Tips to present audit and law answer in ca final

Paper 2 : Advanced Auditing and Professional Ethics 

Books : Practice manual + RTP(Latest and Past 3) + MTP(Latest and Past 3)    

SA- First do rote learning of SA nos. and there names ( THIS IS MOST IMPORTANT STEP IN AUDIT PREP. ) Then DO PRACTICE MANUAL Chapter on SA. Then do Summary of SA. Download it from Caclubindia.  

AS-First do rote learning of AS nos. and their exact names. Then DO PRACTICE MANUAL Chapter on AS from the Financial Reporting PM.  

Professional Ethics : First do rote learning of Clause nos. and their names.Then do Practice Manual Chapter.  

Amendments : Cover Amendments in Financial Reporting, Audit, Company Law, IDT, DT. Give special attention to amendments indirectly affecting audit aspect.  

Also study selectively from your ISCA book : CAAT and other issues, Emerging technologies, and auditor's responsibilities given here and there in all the chapters.  

Guidance Notes on Audit and Accounts : Do rote learning of Names. Dont learn the content. Other Chapters : Study from the Practice Manual only.    

IN THE EXAM HALL:

1.KEEP qouting SA, AS, relevant add ons learnt from other subjects.

2.Try to use words like " Sufficient And Appropriate audit evidence" instead of audit evidence.  

3. TRY TO FLAUNT YOUR KNOWLEDGE ON THE PRACTICAL ISSUES OF AUDITING ASPECTS EXPERIENCED IN THE ARTICLESHIP ( This is not ISCA, where you have to produce the exact content from the study material)  

  A big % of CA Aspirants have a poor Vocab. You can kill the competition By using Effective and Efficient English.

 

My advise for Law:

Study from Latest Practice Manual, RTP, MTP.

Munish Bhandari Handbook is not sufficient.Handbook has a poor coverage of Allied Laws.

Another shortcoming is that,For Main Chapters like Directors, the author does not exclude the repeated questions. The bombarding of questions on the same logic/provision waste a lot of time while doing revision.

Now, as the syllabus has amendments, ICAI will prefer to pick questions from latest Practice Manual, RTP, MTP.
 

Please do not give inappropreate suggestions Mr.Rashid.

Memorising SA numbers is not at all compulsory. If you know the proper content of the Standard, that is enough. Only if you remember the number correctly, you should write it otherwise writing the proper content is enough.

As per advice given by a member of BOS ICAI, in case the number/name of any SA/AS/Clause etc is not recallable, the answer can be written as, "As per the Engagement and Quality Control Standrd in respect of _______(name of the relevant topic in the question)_____"

The same applies to professional Ethics.

Yes. Correct. That is what I was saying.

Originally posted by : Tamanna
	Can anyone give any tips as to how to present the answers of law and audit to fetch more marks in CA final exam ? I will be appearing in May 2015 so any help in this regard will be much appreciated. Thanks in advance.

I would like to tell you guys that, there are two types of Papers : 

1. Static : Where past year questions come.

2. Dynamic : Where vague questions come.

For Dynamic :Now, if you will not write AS nos. and names, SA nos. and names, Guidance nos. and names, then your answers will always be average. Average answers result in marks range of 35-45. This has made Audit, the ISCA paper of Group 1.

For Static : All law papers are static as law is static with few amendments. Thus value of provisions increase in static type question Papers. Thus section number becomes less valuable in Law, paper 4. As DT and IDT are also law based, which means they are static in nature, where provision is fixed, then they also give less importance to sections, case law names.

Thus, for dynamic paper of Audit, where totally new questions come, where questions are vague, and if you will not quote SA, AS, GN, then you cannot cross 45 marks at all.

Audit is the least scoring paper in Group 1 just because of this misconception that qouting relevant SA, AS, GN is not important.