Question papers & Analysis of CA Final (Old and New) May 2019 exams

27th May 2019 marks the beginning of the much awaited CA Final May 2019 exams. The question papers related to all the CA Final May 2019 exams will be available for download here.

Let's see the date sheet for the exams:

Paper 1: Financial Reporting

The Financial Reporting paper was held on 27th May 2019 both for Old and New course.

Download CA Final Question paper - Financial Reporting (Old Syllabus)
Click here to download CA Final Financial Reporting (FR) Paper Old Course May 2019

Analysis of Financial Reporting Old syllabus:

The paper has been lengthy and compared to the previous 2 attempts has been difficult. This time ICAI asked questions in which concepts related to 2 different questions were merged together

Weightage

1. Accounting Standards, Guidance notes and Financial Instruments: 64 marks

After a long time, ICAI asked questions on related party disclosures and Operating segments, which were relatively simple. Overall questions were not difficult and students could easily score there marks

2. Ind AS: 8 marks

Question was theory based and easy to answer on the basis of differences studied by students

3. Amalgamation: 16 marks

Question on cross-holding, though unexpected but question had no adjustments and easy to solve for those who had studied cross holding

4. Consolidation: 16 marks

Question on a different financial year ending date was asked, similar questions in ICAI module were even more difficult than asked in the exam, but there seem to be some typing error related to cash adjustments in the question

5. Valuation: 8 marks

Market valuation question was easy to solve but too lengthy and deserved more marks

6. Other chapters: 20 marks

Questions on VAS, Mutual fund, NBFC and CSR, directly from the book asked questions

Click here to download CA Final Financial Reporting (FR) Old Course May 2019 Question Paper
To enroll for FR Fast Track (CA Final) subject of the author: Click here

Download CA Final Question paper - Financial Reporting (New Syllabus)
Click here to download CA Final Financial Reporting (FR) Paper New Course May 2019

Analysis of Financial Reporting CA Final New syllabus paper:

This was the easiest paper asked till now, each and every question directly from the module, Ind AS is comparatively very vast and this attempt it was expected that some concept based questions will be asked, but ICAI has kept it simple maybe because the syllabus is very vast.

Weightage

• Analysis of Financial Statements: 16 marks
• Business Combination and Consolidation: 35 marks
• Revenue recognition: 5 marks, the amended new standard a question was expected asked straight from the module
• Financial Instruments: 12 marks (with a little confusing point on what is the face value of preference shares)
• Share-based payments: 8 marks
• Accounting Standards: 8 marks
• Other Ind AS: 23 marks
• Other Chapters: 16 marks

Comparatively paper was easy and students I don't feel would have face any difficulty

Click here to download CA Final Financial Reporting (FR) New Course May 2019 Question Paper
To enroll FR Fast Track (CA Final New) subject of the author: Click here

Paper 2: Strategic Financial Management

The Strategic Financial Management paper was held on 29th May 2019 both for Old and New course.

Download CA Final: Strategic Financial Management (Old Syllabus)
Click here to download CA Final Strategic Financial Management (SFM) Paper Old Course May 2019

Download CA Final question paper: Strategic Financial Management (New Syllabus)
Click here to download CA Final Strategic Financial Management (SFM) Paper New Course May 2019

Analysis of Strategic Financial Management paper:

• Mix of Some very new and some repeat questions
• Was Calculative and lengthy as compared to previous 2 attempts
• Mostly all questions were based on fundamental concepts
• Overall lengthy - but exemption was on the table

Note :
Question 1 - Compulsory
Question 2 to 6 - Any 4 questions

Chapter wise Marks Distribution

Click here to download CA Final Strategic Financial Management (SFM) Paper Old Course May 2019
Click here to download CA Final Strategic Financial Management (SFM) Paper New Course May 2019

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Paper 3: Advanced Auditing & Professional Ethics:

The Advanced Auditing & Professional Ethics paper was held on 31st May 2019 both for Old and New course.

