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Company Accounts and Audit

Company Accounts and Audit

CMA Intermediate - Paper 12 : Company Accounts and Audit

ICMAI has introduced this paper, Company Accounts and Audit, at the CMA Intermediate level, where you will get an in-depth knowledge of how to prepare financial statements including procedures, principles and professional standards. You will also get a basic knowledge of other types of audit to get a general idea of the procedure. This will help you when you perform cost audits of companies. 

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Company Accounts and Audit
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More about Company Accounts and Audit

What are Company Accounts and Audit?
  • Company Accounts is the set of financial records showing the details of a company’s profit and losses which are to be produced at the end of the year 
  • Audit is the inspection and verification of Company Accounts 
Why did ICMAI introduce this paper, Company Accounts and Audit, at the CMA Intermediate level?
  • As a CMA, you need to obtain an in-depth knowledge of how to prepare financial statements including procedures, principles and the professional standards 
  • As a CMA, you will need to perform cost audits of companies. But you also need to have some basic knowledge of other types of audit to get a general idea of the procedure. As such, you are introduced to the basic concepts of auditing 
What are the topics covered in Company Accounts and Audit at the CMA Intermediate level?
  • You will learn about Accounts of Joint Stock Companies which include the Accounting of Shares and Debentures, Presentation of Financial Statements, Cash Flow Statement and the Accounts of Banking, Electricity and Insurance Companies 
  • You will get an introduction to Accounting Standards (AS – 11, 12, 15, 16, 17, 18 and 19) 
  • Under Auditing, you will learn about basic Auditing Concepts, and the provision related to Auditing under the Companies Act 
What is the best approach to study Company Accounts and Audit?
  • This is a practical paper and so, you must solve a lot of problems 
  • Take short notes and mark the concepts you find difficult so that you come back to them when revising 
  • Keep yourself updated with the latest amendments regarding Accounting Standards 
  • Study consistently and do not wait for the last minute 
  • Do not ignore any part of the syllabus 
See how CA Srikanth MS, CA Chinmaya Hegde and CA Vikas Oswal teach this paper Company Accounts and AuditSign up to get a free trial!