PCC AUDIT TIPS: Friends,
i would like to share some tips regarding auditing with you which might help....
1)Read all AAS thoroughly.Remember the names of AAS.(a question on a name of AAS & its corresponding number was asked in november -08 attempt).It would be foolish to lose marks on such questions.Use the material provided by ICAI for AAS.(its a separate module with AAS & GUIDANCE NOTES).After reading the AAS ,write its summary & identify the key words & sentences to be written if a question on a particular AAS is asked.(pls note that AAS is now called SA & their numbers are changed.)
2)Company audit -I & Company audit -II are very important chapters.Appointment of auditors,disqualifications & all other provisions relating to auditors are very important...Friends writing down things is the key in auditing....
3)Audit of assets,liabilities,expenditure are chapters which give easy marks...only 5 to 6 points are expected for 5 marks...the questions based on these chapters should be attempted first...after this one can attempt the SPECIAL AUDIT question.(this definitely saves a lot of time & one can attempt many marks in less time)
4)The audit syllabus should be summarised in a 200 pgs book...it can be easily done...As we get leave for a day between all papers these summarised notes help a lot...after one comes from his accounts paper - one can refer that book atleast twice by night( ie after u come after the accounts paper)
5)EDP audit,government audit should not be left for option....
6) Concepts of materiality,auditor's independence....(aas 1, 3,5,7,9 11,13,17,18,19) are important...u can stress on the first 20 aas...
7)Refer Padhuka publications book for Auditing.....u will feel auditing is very easy after referring this book...
8) Practical exposure in articleship creates interest in this subject...but its not a pre requisite..
9)If one does not want to refer padhuka then go through the question papers of auditing from 1990....questions in auditing are repeated..for pcc icai has changed the pattern....questions on AAS are being asked more...the weightage of AAS n company audit is about 30 -50 marks...
1. Figure out your mistake committed in the previous Examination and promise yourself to avoid them in your next exam.
2. Focus on your Study and Goal.
3. Try and complete your Scanner with the help of suggested answers of previous examinations.
4. Plan your revision schedule as early as possible and follow the same honestly and keep reviewing it and make necessary changes as and when necessary.
5. Invest your time in Exam oriented discussion. There are two advantage of this activity:
i. You may discuss your problems in such discussions and resolve them.
ii. These discussions will also help you to focus on your goal.
6. Work out on your presentation skills. You may post your query regarding presentation skills. Also check my Article on presentation skills.
7. In examination hall length of answer plays an important role due to time factor. Regarding this you may take reference from suggested answers provided by ICAI.
8. Mental strength is very important. So prepare yourself mentally and physically for Examination cum War.
9. Use the catchline – “CA ko niptana hai”. CA bola to Chartered Accountancy Course and not your boss where you are doing your Article ship. Ha Ha Ha.
10. Very Important Revision Tips: What you prepare on Monday try and recall it on Tuesday without using books. If you are able to recall 60%-70%, then you are 100% going to succeed in this examination. Again try to recall the same after the gap of 2-3 days.
11. Use abbreviation method. If you have 10 points to remember in a question give them a certain abbreviation and remember that abbreviation. See the example below:
In section 293 of Companies Act, 1956 there are 5 clauses from (a) to (e). My abbreviation to remember these 5 clauses is “SRIBC”. S=Sell/R=Remit/I=Invest/B=Borrow/C=Contribute. Have a look at Section-293 and verify yourself.
12. Stay away from Time wasting and unproductive habits. At least during exam times.
13. Prepare a list of questions which you consider tuff or a bit time consuming. Prepare a handout yourself with solution of these questions and give them a reading on regularly basis with a time gap of 2-3 days.
14. Prepare a list of frequently asked questions with the help of Scanner and practice them properly.
15. Give a little bit time to every subject per day.
16. Try and increase your study time day by day.
17. After 25 October do not add any new topic in your schedule. Just focus on revision-revision and revision.
18. Stop collecting different notes per day. Try and figure out the notes which are relevant for you and support your style of study. Only use them for exam purpose.
19. Take very good care of your health. Consider your health as a subject. Remember if you fail to perform well in this subject you are going to fail.
