Can anyone please tell me how to prepare for IPCC Auditing topic
STANDARDS ON AUDITING????
Can anyone give techniques for preparing it????
(CA Final Student & Audit Assitant)
Replied 04 September 2012
Below message I written for my IPCC friends in April, 2012 and I haven't seen or analyze the May, 2012 and Nov. 2012 Audit Question papers, so kindly check and analyze the patterns of papers before going through below message. Follow the below stratgey only if you are comfortable with.
You can try this way if you are comfortable... (1) Very first you must have a book for Audit which covers whole sylabus throughly (also questions related with SA and AS).
I reffered PADHUKA as it covers the whole subject, you can refer a standard recomended book with that you must feel comfortable to prepare.
(2) You can start with Company Audit (Contains Audit Report, appointment and removal of Auditors etc.) chapters as it contains 15 to 20 Marks (Approx.) questions. So prepare it throughly. (Yes surprises can be there so please be ready for that also.)
(3) Now, you can prepare SPECIAL AUDIT chapter. Its a VVIMP chapter. It genearally contains 8 to 16 Marks. (Most of time it contains 16 Marks.)
Prepare this chapter throughly its very easy to recall as contains almost similar points in answer for every question.
(4) Do GOVT AUDIT Chapter ( contains 4 to 8 Mark approx., sometimes it may not be in paper). Its very easy chapter and have only few questions (and 1 question which repeats most of time "proepritory Audit, Sanction Audit" etc.).
(5) After preparing these chapters you may have very less time for exams and you also have 6 other papers so, now you prepare begining chapters, i.e. Auditing Concepts, Auditing engagement, Documentation, Audit evidence, Audit Sampling, Analytical review procedure.
(6) After preparing above chapters you can do Vouching chapter (i.e. Audit of different different items like sales purchase etc.) Do, it throughly if you have sufficient time (but do remember it is very large in numbers so, you may feel difficulty to remember all) <br> (Its not advisable but if you don't have enough time for revision and prepartion for other subjects then leave this chapter)
(7) Internal Check and Internal Control topic is very important for practical situations for exam also (contains 8 to 16 marks approx).
So, do it if you have time and completed other subjects. (Remember few of questions from this chapters really need smart work to learn so, do accordingly.)
Well, I assume you already have prepared ACCOUNTING STANDARDS because it may have questions from AS contains 8 to 16 Marks. For detail reading about AS importance for exams please refer this link Accounting Standards in IPCC Exams (/articles/accounting-standards-in-ipcc-exams--13108.asp)
Now only left one topic i.e. Standards Of Auditing.
So, in last may be there is no time to read the whole thick book of SA.
But if you have used a standard recomended book then it alreday has covered the all important points related with SA.
So, don't worry about the SA. (If you have sufficient time then please read and understand SA in detail, very important for exams and practical situations also.)
But in last I would like to say, "if you have a plan and going well with that then please don't change at very last moment and stick with your plan till last".
Note : I only tried to share a plan for those who are finding difficulty in prepartion or couldn't start Audit subject due to some reasons. So, do the things for prepartion with which you are comfortable.
Feel Free to Comment if you have any further doubt.
Thanks & regards,
Replied 27 December 2015
Here's the link to Internal Controls explanation by Prof. Rakhshan Vahidhttps://youtu.be/n9z1LpaslJg
All the best