How was Audit - neither caro nor 3cd!

it was easy

Kya faida Friends..

Aggregate kaise banega?????

very good paper......quite easy

Thanks everyone for sharing your views. May we all pass. Best Always!

My view on the paper :

1.Conceptual

2.Disaster for people who did selective studying. eg : studied 3cd perfectly,ethics perfectly,company audit and this time 3cd wasnt asked,ethics instead of one big question was bifurcated in separate questions.

3.Average and a normal paper  

Q.1.a.AS -11 based on the recent amendment stated in May 2013 rtp for Accounts paper

b.SA 402

c.Audit of CFS/SA 600

d.maybe 227(1A)  

2.a.Guilty

b.Tricky, depends on assumptions made

c.Compilation, so SRE 2400 doesnt apply, more to do with certification where auditors responsibility is limited and he doesnt give an opinion.

d.Basics  

3.a.i think AS-15

b.new question. maybe walk-through or tagging and tracing or audit trail

c.analytical question

d.guilty  

4.a.Audit of CFS (if u kno accounts u shud kno this one too)

b.Bank audit

c.Insurance Act ?? (totally new)

d.basics  

5.a.not an asset, as -26 (maybe), shud understand difference between deferred revenue expenditure and recognition of asset.

b.Due Diligence (practical)

c.Wow, WEIRD ! criminal liabilities. maybe misstatement in prospectus, false report, etc

d.CARO para 4(i)  

6.a.Practical

b.guilty

c.Not covered u/s 44ab (very sure)

d.Clause 49-not in line  

7.a.PM

b.Cost audit (new)

c.New

d.Audit of Cooperative society

e.Environment audit (new)  

dunno from wher all the questions are covered..but basically all the left out topics usually are covered like environment audit,cooperative society,management and operations audit,peer review.

Major topics like Bank audit,,NBFC,CARO,3cd,Company audit were given less coverage or negligible.

only the people who had covered all the topics could write it all plus knowledge from accounts was relied upon .

in comparison to fr and sfm it was way better. but as usual avg marks ayega..besides fr and sfm itna bada jhatka diya hai ki grup nikalna tough hoga..all hopes on law..best of luck friends