20. Last but not the least believe in yourself and your hard work and most importantly believe in God.
Please find below some tips to deal with theory paper like Audit and Law. These tips are based on my personal observation and used by me in all my professional Examinations. This Article is completely written by me and not copied from anywhere. Hope this Article would be off some help in your Exam preparation:
1. First of all figure out the length of your course content and prepare yourself mentally.
2. Use Scanner from the very beginning. It helps you to recognise which chapter is to be given preference.
3. Prepare a list of Chapter wise frequently asked questions from the Scanner and prepare them properly.
4. Above 3 exercise surly help you a lot when you give first reading to your book or during your coaching.
5. Try and develop a sense to figure out excess study material from the exam point of view and cross that material immediately in your book. Study Material provided by the institute is not updated most of the times and full of totally irrelevant material/theory.
6. If you have time prepare notes only for important topics along with frequently asked question’s solution.
7. In Exams don’t write your answer in paragraphs. Try and mention it in point wise details with relevant section and case laws.
8. Use of Sections: As per my opinion you shouldn’t ask anybody about the relevance of quoting sections in Exams. It is off course extremely useful in law subjects especially in CA Exams. Try and quote section in your exams without any hesitation. Prepare a special strategy for remembering sections. If you make it a habit now it will 100% pay at the time of your final preparation.
9. You may also mention Registrar of Companies E-forms while writing your answer in Examinations.
For example if you are answering the question “Transfer of Registered Office of a Company with in city”. You, after mentioning the procedure of transfer, may also mention that Company is required to file form 18 with Registrar of Companies with in 30 days of passing the Resolution in Board Meeting.
10. Very Important Revision Tips: What you prepare on Monday try and recall it on Tuesday without using books. If you are able to recall 60%-70%, then you are 100% going to succeed in this examination. Again try to recall the same after the gap of 2-3 days.
11. Use abbreviation method. If you have 10 points to remember in a question give them a certain abbreviation and remember that abbreviation. See the example below:
In section 293 of Companies Act, 1956 there are 5 clauses from (a) to (e). My abbreviation to remember these 5 clauses is “SRIBC”. S=Sell/R=Remit/I=Invest/B=Borrow/C=Contribute. Have a look at Section-293 and verify yourself.
12. Strategy/technique to prepare Section in Company Law: 1. First read the Section from Bare Act as bare act contain the pure law passed by legislature. 2. Then read the same section from your law book (Munish Bhandari). 3. Now it is the turn of your coaching notes. Read them thoroughly. 4. Now read all the previous exam problems based on that particular section from book.
If you follow the above 4 points carefully and honestly then you may consider your section finished for life. Believe me and try this method.
13. ATLAS STUDY METHOD: This method is completely developed and named by me and is extremely helpful for fetching good marks. ATLAS STANDS FOR “AT LAST”. There are always some questions, formulas, Sections and case laws which we simply fail to recall in exam hall. According to this method if you find anything very difficult to remember then after preparing the same topic once or twice put it in the ATLAS. Keep putting difficult topics in ATLAS till exam date. There would be a different ATLAS for law, audit, accounts etc. Now 1.5 hour before leaving your home for examination hall open ATLAS question list and revise it properly or give it a special reading. Now if you find any question from ATLAS in the exam paper it would be very easy for you to answer as you specially revise it just 2-3 hours back and your confidence level will automatically increase in the beginning of exam. What say???
14. Keep review your ATLAS list and modify it accordingly. If initially you put any question in ATLAS and now you are confident enough about that particular question you can remove that question from ATLAS. Don’t put easy and non important questions in ATLAS as this concept is for revising extra-ordinary important questions just 2-3 hours before examination. If you need any help understanding this method please let me know.
15. Don’t play with the language of law specially Definitions. It is strongly recommended to put the definition in the exact language. However you can take slight liberty while drafting your answer in respect of other law language but the context, texture, interpretation and meaning should not be changed.
16. Query Notebook: Keep a query diary with you during study time and note your queries in this diary and resolve them same day or next day. Do not keep your query unresolved. You may also take reference of this diary later during exam time. Also mention the answer of your query in the query diary.
17. Work out on your presentation skills. You may ask your query regarding presentation skills. Also check my Article on presentation skills.
18. Remember you can use the preparation of Company Law in your Audit paper. Company Audit –II chapter is based on the company law like Audit of share capital, share transfer and dividend Audit. Also use same law writing skills in your Audit paper.
19. Don’t use different notes for one topic. Finalise your notes before starting final Examination preparation and stick with them.
20. 10 Days before examination date do not add any new topic in your schedule. Just focus on revision-revision and revision.
