Hello friends !! I discussed about how to tackle CA IPCC tax on my previous article. Now, I will be discussing about strategy to crack the audit exam.
Getting good marks in audit may not be everyone's cup of tea. Because it needs a lots of patience, understanding of the subject, good strategy as well as presenting the correct answer in the exam sheet. I will be discussing on the strategy based on which how I was able to get exemption(62) on this paper through self study. Its one of the strategy through which you will get good marks.
Well, there would be 2 kinds of students appearing for this subject.
1) Who are doing articleship.
2)Who have not started articleship yet (As they are giving both group at a time).
Those who are doing articleship will find this topic more easy as well as interesting because what they are learning is covered in the book. Those who are not practically experiencing this subject may feel the subject little boring. If they are doing tuition then it is advisable to clear their concepts from their tutor. Else they may ask their seniors or their friend (doing articleship) about how things are done practically. One thing must be remembered that this subject must be related to how things are done practically. SIRF RAT KE NEHI JANA HAI ISKO. Understand the concept behind it.
Now what you have to do is take the institute study material at first before going to practice manual at first (students doing tuition may follow what their tutor is saying). It will not only able to have a grip over the subject but also help you to solve 8*2=16 marks question in exam which is a high scoring area. Read the whole study material at least 2 times. Go slow at this step. Have patience. Understand the topics of each chapter. Relate each and every thing to your practical life. Note down your queries to get it resolved further (either by asking friends or by seniors). After you finish the study mat for 2-3 times come to practice manual. As you know practice manual is very important at your level do every question from it and practice it very well. After you are done with pm very well I would suggest you to download one thing form ICAI BOS knowledge portal. That is compilation of suggested answer. Nov 2003-Nov 2014 (For suggested answers after N14 you have to download it separately) is given on website. Go through it and check which question you have missed in your pm. Figure it out and do it. These whole process of preparation should not take more than 3 months.
Lots of students are facing problem regarding how to deal with standards on auditing. Don't worry. There are lots of chapters apart from standards on auditing. Do it first if you are really afraid about this portion. For SA you may buy reference book like Rawat. Go through the name and no. of std at first. Don't take huge time for the standards and stuck into it. Just read and understand the SA and practice it from PM, SUGGESTED ANSWERS, RTP, MTP etc.
One more thing that I want to say that don't take any reference book only because it is written in very easy language. What ICAI wants is their language. Hence, it is always better to use their language in answer sheet. Remember the technical words like substantial review, compliance procedure, external confirmation etc and be specific with it. Have a writing practice and recheck your answer with your book.
All the best guys !!