CA IPCC and CA Final Audit Preparation is very crucial to score the aggregate in exams. How to Prepare for Final Audit Paper is a most common hurdle faced by students. In this article, few preparation tips regarding the Audit Paper like Prep Strategy, What books to cover etc will be covered. In our previous article, we also provided Tips for ISCA, FR.
Audit Preparation Strategy:
Below we have clearly listed out what things you need to follow during CA IPCC and Final Audit preparation and certain mistakes which you need to avoid.
What to do in Audit Preparation :
1) In questions related to AS and SA (mostly these questions are compulsory), quote the AS number and name, SA number and name , and the sections of the Companies Act, wherever applicable. Generally, such questions are a combination of AS, SA and the provisions of the Companies Act. So, you must present the answer in a way that a combination of the AS, SA and the Companies Act is visible.
2) In questions related to Professional ethics, always mention the Schedule, it’s part and the relevant clause. Sometimes, more than 1 clause apply in a particular case. In such a case, mention all the relevant clauses. Further, the provisions of the Companies Act also apply in a few cases. In such cases, the particular section need to be quoted for better presentation.
3) In questions where topics like any audit procedures, etc. are asked, write the answers point wise. This helps you to mention more points in a summarized manner and you can decide the number of points you want to write based on the size of the marks. In this way, the presentation of answers also improves to some extent and you avoid writing irrelevant points.
No’s in Audit Preparation :
1) Never write the answers just for the sake of filling maximum number of pages. Believe me, it’s not going to help you at all. This technique may work in some colleges, but not in our institute. Write only the relevant material. No need to enhance your answers unnecessarily. Write to-the-point answers.
2) Never quote wrong AS or SA numbers, clauses under professional ethics and sections of the Companies Act or any other law applicable. Quoting them wrong creates a wrong impression on the examiner. If you don’t remember, then no need to write them. Instead, explain your answer correctly.
3) Never leave any question un-attempted. I know, sometimes, the paper is very lengthy. But, since it’s a theory paper, you can attempt it completely. If you write few points in each answer, you may score well. So, try to solve maximum number of questions by maintaining your speed.
Best Books for Audit
The Recommended Reference Book for CA Final and IPCC Audit is always ICAI’s Practice Manual. Other than that, we will recommend Surbhi Bhansal as a second option.
There have been few amendments in CARO part of the Audit paper. There are also few important amendments in Company Audit syllabus. Click here to read the amendments.