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Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2014 sir, i want to improve my knowledge on statutory audit. so please tell me the best book for statutory audit.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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07 January 2014 To improve knowledge about Statutory Audits; it is better to PRACTICALLY ENGAGE in the Auditing.....books will least help you to know about statutory audit.
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ICAI's study materials are the best to understand the concepts of the Auditing.
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Read some of the published AUDIT REPORTS of some of the companies. Don't miss to read NOTES ON ACCOUNTS.
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Until you know the applicability of various laws practically for a business enterprise; you won't be able to conduct the audit in depth.
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Ankur Garg

Ankur Garg (Expert)
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07 January 2014 Strategy to prepare Audit

QUICK READING APPROACH

First give ICAI audit study a quick reading to understand the depth and figure out the efforts and time required for final preparation. You would appreciate that through this quick reading you would be able to figure out where extra efforts are required in audit subject and plan accordingly.

Make necessary notes or put suggestions or mark strategy for yourself on the study book during first reading. This task helps you to deal with audit subject later on during final preparation. Pre-condition for this first study is --- go ahead for quick study with a completely relax and chilled mind. Your main purpose behind this quick study is observation and formation of a plan to deal with audit.

During first study ride prepare a plan for final preparation. Also use scanner for making the plan. 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.

SPECIAL ATTENTION TO SA AND AS

Also give special attention to SA and AS. Only good knowledge of SA and AS is not enough but you must understand the technique to apply SA and AS in audit practical problems. For this purpose refer ICAI suggested answers and observe the application of SA and AS to the problem. Another benefit of this task is—it also helps you to understand SA and AS in a much better way.

The suggestion above is based on my personal understanding and may easily be rejected or accepted by you. In any case please share your feedback.

All the Best and Regards

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