Weightage
Ref. hours

A Data 40-45 35-45

B Systems 40-45 30-40

C Risks 30-40 20-30

Total 110-140 100

Key Examinable Technical Competencies

Syllabus Proficiency Testing
Learning Outcomes
Ref. levels levels

A Data

1 Identify different types of data, their sources, and collection P1 T1

of data.

2 Discuss data governance, classification, and management P2 T2

practices, including data storage, integrity, security, and
ethical considerations.

3 Understand the stages of data analytics (descriptive, P2 T1

diagnostic, predictive, and prescriptive) and their
applications and implications.

4 Discuss Big Data, its characteristics, implications, and P2 T2

methods of collection and application.

5 Discuss database management, including database P2 T2

normalization, data warehousing, and the concepts of ETL
(Extract, Transform, Load)

6 Understand various database management systems, P1 T1

including Relational Database Management Systems
(RDBMS), NoSQL, Object Databases, and Graph Databases.

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

B Systems

1 Describe the fundamental architecture of IT systems within P2 T2

an organization, including hardware, software, and
networks.

2 Explain the roles and interactions of various IT system P2 T2

components and their impact on organizational efficiency
and effectiveness.

3 Apply Information and Communication Technologies (ICT) to P2 T2

enhance the efficiency and effectiveness of an organization’s
systems.

4 Analyze the adequacy of systems, processes and controls for P2 T2

collecting, generating, storing, accessing, using, sharing, or
reporting data and information.

5 Specify core features and components of ERP systems. P1 T1

6 Specify the features, types and uses of cloud computing P1 T1

including cloud computing models.

7 Describe the frameworks and best practices for IT P2 T2

governance and management. Recommend on adequacy
and improvement of ICT processes and controls including
Return on Investment (ROI).

8 Understand emerging technologies including, artificial P1 T1

intelligence, blockchain technology, fintech and Internet of
Things and their potential impact on business systems.

9 Understand how AI techniques, such as machine learning and P1 T1

deep learning enhance data analytics and decision-making.

10 Identify the effect of digital disruption and technology P1 T1

developments on the accountancy profession and business.

C Risks

1 Discuss risks associated with IT environments including both P2 T1

physical and digital computing technologies.

2 Discuss cyber and information security risks. P2 T2

3 Describe the IT General Controls for managing risks related P2 T2

to confidentiality, integrity and availability.

4 Explains how ICT supports the identification, reporting and P2 T1

management of risk in organization.

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

Key Examinable Professional Skills

1 Evaluate data and information from a variety of sources and perspectives through
research, collaboration, integration and analysis.

2 Apply critical thinking skills to solve problems, form judgements, make informed
decisions and reach well-reasoned conclusions.

3 Communicate clearly and concisely with a range of stakeholders.

4 Evaluate changing facts and circumstances to solve problems, form judgments, make
informed decisions, and reach well-reasoned conclusions.

5 Anticipate challenges and plan potential solutions.

6 Demonstrate intellectual curiosity to emerging ideas and practices.

Key Examinable Professional Values, Ethics and Attitude

1 Apply an inquiring mind when collecting and assessing data and information.

2 Apply critical thinking when identifying and evaluating alternatives to determine an

appropriate course of action.

Specific Examinable Knowledge Reference

1 IT Frameworks: COBIT

2 IT Risk: ISO 27005

3 Information and Cyber Security: ISO 27001 and 27002

4 • State Bank of Pakistan: Enterprise Technology Governance and Risk Management

Framework
• Security Exchange Commission of Pakistan: Guidelines for Cyber Security
• Prevention of Electronic Crimes Act, 2016
• Cyber security policy of Pakistan
• Electronic Transaction Ordinance, 2002

All the above frameworks and regulations will be examined to the extent of the materials provided
in the study text.

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

CAF 4: BUSINESS LAW DYNAMICS

Syllabus Teaching
Grid Weightage
Ref. hours

A Introduction to legal system 4-9 3-6

B Contract Act, 1872-Essentials and Performance 45-50 25-32

C Other Business Laws 18-23 15-20

D Companies Act, 2017 - Incorporation and Issuance of Shares 18-23 12-17

E Companies Act, 2017 - Management and Administration 15-20 10-15

F Companies Act, 2017 and other - Meetings and 30-35 20-25

Proceedings, Directors, Chief Executive, Accounts and
Dividends

Total 130-160 100

Key Examinable Technical Competencies

Syllabus Proficiency Testing
Contents
Ref. Level Level

A Introduction to legal system

1 Describe legislation, its forms and the process of legislation P1 T1

in Pakistan.

B Contract Act, 1872-Essentials and Performance

1 Identify essential elements of offer, acceptance and P1 T1

revocation.

