how to prepare audit in less time?

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HOW TO PREPARE AUDIT IN LESS TIME

how to prepare SAs

i will suggest you to that not to learn or cram all SAs as it would be very difficult for you as they cover approx 80 pages.

get compiler and point out which SAs are more important and get a reading of them very carefully.

after getting a reading try to make very short note of them to remember only their headings.

these short notes are called mnemonics .

a example of mnemonics is given by me on SA -315 is at the last of this page.

now in exam just write down the heading and use your own language for answer on the basis of the reading that you have taken .

but not try the simple language try to introduce those words in your language which are mostly used in audit by this you will show the examiner that you have enough understanding of SAs.

for example the word appropriate is mostly used rather than relevant.

and if you can not do these things then only take reading of only those SAs which you have already read in pcc or ipcc.

one more thing about audit paper is that not to leave

1. AS

2. Audit of special aspects.

3. Professional ethics.

these three chapters.

talking about AS i hope you have already covered them in accounts.

and about last two chapters they cover only 70 to 80 pages and in paper their coverage is of 30 to 36 marks.

Any further query is welcomed ...

Hope you will like my advice.

ARVIND.

 

SA-315

 

The gist is                  MD           ka                POWDER

 

 


M--------Material misstatement risk assessment

 

D--------Definition

 

 

 

 

                                         Ka

 

 

P--------Procedure of risk assessment & related activity

 

O-------Objective

 

W-------Weakness in internal control

 

D--------Documentation

 

E--------Entity & its environment understanding including the internal control

 

R--------Relevant controls understanding and its nature & extent

Replies (9)

Good work Arvind :) Audit guide from me too :

 

Tips to Prepare for Audit ( IPCC & CA Final )

Prepared by : CA Prakash Somani (CA, B.Com, NCFM (CMDM), Pursuing CS)

 

1.    Don’t go by size of modules, they are easy to read

2.    While different peoples' learning styles will vary, it is generally most effective to go by your reading speed and never follow or compete with anyone atleast in theory.

3.    Refer a good book like Prakhar Sharma/Paduka/ V.K Agrawal Note: (MP Vijay Kumar can be used for AS reference)

4.    Examiner will not ask direct Q on AAS so your concept should clear with AAS else you will loose. You may also remember latest AAS

5.    Your articleship training will give you practical experience of whatever in the book itself

6.    If possible try to write the way module is written, believe me its easy (Indirect method is used in Modules)

7.    It wont be possible to read whole Module in exams so be ready with one reference books

8.    Refer only one book and never suggest anything new nearto or during exams

9.    Professional ethics are to be read carefully as it has weighted of 15-20 marks. Remember their numbers and also to which part they belongs

10.  CARO Report and their number should also be remembered, better to prepare slogan (You can get it from me)

11.  Stick AAS and CARO Point before your study table for better remembrance

12.  It’s a theory subject so better to take one practical subject also i.e. combine interesting and boring subjects during revision. This will keep your level of  concentration in tact. ( Refer Point 23)

13.  Prepare notes of whatever you are feeling tough to grasp and revise them

14.  If there are many points to a particular Q then prepare a slogan suitable for you (It is the best way to cope with bulk points)

15.  Refer suggested answers or scanners to know the trend in exam i.e. which chapter is more important and which is less, you can even read in that order also

16.  Its not possible to follow “ ratta maro pravati “ here in Audit as it is very large for this

17.  Understand how to answer questions based on Case Studies. Take reference guide from previous attempts answer patterns

18.  Try out Case Study after having finished each Chapter

19.  Think of as many problem as you can and try to solve the same (Only if you have sufficient time)

20.  Remember the latest case laws on audit as there are very much chances that examiner will ask question on that

21.  Check the pattern of question paper, instructions. Are there any changes? It's essential that you are aware of the paper style

22.  Make sure that all your notes are arranged systematically. This is particularly important for the revision of your theory subjects

23.  Start revising from the chapters you know the best followed by difficult chapters ( Also refer Point 12)

24.  Revision has to be done by keeping the outline of the chapters. This will make you go through them quick and easy

25.  Take short breaks and study. Without break you can not get more output from your studies

26.  It is not important how many hours you study; it is more important how well you have studied

27.  Time yourself while you are studying. It's essential that you study for an hour and take 5 minutes break to do anything of your hobby to make you fresh.

28.  Don't keep your queries pending, solve them immediately (you can ask me J through www.psomani.caclubindia.com ).

29.  Recent Amendments should also be keep on your priority list.

30.  Reward yourself with an ice-cream or a brief outing after a good day's work.

31.  Give Thanks to the writer for his efforts to make this available to you J.

 

 

 

CARO Slogan: (Need only 5 readings for CARO (21 points))

Fixed Inventory Loan on Internal Register of Public deposit for Internal Audit & Cost Records with Statutory dues are

accumulated with financial institution dues in the way of loan on shares and chit fund so that trading in shares can

guaranteed for term loans for short & long term in preferential allotment of charges for end use in fraud

Tips to Prepare for Audit

thanx prakash sir 

No Sir yar,,,, you can call me by my name :) cheers :)

ARVIND...............I MUST SAY THAT YOUR CONTRIBUTIONS R REALLY ADMIRABLE.....

 

JUST KEEP SHARING.............

 

TAKE CARE

Thanx rahul........for appreciating me.........

those tips r really use full

thaks for heling.....

thanks sir


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