Tips to Prepare for Audit

Prepared by : CA Prakash Somani (CA, B.Com, NCFM (CMDM), Pursuing CS)

1.    Don’t go by size of modules, they are easy to read

2.    While different peoples' learning styles will vary, it is generally most effective to go by your reading speed and never follow or compete with anyone atleast in theory.

3.    Refer a good book like Prakhar Sharma/Paduka/ V.K Agrawal Note: (MP Vijay Kumar can be used for AS reference)

4.    Examiner will not ask direct Q on AAS so your concept should clear with AAS else you will loose. You may also remember latest AAS

5.    Your articleship training will give you practical experience of whatever in the book itself

6.    If possible try to write the way module is written, believe me its easy (Indirect method is used in Modules)

7.    It wont be possible to read whole Module in exams so be ready with one reference books

8.    Refer only one book and never suggest anything new nearto or during exams

9.    Professional ethics are to be read carefully as it has weighted of 15-20 marks. Remember their numbers and also to which part they belongs

10.  CARO Report and their number should also be remembered, better to prepare slogan (You can get it from me)

11.  Stick AAS and CARO Point before your study table for better remembrance

12.  It’s a theory subject so better to take one practical subject also i.e. combine interesting and boring subjects during revision. This will keep your level of  concentration in tact. ( Refer Point 23)

13.  Prepare notes of whatever you are feeling tough to grasp and revise them

14.  If there are many points to a particular Q then prepare a slogan suitable for you (It is the best way to cope with bulk points)

15.  Refer suggested answers or scanners to know the trend in exam i.e. which chapter is more important and which is less, you can even read in that order also

16.  Its not possible to follow “ ratta maro pravati “ here in Audit as it is very large for this

17.  Understand how to answer questions based on Case Studies. Take reference guide from previous attempts answer patterns

18.  Try out Case Study after having finished each Chapter

19.  Think of as many problem as you can and try to solve the same (Only if you have sufficient time)

20.  Remember the latest case laws on audit as there are very much chances that examiner will ask question on that

21.  Check the pattern of question paper, instructions. Are there any changes? It's essential that you are aware of the paper style

22.  Make sure that all your notes are arranged systematically. This is particularly important for the revision of your theory subjects

23.  Start revising from the chapters you know the best followed by difficult chapters ( Also refer Point 12)

24.  Revision has to be done by keeping the outline of the chapters. This will make you go through them quick and easy

25.  Take short breaks and study. Without break you can not get more output from your studies

26.  It is not important how many hours you study; it is more important how well you have studied

27.  Time yourself while you are studying. It's essential that you study for an hour and take 5 minutes break to do anything of your hobby to make you fresh.

28.  Don't keep your queries pending, solve them immediately (you can ask me J through www.psomani.caclubindia.com ).

29.  Recent Amendments should also be keep on your priority list.

30.  Reward yourself with an ice-cream or a brief outing after a good day's work.

31.  Give Thanks to the writer for his efforts to make this available to you J.

CARO Slogan: (Need only 5 readings for CARO (21 points))

Fixed Inventory Loan on Internal Register of Public deposit for Internal Audit & Cost Records with Statutory dues are

accumulated with financial institution dues in the way of loan on shares and chit fund so that trading in shares can

guaranteed for term loans for short & long term in preferential allotment of charges for end use in fraud