Audit - How to score good marks in CA Final Advanced Auditing and Professional Ethics.
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Advanced Auditing and Professional Ethics
Source – Pankaj Garg Sir’s Main Book (or a similar book of any other author) and a scanner of past attempt questions (Pankaj Garg Sir’s Scanner is nice). You can also refer the concise notes shared by teachers on Youtube for topics which are very lengthy or you are in shortage of time (Example- Notes on GST Audit by Ravi Taori Sir)
Approach-
1. See Sarthak Jain Sir’s revision video. If not available for a particular topic or you need more clarity, see Ravi Taori sir’s revision video. Sarthak Sir’s amendment video and notes are nice.
2. General Strategy- Read and try to learn from Pankaj Sir’s book as the language is very similar to study material and the content is nicely structured. After learning, try recalling what you have learnt and write keywords in the empty left margin of the book. It helps in quick revision and also gives you confidence about your hold on the subject. Try to revisit the same topic on next day for revision. It would help in retaining. Try to do the scanner on the same day. Never leave the scanner for next day. Mark the important or unique questions for last day revision.
3. For SAs if you are short on time, try to learn those topics better on which a case study/scenario can be framed. Like what should be done if auditor was not present when inventory count was carried. You will get a better idea of these kind of questions when you see the scanner’s past attempt questions. 1st question which is compulsory will always have these kinds of questions. I liked Sarthak sir’s revision video for this where he addresses what would an auditor do if a given thing happens. It’s advisable to watch/listen it multiple times so that you know what an auditor has to do in a particular situation. Sanidhya Saraf sir’s audio clips are very helpful and is a must listen when you wish to relax a bit. Ravi sir’s question bank video on Youtube is very helpful in revising important questions of a particular topic.
4. For Code of Ethics, there are no shortcut as such. You should try to learn all from Pankaj Sir’s main book and practice ALL questions from scanner. Sanidhya Saraf sir’s video and audio files for this topic is very good for remembering the sequence. COE is the easiest topic in audit and you should try to score the maximum here.
5. For all other chapters, try to learn the important ones like Bank Audit, Company Audit from main book. If you are short on time, try learning directly all the chapters from scanner. For Tax Audit, remembering clause number is very hard so better not to dedicate it time. Just try to understand all the clauses nicely and attempt questions very diligently. For GST Audit, I liked Ravi Taori Sir’s video and the concise notes he has shared in description box.
Chances of questions being repeated is very high in this subject and a question-answer based learning is more fruitful in audit.
6. If you are very short of time and thinking to leave any topic, at least learn the questions from that topic which has got covered in past 2 attempts RTP and MTP. Listen at least a revision video or audio clip of the same. So that if a question comes on such a topic, you can at least attempt it. Basic knowledge of all topics is very important. Even 15 minutes learning of a particular topic can make you write something useful.
7. Covering the last few attempts amendments is extremely important. Better make a checklist of it and mark the topics on last day as and when they are revised. If you miss revising anyone on last day, you are inviting trouble. Happened with me for topic NFRA :p
8. Go for past 2 attempts RTPs and MTPs. Prefer watching a Youtube video where a faculty is solving these contents (Sarthak Sir has taken a very good initiative in this regard). RTPs generally have tricky questions which if solved first by oneself, may lead to loss of confidence and drain a lot of time. It’s better to learn it to approach in Institute’s way. ICAI updates these contents without issuing corrigendum so stick to ICAI’s website pdf every time. Don’t rely on old pdf and printouts.
9. You might now revise and appear for a mock test. Some people advocate multiple revisions. I had 2 at best. I prefer a detailed study rather than multiple light doses.