How to Prepare CS Executive Company Accounts and Auditing Practices. In previous post we have given CS Executive Company Accounts and Auditing Practices previous exams question papers. Today we are providing tips to prepare CS Executive Company Accounts and Auditing Practices. ICSI has given subject wise specific guidance to CS Executive students who are going to write CS Executive exam. Read below !!
This CS Executive Company Accounts and Auditing Practices paper has been designed to provide the students with advance knowledge of the principles and practices of company accounts and auditing in accordance with statutory requirements. The paper has been divided into two parts; Part- A consisting of Company Accounts and Part-B covering Auditing practices.
Part A carries 70 Marks. While designing the contents of the syllabus of Company Accounts, it has been presumed that the students possess the knowledge of Financial Accounting paper of Foundation Programme. Students are also required to know the relevant legal provisions of the Companies Act, 1956 and notified sections of the Companies Act, 2013 and the procedures prescribed thereunder.
Part B carries 30 Marks. It covers the aspects relating to Auditing concepts, Types of company Audit, Internal Audit, Audit Engagement and documentation etc. Auditing is not just a theoretical subject. The effectiveness of audit is achieved only when a person is fully aware of different other statutes and able to tackle problems in practical life. Therefore, there is a need to understand the provisions of the applicable laws, standards, process and procedures.
CS Executive Company Accounts and Auditing Practices Important Preparation Tips
The student should take the following things into consideration particularly for this subject.
- Being a practical subject, students are advised to solve the practical problems as much as they can and understand the practical aspects of Company Law provisions.
- All the workings must form part of the answer. Students should not forget to refer/write the working number in their solution.
- Practice illustrations which are representing different situations; understand the logic – what, where and how it is getting changed and check the application of accounting standards. Company Accounts is a very dynamic subject and any change in company law provisions attracts a similar change in the accounting aspect relating to the particular change in company law. Students are expected to be aware of time to time changes made in company law and other corporate legislations.
- Since the listed company are governed by Securities Exchange Board of India (SEBI), students are expected to keep a watch on SEBI announcement relating to accounting aspects of listed companies.
- Refer the annual reports of various companies and get themselves acquaint with latest development in corporate financial reporting.
- Study the Accounting standards and Indian Accounting Standards as issued by the Institute of Chartered Accountants of India.
- Students should obtain the practical insight of provisions relating to auditor’s appointment, various aspects of statutory audit, cost audit and secretarial audit.
- Study of Standard on Auditing as issued by The Institute of Chartered Accountants of India will bring an added advantage to the students. For updation, Students are advised to read ‘Student Company Secretary’, Chartered Secretary, Bare Act, recommended books and other publications on the subjects.
How to Prepare CS Executive Module – 1 and Module – 2
ICSI providing specific guidance on each subject in CS Executive programme. Click below links to read
Module – 1
Module – 2
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