Dear Sandeep, 

 

I am happy with your comments and views. There is basic difference between you and others. You referred two books whereas most of the students don't take auditing as serious subject and this is one of the reason that they score less.

 

But,

 

Dear Kuldeep,

 

I do not agree with your views that Institute's modules are  not useful.  I have read these study materials specially of Costing which students never refer and this is one of the reason of less scoring. In West Bengal; students prefer N K Prasad who is known as the best in Cost Concepts. But I do agree with your other views. 

 

This is a forum where it is not necessary that we should agree on all the matters. It is enough that we be with forum whatever is the form. 

 

PS :  I will suggest the students to focus on those subjects which come again in CA Final at an advanced level from PCC/IPCC level i.e. Accounts, Auditing, Taxation, Costing....

 

 

 

Dear student for scoring good mark in audit i have wirtten some strategies to be adopted in some other thread.You can use the padhuka book as it is a replica of ICAI module in many respect...Please go through my other thread for scoring the good mark for Audit...you can crack it with good mark...

 

Second iam from south so may be i giving more preference for Soth indian authors...Whatever the book...study well.....

It is true that student should select one book (which may be Institute's Modules if found suitable) for the base in the subject. It is also very important that book should be user friendly. Many students have complained about Vinod K Singhania who is renowned author in Direct Tax since last more than 30 years because students feel stress while reading (t)his book. In our days; we had to read (t)his book only because there was no choice !

 

  My suggestion is only towards improvement of 'EXPLANATORY POWER' while presenting answers. If the flow of writing is good in a book; it definitely increases the interest in the subject which ultimately leads to high scorage.

 

If we refer S V Ghatalia  for Auditing we will find that not a single book can compare its command over language and fluency. We also have Kamal Gupta's Contemporary Auditing which one is marvellous book in Auditing. So  the students should observe  all the available books  then they will be in a position to judge which one is suitable to them. It might also be possible that some chapters are well covered in one book in comparison to  another book. 

 

My student Vikesh who scored IIIrd Rank in CA Final Old in May,2009 mainly focused on  Institute's Modules and Compilations. He got 3 gold medals i.e. A/c, Cost A/c and Indirect Tax.

 

But in CA it is not a universal truth that one book which is suggested or selected is enough for success. Regular updation is required which may be had either through reading or practical experience. For example; big firms' articled clerks easily pass accounts and auditing. They face trouble in Direct Taxes.

 

So one should select the book according to his own criteria; no doubt with the help of Expert's Advice ! 

 

In CA profession; it is a must for all students that they should form their own opinion based on the materials available only then they would be in a position to give "AUDIT REPORT" when the qualify the examination.

 

 

 

How to score good mark in audit for IPCC or PCC or final? It is a good question. many were fails for aggregate because of scoring least mark in Audit papers. you may be worked hard but may not be understand what the examiner requires from the question...Iam suggesting you the following method for securing good marks...

Most relevant area for Audit exam

more than 60% of the questions are set from the below area.so be through with the following area.

1.Caro 2003

2.Accounting standards

3.AAS or SAP

4.Company Audit

Inter linking techneque

Some question have the applications in more than one area.

just a question of going concept are set in the exam normaly what the students think ? you may be think that it is AAS 16 and will write all the pros and cons of that AAS only. But it it not the right approach..

What is the right approach?

 

AS-1”Disclosure of Accounting Policies” explains the 3 fundamental assumptions of accounting which includes going concern.

The enterprise is viewed as a going concern when it does not have any intentions of shutting down or materially curtailing its scale of operations.

Section 227(4A) Caro 2003 Point number 1 states that if the going concern of the enterprise has been affected the auditor has to report on the same.

AS-4”Contingencies and events occurring after the balance sheet date “states that events occurring after the balance sheet date may indicate that the enterprise ceases to be a going concern.

AAS-16 “Going Concern “states that an auditor needs to consider whether the enterprise has appropriately used the going concern assumption in the preparation in the balance sheet.

Then explain AAS-16 in detail.

 

See one question have the application in many area. If the answer is just like the above you can get good marks than just

writing AAS 16 alone..

See the below set of example.