2 Analyze a relationship to identify valid, voidable or void P1 T1

agreements.

3 Apply provisions governing contingent contracts. P1 T1

4 Apply provisions governing the performance of contracts. P2 T2

5 Apply provision governing relations resembling those P2 T2

created by contract.

6 Discuss consequences of breach of contract. P2 T2

7 Explain contract of agency. P1 T1

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C Other Business Laws

1 Describe partnership, nature of the partnership, its P1 T1

creation, types and modes of determining the existence of
a partnership.

2 Apply the provisions governing the relation of partners to P2 T2

one another.

3 Apply provisions governing the relation of partners to third P2 T2

parties.

4 Explain fundamental concepts of the promissory note, bill P1 T1

of exchange and cheque.

5 Explain basic concepts in laws related to Anti-money P1 T3

laundering and Arbitration.

D Companies Act, 2017 - Incorporation and Issuance of Shares

1 Discuss the provisions of law relating to business, objects P1 T2

and incorporation of different kinds of companies.

2 Discuss the provisions of law relating to the issuance of P2 T1

shares.

E Companies Act, 2017 - Management and Administration

1 Apply provisions related to registration of mortgages and P1 T2

charges.

2 Apply the provisions of law relating to management, P2 T2

administration, investment and disclosure of interest.

F Companies Act, 2017 and other - Meetings and Proceedings, Directors, Chief Executive,
Accounts and Dividends

1 Discuss the provisions of law relating to meetings and P2 T2

proceedings.

2 Discuss the provisions of law relating to directors and chief P2 T2

executive.

3 Discuss provisions of law relating to accounts and dividends. P2 T2

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

Key Examinable Professional Skills

1 Evaluate data and information from a variety of sources and perspective through
research, collaboration, integration and analysis.

2 Apply critical thinking skills to solve problems, form judgements, make informed
decisions and reach well-reasoned conclusions.

3 Communicate clearly and concisely with a range of stakeholders.

Key Examinable Professional Values, Ethics and Attitude

1 Apply an inquiring mind when collecting and assessing data and information.

2 Apply critical thinking when identifying and evaluating alternatives to determine an

appropriate course of action.

3 Analyze the interrelationship of ethics and law, including the relationship between laws,
regulations, and the public interest.

4 Explain the role and importance of ethics in relation to business and good governance.

Specific Examinable Knowledge Reference

B Contract Act, 1872-Essentials and Performance

1.1 Sections 1 to 2

1.2 Sections 3 to 9

2.1 Sections 10 to 30C

3.1 Sections 31 to 36

4.1 Sections 37 to 67

5.1 Sections 68 to 72

6.1 Sections 73 to 75

7.1 Sections 182 to 189

C Other Business Laws

Partnership Act, 1932

1.1 Sections 1 to 8

2.1 Sections 9 to 17

3.1 Sections 18 to 27 and 30

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

Negotiable Instruments Act, 1881

4.1 Sections 1 to 9, 13 and 14

5.1 Anti-money Laundering Act, 2010 - Sections 2(xiv), 3 and 4

5.2 The Arbitration Act, 1940 - Sections 2(a) and (d), 3 to 5, 13 and 21

D Companies Act, 2017 - Incorporation and Issuance of Shares

1.1 Section 2 Clauses 4, 5, 8, 9, 10, 11, 14 to 21, 25, 33, 34, 37, 38, 42, 45, 46, 49, 52, 54,
57, 63, 65, 66, 68, 71, 73 and 74

1.2 Sections 4, 7, 9 to 22, 24 to 43, 53 to 55 and 57

1.3 First Schedule - Table A

2.1 Sections 58 to 62 and 85

E Companies Act, 2017 - Management and Administration

1.1 Sections 100, 105 to 109, 110 and 112

2.1 Sections 118, 125, 130, 199, 200, 204 to 208 and 211

F Companies Act, 2017 and Other - Meetings and Proceedings, Directors, Chief
Executive, Accounts and Dividends

1.1 Sections 131 to 152

2.1 Sections 153 to 168, 170, 171, 174 and 176 to 185

2.2 Sections 186 to 192 and 194 to 196

3.1 Sections 220, 223, 226 to 229, 232 to 234, 237 and 240 to 243

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

CAF-5: MANAGEMENT ACCOUNTING

Competency

Prepare, account for, record and report production cost of goods and services for managerial
decision making.

