Online Updated Classes for CA CS CMA Subjects for Nov 21/May 22 Exams. Enroll Now!! Call: 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

CA.ViVeK M ACA (ACCOUNTS DEPARTMENT)     16 August 2010

How to score exemption in Audit paper..YOu must read

 

Dear Friends and members,

 

Disclaimer

The idea of the below articles I had adopted from some other articles which is already Presented to CCI

 

You can score more than 60% of the mark in audit paper if you are following with the below approaches


Most relevant area for Audit exam
more than 60% of the questions are set from the below area. So no choice in front of you, try for perfection in the below area, in that process you can achieve the excellence and that is enough for your success.

 

Most relevant points for Audit exam.( P C C /I P C C and Final level)

 

1. CARO 2003
2.Accounting standards
3.SA
4.Company Audit ( One and Two)


Inter linking technique


Normally exam question is purely practical in nature and may have application in more than one session see the below example

 
Just a question of going concept is set in the exam normally what the students think? You may be think that it is AAS 16 and will write all the pros and cons of that AAS only.


But had you written the below mentioned manner you can achieve a better result. Here were are going to adopt the inter linking technique.

 

The going concern have the application in more than the following area.

AS-1”Disclosure of Accounting Policies” explains the 3 fundamental assumptions of accounting which includes going concern.

The enterprise is viewed as a going concern when it does not have any intentions of shutting down or materially curtailing its scale of operations.

Section 227(4A) Caro 2003 Point number 1 states that if the going concern of the enterprise has been affected the auditor has to report on the same.

AS-4”Contingencies and events occurring after the balance sheet date “states that events occurring after the balance sheet date may indicate that the enterprise ceases to be a going concern.

AAS-16 “Going Concern “states that an auditor needs to consider whether the enterprise has appropriately used the going concern assumption in the preparation in the balance sheet.

Then explain AAS-16 in detail.



See one question have the application in many area. If the answer is just like the above you can get good marks than just

writing AAS 16 alone..

See the below set of example.

If a practical question of Internal audit students will start writing AAS 7 Relying the work on internal Auditors in details and not think beyond that...It is not write . there require some inter link tact .see how it shall be..

Section 227(4A) Caro 2003 Point number 7 states that in the case of listed companies and/or other

Companies having a paid-up capital and reserves exceeding Rs.50 lakhs as at the commencement of



the financial year concerned or having an average annual turnover exceeding five crore rupees for a period of three consecutive financial years immediately preceding the financial year concerned, Whether the company has an Internal Audit system commensurate with its size and nature of its business.

AAS-1”Basic Principals governing Audit “one of the principals laid down is internal control

Internal Control = Internal Audit + Internal Check

Then explain AAS-7 “Relying on the work of the internal auditor “in detail.



Ø AAS-1”Basic Principals governing Audit “ can be used as a base for many answers you write. Eg if the question is on documentation one would think of AAS-3”Documentation”.But instead of starting with AAS-3 you should start with

AAS-1”Basic Principals governing Audit “ one of the basic principals laid down is documentation: The auditor should document matters which are important in providing evidence that the audit was carried out in accordance with the basic principles.

Then explain AAS-3 in detail.







See more example







If a questions set just documentation , then, normaly you will write AAS 5 in details.It will not fetch you more mark. but you can get it! by doing the same in the following manner.



AAS-1”Basic Principals governing Audit “one of the basic principals laid down is Audit Evidence:

The auditor should obtain sufficient appropriate audit evidence through the performance of

Compliance and substantive procedures to enable him to draw reasonable conclusions there from on

Which to base his opinion on the financial information. Then explain AAS-5 in detail.



Eg if the question is on Planning one would think of AAS-8”Audit Planning”. But instead of starting with AAS-8 you should start with

AAS-1”Basic Principals governing Audit “one of the basic principals laid down is Planning:

The auditor should plan his work to enable him to conduct an effective audit in an efficient and

Timely manner.

AAS-20”Knowlegde of Clients Business” states that plans should be based on knowledge of the





client’s business. Then explain AAS-8 in detail.



Now in the same way AAS-6 on internal control and AAS-1 POINT on internal control can be inter

related.AAS-17”Quality Control for Audit Work” and AAS-1 POINT work performed by other point

can be inter related.



Ø Section 227(4A) Caro 2003 Point number 21 and AAS-4 ”Frauds and Errors” can be interrelated.





Students must inter link the questions as far as possible. So , Pay more attention on above relevant area of CARO 2003 etc, and in your presentation do adopt the Inter linking technique..





 42 Replies

CA.ViVeK M ACA

CA.ViVeK M ACA (ACCOUNTS DEPARTMENT)     16 August 2010

Even if it is lenghty try to implement it

9 Like
Palash Gupta

Palash Gupta (Student...Hoping to pass Inter)     16 August 2010

Thank U Sir for this article 

I will try and adopt it!!

CA.ViVeK M ACA

CA.ViVeK M ACA (ACCOUNTS DEPARTMENT)     16 August 2010

 

Originally posted by : Palash

Thank U Sir for this article 

I will try and adopt it!!

 Yours welcome... YOu can show the gratitude by pressing thank user button

11 Like

(Guest)

I found you the only member who does not Repeat his contribution to make points only.

your contribution is truly great. you are the real helping hand and charm of this site.

Nikhil Trivedi

Nikhil Trivedi (CA)     16 August 2010

Dear Sir,

urs article truly great for PCC level... but u FORGOT at Final Level the MAIN IMPORATANT TOPIC in AUDIT which is required to SCORE 60 and ABOVE and that is.....

PROFESSIONAL ETHICS ...... which coveres around 12 to 16 MARKS.. isn't it IMP or not?....

and by the way .. URs writing tips are very easy to learn and understandable but in EXAM HALL students sometimes forgets WHAT THEY HAVE STUDIED..... So how , they will WRITE SUCH A LENGHTY WRTINGS....

Sir, To Score 60 and above in audit u have to Complete Atleast 85 above marks paper...

But thanks for giving such guidance....I trully respecting u..never mind..

2 Like
Manish kumar

Manish kumar (CA-FINAL)     16 August 2010

thanks 4 awaring the students.

i also follow this rule by giving my best.

thank u sir.

CMA KNVV Sri Vidya - Sri Kanth

CMA KNVV Sri Vidya - Sri Kanth (C.A.Final (New) ICWAI FINAL (New))     16 August 2010

THNX sir 

V.V.MOHAN KUMAR

V.V.MOHAN KUMAR (GST PRACTITIONER)     16 August 2010

your article is very much usefull sir.thank u


(Guest)

great sir

1 Like
Kalpesh Chauhan,

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))     16 August 2010

Thanks Sir for sharing such valuable suggestions.

Kalpesh Chauhan,

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))     16 August 2010

I have also posted the article on the exam preparation on below link for the students of IPCC and PCC for all the subjects.

Kindly have a look at it.

Important Suggestions for PCC and IPCC Students for Exams

With Regards,

Kalpesh Chauhan

himanshu

himanshu (student)     16 August 2010

thanx a lot

Kalpesh Chauhan,

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))     16 August 2010

I scored 63 in Audit in May 2010 and got cleared in PE-II.

Earlier i got 81 in Law and got exemption in it.

I have given all of my experience in Previous attempts in the article.

So, I suggest each student to go through my article atleast once.

CA Manish K Dhoot

CA Manish K Dhoot (CA, B. Com, NCFM, CPCM)     16 August 2010

Originally posted by : V.V.MOHAN KUMAR

your article is very much usefull sir.thank u

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading
Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:



Trending Tags