If a practical question of Internal audit students will start writing AAS 7 Relying the work on internal Auditors in details and not think beyond that...It is not write . there require some inter link tact .see how it shall be..

 Section 227(4A) Caro 2003 Point number 7 states that in the case of listed companies and/or other

       Companies having a paid-up capital and reserves exceeding Rs.50 lakhs as at the commencement of

 

the financial year concerned or having  an average annual turnover exceeding five crore rupees for a period of three consecutive financial years immediately preceding the financial year concerned, Whether the company has an Internal Audit system commensurate with its size and nature of its business.

AAS-1”Basic Principals governing Audit “one of the principals laid down is internal control

Internal Control = Internal Audit + Internal Check

Then explain AAS-7 “Relying on the work of the internal auditor “in detail.

 

Ø  AAS-1”Basic Principals governing Audit “  can be used as a base for many answers you write. Eg if the question is on documentation one would think of AAS-3”Documentation”.But instead of starting with AAS-3 you should start with

AAS-1”Basic Principals governing Audit “ one of the basic principals laid down is documentation: The auditor should document matters which are important in providing evidence that the audit was carried out in accordance with the basic principles.

Then explain AAS-3 in detail.

 

 

 

 

See more example 

 

 

 

 

If a questions set just documentation , then, normaly you will write AAS 5 in details.It will not fetch you more mark. but you can get it! by doing the same in the following manner.

 

 AAS-1”Basic Principals governing Audit “one of the basic principals laid down is Audit Evidence:

      The auditor should obtain sufficient appropriate audit evidence through the performance of      

      Compliance and substantive procedures to enable him to draw reasonable conclusions there from on

      Which to base his opinion on the financial information. Then explain AAS-5 in detail.

 

Eg if the question is on Planning one would think of AAS-8”Audit Planning”. But instead of starting with AAS-8 you should start with

AAS-1”Basic Principals governing Audit “one of the basic principals laid down is Planning:

       The auditor should plan his work to enable him to conduct an effective audit in an efficient and

       Timely manner.

       AAS-20”Knowlegde of Clients Business” states that plans should be based on knowledge of the

 

 

 

       client’s business. Then explain AAS-8 in detail.

 

 Now in the same way AAS-6 on internal control and AAS-1 POINT on internal control can be inter

      related.AAS-17”Quality Control for Audit Work” and AAS-1 POINT work performed by other point

      can be inter related.

 

 

Ø  Section 227(4A) Caro 2003 Point number 21 and AAS-4 ”Frauds and Errors” can be interrelated.

 

 

 

Students must   inter link the questions as far as possible. So , Pay more attention on above relevant area of CARO 2003 etc, and in your presentation do adopt the Inter linking  techneque..

 

All the Best

 Achieve the best

 

Vivek M

Dear Rakhecha jee,

 

I have also a different opinion about the ICAI modoule of Auditing for Final.The book seems to be lenghty and will take the good time for studying for this single paper auditing.is the student will opt such a huge volume for studies or will depends on other reference book which should be simple to study and effective for revision...

secondly the module for DT and IDT also out dated ,and not effective, that is the reason for opting the other reference book.

MICS the module is good ,buto there is other good reference books also available for the same...scoring the good mare

 

In case of Cost management,module is good.I think for Accounts paper, there is few type of problems which is from module only...

This is my view, you can have other view

Students are advised to see the Presentation in Auditing given by My Dear Vivek.

 

That much practice is required to show excellency before the examiner if they really wish to get One Shot Success in CA examination. 

 

If it is adopted then I am sure that nobody will raise a question before the "caclubindia forum" that Institute failed me .........despite I did my best.

 

 

 

 

dear sirs i agree wid ur suggestions rakecha ji i posted earlier tht costing's study module is good. in auditing ,law and taxes it is a bit lengthy n difficult.wat we need in last is indepth study of any subject doesn't matter which book we prefer. as CA VINEEt SODHANI who has got 1st rank in ca final and holds record for highest marks in icai history is a good frnd of mine and told me tht he has nt taken coaching for any subjects. it shows tht self study is most important part. I THINK We SHOULD concentrate in subjects in which we are good .so tht we cn get high marks. do u agree sir? thnx for ur suggestions .