Syllabus Teaching
Grid Weightage
Ref Hours

A Costs Associated with Production 45-50 35-45

B Cost Flow 20-30 20-30

C Cost Management Planning and Decisions 45-50 30-40

Total 110-130 100

Key Examinable Technical Competencies

Syllabus Proficiency Testing
Learning Outcomes
Ref Level level

A Costs Associated with Production

a Production Cost

1 Identify elements of cost of product, job or services. P2 T1

2 Account for elements of cost to accumulate the cost of

product, job or services using absorption, marginal and
P2 T2
activity-based costing.

3 Account for over or under-absorbed overheads. P2 T1

4 Apply appropriate technology and inventory valuation P1 T1

techniques for finished goods inventory in the absorption
costing system.

5 Apply appropriate technology and techniques to analyze P1 T1

cost behavior and the drivers of costs

b Raw Material

1 Apply appropriate technology and inventory valuation and P2 T2

measurement techniques for raw material inventory

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

c Manufacturing Overhead

1 Analyze costs of production and service departments for P2 T2

allocation and apportionment of production costs.

2 Calculate predetermined factory overheads rate. P2 T2

d Labour

1 Discuss productivity and efficiency measurement in relation P1 T1

to controlling labor costs.

2 Explain the concept of remuneration systems, incentive P1 T1

wage plans and types therein.

3 Compute the impact of a learning curve on the productivity P1 T1

of employees.

e Manufacturing Accounts

1 Prepare manufacturing accounts. P2 T2

B Cost Flow

a Process Costing

1 Analyze and account for the flow of cost in the process P2 T2

costing system.

2 Analyze and account for normal and abnormal loss, P2 T1

abnormal gain and cost of rework in process costing.

3 Apply appropriate technology and inventory valuation P2 T2

techniques on work in process and finished goods in process
costing system.

4 Analyze and account for the cost of joint and by-product. P2 T2

b Target Costing

1 Apply the target costing tools to given scenarios. P1 T2

c Variance Analysis

1 Compute standard rates of material, labor and factory P2 T2

overhead.

2 Analyze different variances. P1 T2

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

C Cost Management Planning and Decisions

a Cost-Volume-Profit

1 Analyze cost-volume-profit to support decision making. P2 T2

b Special Orders

1 Analyze incremental cost-benefit and contribution margin P2 T2

for a special order.

c Make or Buy Decisions

1 Analyze incremental cost-benefit and contribution margin to P2 T2

take product mix, make or buy decision.

d Further Processing Decisions

1 Analyze incremental cost-benefit for further processing P2 T2

decision.

e Shut Down and Product Discontinuation Decisions

1 Analyze cost-benefit to take shut down and product P2 T2

continuation or discontinuation decisions.

f Economic Order Quantity (EOQ)

1 Calculate EOQ P2 T2

g Safety Stock and Re-order level

1 Calculate safety stock and re-order levels. P2 T2

Key Examinable Professional Skills

1 Evaluate data and information from a variety of sources and perspective through
research, collaboration, integration and analysis.

2 Apply critical thinking skills to solve problems, form judgements, make informed
decisions and reach well-reasoned conclusions.

3 Communicate clearly and concisely with a range of stakeholders.

4 Analyze data and information to consider alternatives and enable management to make
informed decisions.

5 Prepare data and information to support management decision making, including

setting metrics and targets, cost management, quality control and comparative analysis
by applying appropriate technology.
6 Evaluate the performance of an organization and its business segments, products, and
services against metrics and targets.

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

Key Examinable Professional Values, Ethics and Attitude

1 Apply an inquiring mind when collecting and assessing data and information.

2 Apply critical thinking when identifying and evaluating alternatives to determine an

appropriate course of action.

Specific Examinable Knowledge Reference

1 FIFO, weighted average, lower of cost and net realizable value methods of inventory
valuation

2 Direct and indirect cost

3 Variable, semi-variable and fixed costs

4 Repeated distribution method of apportionment of service department cost

5 Simultaneous equation method of apportionment of service department cost

6 Learning curve theory

7 Opportunity cost

8 Relevant cost

9 Breakeven analysis and charts

10 Profit/volume charts

11 Economic Order Quantity

12 Direct material total cost, price and usage variances

13 Direct labour total cost, rate, efficiency and idle time variances

14 Variable production overhead total cost, expenditure and efficiency variances

15 Fixed production overhead expenditure, efficiency and capacity variances

16 Material mix and yield variances

17 Sales Variance and Operating statements

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The Institute of Chartered Accountants of Pakistan CAF Syllabus

CAF 6: CORPORATE REPORTING

Competency

Understanding the application of selected accounting standards, laws and regulations while
preparing financial statements

Syllabus Teaching
Grid Weightage
Ref. Hours

A Financial Statements and their Analysis 46-56 20-30

B Accounting for essential financial transactions, ethics and 23-28 35-45

sustainability

C Other areas of IFRS 40-47 30-40

Total 109-131 100

Key Examinable Technical Competencies

Syllabus Proficiency Testing
Learning Outcomes
Ref. levels levels

A Financial Statements and their Analysis

1 Prepare general purpose financial reports including P2 T2

consolidated statements of financial position and
consolidated statement of profit or loss and other
comprehensive income involving a single subsidiary and
associate.

