Auditing in simple words means the process of verification. It is called advanced auditing because this is an extension of the auditing paper what you had at intermediate level. It is a common misconception that Advanced Auditing and Professional Ethics is a theory paper; indeed, it is the most practical oriented paper in the CA Final syllabus. This subject not only provides insights to the concepts of auditing and ethics but also paves a way for students to groom as professionals by enabling them to imbibe principles of ethics at work.
Chartered Accountants are popularly known as “Auditors”. An auditor is ought to have expert knowledge of the subject and hence this paper. Our fraternity is a prominent link of chains in which the nation’s economy runs. Professional ethics are of utmost importance at this juncture since all CA Final students are just one step away from being a link of the above chain.
The topics covered in Advanced Auditing and Professional Ethics at the CA final Level
This paper can be sub-divided into two main parts: 1) Advanced Auditing and 2) Professional Ethics
Advanced Auditing can further be further divided into Standards on Auditing and Other topics
Professional ethics contains code of conduct read with the CA Act, 1949
The best approach to study Advanced auditing and professional ethics
“Auditing pronouncements is your bible for standards on auditing”. Other materials can be helpful for other topics
Your hand-written notes have 2 advantages 1) You analyse while you write and 2) They are your last-minute saviour
Try recalling instances from the days of practical training and link it with the topics for better understanding
Identify few key words that reflect the language of Auditing and incorporate in your answers
Professional Ethics is a scoring area – pocket full marks
Do not quote incorrect SA numbers or wrong sections
Credit system allows you to plan your learning smartly and with flexibility. Watch the video to find out more about how the credit system works, and how you can leverage this for your success.