CA FINAL Overview

The third level of the CA (Chartered Accountancy) course conducted by the ICAI (Institute of Chartered Accountants of India) is identified as Final.

This is the third level course for any student intending to take up the chartered accountancy course after CPT (Common Proficiency Test).


The CA course at the Final level (ICAI: Final Examination) consists of theoretical examinations as well as practical training in the form of articleship. There are 8 subjects to be studied arranged into 2 groups of 4 papers of 100 marks each i.e. a total of 6 papers if 100 marks each.

To pass a student has to obtain a minimum of 40% in each paper and an aggregate of 50% in all the papers of both the groups together if attempting both the groups or all the papers of a single group, failing which the student has to reappear in all the papers of that group/groups again.

Course Highlights

  • Minimum Course duration – 3 YearsIt is the period starting from the time the student gets registered for the course, to the time the student completes the coaching and other formalities required for being eligible for appearing at the main examination at this level. This period is a minimum of 3 years.
  • Minimum Age

    There is no stipulation as to the minimum age required for registering for the course.

    Minimum Academic/Educational Qualifications

    1. A pass in the Common Proficiency Test (CPT) conducted by ICAI
    2. A pass in the Integrated Professional Competence Course (IPCC)

The CA course at the Final level consists of theoretical examinations as well as practical training in the form of compulsory practical training and communication skills training. There are 8 subjects to be studied arranged into 2 groups of 4 papers each of 100 marks.

To pass a student has to obtain a minimum of 40% in each paper and an aggregate of 50% in all the papers of both the groups together if attempting both the groups or all the papers of a single group, failing which the student has to reappear in all the papers of that group/groups again.

A student has to get through both the groups either at once or separately to be eligible for MEMBERSHIP.

However there are certain exemptions in cases where the student has obtained high marks in one or more papers and has failed the group.

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CA FINAL Syllabus

The subjects and syllabus for the Final Examination are specified hereunder. It may be noted that for the purposes of coverage in the syllabus, relevant developments including issue of Accounting Standards, Statements on Standard Auditing Practices, Guidance Notes by the Institute, amendments in the legislations, any statutory modification or re-enactment of the legislations covered therein, in force atleast six months before the Examination would be taken into account.


Paper 1: Advanced Accounting

(One paper – Three hours – 100 marks)

Level of Knowledge :Expert knowledge.

Objectives :(a) To gain comprehensive understanding of all aspects relating to external financial reporting practices.

(b) To gain expert knowledge of the professional standards, principles and procedures of accounting, and their application to different practical situations.

Contents :

1. Accounting Standards and Guidance Notes on various accounting aspects issued by the ICAI and advanced problems based thereon.

2. Corporate financial reporting – issues and problems with special reference to published financial statements.

3. Consolidated accounts of holding and group companies.

4. Accounting for amalgamation: Purchase and pooling of interests methods of accounting.

5. Accounting aspects of corporate restructuring.

6. Financial reporting in respect of various kinds of financial institutions like mutual funds, non-banking finance companies, merchant bankers, stock brokers.

7. Fund-based accounting (for non-profit organisation)

8. Developments in accounting :

  • Interim reporting.
  • Segment reporting.
  • Value-added statement.
  • Economic value – added statement
  • Corporate social reporting.
  • Human resource accounting.
  • Accounting for Intangible Assets
  • Accounting for Financial Instruments.
  • Environmental accounting

9. Valuation of goodwill and shares.

10. Comparative study of basic concepts of international accounting standards, US GAAP and standards in India.

Paper 2: Management Accounting and Financial Analysis 

(One paper – Three hours – 100 marks)

Level of Knowledge : Expert knowledge.

Objectives :(a) To gain expert knowledge in respect of management accounting, financial planning and financial services sector in terms of products, procedures, markets and reg­ulatory framework.

(b) To understand the issues involved in and the features of financial management in the global context.

Contents :

1. Project planning and capital budgeting: preparation of project report; financial projections; sensiti­vity analysis in capital budgeting; Impact of inflation on capital budgeting decisions, capital rationing, risk analysis in capital budgeting and evaluation of risky investments; social cost-benefit analysis; simulation and decision tree analysis.

2 (a) Types of financing: project financing; intermediate and long-term financing; negotiating term loans with banks and financial institutions; appraisal of term loans by financial institutions in India, lease financing.

(b) Special problems relating to Financing and Management of small and medium enterprises.

3. (a) Introduction to capital market in India includ­ing depositories.

(b) Introduction to capital market instruments including options (Option Pricing Theory), futures, and derivatives; risk-return relationship, capital asset pricing model (CAPM).

4. Financial services in India including merchant banking, portfolio management; credit rating agencies, consumer finance.