Download CA Final Question paper: Advanced Auditing & Professional Ethics (Old Syllabus)
Click here to download CA Final Advanced Auditing & Professional Ethics Paper Old Course May 2019

Analysis of CA Final Audit Paper (Old Syllabus) by CA Ravi Taori

INDEPTH SOURCE & COVERAGE ANALYSIS MAY 19 CA FINAL AUDIT (OLD SYLLABUS)

Hello everyone! As a professor it's very important to understand what material is being used for drafting papers, understand the trend so that I can make students hit bulls eye. So we worked for many hours to give you accurate and path breaking analysis. So this time ICAI has drafted much easier paper. Majority of the questions were either from the PM or the recent past papers or the MTPs/RTPs.

You will be surprised to see many of below facts. (Paper was of 118 marks of which 30 were covered by MCQs, So he have around 88 Marks descriptive questions)

Coverage of Various Topics

1. Standards on Auditing covered 28 Marks. (32%)
2. Professional Ethics covered merely 8 Marks. (10%)
3. Company Audit covered just 5 Marks. (5%)
4. Other Chapters had the majority weightage of around 47 Marks. (53%)

Source of Paper

(Don't add up below marks there is overlapping of the source)

1. PM contributed to 31 Marks of the paper. (35%)

2. If we consider the recent past papers, it contributes around 40 Marks. (45%, 5 Years)

3. Considering the MTPs/RTPs, they contribute to around 33 Marks of the paper.(38%, 2 Years)

4. Around 34 Marks of the paper constituted of new questions which were not covered in the PM, Past papers or MTPs/RTPs. Such questions required conceptual clarity. Therefore, it is very important for the students to understand that depending solely on the question bank would not suffice.(39%)

5. Considering the Tax Audit Area, ICAI targeted the GST Audit area which covered 10 Marks. There were no questions on the Income Tax Audit.

6. SA 500 series held a lot of importance in this paper. It carried around 23 marks.

Strategy

1. Solely relying on Company Audit & PE was not a wise decision considering the current paper.(Only 13 marks in descriptive)

2. Descriptive & MCQs combined coverage of SAs is also good, its worth to spend more time on them.

3. There were some direct questions asked from the other chapters & hence was the easy scoring area.

4. Because of whooping 30 marks MCQs, importance conceptual clarity and coverage all concepts hasincreased many fold.

Curious Questions

Q2(c) - Question on Insolvency Professional was covered in Nov 18 RTP , It is allowed to use Insolvency Professional as it is title recognised by central government.

Q4(a) - Question on relative holding shares, Limit of 1,00,000 is for all relatives taken together. Daughter & her Husband are covered in definition of relative. Holding was reduced to zero after correction time was over. So auditor stands disqualified. Market Value is to be ignored.

Q4(c) - This answer originally when provided by ICAI in suggested of NOV 18 (New) was not correct but later on Board of Studies changed the answer after discussion with the us.

Ultimate authority on consolidation is AS / Ind AS as prescribed by law and if they give some exemption it should be followed. If out of exemption some subsidiaries are not consolidated, then list should be disclosed in notes to accounts with reason.

ANALYSIS ON THE BASIS OF MARKS DISTRIBUTION:

ANALYSIS ON THE BASIS OF DIFFICULTY:

To enroll CA Final Audit (Old Syllabus) subject of the author: Click here
To view / download CA Final Audit - Old Syllabus Question Paper - May'19: Click here
To view / download Suggested answers of CA Final Audit (Old) Syllabus - May'19: /Click here

Correction of Suggested Answer of CA Final Audit - Old Course May 19 Exams by CA Ravi Taori

Analysis of CA Final Audit Paper (New Syllabus) by CA Ravi Taori

Hello everyone! As a professor it s very important to understand what material is being used for drafting papers, understand the trend so that I can make students hit bulls eye. So we worked for many hours to give you accurate and path breaking analysis. So, this time ICAI has drafted tricky paper as majority of the questions were new. This in contrast to old course where majority questions were from PM, Past Papers, RTPs & MTPs. These new questions were not very difficult, but point is students who relied just on past papers etc would find this paper challenging. But if you are good in conceptual knowledge, covered majority of concepts then paper wont pose big challenge.

