What are the best ways to prepare for the CA auditing final?

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Jasveer Singh 7 months 2022-03-02T15:34:35+05:30 1 Answer 3 views Teacher 0

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    2022-03-14T11:52:47+05:30

    For Audit I had joined a reputed coaching but due to my outstation audit assignments and deadlines at articleship, I missed majority of the lectures. And as it is said- Once you miss the beginning, the rest of the movie doesn’t make sense! Same happened here! I couldn’t adjust with the class as I missed the initial important lectures.

    Also, listening to theory lectures for 3.5 hours at a stretch was very boring, for me at least! Thus, I decided to complete Audit all by myself for the exams. Just like you, I was scared to my grave in the beginning, but I assure you, I didn’t disappoint myself. I cleared with an exemption (scoring 68 marks).

    I FOLLOWED THE FOLLOWING STEPS

    • What I made sure is I took a good reference book of a renowned faculty. Reference book will act as a base that you would rely on for your preparation. There are many available in the market, you can select one on the criteria you need. I had taken reference of Sanidhya Saraf sir and also Scanner by Taxxman (Pankaj Garg Sir for practicing questions.)
    • The next thing I did was prepared a schedule for number of cycles to be completed.
      • In the first cycle, I aimed at completing from the reference book itself and understanding the http://basics.At the same time, with the help of reference book, I made my personal notes for few tough topics as I liked few charts and answers written in my handwriting. This helped me in easy recollect facts during revision.
      • For the next cycle, the aim was to solve the questions from the scanner to get a hang on how to actually answer questions.
      • This way, the portion was completed twice by now, next target being practice cycle. Writing practice is immensely important. So I enrolled myself with test series of PREPCA. They have chapter wise and full syllabus tests which come with a Detailed Answer-wise Analysis Report by experts. Overall it helped in boosting confidence to write paper – it’s better to make mistakes in practice match rather than finals. PREPCA also offers counseling for preparation and in rectification of mistakes so it really does help considering you get a professional mentor. They motivated me to strive harder.
    • Also, I would regularly revise with the help of video and audio clips uploaded in YouTube and telegram. This helped me revise rather quickly. I would do so whenever I got time while preparing for other subjects. Like this I didn’t loose touch with the subject.

    This is the order in which I completed the syllabus:

    1. Complete with professional ethics chapter first. It is easy to understand,takes less time than SA and covers 12-16 marks in paper. So this is one chapter you wouldn’t want to skip.
    2. Then Complete with Company audit, Company Accounts and CARO. These are already done in IPCC except if any amendments so comfortable to do. Also,these topics are covered in law as well so it will help in both.By completing this much you will cover 30-40 marks and also will get a hack of the subject.
    3. Next,you need to learn by heart the STANDARDS OF AUDITING. You cannot and I say again cannot even think so skipping this one. This is the most crucial one.You need most practice here.
    4. Then you should complete the other chapters like corporate governance, NDFC,etc.

    Hope this helps you.. All the best!

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