List of works an articled assistant should learn

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01 October 2013 List of works an articled assistant should learn during the course of his articleship.

Ajay Mishra

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02 October 2013 Hi

First of All, you should know what is Objective of Training:

Unique feature of the chartered accountancy curriculum is balanced approach towards theory and training by way of emphasizing commencement of the training at the beginning of the chartered accountancy curriculum and neither a stand–alone theory nor a practice without theoretical knowledge would make a professional successful. Followings are the objectives of the training:
(a) Developing skills in applying theoretical knowledge to practical situations
(b) Inculcating a disciplined attitude
(c) Imbibing due professional orientation
(d) Developing ethical values.

Ajay Mishra

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02 October 2013
CATEGORIES OF WORK EXPERIENCE

The categories of work experience are generally grouped as under:
􀂾 Accounting
􀂾 Auditing (including internal audit)
􀂾 Taxation (Direct and Indirect)
􀂾 Corporate and Allied Laws
􀂾 Management Services (including services in the field of Financial Management like
business valuation, mergers and cquisition, portfolio managements equity research
etc.)
􀂾 Information Technology
􀂾 Other areas, if any

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Ajay Mishra

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02 October 2013
Accounting includes Financial Accounting and Management Accounting:

􀂾 Maintaining of books of accounts, manual or computerised
􀂾 Preparing final accounts
􀂾 Application of statutory provisions, compliances with of Accounting Standards and
other pronouncements of the Institute, etc.
􀂾 Analysis and Interpretation of financial statements
􀂾 Preparing and reviewing budgets
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􀂾 Preparing and reviewing fund flow and cash flow statements.

Ajay Mishra

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02 October 2013
Auditing includes statutory audits, audit of various type of business and non-business organisations, tax audit, EDP audit, internal audit, operational audit, management audit and certification work:

􀂾 Preparing audit programmes
􀂾 Audit working papers and documentation
􀂾 Understanding, recording and evaluating internal control system
􀂾 Performing substantive audit procedures
􀂾 Scrutinising financial statements
􀂾 Compliance with auditing and assurance standards
􀂾 Drafting audit report.

Ajay Mishra

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02 October 2013
Taxation includes both direct and indirect taxes:

􀂾 Computation of Total Income under Income tax law
􀂾 Computation of Total Wealth under Wealth tax law
􀂾 Preparation and filing of returns under various direct tax laws like Income-tax,
Wealth-tax etc.
􀂾 Valuation of stocks, securities, etc. for the purpose of various direct tax laws e.g.
Wealth Tax, Income from Capital Gains, etc.
􀂾 Tax Planning
􀂾 Drafting of relevant deeds, documents, schemes etc.
􀂾 Preparation and filing of returns under various indirect tax laws like Excise Law,
Central Sales Tax, State Sales Tax, Service Tax, Expenditure Tax, etc.
􀂾 Classification and valuation under various indirect tax laws like Excise Law, etc.
􀂾 Procedural compliance under various direct and indirect tax laws e.g. Tax
deduction/collection at source, interest for late payment of taxes, appeals etc.

Ajay Mishra

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02 October 2013
Information Technology including computer applications:

Use of skills acquired by the students during the 250 Hours Compulsory Computer
Training/100 Hours Information Technology Training in their actual work areas such as:
􀂾 Use of customised or standards accounting packages, Enterprise Resource
Planning, etc.
􀂾 Developing and maintaining data bases
􀂾 Data Extraction and analysis techniques
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􀂾 E-commerce – audit and legal considerations
􀂾 System development life cycle
􀂾 Business continuity planning
􀂾 Information Security
􀂾 Information Systems Audit
􀂾 Cyber Laws and Information Technology.

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Ajay Mishra

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02 October 2013
Management Consultancy and other services including services in the field of
financial management and corporate affairs such as:
􀂾 Preparation of fund flow and cash flow statements and forecasts
􀂾 Projection of working capital requirements
􀂾 Preparation of project reports
􀂾 Preparation and processing of loan applications
􀂾 Amalgamation and merger schemes
􀂾 Planning capital structure
􀂾 Drafting of Memorandum and Articles of Association
􀂾 Formation of companies
􀂾 Preparation and analysis of prospectus
􀂾 Raising of capital, new issues and matters concerned therewith including SEBI
Guidelines
􀂾 Drafting of minutes
􀂾 Insolvency/Liquidation proceedings.

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Ajay Mishra

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02 October 2013 Other areas may include work study, organisational structure, design and conduct of training programmes, corporate planning.

The categorization of work experience as above should not be considered exhaustive or rigid as it is quite likely that working in a particular field may also overlap with other areas. For instance, work experience in the area of accounting and auditing may not be distinguishable in actual practice as both areas are quite inseparable from each other. Further, application of knowledge of information technology is inseparable from training an in accounting and auditing.

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