2 Calculate the value of Investment in associates as per the P2 T1

equity method of accounting.

4 Apply the principles and concepts concerning P2 T2

measurement, retrospective adjustments, presentation
and disclosure of basic and diluted earnings per share.

5 Understand the local requirements of preparing financial P1 T1

statements.

B Accounting for essential financial transactions, ethics and sustainability reporting

1 Apply the principles and concepts for recognition, P2 T2

measurement and disclosure of current tax and deferred
tax asset and liability (excluding Business Combinations).

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2 Apply the principles and concepts of recognition, P2 T2

measurement, presentation and disclosure of Revenue
from contracts.

3 Apply the principles and concepts for recognition and P2 T2

measurement of intangible assets and expense; and
measurement after recognition and disclosure of
intangible assets (including website costs).

4 Understand and apply the fundamental principles of P2 T1

professional ethics to identify, evaluate and address the
threats to compliance with fundamental principles and
comprehending the ethical responsibilities of a Chartered
Accountant in the preparation and reporting of financial
information.

5 Understand the fundamentals of ESG and sustainability. P1 T1

C Other areas of IFRSs

1 Apply the principles and concepts with respect to P2 T1

disclosure and measurement of operating and reportable
segments.

2 Apply the principles and concepts for recognition, P2 T2

measurement, presentation and disclosure of Leases
(Excluding modification, sale and lease back and
reassessment).

3 Apply the principles and concepts with respect to P2 T1

recognition, classification and measurement of financial
instruments including preparation of journal entries
including the basic concept of recognition of impairment
using ECL model. (excluding complexities of impairment,
reclassification, derivatives, embedded derivatives, hedge
accounting, de-recognition and modification).

4 Apply the principles and concepts for recognition, P2 T2

measurement and disclosure of Provisions, Contingent
liabilities and Contingent assets.

5 Apply the principles and concepts for recognition, P2 T1

measurement and disclosure of adjusting and non-
adjusting events after the reporting period.

6 Apply principles and concepts in respect of effect of P2 T1

changes in foreign exchange rates on foreign currency
transactions.

Key Examinable Professional Skills

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1 Evaluate data and information from a variety of sources and perspective through
research, collaboration, integration and analysis.

2 Apply critical thinking skills to solve problems, form judgements, make informed
decisions and reach well-reasoned conclusions.

3 Communicate clearly and concisely with a range of stakeholders.

4 Evaluate changing facts and circumstances to solve problems, form judgments, make
informed decisions, and reach well-reasoned conclusions.

5 Apply the relevant IFRS on transactions and other events and conditions based on facts
and circumstances.

Key Examinable Professional Values, Ethics and Attitude

1 Apply an inquiring mind when collecting and assessing data and information

2 Apply critical thinking when identifying and evaluating alternatives to determine an

appropriate course of action.

3 Apply relevant ethical requirements to all professional activities.

4 Explain the nature of ethics.

5 Identify threats to compliance with the fundamental principles of ethics.

6 Evaluate the significance of threats to compliance with the fundamental principles of

ethics and respond appropriately.

7 Apply ethical principles of ethics when collecting, generating, storing, accessing, using
and sharing data and information.

Specific Examinable Knowledge Reference

1 IAS 1: Presentation of Financial Statements

2 IAS 10: Events after the reporting period

3 IAS 12: Income Taxes

4 IAS 21: Effect of changes in foreign exchange rates

5 IAS 28: Investments in associates and joint ventures

6 IAS 33: Earnings per share

7 IAS 37: Provisions, Contingent Liabilities and Contingent Assets (including IFRIC 1)

8 IAS 38: Intangible Assets

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9 IFRS 3: Business Combinations

10 IFRS 8: Operating Segments

11 IFRS 9: Financial Instruments

12 IFRS 10: Consolidated Financial Statements

13 IFRS 15: Revenue from Contracts with Customers

14 IFRS 16: Leases

15 IFRS S1: General Requirements for Disclosure of Sustainability-related Financial

Information

16 Code of Ethics for Chartered Accountants (Revised 2024)

17 • Sections: 223, 224, 225, 228, 229 and 237 of the Companies Act, 2017
• Third, fourth and fifth schedules of the Companies Act, 2017

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CAF-7: BUSINESS INSIGHTS AND ANALYSIS

Competency

Apply business and financial analysis on business problems.

