Thread by @TweetByVaibhav

How to Study for Audit for CA finals-
Preparation , Value additions and Overall strategy

Share it with everyone who might need it :)

(For Intermediate it is more or less similar , but focusing on Finals)

A Thread 🧵(1/n)

#icaiexams #caexams #Audit

Disclaimer: This is just my take on the topic and in no way a sure shot method to do it and also it is up to you how you approach the subject by tweaking things here and there and understanding your mental makeup toward the subject(2/n)

This is just an attempt to clarify things for those who have a hard time studying Audit .I am no pro in Audit , just sharing things which added value when I prepared for the subject(3/n)

First things first: Get away from the negativity
Right from when you start with CA everyone will tell you Audit is the worst subject ever , but what are you going to do with this information? NOTHING .

So, start telling to yourself , it is not bad as it seems and inevitable(4/n)

Coming to the Subject-Divide it into 4 parts
1)Professional Ethics(PE)
2)Company audit and related
3)Others
4)Standards
(5/n)

PE is something you cannot afford to go wrong in the exams, make sure you do this thoroughly and YES you have to remember the Schedules and Clauses

Once you do it 1/2 times , you will find it comfortable
I always did this first , easy and sets the tone for the subject(6/n)

Company Audit Part - again another easy stuff , very similar to what we did in IPCC/Intermediate , this part will be very smooth and flowy

Do everything (7/n)

3)Others- Peer Review ,Tax Audit, Management Audit and Audit of various institutions etc
This part can be a bit taxing. find the easiest parts for you out of this lot
(For Eg- Charts come as a great help in Peer review )
Out of 4 institutions' Audit , I did 3 very well..(8/n)

...Other chapters are short and are independent of each other , so do it in a coherent fashion which suits you.
This is the part where normally we forget things so keep this in mind and don't stress about it and while revising give these topics the time they demand(9/n)

Coming to Standards -The layout is same as that of intermediate but in greater depth.
Cover them all in initial readings , so that you can cherry pick on what requires your more focus later as per you choice, confidence and situation
( Again - Charts come as a huge help )
(10/n)

Now , I have told everything from POV of self studies , i had followed a well known book among students for Finals , along with its chart book and Q&A books .
I did not take tuitions anywhere(11/n)

Value additions-
1) Make voice notes for PE ,CARO, Tax Audit(adds immense value ,do it in a way that you can revise the whole thing through voice notes before exams.
2)Do follow Chart books of any teacher , will give you the flow and context of what is going on in the topic(12/n)

3)This might seem a bit out of the box idea and amusing but helped me -Create a list of all "audit'y" words(i.e Validate , Verify ) and go through it before exams ,because at the end of the day if your answer doesn't come out as hard core "audit'y" , you'll not score..(13/n)

.. these words have to be the foundation of your answers along with of course the answers demanded
4)Try making your own scribbles and notes , not necessarily you have to study from it in future but doing so will give you confidence while writing answers(14/n)

5)Make sure you study from charts wherever you feel it makes life easier and also solve all examination ques given after every topic , notice on how answers are written, the pattern,the words used and inculcate that in your writing.This is extremely important.Just do it(15/n)

Most common Question - "Kitna bar Padhna chahiy"

If you're someone who struggles with Audit, you should complete the subject 3 times before exam + 1 time before exam (This is bare minimum)

(16/n)

Overall Strategy-Do PE , Company audit and Standards you are comfortable with,these are scoring are, would require bit of memorization and your answers have to be upto the mark atleast in terms of Key Words
Also ,try solving recent MTPs/RTPs-mostly related to amendments...
(17/n)

..as they can easily pop up in the exams , as it is.
Day before exam Strategy- Yes, it'll be difficult to complete everything before exams , even I could not
So that is why 4 readings a must
The idea is getting yourself accustomed to the subject as deeply as possible
(18/n)

Follow the subject in a structured way and it is not hard as it seems :)
Feel free to text me for any perspective or clarification

Again this is just my perspective and how I did it

Hope it helps :)

Cheers 😀♥️
(19/19)

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