The subject of Auditing in IPCC Group 2 is very important to crack the group 2 if you are giving only group 2 exam. So I have given some tips to score well in Audit. Follow our tips to get good marks in IPCC Audit and & go more confidently for the paper 6 Auditing.
Remember one simple thing that ICAI wants the language of study materials in theory subjects, so to score an exemption in Audit it’s vital to remember module language too. So, choose your reference books accordingly.
Golden Tip: In Auditing the module’s language is the most important requirement to get good marks. So, read only Study Material and Practice Manuals. And even Practice Manual is enough to get 50~ marks.
In auditing company audit I & II chapters are very important as they cover around 20 to 30 marks.
>Standards on Auditing (SAs) are also important for exams read 2 to 3 times at least. Auditing standard Chapter covers at least 30 Marks for the purpose of the exams.
Then later do basic chapters and then Special Audit and after it do Vouching & Verification. As said earlier language is important, so read carefully and remember the typical words.
Don’t Miss: CA IPCC Audit RTP for Nov 2015
Special Audit Tips:-
You will see a question of 8 marks at least in every Auditing paper, it will come this time also, for sure.
> Don’t mug up this topic, Read with an open mind & Understanding that you are a CA & doing the Audit what you would check & How, what should be the Primary docs to get the required information etc ?
> And you will find that every Special audit would have say appx 10 points of which 4 – 5 points would be common ( like, The Docs of Formation i.e Memo & A of A / Partnership Deed / Trust deed etc, Check the authorities given as per the doc / Powers / Policies etc ).
> Also this being more a practical type of Topic, you will find it interesting.
> Excluding such other 5 points would be different with every different entity based on the area of business in which it is. e.g. in case of schools You say check Fees Receipts / Purchase of Books/ Deposits & fines taken from Students, In case of Hotels say how control is kept on the Issue of Food items & provisions to kitchen is maintained, How is the billing control of Rooms maintained etc.
You read all type of special Audits ( 1st do reading carefully with understanding & no mugging (Ratta) taking 30 mins per audit & you will find that you need not revise it again)
MOST IMP:- From last 3-4 attempts, Institute is asking only theory questions in Auditing paper, so don’t waste much time on practical problems and read theory portion well.
If you want to share your own tips to Get Good Marks & Exemption in IPCC Auditing, then share in below comments.