CA Final Audit – Tips and Tricks by CA Sarthak Jain
Audit is a subject that requires a lot of quick and logical application of mind to answer practical problems. It is one of the most practical-oriented subjects in the C.A. Curriculum. This paper aims to provide knowledge of generally accepted auditing procedures and of techniques & skills needed to apply them in audit engagements.
CA Final Audit - Tips & Tricks:
- Always use language similar to what’s written in the book from which you are preparing. In Audit, start by writing the premise of your answer, follow it up by the definition (if any), and derive your opinion from the same. Make a habit of underlining the important keywords and answer in bullet points.
Attempt questions of all 100 Marks:
- Try to attempt the complete 100 marks paper. Attempting a full 100 marks paper can maximize your final marks and can increase your chances of scoring more.
- Have a track of amendments relevant for your and a couple of earlier attempts. They may turn up in the exam. RTP of past 2 to 3 attempts is suggested.
Use of technical words:
- In Audit, the right phrases and words are important. Often, the language of the Institute is what pushes students to pass the subject. Make a Summary of all technical terms, write them down separately, and revise them on a frequent basis. Whichever Author you refer to, make sure to refer to the Practice Manual as well to learn how to phrase your answers.
- Revision is as important as completing the course. Your efforts will be wasted if you haven’t given timely revision to your course. Separate a day from the week to revise your course which you have completed in the last 15 days. Besides this, you should also give the last 15 minutes of the day for a short recall to revise the things you have studied during the whole day.
RTPs & MTPs:
- The institute provides enough material for preparation in the form of modules, RTPs, MTPs, and past exam papers for reference purposes. If practiced properly, nothing should stop one from scoring an exemption.
- When it comes to MCQ’s, don’t encircle the one you feel is the right answer. Check every option and first eliminate what is wrong. From the remaining two, cancel the one that seems least likely to be the answer and tick the one that seems most probably to be the right one. This analysis will only help you increase your chances to get the answer right.
CA Final Audit MCQs by ICAI - Click Here
Student's Belief vs. Facts
Audit! A subject where even the All India Top 10 Rankers find it difficult to score!
We make a humble attempt to analyze THE STUDENT BELIEF, THE FACTS, and THE RIGHT TIPS to develop the RIGHT STRATEGY for audit.
" By Failing To Prepare You Are Preparing, To Fail " - Benjamin Franklin
The Student Belief - I know but cannot present well
The fact - On analysis of answer copies of 100+ students we found majority students scoring 50 or less get at least 5-8 questions absolutely wrong, so it is the knowledge gap
Concentrate on content, Concentrate on all topics, You will achieve the unachievable.
The Student Belief - We have covered everything but sometimes fail to interpret the questions well.
The fact - Student concentrates more on covering the topics and completing the class and less on solving questions
A total of 800+ questions solved in the class and covered in our Book and that too with solutions.
The Student Belief - Audit is too lengthy difficult to revise at the last moment.
The fact - Student fails to have the right STRATEGY as he is usually confused between learning in depth through notes or focussing just on summaries and charts
Each of Audit Chapter is divided into 3 Layers.
Layer 1 (Drone Charts) has the summaries of the detailed notes given in Layer 2 (SJ's Study Material) Layer 3 (Q&A Book, SJ's Practice Manual) has a question with solutions for practice.
We learn in class through Layer 2, Revise in Class through Layer 1 and practice again in class through Layer 3. We believe this is a PERFECT STRATEGY to crack audit with paper flying colors and our students in past have proven us right too!
The Student Belief - Concentrate on a few topics like Ethics, Company Audit, etc. and take on overview of SAs and for the rest...God is with me
The fact - The student is not aware that the Institute on keeps changing weightage of all topics with attempts where questions from SAs and other topics were asked for 40 + marks out of 70 marks of Descriptive Questions.
"Remember instead of identifying important topics, learn every topic well."
When you are confident about all topics you don't have to concentrate on focusing on some and leaving the others. With Integrated MCQs now coverage of all topics has become so much more important.
CA Final Audit Preparation Strategy
For more Important Videos & PDFs by CA Sarthak Jain - Click Here
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About CA Sarthak Jain
CA Sarthak Jain is a Chartered Accountant with All India 46th Rank in CA Final. He teaches CA Final FR, Audit, and CA Inter Audit. Thousands of his students have tasted success in CA exams in the very first attempt itself with alumni of 10000+ students taught to date from different parts of the nation. He is specially recognized across India as a master of Accounting Standards.
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All The Best!
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