Some helpful tips for advanced auditing paper

(Guest)

how to do case studies for standards ? they both are not given in neither padhuka nor surbhi..

CA Raj Shah (CA) (347 Points)
Replied 23 January 2014

It is given in dr.urvish shah book. Flow chart of each subject for graphical presentation and many case law and practical problem given in that book. Also books is user frendly and u can revise it with in 1 day if u read 3 times earlier. Many of people get 70 to 80 marks in audit by referring just this notes. Even i too got 64 just reading two times. Those who want copy of this book are mail me on carajshah2014 @ gmail.com and i will privide this notes probided u bear exps of xerox and post. Thanks.

sakshi (article) (42 Points)
Replied 24 January 2014

Thank You so much for ur suggestion

CA Deril Lobo (.) (143 Points)
Replied 24 January 2014

u just have to understand overall concept as a whole..see overall objective of the auditor is to get sufficient appropriate audit eveidence which will enable him to express his opinion on fin stats as a whole..if u read each and every word carefully as above u can make out tat it is lot more than these word..these standards on auditing will help an auditor in various auditing situations..analytical procedure,external confirmation,sampling,materiality etc are just part of it..have a wholistic approach and read and make notes n flowcharts using padhukas(from SA 200 till SA706)..For rest surbhi bansal is enough.take these these standards as a whole(Sa 200 till 706) and make notes and u will be able to answer any type of questions in exams..after reading a question in exam just think from the point of view of an auditor and think wat shud be done in tat particular situation and which standard shud be applied..these standards are only to maintain quality of an audit work so tat an auditor gets aufficiwnt appropriate audit evidence to express his opinion on financial statement..as i repeated sufficient appropriate audit evidence many times there are lot of words which are repeated in padhukas which will help u..pls take note of this..All the best.

CA Deril Lobo (.) (143 Points)
Replied 24 January 2014

u just have to understand overall concept as a whole..see overall objective of the auditor is to get sufficient appropriate audit eveidence which will enable him to express his opinion on fin stats as a whole..if u read each and every word carefully as above u can make out tat it is lot more than these word..these standards on auditing will help an auditor in various auditing situations..analytical procedure,external confirmation,sampling,materiality etc are just part of it..have a wholistic approach and read and make notes n flowcharts using padhukas(from SA 200 till SA706)..For rest surbhi bansal is enough.take these these standards as a whole(Sa 200 till 706) and make notes and u will be able to answer any type of questions in exams..after reading a question in exam just think from the point of view of an auditor and think wat shud be done in tat particular situation and which standard shud be applied..these standards are only to maintain quality of an audit work so tat an auditor gets aufficiwnt appropriate audit evidence to express his opinion on financial statement..as i repeated sufficient appropriate audit evidence many times there are lot of words which are repeated in padhukas which will help u..pls take note of this..All the best.

(Guest)

thanks for guidance sir

i have both padhuka and surbhi bansal this is my stratergy please guide me if i am right or any changes needs to be made

Standards - PAdhuka 50 pages + those not given in padhuka from surbhi bansal ( standards are same in both padhuka and surbhi bansal so it should not matter much )

CA act - Padhuka

company Audit - Surbhi bansal

CARO - Surbhi bansal

Audit of banks and under income tax act - Padhuka

REst all chapters from Surbhi bansal..

basically i am eyeing all the heavy weightage chapters (marks analaysis of past attempts ) from padhuka and less important from surbhi bansal..

still practicing a few case studies gives confidence before going into exams

CA Deril Lobo (.) (143 Points)
Replied 24 January 2014

Just make notes in the way ur comforatable with..idea here is to give u the same level of confidence during revision and during exam week which u had months before when u were preparing for it..here u hv to refer surbhi bansal only to save time..the main book ti refer is padhukas only..the reason is coz of inter connection btw chapters, SA, acc std and guidance notes..for eg if u get a case kinda question like a company has given loan to its sister concern or subsidiary and it is outstanding..as an auditor wat wil be ur approach..here u hv to think like an auditor and think of all concepts which will help like 301 register,As18,sec 227,caro,rev sch 6 and then proceed..students usually give general answers like internal control,verification,external confirmation etc..take another example of methods/procedures of obtaining audit evidence, fraud risk factors or even take any case questions also..general kinda shud be given at the end of exam where u hv 2 questions remaining and u hv to answer any one and u are not confident of both..here u hv to bring all ur experience and answer in principle analysis conclusion and improve the quality of the answer to maximum extent possible....below i wil list few concepts which u can refer from surbhi bansal.. company audit (basics,transfer to reserves,dividend rules)(anyway its there in corporate law).... banks(capital adequacy,invt norms,repo n reverse repo,Npa,debt restructuring)....insurance(risk reserve,solvency margin)....stock exchange(circuit filters,t+2)....cis(ur choice depending on ur isca skills)..mgmt n operational(concentrate on core concept n glance or skip mgmt audit questionnaire...sox(ques 2 major provisions padhukas rest refer surbhi..Standards(till Sa720 padhukas n rest surbhi..here on the way in surbhi take good notes of Sae3402..here for audit report formats just catch the basic format and just see the difference in others.All the best.

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CA Deril Lobo (.) (143 Points)
Replied 24 January 2014

and padhukas standards on auditing is a 270 page book..till Sa720 its about 180 odd pages..prepare ur own notes there itself in that book..All the best

(Guest)

sir i have padhukas student handbook on advanced auditing it has all standards in 50 pages.. they look like they have been copied from surbhi bansal.. there are no case studies for standards should i get the standards book seperately.. ?

sir a request to you please post your tips/stratergy for rest of the subjects of group 1 and group 2 both sir...

thanks

CA Deril Lobo (.) (143 Points)
Replied 24 January 2014

Yes you have to get padhukas students referencer on standards on auditing..dont refer summary for standards..mugging up standards is of no use..Just understandard it..u will get lot of knowledge which will give u a good grip over the entire subject..If u have any other strategy which u want to add then pls do follow..in professional exams uniqueness,confidence and conviction in ur strategy is the name of the game..this exam is a minority game and never follow strategy followed by majority..combined with hard work and determination im sure u can even achieve mid 70's average if u hv faith..All the best.

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