Paper 4 :

Fundamentals of Accounting and Auditing

Fundamentals of Accounting and Auditing

Part A: Fundamentals Of Accounting

01  Theoretical Framework


2 Lectures                Know More

03   Accounting Process-II (Rectification of Errors)


6 Lectures                Know More

06    Depreciation Accounting


6 Lectures                Know More

08   Partnership Accounts


22 Lectures                Know More

10    Introduction to Company Accounts


8 Lectures                Know More

12    Computerized Accounting Environment


1 Lecture                Know More

02   Accounting Process-I (Recording of Transactions)


8 Lectures                Know More

05  Bank Reconciliation Statement


11 Lectures                Know More

07   Preparation of Final Accounts For Sole Proprietors


7 Lectures                Know More

09   Joint Venture And Consignment Account


26 Lectures                Know More

11   Accounting For Non-profit Organizations


9 Lectures                Know More

Part B: Fundamentals Of Auditing

13    Concepts Of Auditing


1 Lecture                Know More

15   Tools Of Auditing


1 Lecture                Know More

14    Types Of Auditing


 2 Lectures                Know More

16    Audit And Auditors Under Companies Act 2013 – Basic Provisions


 2 Lectures                Know More

About Fundamentals of Accounting and Auditing


Fundamentals of Accounting and Auditing deals with the Basics of preparation of accounts for Companies, Sole proprietor, partnership firms and Non-Profit Organisations, bank reconciliation statement. Auditing refers to the examination of Books of Accounts and financial records of Corporate entities considering the Auditing Standards provided by ICAI and the processes to be followed by an Auditor. Auditing is done by an external auditor.  

The knowledge of accounting is of utmost important for a CS. A Company Secretary is required to take to care of compliance of Financial Statements as per Law. He should also have sound knowledge on interpreting and analysing Financial Statements. This paper enables a student to prepare Accounts and analyse the same. The scope of work of Company Secretaries has increased and a practicing Company Secretary can be appointed as Secretarial Auditor for certain class of Companies. As a secretarial auditor, a CS is expected to know basics of Statutory Audit as well. This paper gives insight to students to understand the audit process and how audits are performed.

The topics covered in Fundamentals of Accounting and Auditing

  • Accounting concepts, principles and policies  
  • Accounting Process  
  • Bank Reconciliation Statement  
  • Depreciation Accounting  
  • Preparation of Final Accounts for Sole Proprietors  
  • Partnership Accounts  
  • Company Accounts  
  • Accounting for Non-Profit Organizations  
  • Computerized accounting environment  
  • Auditing concepts and audit reports  


The best approach to studying the Fundamentals of Accounting and Auditing is,

  • Start early: Considering the volume of syllabus of this paper, it is highly recommended to start the preparation much earlier to exams (at least 14-16 months before)    
  • Practice: Accounting and auditing is a blend of theory and practical. Understanding theoretical concepts and implementing the same on practical problems will help in understanding concepts better.   
  • Solving Mock Papers: It is very useful to solve mock papers as it familiarise you with the question paper pattern and the approach to solve analytical questions  
  • Revise: Always remember, it is always the power of re-calling in the exam that helps you excel. You may study once or twice, but your ability to revise and re-call what you have studied is what helps you during exams. Train you brain to re-call concepts as soon as you see the name of the topic. 


CS Shruthi Prakash
CS Shruthi Prakash
CA Malaya Kumar Panda
CA Malaya Kumar Panda
CA Rochelle D'sa
CA Rochelle D'sa

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