Starting with another best quote
“Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.”
As in the previous article we discussed about the #SFM Today lets plan About the #Auditing . When Coming to auditing many of us ignore the practical areas Available to explore and Stick on concentrating Key note topics Based on Names (like Ethics, Company Audit important Sections ,Standards).
As of preparation of theory Subjects we can see 2 types of views(maybe many but i assume two)
- Start with things with high Score
- Start with things new and Aware
If you are interested in Type 1 you can get answer in Google no need of further reading can just relax .but for those want to start exploring the new areas First this article can help to basic (because its you who need to study entire chapter )
As usual à1.5-3 hrs (on a day basis because being theory i added more time Because there will time lapse for Sleeping, Day-dreaming ,YouTube , facebook, whatsapp and what not we remember everything while studying theory subject)
Day 1 : Start with Audit of Banks( Concepts Like Capital Adequacy, Nostro-vostro-loro , NPA Classification and Recognition criteria) ,NBFCs, Co-operative Societies, Insurance Companies(Solvency margin, credit insurance) (Because many of us either audited them or like to audit them). These chapters have less weightage But more practical concepts Which any one can Understand with some Basic help or on their own.
Completing 4 chapters in 1.5-3 hrs is not a herculean task. As starting for your preparation u will just read them like novel and try to remember the name so that when they come in exam u can write something related to it .
Day 2 : I would prefer to start with
- Audit of CFS ( helps to stop worrying that u didn’t started FR and helps to have a starter for FR)
- Cost Audit (Don’t Confuse that it is same in law and Audit so that we can ignore, its different in words but while answering the question u will be Bowled)
- CARO ( Satisify ourselves that we also touched Company Audit in starting the preparation)Special noteàStudying CARO means Reading the provisions and Practical Question Kindly don’t by hard just numbers and think that we can quote CARO anywhere in Company Audit for scoring it will be BAD weapon of Scoring Because if you Look at Suggested answers 7 Comments of Examiners you will get to know the reason)
That’s For Starting the preparation of Audit in 2 days and after that you can go with Same speed or interested can increase their Speed But unfortunately not many can do that
So I had Plan _B For balance preparation of Audit which is Shared in next article.
As usual So called preventive measures:
1.Dont concentrate only on concepts and procedures but also give a look at Questions Because in exam you may know the answer but question can be given in another MODE/Language to confuse .So first identify the question from which lesson correctly
- Dont over concentrate on ethics and Dont be over confident on Company Audit—Once again i m rephrasing the words ”STUDYING COMPANY LAW SECTIONS IS DIFFERENT FROM COMPANY AUDIT”
- Kindly maintain personal notes for identifying the question for example
4.Give more concentration to questions for better Exam and get confident to write answer because of us gets easily misleaded in exam centre while reading question
( explain to the management that Accountant committed Fraud –Majority of us think it as a general Question and write CARO sections as an auditor what are our duties to report on fraud & SA 240 But ICAI is expecting SA265—Bouncer(may 2016)
So thats it for know will be back with rest all subjects in a step by step manner. If you want any materials and Notes and all other stuff you can happily google them . many of them will be provided in a single sharable link soon.
Have A Slee/Hap-py Start To #Audit
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