Updates and details for Tips to get good marks in CA Final Advanced Auditing and Professional Ethics Nov 2017:
Here I have given you some important tips to score good marks and pass the CA Final Advanced Auditing and Professional Ethics in the 1st attempt. Once you have all the sources ready, this is how you need to prepare for this subject:
1. If you are a totally new or don’t have any idea about this subject, its important you go through the syllabus & its contents briefly so that you feel comfortable & gain an overall idea of the subject.
2. To start the preparation for this subject, you have to break it down into small parts. Here’s how you can divide this subject:
- Professional Ethics
- Standards on Auditing (SA)
- Accounting Standards (AS)
- Important Auditing Topics
- Less important Auditing Topics
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3. As above given sequence, you should start with the preparation of Professional Ethics as this is the most interesting & a very easy scoring topic. You should solve all the questions given in the practice manual issued by ICAI.
4. Then after, you need to study the SA portion. You should refer Surbhi Bansal or Pankaj Garg or your class notes or any other book that you are comfortable with. After doing all this, jump to the Practice Manual & try to understand the application of each SA. Use the scanner to find out the important auditing standards from the exam point of view.
5. The next topic is accounting standards. Just like the Accounts paper, practical questions relating to Accounting Standards are also asked in the Audit paper. You must have already covered this in the ‘Financial Reporting’ paper.
6. Now, you are through with almost 60% of the course in terms of exam weightage. You are now left with the General Auditing Chapters from which usually Direct Theory questions are asked. There are some important topics here which carry more weightage in the exams. Generally, topics like Company Audit, Audit Report & the SOX Act are asked frequently.
7. Now some relatively less important topics are left to be covered. For this, just pick up any short & simple book and give a quick reading to the remaining topics. Have a good understanding of these topics so that you can atleast attempt these questions by giving some logical answers.
8. As per my understanding audit is a paper requires lots of quick and logical application of mind to answer practical problems. Hence I’d suggest you to give a reading to ICAI audit study material to understand the depth and figure out the efforts and time required for preparation. By this kind of reading you may prepare a strategy for audit purpose.
9. Make good Reading along with preparing notes habit otherwise you won’t able to cover the syllabus.
10. The most part of preparation is Revision. So, Give ample emphasis to a good revision plan. There is nothing is this world which can substitute a good revision plan.
11. Impress the valuator with the Starting answers. It should represent you caliber to give a good answer in all respects: content, neatness and presentation.
” First Impression is The Last Impression“
12. Avoid overwriting. Where they become inevitable, strike off and write again. Clarity is more important than neatness.
All the Best Guys for your exams.!!
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