For CA Final Audit check the following

Level of knowledge - Expert

The major areas of the paper which requires in-depth study are as –

Accounting Standards
Auditing Standards
ICAI Guidance Notes
CARO 2003 application
Company Audit
Operational audit
Management audit, internal and propriety audit
Special audit techniques
Special audit assignments
Cost audit
Audit in IS Environment
Investigations, forensic audit, SOX Act, 2002
Audit of banks, insurance companies
Audit under Direct tax laws
Other topics

Approach to preparation

The syllabus of advanced auditing is vast but it is interesting.
Please do not count the total number of pages before preparing for the paper.
While reading the chapters try to highlight the important lines or make appropriate headings and sub-headings. It will help you a lot in the last days of the exams to have a quick view.
Arrange all the notes at one place. After completing each chapter try to solve the case studies.

Also practice well the latest case laws and amendments. Do not add anything new near the exams.

Prepare Professional Ethics, EDP Audit, Audit Report and CARO, Management & Operational Audit, Investigations and Special Audits are some important topics.
Also practice with the previous year’s papers and also carefully study the suggested answers.
Guidance notes are also very helpful.

Exam strategy :

o At the time of taking exam try to attempt all the questions and start attempting the easy and short questions first and then devote time to the tough questions. Do not answer the questions in essay type presentation make precise points headings and sub- headings while writing the exam.

Step 1

First of all give ICAI audit study material a quick reading to understand the depth and figure out the efforts and time required for final preparation. You would appreciate that through this quick reading you would be able to figure out where extra efforts are required in audit subject and plan accordingly. This will serve as a SWOT analysis for preparation of audit paper.

Step 2

Make necessary notes or put suggestions or mark strategy for yourself on the study book during first reading. This task helps you to deal with audit subject later on during final preparation. Pre-condition for this first study is --- go ahead for quick study with a completely relax and chilled mind.

Your main purpose behind this quick study is observation and formation of a plan to deal with audit.

Step 3

During first study ride prepare a plan for final preparation. Also use scanner for making the plan. Later on use any good notes to prepare. Remember at this moment you have everything in your mind like what is imp along with basic idea of the topic and chapter.

Step 4

- SPECIAL ATTENTION TO Standards on Audit (SAs)

In Audit paper Accounting Standards (AS) and Auditing Standards (SA) plays very crucial role. This role has two way functionality. One is good preparation of AS and SA give good confidence to deal with exam paper and pressure; Second is good preparation of AS and SA helps you to deal with real job situations during your professional journey as a qualified CA.

Please give special attention to SA and AS. Only good knowledge of SA and AS is not enough but you must understand the technique to apply SA and AS in audit practical problems. For this purpose refer ICAI suggested answers and observe the application of SA and AS to the problem. Another benefit of this task is—it also helps you to understand SA and AS in a much better way. In the final exam, your understanding, knowledge level and application skill of all the SA, SQC, SRS etc will be tested based on practical case studies.

PREPARATION AND APPLICATION OF SA AND AS IN AUDIT

Special attention to SA and AS is required to be given. Along with good knowledge of SA and AS the technique to apply SA and AS in audit practical problems should also be clear to you all.

To understand the application of SA and AS in audit practical problems I would advise you to observe the application of SA and AS in the scanner solutions and ICAI suggested.

It is also advisable to mention SA in audit paper wherever required just like sections. For example if some where going concern word is used in the context of Audit, you may mention the relevant AS no. where “going concern” is defined and explain the same if you have time.

Step 5

Special attention to CA Act 1949 and Professional Ethics

The preparation of Professional Ethics is vital as this is one of the most interesting & scoring topic (at least 16 marks). Refer to CA Act 1949, CA Regulations 1988, CA Final background material of ICAI for this & then solve all the questions given in the practice manual issued by ICAI.