Syllabus Teaching
Grid Weightage
Ref. Hours

A Managerial Analysis 40-45 30-40

B Risk Management 45-55 20-30

C Financial Analysis 25-30 25-30

D Introduction to Sustainability 10-15 10-15

Total 120-145 100

Key Examinable Technical Competencies

Syllabus Proficiency Testing
Contents
Ref. level level

A Managerial Analysis

a External Analysis

1 Analyze impacts of political, legal and social environment P2 T2

on a business organization.

2 Analyze technological disruption and opportunities for a P2 T2

business organization.

3 Analyze impacts of economic environment on a business P2 T2

organization.

4 Analyze impacts of competitive environment on a P2 T2

business organization.

b Internal Analysis

1 Analyze the internal environment of an organization. P2 T2

2 Analyze an organization’s business model, including its P2 T2

value chain.

c Ethical Decision making

1 Analyze a business situation using ethical-decision P2 T2

making models.

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B Risk Management

1 Discuss various sources of finance including debt, equity P1 T1

and Islamic finance.

2 Compute Cost of equity, cost of debt and the weighted P2 T2

average cost of capital.

3 Analyze capital asset’s sensitivity to systematic risk, P2 T2

expected return of market and risk-free assets.

4 Apply risk management techniques including financial P2 T2

risk management on business entities.

C Financial Analysis

1 Prepare data and information and apply appropriate P2 T2

technology and techniques to support management
decision making, including setting metrics and targets to
prepare budget using external and internal analysis and
quantitative techniques.

2 Analyze an organization’s cash flow and working capital P2 T2

requirements, including debtors and creditors
management.

3 Compute NPV, IRR and Payback for a given project. P2 T2

D Introduction to Sustainability

1 Understand key sustainability concepts including P1 T1

recognition of key stakeholders in sustainability.

2 Understand three pillars of sustainability and their inter- P1 T1

connection.

3 Understand measures of sustainability and examine the P1 T1

role of environmental, social and governance (ESG)
factors in measuring corporate sustainability.

Key Examinable Professional Skills

1 Evaluate data and information from variety of sources and perspective through
integration and analysis.

2 Apply critical thinking skills and evaluate changing facts and circumstances to solve
problems, form judgements, make informed decisions and reach well-reasoned
conclusions

3 Communicate clearly and concisely with a range of stakeholders.

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4 Evaluate changing facts and circumstances to solve problems, form judgments, make
informed decisions, and reach well-reasoned conclusions.

5 Prepare data and information and apply appropriate technology and techniques to
support management decision making, including setting metrics and targets.

Key Examinable Professional Values, Ethics and Attitude

1 Apply an inquiring mind when collecting and assessing data and information

2 Apply critical thinking when identifying and evaluating alternatives to determine an

appropriate course of action.

Specific Examinable Knowledge Reference

1 SWOT Analysis

2 Porter’s Five Forces Model

3 Product Life Cycle Model

4 Boston Consulting Group Matrix

5 Ethical decision making - Tucker’s 5-question Model (Presented by Graham Tucker)

6 Ethical decision making - American Accounting Association 7-step Model

7 ISO 31000 Risk management — Guidelines issued by International Standardization

Organization

8 Capital Asset Pricing Model

9 Capital rationing

10 Asset replacement cycle

11 Hedging interest rate: Futures, Options and Forward agreement excluding hedge
efficiency

12 Hedging Foreign Exchange: Currency futures, Options, Forward and Money Market
hedge excluding hedge efficiency

13 Commodity and security: Forward and future contracts

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CAF-8: AUDIT AND ASSURANCE ESSENTIALS

Competency

Apply knowledge of general concepts, principles, skills and techniques of auditing and selected
International Standards on Auditing, Assurance and Ethics.

Syllabus Teaching
GRID Weightage
Ref. hours

A Audit Framework, Regulations and Professional Ethics 25-30 15-25

B Planning and Risk Assessment 20-25 15-20

C Audit Evidence and Internal Controls 35-40 30-40

D Finalization and Reporting 30-35 25-30

Total 110-130 100

Key Examinable Technical Competencies

Syllabus Proficiency Testing
Learning Outcomes
Ref. Level Level

A Audit Framework, Regulations and Professional Ethics

a Basic Concepts

1 Describe briefly the history, vision, mission, objectives and P1 T1

functions of the international auditing and assurance
standards board (IAASB)

2 Discuss the types, scope and inherent limitations of an

External Audit.

3 Discuss the concepts of true and fair view, professional

skepticism, professional judgement, accountability and
stewardship.