Dear Kuldeep, 

 

Your friend is right and self-study is the key of great success in CA curriculum. Already the matter has been  discussed by us some days ago  in another thread (the needle is to be found where it is ! ). 

 

You have clear conception about the CA profession; I am proud of you.  You also accept that students have to read in depth about the subject - whatever is the source. (But most of students just want to pass the subjects - how many idiots in CA profession, can anyone count ) ?

 

Now-a-days; students think that when they join coaching; passing  will become easy. Another misconception ! See misconceptions prevalent in the students at the following link :

 /articles/six-months-in-waste-now-invest--4490.asp

Coaching should be joined to upgrade the level of thinking in the subject and not just to cover the syllabus with the help of tutor. How many coachings classes have faculties who have real exposure in the subject ? 

 

For whole life there will be REGULAR new developments in different AREAS (subjects) which you have to understand at your own; WOULD IT BE POSSIBLE TO JOIN COACHING AGAIN AND AGAIN ?  If the habit of self study is not developed now; do you think that you will develop in the age of....... (fill the age of your choice which you think right for yourself).  

 

If thought is like that - they will get  good job just after qualifying CA; definitely most of them will lose their identity which could be established if they regularly updated their knowledge.

 

 

 

Sir.,

 

waiting for PCC ..... pls post it as early as possible..

dear deepak here are sum useful books for pcc group 1 accounts -study material and 20 yrs scanner{reliance scanner} auditing -padhukas law-m.p vijaykumar group 2 cost n fm -study module n 20yrs scanner{u cn refer saxena vashisth } tax-yogendra bangar it&sm-morarka sirs notes(he is in frm jaipur so his notes r not available indiaWide u should prefer it over dinesh madan if u cn arrange morarka sir's notes othrwise DINESH MADAN.''last 5 yrs SCANNER is must'' i got 72 out of 80 marks paper i attended only due to morarka sir i am refering study modules in acc.&cost fm cause my self studied frm study modules and got 88 in acc. n 72 in cost&fm. hoping u will find these books helpful n satisfactory waiting for replies

dear deepak here are sum useful books for pcc group 1 accounts -study material and 20 yrs scanner{reliance scanner} auditing -padhukas law-m.p vijaykumar group 2 cost n fm -study module n 20yrs scanner{u cn refer saxena vashisth } tax-yogendra bangar it&sm-morarka sirs notes(he is in frm jaipur so his notes r not available indiaWide u should prefer it over dinesh madan if u cn arrange morarka sir's notes othrwise DINESH MADAN.''last 5 yrs SCANNER is must'' i got 72 out of 80 marks paper i attended only due to morarka sir i am refering study modules in acc.&cost fm cause my self studied frm study modules and got 88 in acc. n 72 in cost&fm. hoping u will find these books helpful n satisfactory waiting for replies

Dear Sirs,

It seems that a very interesting discussion has been stired up here. So could not help myself from asking whether is Manoharan the best book for Ca Finals or Girish Ahuja scores over it.

I had studies from Manoharan for my PE2 but found it lacking in conceptual clarity in many areas, when referred to the same for my finals.

Girish Ahuja on the other hand can give u absolute crystal clear conceptuality but become too time consuming.

Direct tax is a very unpredictable subject when it comes to marks, so can anyone provide for a solution to my querry ? Thanks in advance

dear farhat i thnk u should prefer mr vinod gupta over any othr author. the modules are self explanatory n u will find it very helpful too.

dear rakecha ji thnx for comments n i thnk u r perfectly correct tht coachings r to be taken for upgrading level n knowing sumthng wat we can't learn ourselves. i will not let ur believe n caclubindia down n will make to the top 10 list of ca final may 10 . cn u give sum suggestions how could i improve frm 39th {pe2} to top 10 in finals

Thanks Kuldeep to guide PCC students. For improvement in presentation you may refer the following link:

/experts/presentation-of-the-answers-327420.asp

You may find many suggestions to improve the presentation. But everybody has his own style. You should follow your style with certain developments regularly.

For law subjects; analyze why there are particular provisions. For example;  why gratuity is exempt ? Ask why penalties should be there if one does not follow a particular provision of an Act. Whether it is just or not to have such provisions in the Act.