Audit subject is Interesting & Important as well.
First of all take out from your mind that audit is
difficult.
Believe me Audit is REALLY VERY EASY & INTERESTING.
Let me share some tips that can help you to score better in
Audit & ultimately help you to contribute in aggregate marks in second
group of IPCC.
There are many minor tips that will help you.
These tips are in 3 Parts as follows.
Part – I Study (Reading)
Tips
1.
Standards on Auditing – Average Marks 15.5
(Source – ICAI PM)
Read & Understand the objectives of
Standards on Auditing.
If you do so, you will be able to understand
the content of Standards on Auditing & you will get an answer why the Standard
on Auditing has been drafted.
Most of the Standards on Auditing re such
that if you understand their objectives, you can understand the Standards on
Auditing easily.
Each Standard on auditing convey the specific & unique message.
Try to understand that message & you will love Standard on Auditing.
Thus my suggestion is to read & understand ALL the Standards on
Auditing.
2.
Topics Vouching, Verification, Company Audit I
& II & Finally The Special Audit are easy & Interesting as well.
3.
Chapters 1 to 4 are the BASICS OF AUDIT.
So these topics must be read.
Read
all the Topics of the syllabus since each topic has its own weight age.
4.
MOST IMPORTANT – After you Finish your reading
topics, read & understand how beautifully the answers are written in the
ICAI PM.
5.
LIST DOWN the important sections on index page
so that during one day before exam you can revise all of them quickly & you
can refer only those where you are poor.
6.
Read & understand the audit as if you are an
auditor.
Part II – Writing
Tips
1.
Topic – Vouching – In IPCC, the question comes
for vouching.
Average Marks – 9.7 (Source – ICAI PM)
You may write following points as common
for all vouching type question.
A)
Occurance
– The auditor should see that the transaction took place during the period
under audit.
B)
Completeness
- The auditor should see that the transaction is complete & there is NO
unrecorded transaction during the period under audit.
C)
Transaction pertains to the entity under
audit.
D)
Classification
– that the transaction has been appropriately classified.
E)
Authority
–Auditor should see that the transaction is authorized by the appropriate
authority.
F)
Signature
– that the voucher has been signed by the appropriate concern.
2.
Topic – Verification In IPCC, the question comes
for Verification of Assets & Liabilities
Average Marks – 9.3 (Source – ICAI PM)
You may write following points as common
for all verification type question.
A)
Assets
or Obligation – If the question is for Assets – Assets is an Resource
to the entity.
If the question is for Liabilities – The liability is an obligation.
B)
Valuation
– It has been appropriately valued as on the Balance Sheet date.
C)
Pledge
– Auditor should verify whether any assets has been pledge against any
loan & If yes whether the same has been disclosed by the entity.
D)
Physical
Verification – The auditor should physically examine the asset.
E)
7 – 12 Extract for Land & Building.
3.
After you Finish your reading, shut down your
books & try to write answer for previous examination.
While writing answers, your objectives
should be
On first writing – Accurate Answers,
On second writing – Accurate answers,
-
Within time &
-
Good presentation.
VERY IMPORTANT TO
NOTE THAT the first writing may be after reading PM without setting time &
without sitting in examination condition.
While during second
writing – it should be under examination condition.
The question may
arise in your mind that why writing practice.
The answer is the
writing practice suggest you
-
Writing
speed,
-
Handwriting.
Note that the handwriting
need not to be beautiful but atleast it should be readable.
Conclusion – Writing
practice teaches you to have a balance between Handwriting & writing speed.
Part III –
Presentation
Present your paper in
a unique form.
Some expert students & Famous faculties have given
Following tips that will help you.
1.
Write answer pointwise & avoid Paragraph
writing answers.
2.
Avoid short cut words.
3.
Leave a seprate line between two points.
4.
Each seprate sentence should start in a seprate
line.
5.
Underline with a pencil the main body of the
answer & conclusion.
6.
Each sub – question should begin on a seprate
page,
7.
There should be Heading to the answer & that
heading of the answer shound be BOLD
& UNDERLINED.
8.
The
vertical line on the Right hand of the page should not be drawn.
It
may be Imaginary. So you leave some space before your line comes to an end.
Moral
– The presentation has good Marks.
Note - Please be helping hands & share the
notes to the maximum number of students.
Thank
You & Best of Luck for your FUTURE.