5. Mutual funds: operations and regulations.

6 (a) Business valuations

(b) Mergers, Acquisitions and corporate restructuring

7. Foreign collaborations and joint ventures.

8. Introduction to international financial manage­ment including raising of capital abroad (ADRs, GDRs, ECB.).

9. Foreign exchange exposure and risk management; foreign exchange markets and dealings therein.

10. Money markets and their operations.

11. Special Features of Financial Management in Public Sector Undertakings

12. Dividend decisions: dividend policy; its determinants.

Paper 3: Advanced Auditing

(One paper – Three hours – 100 marks)

Level of Knowledge : Expert knowledge.

Objective : To gain expert knowledge of current auditing practices and procedures and apply them in auditing engagements.

Contents :

1. Audit strategy, planning and programming

Planning the flow of audit work; drafting of reports; audit strategy, planning, programme, and impor­tance of supervision; review of audit notes and working papers; principal’s ultimate responsibility; extent of del­egation; control over the quality of audit work; reliance on the work of other auditor, internal auditor or an expert.

2. Internal control

Evaluation of internal control procedures; tech­niques including questionnaire, flowchart; internal audit and external audit, coordination between the two.

3. Special audit techniques

(a) Selective verification; statistical sampling.

(b) Special audit procedures; witnessing physical verification of assets, direct circularisation of debtors and creditors.

(c) Analytical review procedures.

(d) Improving the efficiency of auditing, systems auditing, risk-based auditing.

4. Statements/Standards and Guidance Notes.

Generally accepted accounting practices and auditing procedures. Statements on Standard Auditing Practices and Guidance Notes.

5. Audit of limited companies: Statutory requirements under the Companies Act 1956; Audit of branches; joint audits. Concepts of true and fair and materiality and audit risk in the context of audit of companies.

6. Audit reports; qualifications, notes on accounts, distinction between notes and qualifications, detailed observations by the statutory auditor to the management vis-a-vis obligations of reporting to the members; Special reports on offer documents.

7. Dividends and divisible profits; financial, legal, and policy considerations with special reference to depreciation. 8. Special points in audit of public sector companies. Directions of Comptroller and Auditor General under Section 619; Concepts of propriety and efficiency audit.

9. Rights, duties, and liabilities of auditors; Third party liability – nature and extent.

10. Audit Committees and Corporate Governance.

11. Investigation including Due Diligence.

12. Cost audit, Environmental Audit, Energy Audit.

13. Audit of public expenditure.

14. Certificates under the Payment of Bonus Act, import/export control authorities, etc.; Distinction between certificates and reports; specific services to non-audit clients.

15. Audit under different statutes, viz; income tax, other direct tax laws and indirect taxes.

16. Special features of audit of banks, insurance companies, co-operative societies and non-banking financial companies.

17. Special audit assignments like audit of bank borrowers, audit of stock exchange brokers and depositories; Inspection of special entities like banks, financial institutions, mutual funds, stock brokers.

18. Professional Liability of Auditors: Code of Ethics with special reference to the relevant provisions of The Chartered Accountants Act, 1949 and the Regulations thereunder.

19. Internal audit, management and operational audit: nature and purpose, organisation, audit programme; behavioural problems; Specific areas of management and operational audit involving review of internal control, purchasing operations, manufacturing operations, selling and distri­bution, personnel policies, systems and procedures. Aspects relating to concurrent audit.

20. Audit under computerised environment: Computer auditing; specific problems of EDP audit, need for review of internal control especially pro­cedure controls and facility controls; techniques of audit of EDP output; use of computers for internal and man­agement audit purposes; test packs, computerised audit programmes; involvement of the auditor at the time of setting up the computer system.

Paper 4: Corporate Laws and Secretarial Practice

(One paper – Three hours – 100 marks)

Level of Knowledge : Expert knowledge.

Objective : To gain expert knowledge of corporate and other allied laws and secretarial practices.

Contents :

1. The Companies Act, 1956 (Section 209 onwards till end).

2. The Foreign Exchange Management Act, 1999.

3. The Monopolies and Restrictive Trade Practices Act, 1969

4. The Sick Industrial Companies (Special Provisions) Act, 1985

5. The Securities Contracts (Regulation) Act, 1956.

6. The Securities and Exchange Board of India Act, 1992, and Guidelines issued thereunder.

7. Application of Secretarial Procedures and Practices.

8. Rules of interpretation of Statutes, Deeds, and Documents.


Final New Scheme of Education and Training
Group-IIPaper 5 : Cost Management
Level of Knowledge: Expert KnowledgeObjectives…
To gain expert knowledge of..

  1. use of costing data for decision-making and control, and
  2. emerging modern cost management concepts.