You will be surprised to see many of below facts. (Paper was of 119 marks of which 30 were covered by MCQs, So we have around 89 Marks of descriptive questions)

Coverage of Various Topics

1. Other Chapters had the majority weightage of around 39 Marks. (43%)
2. Standards on Auditing covered 23 Marks. (26%)
3. Professional Ethics covered14 Marks. (16%)
4. Company Audit covered13 Marks. (15%)

Source of Paper

(Don t add up below marks there is overlapping of the source)

1. PM contributed to 27 Marks of the paper.(30%)
2. If we consider the recent past papers, it contributes around 26 Marks. (29%, 5 Years)
3. Considering the MTPs/RTPs, they contribute to around 22 Marks of the paper.(24%, 2 Years)
4. Around 54 Marks of the paper constituted of new questions which were not covered in the PM, Past papers or MTPs/RTPs. Such questions required conceptual clarity. Therefore, it is very important for the students to understand that depending solely on the question bank would not suffice.(60%)

Strategy

1. Company Audit & PE together contributed to nearly 27 Marks, so students should have a good hold on the said areas.
2. Descriptive & MCQs combined coverage of SAs is also good, it s worth to spend more time on them.Also, to solve these questions, a good hold on the concepts is required.
3. There were some direct questions asked from the other chapters & hence was the easy scoring area.
4. Because of whooping 30 marks MCQs, importance conceptual clarity and coverage all concepts has increased manifold.
5. A comprehensive coverage of the syllabus is the need of the hour.

Curious Questions

Q2(b) - New Question from consolidation chapter, asked first time in exams, related to non-consolidation of subsidiary, where students were supposed to draft audit report. It was asked in May 18 RTP then Nov 18 RTP and then it came in May 19 Exams. So studying RTPs is very important

Q3(a) - Question on composition of board in corporate governance. Asked in exams first time, generally such questions were expected in law. But it was covered in study material.

Q3(c) - This question was from professional ethics. Students has to answer 2 things, first it is allowed to become advisor to issue and second it is not allowed to do underwriting.

Q4(a) - Now this question was on assessment & evaluation of control environment. Control environment is very famous term in SA 315. Question was not on what do you mean by control environment, it was on evaluation of control environment but answer in icai study material is not as per SA 315

Q4(b) - Case study on disqualification of auditor. Business relationship with company is disqualification but there are exemptions. This case is covered in exemption. (Hotel)

Q6(a) - Exemption from cost audit. Exports accounted for only 70%, for exemption it should have been exceeding 75%.

Q6(c) - CA Sant is a CA having COP, but he was neither partner nor employee of CA Pant. Hence CA Pant is guilty of misconduct as per Clause (1) of Part I of First Schedule to the Chartered Accountants Act 1949.

ANALYSIS ON THE BASIS OF MARKS DISTRIBUTION:

ANALYSIS ON THE BASIS OF DIFFICULTY:

Analysis and Suggested Answers of CA Final Audit (New Course) May 19 Exams by CA Ravi Taori

To enroll Advanced Auditing & Professional Ethics(CA Final New) subject of the author: Click here
To view / download Advanced Auditing & Professional Ethics (CA Final New) Question Paper May'19: Click here
To view / download Suggested answers of CA Final Audit (New) Syllabus - May'19: /Click here

Download CA Final Question Paper: Advanced Auditing & Professional Ethics (New Syllabus)
Click here to download CA Final Advanced Auditing & Professional Ethics Paper New Course May 2019

Paper 4: Corporate & Allied Laws / Corporate & Economic Laws

The paper was held on 4th June 2019 both for Old and New course.

Download CA Final Question paper: Corporate & Allied Laws (Old Syllabus)
Click here to download CA Final Corporate & Allied Laws Paper Old Course May 2019

Download CA Final Question paper: Corporate & Economic Laws (New Syllabus)
Click here to download CA Final Corporate & Economic Laws Paper New Course May 2019

Analysis of Corporate & Economic Laws - May 2019 paper

As declared by the ICAI, paper was divided into two parts. Part I consist 30 marks MCQs, which is not available to public domain and therefore, it is not possible to analyze and comment anything on it. But it can be understood that MCQs should be of good quality and based on application approach. When it was announced by ICAI, majority of students thought that MCQs will be like CPT. From the sample MCQs, it can be inferred that it is in line with MCQs asked in CPA examination.

