Previously I had written about How TO Passed CS Executive in First Attempt.many of the student asked please give some tips about how to pass company accounts and auditing practice.in company accounts many of the students are failing because of lack of conceptual clarity and many others reasons.there may be a lack of more and more practice among student.
Company Accounts and Auditing Practices has been created to provide the students with advance knowledge of the principles and practices of company accounts and auditing in accordance with legal provisions.
Company Accounts and Auditing Practices had been categorized into two parts; Part- A Company Accounts and Part-B covering Auditing practices. Part A carries 70 Marks. whereas part b carrying 30 marks weight.
While outlining the contents of the syllabus of Company Accounts, it has been considered that the students maintain the knowledge of Financial Accounting paper of Foundation Programme. Students are also expected to know the relevant legal provisions of the Companies Act, 2013 .
Part B i.e auditing practices carry 30 Marks. It covers the aspects relating to Auditing concepts,Types of company Audit, Internal Audit, Audit Engagement, and documentation etc. Auditing is not just a theoretical and mugging subject.
The effectiveness of audit is performed only when a person is completely aware of different other enactments and able to tackle problems in practical life.
Therefore, there is a requirement to know the provisions of the applicable laws, rules, process and methods.
i would like to consider some tips for preparation of company accounts and auditing practice.some of them are-
♦⇒company accounts Being a practical subject, you are advised to solve the practical
problems as much as you can and understand the practical aspects
of Company Law provisions.
♦⇒All the workings note you have done must form the part of the answer. always remember you should not forget to refer/write the working number in their solution.
♦⇒always not forget to Practice illustrations which are representing different situations;
understand the logic – what, where and how it is getting changed and check the application of accounting standards.
♦⇒Company Accounts is a very dynamic subject and any change in company law provisions attracts a similar change in the accounting aspect relating to the particular change in company law. you are expected to be aware of time to time changes made in company law and other corporate legislations.
♦⇒You must have to cear all the concepts of all the topic.
♦⇒always Try to cover-up 100% syllabus.
♦⇒Since the listed company are governed by Securities Exchange Board of India (SEBI), you are expected to keep an attention on SEBI announcement correlating to accounting aspects of listed companies.
♦⇒ Notice the annual reports of various companies and get themselves inform with the latest development in corporate financial reporting.
♦⇒Study the Accounting standards and Indian Accounting Standards as issued by the Institute of Chartered Accountants of India.
♦⇒For updating himself/herself, you are advised to read ‘Student Company Secretary’, Chartered Secretary, Bare Act, recommended books and other publications on the subjects.
Recommended Read:How to Write Answer For Case Studies Question in CS Exam
How to prepare Auditing?
♦⇒The audit is pure theoretical kinds subject and most of the students take audit easily so don’t do these mistake.
♦⇒always treat company accounts as well audit in the same manner.
♦⇒ you must take the practical acumen of provisions relating to auditor’s appointment, various aspects of the statutory audit, cost audit and secretarial audit.
♦⇒Study of Standard on Auditing as issued by The Institute of Chartered Accountants of India.it will bring a more and precious advantage to you.
♦⇒Try to connect auditing topic thinking of practical situation.i.e think and imagine you are doing real auditing.
♦⇒ Try to Understand the Audit concept rather than mugging up.
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