Are you a CA final student? Do you have doubts regarding how to prepare for the Advanced auditing? Then this blog is for you. Read the blog to know more about Subject wise tips. Also, find the best CA coaching centres in Kerala
Advanced Auditing or the final CA examination requires time and effort to succeed. You will have to make a plan and adhere to it to pass the examination. Before knowing how to prepare for advanced auditing, you should be aware of the below-mentioned points.
The Institute of Chartered Accountants of India (ICAI) keeps on altering the syllabus of CA examination. The recent changes in Advanced Auditing are:
Audit procedure and practices in a programmed environment
Auditing under the Goods and Service Tax
Self-evaluation procedure of audits
Limited Liability Partnership's auditing
Meanwhile, certain topics are removed too. Some of them are:
Auditing under the Sarbanes-Oxley Act
Audit requirements in co-operative societies
Strategies related to auditing
After having known the subjects to be studied, you should follow these steps.
Question paper pattern or structure:
Understand the structure of the question paper. Refer to as many previous year question papers as are feasible. Knowing the pattern will allow you to decide which subjects need more attention.
Selecting subjects to begin with:
Once done with the above step, move further to pick up subjects to study. The best CA coaching centres in Kochi suggest that you begin with either company or fiscal law audit. If you find them complex, starting with professional ethics can be a good alternative too.
CA examinations require day to day practice and command over the subjects. This could be achieved only through practice manual. You can download the same from ICAI's official website.
Test question papers:
But are only practice manual sufficient for preparation? The answer is in the negative. You will also have to find time to solve revision test papers. This is a method of self-assessment. Unless you solve model question papers, you won't be able to evaluate how much you know. The best CA institute in Kerala recommends solving of a minimum of 3 revision test papers. The advantages of solving such papers are several. You would know the subjects you are weak in. If you can score marks in test papers, you would gain confidence. Therefore, never skip solving the revision papers.
Do not allow doubts to become a hindrance:
If you face difficulties, talk to people at the coaching centres. You can join one amongst them. Some of the best CA coaching centres in Kochi educate in a student-friendly manner. From solving doubts to rewarding your efforts, they will assist you in achieving good marks. Apart from the coaching centres, basic doubts can be clarified even by the internet. But do not rely too much on the online portals. Also, look out for genuine websites such as the ones handled by ICAI itself.
Every person has their varied needs when it comes to studies. Some find a paper interesting while others feel that it is boring. Depending on your choice and preference, start making notes of every subject. Only you will the portions you are not good at. Ensure that such areas are carefully jotted down. They will help you in last-minute revisions. Moreover making notes will aid to learn things quickly.
So, now you have a basic plan for your CA advanced auditing examination. But the subjects included in it are vast. All of them need special attention. You can try following the process to score well in each of them.
Advanced auditing includes a vast ocean of topics. You need to break down the paper into different parts. One way of doing so can be dividing it based on the probability of scoring. One category would consist of subjects which can help you attain higher marks. While the other group will contain subjects which are not so scoring.
Professional ethics and standards are the bulky part. Make notes on it. Learn the terminology correctly. Understand how the answers are to be framed. Also, citing the auditing standards is of utmost importance.
Topics like auditing in an automated environment would be interesting for you. It has certain topics which will be new for you. It would therefore not consume much of your time.
When it comes to topics such as the technical aspects of audit reports, you might find it dull. But remember, you should be aware of all the standards of auditing. Do not neglect such portions.
You will then find special audit assignments. It would include auditing in various sectors. Start highlighting the facts you feel are important. Discuss it with your friends. Or with your coaching centre. This will ensure that you retain most of the information read.
There is a section in the question paper which are theory-based. This could become a scoring sector for you. All you have to do is learn the various terms and definitions by heart. While attempting such questions, use pointers and be precise in whatever you write. Incorporating such tips will help you score better.
Many students find it difficult to answer questions related to professional ethics. A guide to answering such questions will be found in the practice manual. Follow the same pattern while answering such questions in the examination. Usually, the answer must include clauses and schedules. You need to specify why such clauses or schedules are applicable in the given question.
Topics like operational audit, management audit, peer review, the liability of auditor require less time. But that does not signify that you don't read such portions. It is better to read all the chapters mentioned in the syllabus.
The study routine for CA advanced auditing examination can be exhausting at times. But your goal must be clear. The efforts you make today will lead to a bright tomorrow. Keeping such objectives in mind, work hard. Hard work is the only mantra to achieve success. Plan your day to day activities. And keep yourself calm. Do not force things upon yourself. Such small struggles daily would become the reason of you scoring great marks in the future.
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