CRACK AUDITING PAPER IN 8 STEPS FOR CA FINAL EXAMS

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Paper-3 : “Advanced Auditing and Professional Ethics” is one of the most dreaded subjects in CA Final. CA Students find it extremely difficult to score good marks in this paper. Considering the pass percentage these days, it seems like auditing is a tough nut to crack. But frankly speaking, it isn’t. Just like every other subject, even audit can be handled. And it can be handled very well if you follow the right preparation strategy. Read on & I’ll guide you through on exactly how to go about this subject.

BOOKS AND RESOURCES REQUIRED:

1. Paduka

2. Surbhi Bansal’s Handbook/Pankaj Garg’s Notes

3. Latest Practice Manual issued by ICAI

4. A good Scanner (Reliance or Suchita Prakashan)

PREPARATION STRATEGY:

Once you have all the resources ready, this is how you need to prepare for this subject:

1. If you are a total newbie or don’t have a clue 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. Now that you are warmed up, its time to take it on. To begin with, you have to break the subject down into small parts. Here’s how you can divide this subject:

1. Professional Ethics
2. Standards on Auditing (SA)
3. Accounting Standards (AS)
4. Important Auditing Topics
5. Less important Auditing Topics

3. Once you have divided the subject, its important to prioritise your study. Follow the same sequence as given above. You need to  begin with the preparation of Professional Ethics as this is the most interesting & a very easy scoring topic (at least 16 marks). Refer to Paduka for this & then solve all the questions given in the practice manual issued by ICAI. Do not try to mug up, just try and understand the concepts. If you want, you can prepare short notes for various provisions.

4. Next, you need to study the SA portion. Refer Surbhi Bansal or Pankaj Garg or your class notes or any other book that you are comfortable with. The main idea here is to understand the message behind every SA from the shortest possible material.  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. Note them down & revise them again just before the exam.

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. If not, then just refer to D.S. Rawat’s AS Book for this. You can directly jump to the questions & answers at the end of each AS, that would be enough.

6. By 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. To figure out these important topics, make use of the scanner to prioritize your study. Generally, topics like Company Audit, Audit Report & the SOX Act are asked frequently. For these topics, study from Padhuka in detail & then refer to the Practice Manual for the Chapter of Company Audit only.

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.

That’s it, you are done with the entire syllabus. It’s easy, isn’t it??

8. Wait, its not over yet. The most important thing is still remaining. And that is REVISION. According to me, this is one of the most important things to do. And surprisingly enough, this aspect is generally overlooked by most CA students. Planned revision is very very important. Yes, you heard it right! Its PLANNED Revision. Alongwith your preparation, you also need to plan out a revision strategy for yourself.  This is important for each & every paper in the CA curriculum. You need to keep in mind that during exam days, you will be giving papers day in and day out. You will be switching through various different subjects. Its very important that you cover the most important areas of every subject just before the exam. For this, you will have to consider various things such as important topics, time before the exam, your strengths, your weaknesses, your expectations from different papers etc. Formulate a strategy that suits you and makes you feel confident just before the exam. Ultimately, it is this confidence that will motivate you to give your best in those crucial three hours.

So that’s just about it! This is exactly what you have to do & more importantly, how you have to do it. I know you must feeling really good after reading all this but in order to get the desired results, its very important to follow the abovementioned steps and implement your study plans. Just reading all this, won’t do you any good. You’ll have to sit down, work hard & work smart. If you can stick to it, I’m damn sure you’ll definitely be able to score atleast 50 in the exam with minimum possible effort & time.

All the Best Guys! Enjoy Passing !!!

If you have anything to ask or share, feel free to drop in a comment below.

ADMIN : NISHANT JAIN

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