Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
16 February 2010Can anyone please tell me that which is the best book for SAs as they are newly issued. ?
I am a PE-II student. I have my last attempt in May 2010.
You can also send a soft copy of it on
kalpesh.chauhan86 @ gmail.com.
waiting for fair reply.
Mythreya
(Finance IT & Accounting)
(2183 Points)
Replied 16 February 2010
I would say:
1. Have Study Material if they have updated with the latest(newly introduced) and revised SAs.Obviously,in 99/100 cases,they would not have incorporated.So download the Bare-portion from ICAI.org.Example:Just yesterday when I went to the ICAI for some purpose,I found one student buying Direct Taxes compiler.For once,I was happy ICAI came on time for issuing such compilers for the benefit of students.So, I asked him to show the book to take a peek.He gave the book and I took a peek and my joy was short-lived as the Assessment Year was 2006-7!!!!.So I asked him,do you check the AY while buying Direct Taxes book? He looked at the book ASAP and returned it back.I then asked him to get the Latest Aadhya's Direct Taxes compiler(Bangar Team) from a local bookshop.And asked him to warn his friends also regarding this.We can't blame ICAI as it is a quazi-governmental set-up and things get delayed or useless like this,but you should find ways to overcome these defects.
2. Then buy: DS Rawat(He too has not updated 'PERFECTLY' as of now,still it is worth reading) and then do all the questions given by him.He has dealt in a simple manner sans the laborious language of the study material.
3. Other recommendations can be: Padhukas(which is also equally good just that paper and printing quality is not as good as DSRawat's Taxmann's kind); Snowwhite Publications,Class notes of Auditing Professors.
4. I would not advice class-notes of Auditing professors though,unless you really don't have anytime left.They try to make it too crisp and cut many important areas(which precisely would be asked in the exams! as per Murphy's Laws First Tenet!--"If anything can go wrong,it will go wrong!")
So to sum-up: Buy the latest ICAI study material(just as a safety-net measure) and then read primarily from DSRawat's latest book.Some new SAs like SA265 his book does not contain and he mentions clearly in the preface to the book(I just happened to browse through the book few days ago while in a bookshop)that he will include it in his next edition.So, if your attempt is for May 2010,you need to download the new SAs from the site and make a quick perusal.
SAs are being asked multi-farously in the Auditing exams these days,especially in Final.
When you write an answer,you must use SAs,Guidance-notes/Monographs issued by ICAI,AS,expert opinions in your answer to increase the chance of impressing the examiner and get full-marks.Just a plain-vanilla answer relating to the question,these days does not fetch good marks.
Many take this subject light and fail in the exams.
Watch out for future articles and postings in the Article section(You can check out my articles and postings from my Profile-page by clicking on the Forum/Articles Tab)
Best of Luck,
Mythreya
CAclubindia
