Accounting and Auditing deals with the Basics of preparation of accounts for Companies, Sole proprietor, partnership firms and Non-Profit Organizations. Auditing refers to the independent examination of Books of Accounts of Corporate entities considering the Auditing Standards provided by ICAI and the processes to be followed by an Auditor. Every CS needs to have technical knowledge about Accounts. You need to know about investment decisions, dividend decisions, valuation, securities, risk analysis & management, etc. so that you build logical reasoning and strategic thinking skills so that you can apply this in the practical environment.