1) Choose your study resource very wisely as if you have selected the correct study resource, half the job is done. ICAI study material is good but supplements it with a good scanner. A scanner is a must for all as merely reading the SA’s and other provisions without supplementing it with a scanner will be of no use.
2) Make summary charts of important SA’s and these charts must be me prepared by you as to when you write a provision you will never forget it. There are some SA’s which are quite difficult like SA 300 Series, SA 400 Series etc. So must draw charts for these SA’s as it is easy to revise with charts then reading from the book. I would suggest you to the same exercise for other special audit chapters too like Peer Review, LODR, Fiscal laws etc.
3) Plan in such a way that you must revise the subject at least two times, i.e. First Reading, Revision 1 and Revision 2 and with each reading the time should reduce. Mark the keywords in first reading so that you could focus more on these words in revisions. Also, refer QuestionBank side by side, i.e. if you completed a SA or a Chapter then refer all the Questions of that particular topic and mark the Important ones so that you could focus on them later. This marking part is really important as you have to cut-down time with each revision.
4) 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 frequent basis. Whichever Author you refer to, make sure to refer to the Practice Manual as well to learn how to phrase your answers.
5) For SA’s I would suggest you to watch the revision lecture on SA’s which are available on YouTube before reading the SA. This will give you an idea as to what exactly particular SA talks of and reading the SA after watching a video would be a cakewalk. This is irrespective of whether you have taken classes of the audit or not. Do it like this & I am sure you’ll love it!!!
6) It is also advisable to mention applicable Engagement Quality Control Standards or Accounting Standards or Sections in audit paper wherever required. Answer should be crisp, precise and to the point to secure good marks.
7) Writing practice is a must for every paper of CA Final and especially for theoritical subjects like audit, law and ISCA. Must practice past papers, RTP's and MTP's by writing. We have a Test series for CA Final, you may enroll if you wish to get best evaluation and detailed feedback about your answers so that you could improve. Drop message (whatsapp/Telegram) at 9899218725 in case you wish to enroll.
8) As far reading time in the examination is concerned, try to strike off one question which you will leave in choice and give A, B, C and so on to the remaining questions in series in which you will attempt the questions. The first impression is the last impression, so first, 2-3 Questions has to be perfect. You can follow this strategy for all papers.
9) Quote Sections and SA’s in the examination only if you are 100% sure otherwise use this sentence ‘As per Relevant Provision of the Act/ As per relevant Audit and Engagement issued by ICAI.”
10) Don’t rely solely on SA’s as they account for 30-35 Marks and you have to plan for other 65-70 marks as well. Start with smaller topics rather than SA’s. Do a short chapter like peer review and then pick up a SA Series and so on.
This was a small write up with regards to CA Final Auditing. I will try to share such tips and suggestions for other subjects too. Must follow the blog and subscribe telegram channel t.me/professionalsansaaarofficial for all updates related to CA Final Nov 20.
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