As we all know Audit is a very important and tricky paper for PCC and Final level and responsible for student’s failure some times. To excel in Audit proper preparation and planning is very much required to avoid failure. Further Audit is a paper which requires a practical approach towards actual Audit work.
According to me while studying audit paper you should consider yourself as an auditor and analyze and comment on the situation as an auditor.
Some of the points which can really help you to score well in Audit are as follows. Sincerely hope that the same would help you to deal with audit paper.
Some of the important and common topics for IPCC and Final Audit are:
1.Accounting Standards (AS) and Auditing Standards (SA)
3.Verification and vouching
1.PREPARATION AND APPLICATION OF SA AND AS IN AUDIT
In Audit paper Accounting Standards (AS) and Auditing Standards (SA) plays very crucial role. This role has two way functionality. One is good preparation of AS and SA give good confidence to deal with exam paper and pressure; Second is good preparation of AS and SA helps you to deal with real job situations during your professional journey.
Special attention to SA and AS is required to be given. Along with good knowledge of SA and AS the technique to apply SA and AS in audit practical problems should also be clear to you all.
To understand the application of SA and AS in audit practical problems I would advise you to observe the application of SA and AS in the scanner solutions and ICAI suggested.
It is also advisable to mention SA in audit paper wherever required just like sections. For example if some where going concern word is used in the context of Audit, you may mention the relevant AS no. where “going concern” is defined and explain the same if you have time.
All am trying to focusing to the connectivity of AS and SAs. For example while explaining SA-5 you can connect SA-16 in a good manner then go for it. Show your knowledge. Remember 20 to 30 marks are covered by SA and AS. So prepare accordingly.
2.READEVERYTHING IN AUDIT WITH OPEN MIND
As per my understanding audit is a paper requires lots of quick and logical application of mind to answer practical problems. Hence I’d suggest you to give a reading to ICAI audit study material to understand the depth and figure out the efforts and time required for preparation. By this kind of reading you may prepare a strategy for audit purpose.
Here you can make necessary notes for yourself on the study book during reading. This will surely help you to deal with audit subject later on during final preparation.
During this study keep scanner with you to figure out the important topics. Later on use any good notes to prepare. Remember at this moment you have everything in your mind like what is imp along with basic idea of the topic and chapter.
3.SELECTION OF RIGHT BOOK
As per my suggestion selection of right books is very important. I’d suggest you to go with Paduka book along with Surbhi Bansal’s notes for reference. Timely reference of ICAI syudy is also recommended.
Surbhi Bansal’s notes/books can be very handy for the preparation of SA in Audit paper.
4.ANSWERING PRACTICAL QUESTIONS
In Audit paper Practical questions plays an important role. These Practical questions mostly based on Practical questions Accounting standards and auditing standards. Here I’d advise you to refer DS Rawat book for preparing Accounting standards. Always remember good command over Accounting standards and its application to practical questions are the real key to score in audit.
Further Accounting standards are also mandatory to prepare for Financial Reporting paper or Accounting paper. So give special attention to AS.
5.STRATEGY FOR COMPANY AUDIT
Strategy for company audit also needs to be prepared well in advance. Weightage of company audit is very high in audit paper. For this I’d suggest you to prepare well all the relevant sections. Refer previous exam practical problems asked in previous exams.
6.SOME OTHER GENERAL POINTS
I would strongly suggest you all to stick to the basics of study to avoid further failure and ensure success. For me some basics of study are as follows:
a.) Timely completion of course material—Very first basic thing is to finish your course to have better idea of course structure. This will also help you to prepare a good revision schedule along with study plan.
b.) Timely revision-- Another basic study point is to give ample emphasis to a good revision plan. There is nothing is this world which can substitute a good revision plan. To succeed revision is must.
c.) Ample amount of practice of Numerical [account and cost] questions-- One major reason of student failure is bad performance in practical questions. So ample amount of practice of Numerical [account and cost] questions is must along with perfect conceptual clarity.
d.)Right amount of theory preparation in practical subjects—Most of the students don’t give due value to the theory in the practical subject. So right amount of theory preparation in practical subjects is equally important. The best way to solve this issue is to prepare notes of frequently asked theory questions from Scanner.
e.) Selection of right books—Another basic point for good preparation is the selection of right reference books. So take help from your seniors in choosing right books.
f.)Good presentation of theory— Lack of good presentation especially in theory paper is one of the major drawbacks for most of the students. In theory subjects good presentation of theory is must along with mentioning case laws and sections etc. So I’d request you all to take note of the same.