4 Discuss the responsibility of management, those charged

with governance and external auditors in relation to
financial statements.

b Concept of Assurance and Non-Assurance Engagements

1 Discuss the objectives, elements, phases, types and levels P1 T1

of the assurance engagement.

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2 Discuss briefly the non-assurance engagements related to P1 T1

Preparing Accounting Records and Financial Statements,
Valuation Services and Recruitment Services.

3 Explain brief introduction, elements and objectives of P1 T1

Sustainability Assurance Engagements.

4 Explain the concept of material misstatement and its effect on P1 T1

an assurance engagement.

5 Apply appropriate assurance procedures and automated P1 T1

tools and techniques.

6 Identify relevant and reliable evidence to form judgments, P1 T1

make informed decisions, and reach well-reasoned
conclusions.

7 Explain how contradictory assurance evidence may affect P1 T1

judgments, decisions, and conclusions.

8 Explain how connected information affects assurance P1 T1

engagements.

9 Explain whether sufficient appropriate evidence for P1 T1

assurance procedures has been obtained and documented.

c Agreeing the terms of Audit Engagements

1 Discuss the concept, importance and the contents of P1 T1

Engagement Letter.

2 Discuss factors to be considered in the case of recurring P1 T1

audits.

3 Discuss Preconditions for an audit and Course of action in P1 T1

the case when preconditions are not present.

d Quality Control Procedures

1 Explain the overall objectives and importance of quality P1 T1

control procedures in conducting an audit.

2 Explain briefly the quality control procedures for acceptance P1 T1

and continuance of client relationship and engagement,
engagement performance and monitoring.

e Appointment, Removal and Qualification of Auditors

1 Discuss the requirements related to appointment, removal, P2 T2

fee, qualification and disqualification of auditors.

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2 Discuss the objectives, rights and duties of external auditors P1 T1

in relation to the Financial Statement.

f Code of Ethics

1 Discuss fundamental principles and threats to P2 T2

Independence and Objectivity.

2 Discuss the circumstances that cause threats and explain P2 T2

the safeguards to offset threats to compliance with the
fundamental principles and threats to independence and
objectivity.

3 Explain the matters to be considered by an audit firm in the P2 T2

following circumstances:
• Client acceptance
• Engagement acceptance

B Planning and Risk Assessment

a Planning an Audit

1 Discuss the importance of planning an audit and the P1 T1

content of an audit strategy and detailed audit plan.

2 Discuss preliminary engagement activities. P1 T1

3 Discuss additional considerations in initial audit P1 T1

engagements.

4 Discuss briefly the concept of interim and final audit and list P1 T1
the audit procedures that can be performed by the external
auditor at the interim and final stage of an audit.

b Audit Documentation

1 Discuss the importance of audit documentation including P1 T1

custody, ownership, confidentiality and retention.

2 Discuss types of working papers (Permanent and current), P1 T1

including automated and standardized working papers.

3 Discuss factors to be considered in determining the form P1 T1

and content of audit documentation.

c Risk Identification and Assessment

1 Define audit risk and its components. P2 T2

2 Explain audit risk from the given scenario and the auditor’s
response to the risk identified.

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3 Explain why auditors obtain an understanding of the entity

and its environment.

4 Explain the matters about which the auditor will obtain an

understanding of the entity and its environment.

5 Explain how the auditor will obtain an understanding of the

entity and its environment.

6 Explain the purpose of risk assessment procedures at the

planning stage of an audit.

7 Discuss documentation.

d Materiality in Planning and Performing an Audit

1 Explain the concepts of materiality, qualitative materiality, P2 T2

revision in materiality, performance materiality.

2 Explain how materiality is calculated. P2 T2

3 Explain the application of materiality on audit. P2 T2

4 Discuss documentation of materiality. P2 T2

e Fraud and Error

1 Define fraud and error and discuss their differences. P2 T2

2 Discuss types of Fraud. P2 T2

3 Discuss the responsibility of Management, those charged P2 T2

with governance and external auditor with respect to fraud.

4 Discuss risk assessment procedures with respect to fraud by P2 T2

the External Auditor.

5 Discuss response to the assessed risk of material P2 T2

misstatement due to fraud (at the financial statement
level).

6 Identify fraud risk factors and circumstances that indicate P2 T2

the possibility of fraud in simple scenarios.

C Audit Evidence and Internal Controls

a Audit Evidence

1 Define audit evidence and discuss methods to obtain audit P1 T1

evidence.

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2 Discuss the concept of Sufficient and appropriate audit P1 T1

evidence.

3 Explain types of audit procedures. P1 T1

4 Define financial statement assertions. P1 T1

b External Confirmation

1 Define external confirmation, types, methods and P2 T2

significance of external confirmation.

