PCC Auditing some tips

Friends,

I have cleared PCC in nov-08 (audit -70).i would like to share some tips regarding auditing with you which might help....

1)Read all AAS thoroughly.Remember the names of AAS.(a question on a name of AAS & its corresponding number was asked in november -08 attempt).It would be foolish to lose marks on such questions.Use the material provided by ICAI for AAS.(its a separate module with AAS & GUIDANCE NOTES).After reading the AAS ,write its summary & identify the key words & sentences to be written if a question on a particular AAS is asked.(pls note that AAS is now called SA & their numbers are changed.)

2)Company audit -I & Company audit -II  are very important chapters.Appointment of auditors,disqualifications & all other provisions relating to auditors are very important...Friends writing down things is the key in auditing....

3)Audit of assets,liabilities,expenditure are chapters which give easy marks...only 5 to 6 points are expected for 5 marks...the questions based on these chapters should be attempted first...after this one can attempt the SPECIAL AUDIT question.(this definitely saves a lot of time & one can attempt many marks in less time)

4)The audit syllabus should be summarised in a 200 pgs  book...it can be easily done...As we get leave for a day between all papers these summarised notes help a lot...after one comes from his accounts paper - one can refer that book atleast twice by night( ie after u come after the accounts paper)

5)EDP audit,government audit should not be left for option....

6) Concepts of materiality,auditor's independence....(aas 1, 3,5,7,9 11,13,17,18,19) are important...u can stress on the first 20 aas...

7)Refer Padhuka publications book for Auditing.....u will feel auditing is very easy after referring this book...

8) Practical exposure in articleship creates interest in this subject...but its not a pre requisite..

9)If one does not want to refer padhuka then go through the question papers of auditing from 1990....questions in auditing are repeated..for pcc icai has changed the pattern....questions on AAS are being asked more...the weightage of AAS n company audit is about 30 -50 marks...