The subject of Auditing plays a vital role in the CA curriculum. It unifies the knowledge parameters of Accounting, Law and Technology.
Today, it is crucial for the students to be equipped with the latest updates of the SAs, AS, Guidance Notes, Vouching, Verification of Assets and Liabilities, Special Audit, and Company Audit.
Audit is defined as a systematic and independent examination of data, statements, records, operations and performances (financial or otherwise) of an enterprise for a stated purpose.
In any auditing situation, the auditor perceives and recognizes the propositions before him for examination, collects evidence, evaluates the same and on the basis formulates his judgment which is communicated through his audit report.
According to SA-200 on “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing”, “An audit is an independent examination of the financial information of any entity, whether profit-oriented or not, and irrespective of its size or legal form, when such an examination is conducted with a view to expressing an option thereon.”
The auditor
1. The person conducting an audit it known as the auditor.
2. He makes a report to the person appointing him after due examination of the accounting records and the accounting statement in the form of an opinion on the financial statements. The opinion that he is called upon to express is whether the financial statement reflects a true and fair view.
3. In India, under the authority of the Companies Act, 2013, only Chartered Accountants are professionally qualified for the audit of the accounts of companies.
4. By and large, it is chartered accountants or a firm, all the partners of which are chartered accountants, who act as auditors in India.
For the benefit of the students, the concepts have been thoroughly simplified; use of charts has been made extensively. It will help the students to remember the concepts using the mnemonic technique.
CA Vikas Oswal has written 8th Edition of Simplified Approach to Auditing and Assurance. The book provides comprehensive information about the auditing subject as applicable for IPCC November Exams and onwards. For the benefit of the students of CA IPCC, all concepts are illustrated in simple and easy to understand language with all appropriate Charts & Diagrams for better learning of each and every concept. It will help the students to remember the concepts using the mnemonic technique. Mnemonic Technique a form that the brain can retain better than its original form. Even the process of merely learning this conversion might already aid in the transfer of information to long-term memory.
The book extensively speaks about the Auditing basics, Internal Controls, Company Auditing, Standard on Auditing, Verification of Asset and Liability, Special Audits and Vouching. Simplified Approach to Auditing and Assurance</a> is a perfect self learning module for students appearing for exams in 2015. The book also covers the amendments as prescribed by ICAI under Companies Act, 2013 and other amendments as applicable for November 2015 Exams . Covers extensive question bank of Past 26 years which will help students to seek knowledge and gain insight of the concept for better understanding. The author has given lots of illustrations and examples to help students for easy understanding of all the concepts. It also covers unique tips for presenting answers and also provides information to the students about the Weight-age for each and every chapter.
This book covers the following chapters which provides insights to students on every concepts.
Chapter 1 Nature of Auditing
Chapter 2 Basic Concepts of Auditing
Chapter 3 Preparation for an Audit
Chapter 4 Internal Control
Chapter 5 Standards on Auditing
Chapter 6 Vouching
Chapter 7 Verification of Assets and Liabilities
Chapter 8 Company Audit-I
Chapter 9 Company Audit-II
Chapter 10 Special Audits
Chapter 11 Guidance Notes on Auditing Aspects
Chapter 12 EDP Audit/CIS Audit
Appendix 1 Previous Examination Question Papers
Appendix 2 How to Read Standards on Auditing
Appendix 3 Audit Dictionary
CA. Vikas Oswal, fellow member of ICAI, is a faculty member for Auditing. Mr. Oswal also is a Qualified Company Secretary and holding the Diploma in Information System Audit (DISA).He has been teaching Auditing to CA Final and IPCC students for more than 10 years and is in practice since 2002.
Vikas Oswal has taught practically at all SIRC Branches of ICAI, and is currently teaching at Bengaluru Branch of SIRC of ICAI. He has also conducted various study circle programs for members across South India and he is a regular visiting faculty at Mumbai, Coimbatore, Hyderabad, Tirupati and Chennai. He is the author of books such as Simplified approach to Auditing & Assurance for CA IPCC & Simplified approach to Advanced Auditing & Professional Ethics for CA Final. He is also known as Auditing Guru by students.
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