Please provide Audit Tips

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Akhil

169 Points Joined March 2007

Dear Friends,

I have good theoretical knowledge of AS and AAS but no practical knowlege of Auditing. I was wondering if some of you who have some auditing experience could share some of your experiences viz., auditing techniques. (I am just a Graduate of Commerce who is interested in Auditing but not CA)

I have posted earlier in the Auditing Forum but with only one response. I hope the Students forum will be more helpful.

Thank you.

Replies (2)

Sc

205 Points Joined March 2007

Hi Kunal

As i said earlier..auditing is a vast area...there are statutory audits for diff types of organisations, there are internal audits, managemnt audits, tax audits....its very difficult to give u an entire load of audit techniques....i suggest that u join a CA firm and gain the experience that u are seeking....good luck!

Saurab

13 Points Joined March 2007

Hi
For Auditing, knowledge of AAS and AS is essential but knowledge of Taxation, Business and Corporate laws and Accounting Software is also useful.
So I would suggest to you that since you are already a graduate in Commerce, you can clear the Common Proficiency Test (CPT) and join a CA firm as an audit assistant or join PE- 2 course before 31 Aug, clear the exam and then join a CA firm as audit assistant.
Auditing and other subjects of the CA course are interrelated. If you clear the PE-2 exam or the newly introduced Professional Competence Exam which is to be cleared after CPT, you will have a qualification of atleast CA inter. This can help you in your future if you want to pursue a career in Auditing. You must be aware that only a qualified CA can conduct statutory audit. But you can assist CA in statutory audit even if you are not a qualified CA and you can also work in the internal audit department of company or firm.
Hence, a qualification of atleast CA inter will help you professionally. Maybe after joining the course you might want to complete it entirely.

If you do not want the theoretical knowledge and are only interested in gaining practical knowledge then join a CA firm now itself.