Yeah, for ISCA, I think case-study based multiple choice questions or questions requiring one word answer are much better than the present descripttive format where u have to more or less write what is given under the study material. I mean even if u write an answer which is correct but yet is different from study module, u are going to be awarded zero marks in ISCA since the evaluator most probably will be having no practical exposure in topics dealt in ISCA and so will not be in a position to make a proper assessment of ur answer if it is different from the module. Under the present system, majority of the students just mug up ISCA since thats enough to get good marks in the subject.
For other subjects, I am happy with the descripttive format. Maybe u can add some objective type questions but I am not in favour of resorting to objective type for the entire paper. Instead of just changing the format of exams, ICAI should focus on improving the standard of questions like avoiding repetitive questions from previous years,silly errors in question papers,etc. The thrust should be on framing questions such that they really test how well u apply the concepts u learnt. It shouldnt be merely about speed and time management. For example, students very often complain that they cudnt finish papers like costing,accounts,etc. in time. The paper setter should ensure that every ordinary student gets enough time to attempt 100% of the paper. U can make a better assessment of the capability of the student when he writes 100% of the paper instead of 70% or 80%.