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Wednesday, August 22, 2012

Auditing Tips Summary as discussed in the Class

1. Auditing is largely a practical and application discipline

2. For the purpose of its full coverage you may segregate the syllabus of this paper into six parts for preparation

3. In first part you may prepare Engagements and Quality Control Standards on Auditing (SA/SRS/SRE/SAE) and Guidance Notes for which list of applicable standards are published by ICAI on time to time

4. In part two, you may prepare Professional Ethics. Generally it has been observed that there is one question i.e. case studies based question of 16 marks in the examination paper

5. In part three, you may prepare audit strategy, planning and programming, risk assessment and internal control evaluation, audit under computerized information system (CIS) environment

6. In part four, you may incorporate audit of limited companies, rights, duties and liabilities of auditors, third party liability and Audit Committee and corporate governance

7. In part five, you may include miscellaneous audits like audit of banks, insurance companies, co-operative societies, NBFCs, audit under fiscal laws, cost audit and special audit assignments

8. In part six, you should prepare special features in audit of public sector companies, internal audit, management and operational audit, investigation and due diligence and concept of peer review

While answering the case studies based question, answer should be split in to Two parts, first one is Fact of the cases and second one is the relevant concept and finally give your good conclusion in this way the case study and application oriented theory questions can be handled

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