Key To Excel in Advanced Auditing & Professional Ethics

Author: CA Rohit Kapoor
Published On: 2021-08-04 18:00:05

CA FINAL PAPER 3 - ADVANCE AUDITING AND PROFESSIONAL ETHICS

 

Subscribe Telegram Channel: t.me/professionalsansaarofficial

For Test Series, Contact CA Riddhi Parekh at 9518353043 (Whatsapp)

 

Advance Auditing and Professional Ethics- 114 Mark Paper with 30 Marks MCQs.  So, you’ll get MCQs for 30 Marks and there will be 6 Questions of 14 Marks each with Question 1 being Compulsory and you can attempt any 4 out of the remaining 5 Questions.

 

Why we Score Less in CA Advance Auditing and Professional Ethics??

 

1) Syllabus of this particular subject is huge as we have 22 chapters as per ICAI study material and being a theoretical subject, it seems a dry subject. Students usually are not able to revise even the Important Topics 2-3 times which is very much required since it is a theory subject and we need to revise it a minimum of 3 times to recall while writing the paper. This doesn’t mean you have to focus on entire syllabus as there are a few core areas which must be given more attention as compared to others. This I will be dealing in the ABC Analysis segment of Advance Auditing and Professional Ethics in this Blog. 

 

2) Students have a tendency to focus more on the standards of auditing and devote maximum time in that completely ignoring other smaller chapters like Fiscal Laws, Peer Review, Corporate Governance etc which are scoring as well and always asked in the paper. I am not saying to focus less on SA’s but at the end of the day you have to pass the examination. So, analyze past 5 attempts papers and give A, B C category to Topics considering their length as well as the marks they carry i.e. if a Topic is coming for 5 Marks on an average and has lesser number of pages in your study material, I will suggest you to do that first.

 

3) Presentation of paper is why students score lesser marks in Auditing. Auditing is the core Area for Chartered Accountants as no other professional besides a CA can do auditing. So, ICAI is very particular for this subject and thus it’s not easy to score here unless you have presented well. Presentation comes only when you do writing practice which most of students don’t do and thus land up getting poor result. Examiner only has your copy with him and it’s the copy that should speak up for you.

For improving your presentation, you must join a good test series in which you can write unit test as well as full test. I recommend you to join FIRST OPINION test series as the same is tried & tested.

FIRST OPINION is a Test Series cum Mentorship Program where personal attention is given to students wherever required, by the Founder CA Riddhi Parekh.

 

4) Students usually buy books with simple language where Key words are being replaced. I am not saying that you have to remember the bookish language but in auditing there are several terminologies which needs to be included in your answer for good marks like Nature Timing and Extent, Sufficient and appropriate audit evidence etc. 

 

5) We as students spend so much time in completing the syllabus of this particular subject that you don’t allocate time for solving Test Series, Past Exam Papers, RTPs and MTPS which are a must as only by solving these materials you will get to know what ICAI wants from us and  our presentation will improve.

 

6) Another reason why we score less in auditing is lack of revisions. This is a theory subject and thus we tend to forget the provisions and law. Revision is as important as completing the course. Your all efforts will be wasted if you haven’t given timely revision to your course.

Above mentioned are few reasons why we scoreless in Advance Auditing and Professional Ethics.

 

Now I will talk about the ABC analysis

ABC Analysis of Advance Auditing and Professional Ethics:

CATEGORY A TOPICS

a) Professional Ethics

b) Company Audit

c) Audit Report SA 700 Series + CARO

d) Audit of Banks + GIC

e) Fiscal Laws/Forensic Audit/GST Audit

These Topics cover minimum 40-50 marks and can be completed easily and with perfection. So, Try to complete these early whether doing first time or last day of revision before exam.

 

CATEGORY B TOPICS

f) SA's

g) Special Audit Assignments

h) Audit of CFS + Corporate Governance

i) Peer Review + Due Diligence

 

CATEGORY C TOPICS

j) NBFC

k) Cost Audit

l) CIS

m) Other Misc Topics

Few Suggestions in regards to Study Strategy

 

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 I would suggest you to go with CA Pankaj Garg Main book as well as Scanner. This is the best study resource available in the market. 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 yourself as when you write a provision you will never forget it. There are certain SA’s which are Quite difficult like SA300 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 same exercise for other chapters too like Peer Review, Corporate Governance etc.  

 

3) Plan in such a way that you must revise the subject at least 2 times i.e. First Reading, Revision 1 and Revision 2 and with each reading the time should reduce.

I recommend you to do your First reading along with the unit tests, Revision 1 with 1st Full Test & Revision 2 with 2nd Full test. FIRST OPINION provides test series in this particular pattern which is the most efficient way to prepare.  

Mark key words in first reading so that you could focus more on these words in revisions. Also refer Question Bank 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 one’s 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) Focus must be given on MCQs and study resource that I would suggest all is CA Pankaj Garg MCQs or any other faculties MCQs as per your convenience.  Don’t stress yourself with doing MCQs as if you are done with Descriptive part well, MCQs are automatically covered.

 

5) The ABC Category Topics must be dealt with first as these are scoring areas as well as interesting. I would suggest you to revise during preparation also in this manner and do the final revision in 1.5 days in the same manner. For Professional Ethics you must refer ICAI PM besides the scanner suggested above as ICAI PM answers are very nicely drafted.

 

6) For SA’s I would suggest you to watch 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 cake walk. Lot of such lectures by various faculties are being made available like CA Sanidhya Saraf, CA Harshad Jaju etc. This is irrespective of whether you have taken classes of audit or not. Do it like this and I am sure you’ll love it!!!

 

7) As far a reading time in examination is concerned, try to strike of 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 as first impression is last impression so first 2-3 Questions has to be perfect. This strategy must be followed for all papers.

 

8) MCQs must be dealt initially in first 40-45 minutes and in one go and rest 2.15 hours must be utilized for 70 marks paper. You should not turn back to MCQs again as it breaks the flow.

 

9) As mentioned earlier don’t rely solely on SA’s as they account for 30-35 Marks and you have to paln for other 65-70 marks as well. Start with smaller topics rather than SA’s.  Do a small chapter like peer review and then pick up a SA Series and so on.

 

10) You need to draw charts as this can only make subject interesting and easy to revise. 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”

 

11) Plan for at least 2 Revisions and must do writing practice. As suggested earlier, you must enroll in good test series as & when you start your preparations. DO NOT DELAY WRITING YOUR TESTS. Earlier you start, better it is. FIRST OPINION Test series is the best according to me.  

ICAI conducts Mock Test 1 month before the examination which is very useful and effective.

 

In this Blog I have tried my level Best to give suggestions for Advance Auditing and Professional Ethics Preparation. This Blog shouldn’t be taken as endorsement or promotion of any person/ product as this is based on my personal experience and this is an Honest attempt to help CA Finalists.  

 


Kindly to like and comment on the blog.