  1. Cost concepts in decision-making; Relevant cost, Differential cost, Incremental cost and Opportunity cost.
  2. Objectives of a Costing System; Inventory valuation; Creation of a Database for operational control; Provision of data for Decision-Making.
  3. Marginal Costing; Distinction between Marginal Costing and Absorption Costing; Break-even Analysis, Cost-Volume-Profit Analysis. Various decision-making problems.
  4. Standard Costing and Variance Analysis.
  5. Pricing strategies: Pareto Analysis
  6. Target costing, Life Cycle Costing
  7. Costing of service sector.
  8. Just-in-time approach, Material Requirement Planning, Enterprise Resource Planning, Total Quality Management and Theory of constraints.
  9. Activity-Based Cost Management, Bench Marking; Balanced Score Card and Value-Chain Analysis.
  10. Budgetary Control; Flexible Budgets; Performance budgets; Zero-based budgets.
  11. Measurement of Divisional profitability pricing decisions including transfer pricing.
  12. Quantitative techniques for cost management, Linear Programming, PERT/CPM, Transportation problems, Assignment problems, Simulation, Learning Curve Theory.
Paper 6: Management Information and Control Systems
(One paper – Three hours – 100 marks)
Level of Knowledge : Expert Knowledge
Objective : To develop the ability of the students in understanding the concepts involved in managerial information and control systems and systems analysis and in applying the same to business situations.
1. Transaction processing Systems, Shared processing, Client server and server centric systems.
2. Management Information Systems (MIS), Executive Information Systems (EIS) and Decision support systems.
3. System development life cycle.
4. Systems analysis and design: Tools & Techniques, detailed design specifications and documentation; system testing; control over development processes.Implementation of systems: systems installation, system training, system conversion; post-implementation review.
5. System Evaluation – Hardware and Software.
6. System Maintenance – Hardware and Software including viruses.
7. Computerised systems in Business Applications- financial accounting, management accounting and inventory control. Use of specialised softwares.
8. Tools: Use of Simple CASE Tools, Analysis of Financial Statements using Digital Technology.
9. Enterprise Resource Planning (ERP) Packages.
10. Controls applicable to IT development, system maintenance and changeover.
11. Information security: Importance and principles of information security, best approaches to implementing information security.
12. Detection of computer frauds.
13. Case Studies.
14. Audit of Information systems.
15. Cyber Laws.


Paper 7 : Direct Taxes
Level of Knowledge: Expert KnowledgeObjectives…

  1. To gain expert knowledge of the provisions of direct tax laws.
  2. To acquire the ability to apply the knowledge of the provisions of laws to various situations in actual practice.

  1. The Income Tax Act, 1961
  2. The Wealth Tax Act, 1957

While covering the direct tax laws, students should familiarise themselves with considerations relevant to tax management. These may include tax considerations with regard to specific management decisions, foreign collaboration agreements, international taxation, amalgamations, tax incentives, personnel compensation plans, accounting and other precautions to be observed to maximise tax relief.

Paper 8 : Indirect Taxes 
(One paper – Three hours – 100 marks)
Level of Knowledge: Expert KnowledgeObjectives…

  1. To gain expert knowledge of the principles of the indirect tax laws and the relevant rules and principles emerging from leading cases.
  2. To acquire the ability to apply the knowledge of the provisions of laws to various situations in actual practice.
Contents…I. Central Excise Act, 1944 and the related Rules, Central Excise Tariff Act, 1985

  1. Nature of excise duty, legislative history, coverage; levy and collection of excise duties under the Central Excise Act, 1944; legal effects of Notifications, Tariff Advises, Trade Notices.
  2. Provisions governing manufacture and removal of excisable goods.Valuation under the Central Excise Act, 1944, Central Excise Valuation (Determination of Price of Excisable Goods) Rules, 2000.
  3. Classification of goods under Central Excise Tariff Act, 1985, with reference to Rules of Interpretation.
  4. Assessment including provisional assessment, self-removal procedure, payment of duty, and rate of duty. Record-based control and production-based control.
  5. Demands and Refunds
  6. Registration procedures.
  7. Procedure relating to storage of excisable goods, time and manner of payment of duty and other matters relating to removal of goods.
  8. Maintenance of records, registers, and filing of returns.
  9. Remission of duty on goods used for special industrial purposes.
  10. Procedure for exports, duty draw back.
  11. Provisions relating to CENVAT.
  12. Departmental organisational set-up; adjudication and appellate procedures-Customs, Excise and Gold (Control) Appellate Tribunal, Settlement Commission, Advance Rulings.
  13. Offences and penalties.
  14. Exemptions for small scale industries.
II. Customs Act, 1962, and Customs Tariff Act, 1975

  1. Principles governing levy of customs duty, types of duty including protective duty, safeguard duty, countervailing duty and anti-dumping duty and exemption from customs duties.
  2. Basic principles of classification of goods and valuation of goods.
  3. Customs authorities, appointment of customs ports, warehousing stations.
  4. Provisions governing conveyance, importation and exportation of goods, special provisions regarding baggage, goods imported or exported by post, and stores.
  5. Detailed procedure in relation to transportation and warehousing.
  6. Drawback of customs duties paid.
  7. Prohibition, search and seizure, adjudication, Appellate remedies including Settlement Commission and Advance Rulings, prosecution in court of law and allied miscellaneous matters.

III. Service Tax.