The Attestation and Auditing section of CPA coaching and examination is an integral portion of the financial accounting syllabus and understanding of concepts. It focuses on an organization’s financial statements, compliance, and processes. CPA exam helps evaluate the student’s understanding of correct and ethical auditing procedures and applications. The best CPA training in India also disseminates knowledge regarding process of gathering evidence, fundamental financial or accounting principles and internal control mechanisms.
It won’t be wrong to highlight here that there is some overlap in syllabus between FAR and AUD. The portion of GAAP reporting is tested in both these examinations. Although it plays a significant role in time distribution during preparation, it is considered smart to disinvest into other topics to be covered in your preparation journey.
AUD is overall a 4-Hours examination and it’s not a mandate for students to sit through or cover up the entire 4 hours allocated. There are no individual time restraints.
MyLogicVideos offers CPA coaching in India for all topics included in Auditing and Attestation (AUD).
Below are the details of the topics and subjects that will be covered –
Professional Responsibilities, Standards, and Fundamental Principles:
This portion of Professional Responsibilities, Standards, and Fundamental Principles technically covers information related to accepted codes of conduct , documentation requirements ,internal control mechanisms , third party communications management and nature or scope of engagements.
Assessing Risk and Developing Planned Processes:
It helps students understand different processes practically utilized to analyze different environments, how to prepare for an engagement and process of gaining information coordinates of the entity in question. It also helps students identify risk or value associated with misstatements.
Performing Procedures and Obtaining Evidence:
All in all, this portion fosters knowledge regarding the vitality of independence. It also throws light upon what value do sampling techniques and evidences hold.
Conclusion and Compliant Reporting:
Students learn the intricate process of reaching and drawing conclusion through coordinated synchrony of data points. They are taught how to ask questions about engagements pertaining to auditing, reviewing , service engagements and attestation.
To successfully clear the CPA exam, candidates must be able to commit a minimum of 15-20 hours per week towards CPA training and preparation.
Other criteria –
To pursue CPA, candidates are required to have the desired education and experience. CPA eligibility requirements differ from state to state, however here are some standard eligibility criteria are:
- Graduation or equivalent degree
- 150 semester hours of college course
- 1-2 years of experience under any CPA
CPA eligibility criteria for an Indian –
For an Indian candidate to be able to attend CPA exam, he/she should be a member of the Institute of Chartered Accountants of India (ICAI) (or) Institute of Cost and Works Accountants in India (or) Company Secretaries in India (or) Master of Commerce or MBAs
The minimum credits required for taking the US CPA exam is –
- CPA exam – 120 credits
- CPA license – 120 credits
Credits allotted for 1 year graduation in India is 20 credits. Hence, 3 years B.Com (90 credits) along with 2 years of MBA (60 credits) equals 150 credits.
The AUD syllabus for CPA online classes is organized and covered under the following major portions-
- Professional Responsibilities, Standards, and Fundamental Principles: 15%-25%
- Assessing Risk and Developing Planned Processes: 20%-30%
- Performing Procedures and Obtaining Evidence: 30%-40%
- Reaching a Conclusion and Compliant Reporting: 15%-25%