8 top tips to score an exemption in CA IPCC Audit
The audit is a subject that everyone assumes as a theoretical subject but in reality, it is more of a practical approach. In this article, we have made efforts to help students clear the CA IPCC Audit exam easily and even score an exemption.
What techniques? What strategies are required? How to prepare a timetable before the exam? What to revise before the exam and what not to?
A list of tips to score an exemption in the CA IPCC Audit is provided below.
#1 Practice Manual
Practice Manual is your Bible. If you depend upon any other author’s book, you are definitely going to fail or scoreless marks. I, myself committed the same blunder by reading any other author’s book. ICAI wants us to prepare from Institute material, not from any other author.
#2 Technical words/Keywords
Keywords are the key to ace any theoretical exam. Everyone can write vouching for/verification answers in their own words and in simple language. However, ICAI wants us to write the technical language in the Audit.
The audit is going to be our domain area after becoming Chartered Accountants. Auditors are bound to write reports using technical language, not simple language.
#3 Standards on Auditing (SA’s)
Every answer that requires Standards on audit (SA’s) must begin with that. Students must make a list of Standards of Auditing and learn their whole names. For instance: SA 505 is External Confirmation. About 40-60 marks paper comes from Standard on Auditing only as the root of Audit lies in the standards only.
#4 Company Audit Part 1/Part 2
When 10-15 marks are compulsory from Company Audit, then why not wholeheartedly learn Company Audit (Part1/Part2). For example, there are numerous questions asked about the Rotation of Auditors.
#5 Special Audit/Government Audit
If it is expected that ICAI will surely be going to ask questions regarding Special Audit for about 4 to 8 marks then students must revise it at the earliest. The size of the topic is small as compared to others.
How to present answers in Vouching/Verification?
- Always write in points, the point should be of a maximum of two lines only.
- The points should be practical not just baseless creation of words.
- Underline the keywords in your answer.
- You must read ICAI suggested answers of vouching and verification in previous exams.
- You can refer to Standards of Auditing, Accounting Standards as well.
- The minimum points should be 6 and a maximum of 8.
This is the most scoring area but students score very less marks here because they don’t know to present the answer. How to present answers to correct/incorrect type questions?
First, write either ‘Correct’ or ‘Incorrect’
Then leave a line.
Then write the reason. Don’t make it a long paragraph answer.
#8 YouTube Videos
There are many revisionary videos available on the internet of Neeraj Arora and many students have got benefitted from his revisionary videos. Do watch them.
Did you find great strategies listed in the above article? You can refer to our other related articles.
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Akash Arora is a Chartered Accountant by profession and the founder of this website. His expertise areas include compliance with Goods and Service tax and Direct taxes in India. He has written more than 70+ blogs on GST and Direct tax.
Connect with him at +918588918033 and email@example.com