If you’re here you’ve probably reached the final level of your CA exams. Congratulations! You’ve done great. The articleship is either already begun or will be starting soon. And there is no time like the present to start preparing for your Finals. To avoid panicking at the last moment, it is essential that you start studying from day one.
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Today, we’re talking about the third paper in CA Final Exams, i.e. Advance Auditing and Professional Ethics. It might seem like this paper is a bit tough to clear, but it is a challenge worth taking on, to get the CA prefix before your name!
Let’s get into the important bits!
- Auditing Standards, Statements, and Guidance Notes have 10-20% weightage out of total marks.
- Audit Planning, Strategy and Execution; Risk Assessment and Internal Control; and, Special aspects of Auditing in an Automated Environment has a weightage of 10-15%.
- Audit Reports, Audit Reports & Certificates for Special Purpose Engagement and Audit of Consolidated Financial Statements, has a weightage worth 10-20%.
- Special features of audit of Banks, Insurance & Non-Banking Financial Companies; Audit under Fiscal Laws; and Special Audit Assignments cover 10-15% of the total marks.
- Audit of Public Sector Undertakings; Internal Audit, Management, and Operational Audit; Due Diligence, Investigation and Forensic Audit; and Peer Review and Quality Review has 5-15% of weightage.
- Professional Ethics has a weightage of 15-20%.
Chapter-wise preparation techniques
- Audit Planning, Strategy and Execution; Special features of audit of Banks, Insurance & Non-Banking Financial Companies; are the topics which are easy to prepare and revise. You can study them a little further on after you’ve studied the hard topics.
- Special aspects of Auditing in an Automated Environment; Audit under Fiscal Laws; Audit of Public Sector Undertakings; Internal Audit, Management and Operational Audit; are fairly easy to study. You’ll have to revise it 2-3 times.
- Auditing Standards, Statement and Guidance Notes; Risk Assessment and Internal Control; Audit Committee and Corporate Governance; Liabilities of Auditors; Due Diligence, Investigation and Forensic Audit; Peer Review and Quality Review are important from a scoring perspective and a bit challenging. Make sure to learn them properly and revise several times.
- Audit of Limited Companies; Audit of Consolidated Financial Statements; Professional Ethics; Audit Reports; are difficult topics and need a lot of practice. Study them well.
Our CA Final Audit Pendrive classes offer a more detailed view into chapter-wise weightage and study strategy, which might help you score good marks in Audit.
CA Final Audit paper has a total score of 100 marks. It is divided into two sections: Section 1 contains MCQs and has a worth of 30 marks. Section 2 consists of descriptive answers, having a total of 70 marks. The exam duration is for 3 hours; you’ll have to answer 30 MCQs and 5 out of 6 descriptive answers.
Some general but important tips
- If you want to start off smoothly and gain a sense of confidence, you can start studying the easier and more interesting topics first. Though, if being done with the harder topics would help you concentrate better, study them first.
- Study and revise Auditing Standards every day. There are several SAs and if you keep them for the end, it will be hard to remember them all. Hence, studying them every day will help keep them fresh in your memory.
- Always write and practice all the concepts. It will help you retain them better and be prepared for the examination.
- While studying, always focus on the concept instead of questions, because there are no specific question formats. If you are clear on the concept, you can answer any question regarding it.
- Using the right words is extremely important in Audit. Make sure you note down all technical terms and keywords and use them liberally and accurately while writing your paper.
- Try to attempt the whole paper of 100 marks. Doing so will increase the probability of you scoring more in the exam.
- Present your paper well. Remember, having the knowledge and showing that you have the knowledge are two different things. And in the CA examination, the latter is as important as the former. So make sure you write well, use graphs, underline keywords, and utilize all the best writing practices.
- Last, but not least, attempt as many mock exams as you can. It helps tremendously.
Study well, practice thoroughly and take care of your health. We are sure you will score extremely well in your exams!
The key to scoring well in CA Final Audit is to have a strong foundation. And our CA Final Audit Pendrive lectures can be an excellent source of preparation for you. CA Amit Tated is a renowned faculty for Audit and his online lectures contained detailed yet easy-to-understand explanations of all important concepts plus all strategies you need to ace your Audit paper. Get them here.