Paper 4 :

Fundamentals of Accounting and Auditing

Fundamentals of Accounting and Auditing

Part A: Fundamentals Of Accounting
01  Theoretical Framework

 

Lecture icon  2 Lectures                Know More

03   Accounting Process-II (Rectification of Errors)

 

Lecture icon  6 Lectures                Know More

06    Depreciation Accounting

 

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08   Partnership Accounts

 

Lecture icon  22 Lectures                Know More

10    Introduction to Company Accounts

 

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12    Computerized Accounting Environment

 

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02   Accounting Process-I (Recording of Transactions)

 

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05  Bank Reconciliation Statement

 

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07   Preparation of Final Accounts For Sole Proprietors

 

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09   Joint Venture And Consignment Account

 

Lecture icon  26 Lectures                Know More

11   Accounting For Non-profit Organizations

 

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Part B: Fundamentals Of Auditing
13    Concepts Of Auditing

 

Lecture icon  1 Lectures                Know More

15   Tools Of Auditing

 

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14    Types Of Auditing

 

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16    Audit And Auditors Under Companies Act 2013 – Basic Provisions

 

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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. 

Faculty

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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