2 Discuss planning and design of External Confirmation. P2 T2

3 Discuss the course of action in the case of reply from third P2 T2

parties (both in the case of positive and negative
confirmations).

4 Discuss the course of action if management refuses to allow P2 T2

the auditor to send confirmation.

5 Discuss the concept of exception and procedures to be P2 T2

performed in the case of an exception.

c Analytical Procedures

1 Explain analytical procedures and their various types. P2 T2

2 Discuss factors to be considered when using analytical P2 T2

procedures as substantive procedures.

3 Discuss the importance of analytical procedures at the P2 T2

planning stage and when forming an overall conclusion / at
the end of the audit.

4 Interpret accounting ratios along with audit risk. P2 T2

d Audit Sampling

1 Explain audit sampling and its purpose. P2 T1

2 Explain the concept of 100% testing and selection P2 T1

technique including factors to be considered in this regard.

3 Discuss methods of sampling (Statistical and non- P2 T1

statistical).

4 Explain the concept of sampling risk and non-sampling risk. P2 T1

5 Explain the concept of Stratification. P2 T1

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6 Discuss the concept of misstatement and rate of deviation P2 T1

including expected and tolerated.

7 State the audit procedures to be performed on the selected P2 T1

sample.

8 Discuss the concept of projecting misstatement and P2 T1

evaluating the results of audit sampling.

e Substantive Procedures

1 Explain the audit procedures to verify: P2 T2

- Income Statement items (Sales, Cost of Sales, Payroll
Expense, Bad Debt expenses, Interest income and
expense, Operating Selling and Administrative
expenses)
- Statement of Financial Position Items (Cash in hand,
Cash at Bank, Tangible and Intangible Fixed Assets,
Debtors, Trade Payables, Inventory, Long term loan,
Various types of provisions and contingencies, Equity)

2 Explain the audit procedures for relevant and specific

financial statement assertions.

f Internal Control and Test of Controls

1 Explain internal control and its components. P2 T2

2 Discuss the objectives and limitation of an accounting and P2 T2

internal control system.

3 Discuss how the internal control system is documented P2 T2

through various methods.

4 Discuss the concept of Walkthrough Test and the difference P2 T2

between Walk through Test and Test of Controls.

5 Discuss internal controls of a small company/entity. P2 T2

6 Explain the risk, controls and test of controls to be P2 T2

performed on major transition cycles (Sales system,
purchase system, inventory system, bank and cash system,
payroll system and revenue and capital expenditure
system).

g Computer Assisted Audit Techniques and General &

Applicable IT Controls

1 Explain the concept of Computer Assisted Audit P2 T2

Techniques, Test Data and Audit Software and their
advantages and disadvantages.

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2 Describe general IT controls and application IT controls. P2 T2

3 Explain the concept of Data Analytics and Automated Tools P1 T1

and their advantages and disadvantages.

h Using the Work of Others

1 Discuss the concepts and functions of the internal audit P2 T2

department.

2 Explain the difference b/w the external audit and internal P2 T2

audit.

3 Explain how the work of internal auditors is evaluated and P2 T2

direct assistance of internal auditors is used.

4 Explain areas where an auditor’s expert can be used by the P2 T2

external auditor.

5 Explain factors to evaluate the competence, capability and P2 T2

objectivity of the auditor’s expert.

6 Explain how the adequacy of the auditor’s expert’s work P2 T2

can be evaluated.

7 Explain how reference to the Auditor’s expert is made in the P2 T2

auditors’ report.

i Related Party

1 Describe the term related party using simple examples. P2 T2

2 Discuss how related party transactions can give rise to the P2 T2

risk of material misstatement using simple examples.

3 Describe the audit procedures including risk assessment P2 T2

procedures and related activities to obtain information
relevant to identifying the related party relationships and
transactions including responses to the assessed risk of
material misstatement.

D Finalization and Reporting

a Subsequent Events

1 Explain requirements related to subsequent events and the P2 T2

auditor’s responses.

2 Describe the auditor’s responsibility in respect of the P2

following situations: T2

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- Events occurring between the date of the financial

statements and the date of the auditor’s report.
- Facts that become known to the auditor after the date
of the auditor’s report but before the date the financial
statements are issued.
- Facts that become known to the auditor after the
financial statements have been issued.

b Written Representation

1 Explain written representation. P2 T2

2 Discuss the course of action when there is a doubt as to the P2 T2

reliability of written representation.

3 Discuss the course of action in the event when P2 T2

management does not provide the requested written
representation.