21. In Theory papers length of answer plays an important role due to time factor. Regarding this you may take reference from suggested answers provided by ICAI. Write your answer according to the marks allocated.
22. Always prepare latest case laws as many times practical problems are based on recent case laws.
23. Your Health: Take very good care of your health. Consider your health as a subject. Remember if you fail to perform well in this subject you are going to fail.
24. Plan your answer: Your exam preparation should be such that when you first see the question the entire answer should be in your mind. It will help you to plan the length of your answer according to the availability of time.
25. Time saving method: As per my opinion in theory paper you should attempt flat questions first. After that attempt practical problems. Like in Audit or Law first attempt short notes or distinctions etc. In the beginning if you attempt practical problems first then there may be wastage of time in reading the problem twice or thrice.
26. Complete your paper: Try and make an effort to complete your paper 100%. In other words attempt full paper of 100 marks. You may cut the length of your answer in the end as per the availability of time.
27. Make Point & give heading: In other words write your answer to the point. Try and convert the paragraphs in to points and give them a heading like I am giving in this Article. However if during exam you have no time then avoid this practice. But it’s a very good technique of theory presentation.
28. Presentation Skills: Don’t forget to read my Article on presentation skills along with this Article.
You may find this Article a bit lengthy and with some strict and difficult instructions but give it a composed reading as all the points have a relevant connection with your preparation. You can easily observe every point if you understand them properly and prepare your mind accordingly. Later on you may interpret it accordingly. This is my best Article on Caclubindia for you all and contains almost all the points moving in my mind. I would advise you to bookmark this page for quick reference. If you like this Article kindly appreciate it by posting your comments.
1. I would very much suggest referring modules as they are very good in this subject.
2. Very important question in this subject is Whether one should first answer the compulsory Q and then other optional?? It is difficult to say about it but I suggest to go for the compulsory question first as it would make good impression over examiners mentality. Note: If you are not at all good in solving compulsory Q then avoid answering it first.
3. The main marking is at theory part so be prepared accordingly you can refer past year Q pattern and read the chapters which are more important like Marginal Costing etc.
4. Read the question carefully before answering. If you have less time then do the question s of small size first otherwise your lot of time will be wasted in reading question only.
5. You must know the question pattern in this subject as my time the pattern was completely changed so we face lot of diff’s. I don’t want the same to happen with so prepare yourself with all topics and never keep any chapter or topic optional.
6. Reference book which I suggest is Paduka / Saxena & Vashist with modules.
7. You can not better understand costing unless your concepts are clear.
8. At exam times many students stop solving practicle questions as they consume lot of time to solve. I suggest to solve few questions of each type otherwise it will be difficult to gain confidence in exams.
9. Generally students got frightened by the question size, never do it as the questions in costing are this type only. The solution of this type of questions is to write down important data with summary at last page of your answer sheet while reading the question, in that way you can recover the big question very easily and in time effective manner.
10. The presentation in exams is very important in this subject so you should avoid corrections.
11. Before answering any question you need to make a rough solution in your mind and then go accordingly.
12. Never make hurry in this subject as one mistake may spoil your answer completely.
13. Generally question paper go into 8-10 pages in this subject but don’t afraid as CA Inst is just frightening you by the size of paper.
14. You have to do lot of home work then only you can excel in presentation part of this subject.
15. Write down the type of problems you are facing repeatedly and work on that. As it is very important to come out of your weaknesses. Also useful in your long term future too.
16. OR part is very interesting and here you can score well but normally I see that students are taking this for granted… I suggest don’t do it because sometimes overconfidence can result into loose marking or complete failure.
17. Never hesitate to get help from your peers or study mates not even me i.e. keep your egos behind you. I am sure you got this point. If it is not applicable to you well and good.
18. Generally in these subjects you will not get amendments very frequently so no need to worry for amendments and all.
19. Revision has to be done by keeping the outline of the chapters. This will make you go through them quick and easy.
20. Take short breaks and study. Without break you can not get more output from your studies.
21. It is not important how many hours you study; it is more important how well you have studied.
22. Time yourself while you are studying. It's essential that you finish one chapter and take 5 minutes break to do anything of your hobby to make you fresh (Listen Music)
23. Talk less to keep only specific thoughts in your mind as during exam time “less you talk and more you walk” will keep you charge.
24. Don't keep your queries pending, solve them immediately (you can ask Ur faculties or members in this clubindia ).
25. Reward yourself with an ice-cream or a brief outing after a good day's work. (Most liked by Members)
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