How to Prepare for Advanced Auditing and Professional Ethics
Auditing simply means the process of inspection. It is called Advanced Auditing because this is an extension of the Auditing paper which students study at the Intermediate level. This subject not only provides insights into the concepts of auditing and ethics but also helps students to groom themselves as professionals by enabling them to imbibe principles of ethics at work.
The subject is a mixture of theoretical questions and MCQs carrying 70 and 30 marks respectively.
To prepare well for the subject, you need to obtain conceptual clarity. One of the vital elements of the exam is the MCQs, which are high scoring.
Apart from that, there are some topics which carry high marks weightage and students should give extra importance to these chapters such as Professional Ethics, Auditing Standards, CARO, Tax Audit, Audit of Consolidated Financial Statements, SEBI LODR regulations.
The mention of important topics has been done to focus on the most scoring topics first. This doesn’t mean that the other topics are not important. Due emphasis should be given to them as well.
How to score well in Advanced Auditing and Professional Ethics- Pro Tips
While preparing for the subject, there are a few points which you certainly need to keep in mind to score better in the exam:
1. Since Advanced Auditing in itself is a vast topic, splitting it into two portions (the major high scoring areas and the minor though important areas) will help you in efficient preparation.
2. As the paper carries 30 marks for MCQs, it is extremely important to study and practice them. You can’t afford to take MCQs on a lighter note.
3. Auditing is mostly theoretical, carrying 70 marks, so writing to the point, using correct technical terminology, and giving proper headings, is extremely important. Students should be well equipped with the Auditing Standards, clauses, section numbers in order to score well in the examination.
4. Presentation makes a real impression. While answering correctly is important, how you present it also matters. Structure your answers with appropriate headings. Highlighting important parts of the answer will create a good impression on the evaluator.
5. When attempting questions in professional ethics, it is always a good idea to mention the correct schedule for scoring the highest marks. The first portion of the answer should contain the part, schedule, and clauses. Include the applicability and justification of each clause in the main paragraph of your answer.
6. Last but not least, practice RTPs, MTPs, and past year papers (PYPs). By doing so, you will get the required confidence for the exam.
Read more: How Important are PYP, MTP, and RTP for acing the CA Exams
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