4 Explain the impact on the audit report in the case there is a P2 T2

doubt about the reliability of written representation and
when such is not provided by the management.

c Going Concern

1 Discuss the concept of going concern assumption. P2 T2

2 Discuss the responsibility of management and external P2 T2

auditors with respect to going concern.

3 Explain potential indicators that an entity is not a going P2 T2

concern.

4 Discuss the procedures to be applied in performing going P2 T2

concern reviews and additional procedures when events or
conditions are identified.

5 Explain the impact on the audit report in the case of going P2 T2

concern

d Evaluation of Misstatements

1 Discuss the concept of identified and uncorrected P2 T2

misstatements in an audit.

2 Discuss the procedures for evaluating identified and P2 T2

uncorrected misstatements during an audit.

3 Discuss the impact of identified and uncorrected P2 T2

misstatements on the financial statements and audit
opinion.

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e External Audit Report

1 Discuss the concept of unmodified and modified opinions. P2 T2

2 Discuss the contents of an audit report. P2 T2

3 Discuss additional reporting responsibilities. P2 T2

4 Discuss the format and content of key audit matters (KAM), P2 T2

emphasis of matter paragraph (EOMP) and other matter
paragraph (OMP).

5 Discuss circumstances where EOMP and OMP are/may be P2 T2

necessary.

6 Discuss the relationship of EOMP and OMP with other P2 T2

content of audit report.

7 Discuss the impact on the audit report via various types of P2 T2

opinions in scenario-based questions.

f Engagement to Review Financial Statements

1 Discuss the concept and scope of a review engagement. P1 T1

2 Explain Difference b/w audit and review engagement. P1 T1

3 Discuss the procedures to be performed by the practitioner P1 T1

in case of a review engagement.

g Sustainability Reporting and Disclosures in Assurance

1 Briefly explain the requirements of sustainability reporting P1 T1

and disclosures in assurance.

2 Briefly explain ethical consideration for assurance of P1 T1

sustainability reporting and disclosure.

Key Examinable Professional Skills

1 Evaluate data and information from a variety of sources and perspective through
research, collaboration, integration and analysis.

2 Apply critical thinking skills to solve problems, form judgements, make informed
decisions and reach well-reasoned conclusions.

3 Communicate clearly and concisely, with a range of stakeholders.

4 Evaluate changing facts and circumstances to solve problems, form judgments, make
informed decisions, and reach well-reasoned conclusions.

5 Demonstrate intellectual curiosity to emerging ideas and practices

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Key Examinable Professional Values, Ethics and Attitude

1 Apply an inquiring mind when collecting and assessing data and information

2 Apply critical thinking when identifying and evaluating alternatives to determine an

appropriate course of action.

3 Analyze the interrelationship of ethics and law, including the relationship between laws,
regulations and the public interest.

4 Identify threats to compliance with the fundamental principles of ethics.

5 Apply ethical principles of ethics when collecting, generating, storing, accessing, using
and sharing data and information.

Specific Examinable Knowledge Reference

1 ISA 200: Overall objectives of the Independent Auditor and the conduct of an audit in
accordance with International Standards on Auditing

2 ISA 210: Agreeing the terms of audit engagement

3 ISA 220: Quality Management for an audit of Financial Statements

4 ISA 230: Audit documentation

5 ISA 240: The auditor’s responsibilities relating to fraud in an audit of financial statements
(including appendix 1 and 3)

6 ISA 300: Planning an audit of financial statements

7 ISA 315 (Revised 2019): identifying and assessing the risk of material misstatement

8 ISA 320: Materiality in planning and performing an audit

9 ISA 330: The auditor’s response to assessed risks

10 ISA 450: Evaluation of Misstatements during Audit

11 ISA 500: Audit evidence

12 ISA 501: Audit evidence-specific considerations for selected items

13 ISA 505: External confirmations

14 ISA 520: Analytical procedures

15 ISA 530: Audit Sampling

16 ISA 560: Subsequent Events

17 ISA 570: (Revised) Going Concern

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18 ISA 580: Written representations

19 ISA 610(revised 2013): Using the work of internal auditors

20 ISA 620: Using the work of an auditor’s expert

21 ISA 700(revised): Forming an opinion and reporting on Financial statements

22 ISA 701: Communicating Key audit matters in the Independent auditor’s report

23 ISA 705 (revised): modifications to the opinion in the independent auditor’s report

24 ISA 706 (revised): emphasis of matter paragraphs and other matter paragraphs in the
independent auditor’s report

25 ISRE 2400: Engagements to review historical financial statements

26 Companies Act 2017 (Sections 246 to 251)

27 ICAP Code of Ethics for Chartered Accountants (Revised 2024): Sections 100-120, 320

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