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Studying ipcc audit

Danish (student) (149 Points)

18 October 2013

Heyy..are there any tips n tricks regarding studying Audit as the portion is vast nd remembering each nd every answer isn't feasible..so plzz help me regarding this..

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Deepak Gupta (CA Student) (15922 Points)
Replied 18 October 2013

Originally posted by : Danish
	Heyy..are there any tips n tricks regarding studying Audit as the portion is vast nd remembering each nd every answer isn't feasible..so plzz help me regarding this..

A) Study the chapters in the following hierarchy:
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1) Standards on Auditing
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2) Vouching and Verification
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3) Company Audit
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4) Special Audit
.
(Sl. No. 1 to 4 will be the core of your question paper, about 80%)
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Initial chapters will be covered in SAs, for remaining questions go through chapters 1-5

B) Common points for, “How would you vouch and verify”
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1) Obtain letter on engagement from the management in context of vouching and verification of………(SA 210)
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2) Assess the existence of efficiency of internal control system and accounting system in relation to………(SA 315)
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3) Maintain proper documentation about the vouching verification procedure being carried out in respect of ………
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Primarily auditor needs to audit the Income, Expense, Assets, and Liabilities. You don’t need to mug up rest of the points. General accounting points will be covered for the rest. Vary the points according to the nature of the entity. For example, a cinema hall will have assets like furniture, projector and revenue from ticket sales, parking fee, canteen etc. Divide the answer into sub-headings.