Score 60+ In Advanced Auditing Professional Ethics In CA Final

  • 27 Jun 2022

CA Final students dread the subject ‘Audit’ due to its difficulty level. CA Final Audit is among those subjects, which can be understood quite easily but is hard to score marks in. Many students don’t even manage to achieve 40 marks in it.To help you towards victory, here are a few study tips that you must include in your study plan for scoring well in CA Final Audit – 

Section

Weightage

Content

1

25%-40%

Auditing Standards, Statements and Guidance Notes

Audit Planning, Strategy and Execution

Risk Assessment and Internal Control

Special aspects of Auditing in an Automated Environment

Audit Reports

2

15%-20%

Audit of Limited Companies

Audit Committee and Corporate Governance

Audit of Consolidated Financial Statements

Liabilities of Auditors

3

15%-30%

Special features of audit of Banks, Insurance & Non-Banking Financial Companies

Audit under Fiscal Laws

4

10%-20%

Audit of Public Sector Undertakings

Internal Audit, Management and Operational Audit

Due Diligence, Investigation and Forensic Audit

Peer Review and Quality Review

5

10%-15%

Professional Ethics

 

There are quite a few technical terms mentioned under audit, which you should be well-versed with for the exam. Make a mnemonic or a gist of all technical words, write them down separately and revise them on a frequent basis. This is the best way to score maximum marks in Auditing paper.

Always use language similar to what’s written in the book from which you are preparing. Presentation matters a lot. It is said that 100% of marks are for the presentation of your answer. Make a habit of underlining the important words/keywords and answer the questions in bullet points.

Since auditing is mostly theoretical, citing auditing standards is one way to showcase your knowledge and back your answer. Direct theory-based questions where definitions and terminology are asked are high-scorers. Answer to the point in crisp terms, use bullet points and score full marks in such questions

When attempting questions in professional ethics, it is best to adhere to the format given in the practice manual. The first and last portions of the answer should contain the part, schedule and clauses. Include the applicability and justification of each clause in the main paragraph of your answer

Please give special attention to SAs and ASs. Only good knowledge of SAs and ASs is not enough but you must understand the technique to apply SAs and ASs in audit practical problems. For this purpose, refer ICAI Suggested answers and observe it.

Professional Ethics is a quite practical topic, easy to understand and memorize. Also, you should not leave professional ethics in option, as you might risk your 15-20 marks.

If you all have observed, in audit paper, direct questions are rarely asked. Mostly, a situation is created in the question and you have to identify the standard or chapter related to the question. Most of the students fail to identify the right standard or chapter from which the question is asked. You are surely going to lose marks even though you right a lengthy answer from an incorrect standard/ chapter.

Always make cross reference while writing answers (mixture of S.A, Professional. Ethics clauses, Company Audit provisions). Try to write all answers in the same pattern in the exam most preferably point-wise. Start by writing the premise of your answer, follow it up by the definition (if any) and derive your opinion from the same.