Advanced Auditing and Professional Ethics

Advanced Auditing and Professional Ethics

Evolving Role of a CA. – Shift Towards Strategic Decision Making

The traditional role of a chartered accountant restricted to accounting and auditing has now changed substantially and there has been a marked shift towards strategic decision making and entrepreneurial roles that add value beyond traditional financial reporting. The primary factors responsible for the change are the increasing business complexities on account of the plethora of laws, borderless economies consequent to a giant leap in e-commerce, emergence of new financial instruments, emphasis on corporate social responsibility, significant developments in information
technology, to name a few. These factors necessitate an increase in the competence of chartered accountants to take up the role of not merely an accountant or auditor, but a global solution provider. Towards this end, the scheme of education and training is being continuously reviewed so that it is in sync with the requisites of the dynamic global business environment; the competence requirements are being continuously reviewed to enable aspiring chartered accountants to acquire the requisite professional competence to take on new roles.

Skill Requirements at Final Level Advanced Auditing and Professional Ethics

Under the Revised Scheme of Education and Training, at the Final Level, you are expected to not only acquire professional knowledge but also the ability to apply such knowledge in problem-solving. The process of learning should also help you inculcate the requisite professional skills, i.e., the intellectual skills and communication skills, necessary for achieving the desired professional competence.

Auditing – Core and Practical SubjectAdvanced Auditing and Professional Ethics

Auditing has been conceived to provide a highly useful technical service to the economy to know performances in financial and other appropriate terms in a reliable manner. It is needless to say that multitudes of significant decisions in the economic society are taken based on the financial information and, therefore, ensuring the reliability of such information is an imperative necessity. An audit is a subject that requires a lot of quick and logical application of mind to answer practical problems. It is one of the most practical-oriented subjects in the C.A. curriculum. This paper aims to provide knowledge of generally accepted auditing procedures and of techniques and skills needed to apply them in audit engagements. A good knowledge of the subject would provide a strong foundation to students while pursuing the Chartered Accountancy course.

A good understanding of the theoretical concepts, particularly, in the context of auditing standards would make practical training an enriching and enjoying experience. While studying this paper, students are advised to integrate the knowledge acquired in other subjects in a meaningful manner along with practical training. Such learning would only help a student to become a better professional.

Know your syllabus and Study MaterialAdvanced Auditing and Professional Ethics

The Study Material of Advanced Auditing and Professional Ethics subject has been designed having regard to the needs of home study and distance learning students. The study material deals with the conceptual theoretical framework in detail. In each chapter, the topic has been covered in a step by step approach. The text has been explained, where appropriate, through illustrations, diagrams, tables, flowcharts, screenshots etc. You should go through the chapter
carefully ensuring that you understand the topic and then test your knowledge by attempting the question.

The Study Material has been divided into twenty chapters in line with the syllabus and further bifurcated into three modules for the easy handling and convenience of students. For a bare text of Guidance Notes and Auditing Standards, the students are advised to refer the “Auditing Pronouncements” which has been separately published by the Board of Studies. For understanding the coverage of the syllabus, it is important to read the study material along with the Study Guidelines.

A framework of Chapters – Uniform Structure Comprising of Specific Components

Efforts have been made to present each topic of the syllabus in a lucid manner. Care has been taken to present the chapters in a logical sequence to facilitate easy understanding by the students.

Structure of the Study Material Advanced Auditing and Professional Ethics
Components ofeach ChapterAbout the component
1.Learning OutcomesLearning outcomes which you need to demonstrate afterlearning each topic have been detailed in the first page of each chapter/unit. Demonstration of these learning outcomes wouldhelp you to achieve the desired level of technical competence.
2.Chapter OverviewAs the name suggests, this chart/table would give a broadoutline of the contents covered in the chapter.
3.IntroductionA brief introduction is given at the beginning of eachchapter/unit which would help you get a feel of the topic.
4.ContentThe concepts and provisions of law/standard are explained instudent-friendly manner with the aid of Examples/illustrations/diagrams/flow charts. These valueadditions would help you develop conceptual clarity and get a good grasp of the topic. Diagrams and Flow charts would helpyou understand the concept/provision in a better manner. Illustrations would help you understand the application ofconcepts/provisions.
5.Exercise Questions with Answers / Test Your KnowledgeThe exercise questions and answers would help you to applywhat you have learnt in problem solving. In effect, it wouldsharpen your application skills and test your understanding aswell as your application of concepts/provisions.

We hope that these student-friendly features in the Study Material makes your learning process more enjoyable, enriches your knowledge and sharpens your application skills