Part II contains descriptive questions. If I would like to announce my analysis in one line, I would say 'Paper was good and balanced'. But we would like to go in detail and carry out analysis on question wise. Question no. 1(a) is ordinary question testing understanding of students regarding deemed appointment of directors. Most of students did well in exam for this question. The same kind of question was asked in November 2008 examination too.

Question no. 1(b), really good question. Question require to combine few sections to arrive at answer. It deals with sections 188, 184 and 167. Most of students who have written answer should have concept clarity otherwise they will not get good marks. Examiner will assign 2-3 marks for loose answer.

Question no 2(a)(i) is testing knowledge on oppression and mis-management. It has two concepts for testing. One, requisite number for making an application for oppression and mis-management and second, incurring losses and not declaring divided amount as mismanagement? 4 marks will be divided between these two concepts. The question is similar to the past question asked in May 1999 & May 1997.

Question no 2(a)(ii) is testing knowledge on compromise-amalgamation etc. In my opinion, it is cash cow question as weightage is four marks. The question is similar to the past question asked in May 2003, 2010, 2017 & November 2014. It is routine and ordinary question.

Question no. 2(b) is based on SARFESAI Act, 2002. Question needs understanding on 'NPA' and 'Section 31'. Question had been asked in past on section 31. Concept of NPA is explained in good way in study material of ICAI. As it is for 6 marks, one has to explain relevant theory part in good manner followed by application and its conclusion.

Question no. 3(a) is asking on validity of act of tribunal from perspective of Companies Act, 2013. It falls within chapter of winding up. Most of students are not paying much attention to winding up provisions. Remember, it is question for 8 marks. If you could not write it in well manner, it is great loss. It deals with section 301 of Companies Act, 2013. In my opinion, it is cornered question. Good choice of question.

Question no. 3(b)(i) and (ii) are based on past questions asked. It is on money laundering. Students should not forget that ICAI is continuously asking questions on PMLA. It is for 2+4 marks. ICAI is asking question from PMLA from certain topics like; punishment of ML, Section 5 & 12 in majority of cases.

Question no. 4(a) (i) is related to SEBI Guideline (now it is SEBI (ICDR) Guidelines 2018) and testing knowledge on eligibility for making IPO. For, four marks, it is lengthy question in my opinion. Sub-questions are designed in such manner so as it requires clear concept clarity to write answer in perfect way.

Question no. 4(a)(ii) is related to SCRA and pure theory type question. Remember, it is asking factors and not penalty amount. Many students do not read it carefully and write something else which was never required by examiner.

Question no. 4(b) is related to FCRA. In times to come, importance of FCRA is likely to increased as Government is implementing it strictly. I except at least one question from this chapter. For, 6 marks it tests two concepts; one-eligibility for registration and second provisions for cancellation. It is good question in my opinion, newly drafted by ICAI.

Question no. 5(a) is really good drafted question and related to dormant company. In my opinion, it is like question asked in ICSI final paper. It requires understanding concept of significant accounting transaction. For, 8 marks, it is good question. When special resolution is required is good dot for pondering. Only students who are through with procedure can answer it.

Question no. 5(b) is class question. Its tricky question. Most of students shared with me that it was lengthy question but it is not. It requires understanding of section 53 of IBC. IBC has good coverage in exam. Priority of payment if understood but not presented in good manner in answer will not fetch good marks. Students may take note that IBC will have good questions in exam yet to come.

Question no. 6(a) and its optional question are good and can be answered by students easily. With respect to alternative question, it requires good understanding of temporary loan within section 180. It requires good working note too.

Question no. 6(b) is again good question and related with disqualification of directors. It is based on question asked in past.

Question no. 6(c)(i) is again on PMLA See total weightage of PMLA is 9 marks. 10% of total paper. But it is based on understanding of rank of Asst. Director. Whereas question no. 6(c)(ii) is related to IBC. It is on the committee of creditors and provisions relating to it. Remember provision of IBC relating to appointment or replacement of IRP shall be approved by 66% of voting shares of financial creditors. Earlier it was 75%. It has been amended last year.

