CA Intermediate - Paper 6 : Auditing and Assurance
ICAI has introduced this paper Auditing & Assurance at the CA Intermediate level where you are taught about Nature, Objective & Scope of Audit, Audit strategy, Planning and Programme, Audit Documentation & Evidence, Risk Assessment and Internal control, Fraud and Responsibilities of Auditor in this regard, Audit sampling, procedures, Analytical procedures, Audit of items of financial statements (Vouching & verification), Company Audit & Audit report and Audit of Banks and different types of entities.
Note to be pointed! 😉 – “Only auditors can save the world through peace andreconciliation.”
Chartered Accountants are popularly known as “Auditors”
Auditing in simple words means the process of verification. Auditing is one of the areas where authority is given exclusively for Chartered Accountants
This subject provides insights to the basic concepts of auditing that must be followed in practical scenarios
“Auditing is a melting pot of all other subjects may it be accounting, Law, taxation or even EIS ”
Why has ICAI introduced this paper, Auditing & Assurance, at CA Intermediate Level?
This paper enables you to understand about key areas in auditing such as various types of audit opinion, audit report format, obligations required under various laws, etc.
An auditor ought to have expert knowledge of the subject and hence this paper is set as a foundation for practical training & CA Final
What are the topics covered in Auditing & Assurance at CA Intermediate Level?
Nature, Objective & Scope of Audit, Audit strategy, Planning and Programme
Audit Documentation & Evidence
Risk Assessment and Internal control
Fraud and Responsibilities of Auditor in this regard
Audit sampling, procedures, Analytical procedures
Audit of items of financial statements (Vouching & verification)
Company Audit & Audit report
Audit of Banks and different types of entities
What is the best approach to study Auditing & Assurance?
It is a common misconception that Auditing & Assurance is a theory paper; indeed, it is the most practical oriented paper in the CA course
While answering any question, think with an open-mind, do not limit the answers to auditing text books. Relate it to knowledge gained in other subjects, link it and write all the relevant points
Write hand-written notes. This has 2 advantages: (i) You analyse while you write and (ii) They are your last-minute saviour
Try using the same language of standards as used in the books
Start speaking in Auditing language!
Do not quote incorrect SA numbers or wrong sections
See how CA Vikas Oswal teaches this paper Auditing and Assurance
To empower every student aspiring to be a CA, CS or CMA to master all subjects in their curriculum and pass their exams at the first attempt with an easy to use tool which they can use to study anytime anywhere