I would like to place concluding remarks in following bullet points for students of November 2019 attempt and subsequent attempts:

• PMLA, IBC, SEBI Related topics are favoruite for the examiner
• One question from FCRA
• Most of questions related to application of small or cornered theoretical part
• Now, you cannot rely on 'director topic' only to clear exam with good marks
• Presenting answer to the point in clear and concise language is required. Students need writing practice to perform better in final examination.

To enroll Corporate & Economic Laws (CA Final New) subject of the author: Click here
To view / Download Corporate & Economic Laws (New Course) Question paper: Click here

Paper 5: Advanced Management Accounting / Strategic Cost Management & Performance Evaluation

The paper was held on 13th June 2019 both for Old and New course.

Download CA Final Question paper: Advanced Management Accounting(Old Syllabus)
Click here to download CA Final Advanced Management Accounting Old Course May 2019

Download CA Final Question paper: Strategic Cost Management & Performance Evaluation(New Syllabus)
Click here to download CA Final Strategic Cost Management & Performance Evaluation New Course May 2019

Paper 6: Information Systems Control & Audit / Elective Paper

The paper was held on 7th June 2019 both for Old and New course.

Download CA Final Question paper: Information Systems Control & Audit (Old Syllabus)
Click here to download CA Final Information Systems Control & Audit Paper Old Course May 2019

Download CA Final Question paper: Risk Management (New Syllabus)
Click here to download CA Final 6A: Risk Management Paper New Course May 2019

Download CA Final Question paper: Financial Services and Capital Markets(New Syllabus)
Click here to download CA Final 6B: Financial Services and Capital Markets Paper New Course May 2019

Download CA Final Question paper: International Taxation (New Syllabus)
Click here to download CA Final 6C: International Taxation Paper New Course May 2019

Download CA Final Question paper: Economic Laws (New Syllabus)
Click here to download CA Final 6D: Economic Laws Paper New Course May 2019

Download CA Final Question paper: Global Financial Reporting Standards (New Syllabus)
Click here to download CA Final 6E: Global Financial Reporting Standards

Download CA Final Question paper: Multidiscplinary Case Study (New Syllabus)
Click here to download CA Final 6F: Multidiscplinary Case Study

Paper 7: Direct Tax Laws

This paper was held on 9th June 2019 both for Old and New course.

Download CA Final Question paper: Direct Tax Laws (Old Syllabus)
Click here to download CA Final Direct Tax Laws Old Course May 2019

Download CA Final Question paper: Direct Tax Laws & International Taxation (New Syllabus)
Click here to download CA Final Direct Tax Laws & International Taxation New Course May 2019

Dissection of CA Final (new syllabus) - Paper 7 - Direct Tax Laws and International Taxation, May 2019 attempt

Kind Attention: Students of CA (Final) appearing in NOV 2019 / MAY 2020

The objective of this article is two-fold namely;

This question paper was divided into two parts: Part I comprised Multiple Choice Questions (MCQs) while Part II comprises questions which requires descriptive type answers. Under Part II there were 6 questions of which Question No. 1 was compulsory and another 4 to be attempted out of remaining 5 questions. Each question was of 14 Marks.

Now let me present the overall analysis of 84 marks (including 1 optional question)

Overall Analysis

Kindly go through following tabular summary of complete dissection of the question paper focusing on Tricky / Difficult adjustments and the apparent error (s) in the question paper.

Complete dissection of question paper

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Paper 8: Indirect Tax Laws

This paper was held on 11th June 2019 both for Old and New course.

Download CA Final Question paper: Indirect Tax Laws (Old Syllabus)
Click here to download CA Final Indirect Tax Laws Old Course May 2019

Download CA Final Question paper: Indirect Tax Laws (New Syllabus)
Click here to download CA Final Indirect Tax Laws New Course May 2019

To download all question papers of CA Final May'19 (Old / New) Syllabus - Click here

To view Past Years' Question paper click below:

CA Final Question Papers Nov 2018
CA Final Question Papers May 2018
CA Final Question Papers Nov 2017
CA Final Question Papers May 2017
CA Final Question Papers Nov 2016
CA Final Question Papers May 2016
CA Final Question Papers Nov 2015
CA Final Question Papers May 2015