If you are a graduate and have recently passed the CA foundation and looking forward to the CA Inter Audit exam in November 2022, here in this blog we have an ultimate guide for you to crack the exam in six months and many more tips to excel in the CA Inter Audit exam.
Six months can be a long period or a short period, depending on how you look at it. But if you start studying now, by taking serious note of the tips given below, we can assure you that 6 months will be more than enough time to prepare for and score well in CA Inter Audit. A CA Inter Audit Pen drive class by CA Amit Tated's AT Academy will help you exponentially in preparing for the CA Inter Audit exam within six months.
What is CA Inter Audit
CA Intermediate is the second level of the Chartered Accountancy course. It consists of eight papers distributed into two groups.
CA Inter Audit is the sixth paper of CA Intermediate and deals with concepts like Auditing and Assurance. It primarily provides knowledge about auditing procedures and consists of techniques and skills required to apply in the practical world of a Chartered Accountant. You can learn more about auditing and assurance from a CA Inter Audit pen drive class by CA Amit Tated’s AT Academy.
CA Inter Audit Syllabus
CA Inter Audit syllabus consists of the following chapters:
Chapter 1- Nature, Objective, and Scope of Audit
Chapter 2- Audit Strategy, Audit Planning, and Audit Programme
Chapter 3-Audit Documentation and Audit Evidence
Chapter 4-Risk Assessment and Internal Control
Chapter 5-Fraud and Responsibilities of the auditor in this regard
Chapter 6-Audit in an automated environment
Chapter 7-Audit Sampling
Chapter 8- Analytical Procedure
Chapter 9- Audit of items of Financial statements
Chapter 10- The Company Audit
Chapter 11-Audit Report
Chapter 12- Audit of Banks
Chapter 13- Audit of different types of entities
Syllabus planning
Syllabus planning means the sequence in which you should study your chapters to complete the entire portion within six months and be well prepared for the exam in November.
Follow the following tips to cover up the syllabus as soon as possible effectively:
1)The first chapter you should start with is The Company Audit. It is a chapter that can come for as high as 20 marks.
2)Your second priority should be Audit Reports. It's an easy chapter. Studying Audit Reports after Company audit helps you better understand both the chapters.It includes SAs like SA700, SA701, SA705, SA706, CARO, etc.
3)Then you need to move on to Audit Different types of entities. This chapter comes with eight marks and contains the same set of questions that are asked in each exam.
4)After completing the above chapters, revise the first chapter, i.e, Nature, Objective, and Scope of Audit.
5)After you have completed the above chapters, revise chapter two to chapter five, i.e, Audit Strategy, Audit Planning and Audit Programme, Audit Documentation and Audit Evidence, Risk Assessment and Internal Control, and Fraud and Responsibilities of the Auditor in this Regard.
6)After this study chapter seven, Audit Sampling, and chapter eight Analytical Procedures.
7)Then revise chapter six, Audit in Automated Environment. This chapter contains just seven-eight questions and can come for four marks.
8)After this, revise chapter twelve, Audit of Banks.
9)Finally finish your revision with chapter nine, Audit of items of Financial Statements.
You can learn more about how to plan your syllabus and when to study what chapters and how much time to invest in each chapter from a CA Inter Audit pen drive classes by CA Amit Tated’s AT Academy.
How to study Standards on Auditing (SA) for CA Inter Audit
We have categorized SAs for you based on Importance so that you determine which SAs are very important, which SAs you can cover entirely through questions, and which SAs you can leave and still be able to do questions based on them. This will help you a lot in the preparation for the exam in December. You can learn more about Standards on Auditing through a CA Inter Audit pen drive class by CA Amit Tated’s AT Academy.
High Priority SAs:
1)SA 200- Overall Objectives of the Independent Auditor and the Conduct of an Audit by Standards on Auditing.
2)SA 210- Agreeing on the Terms of Audit Engagements.
3) SA 220- Quality Control for an Audit of Financial Statements.
4) SA 230- Audit Documentation.
5) SA 240- The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.
6) SA 299- Responsibility of Joint auditors.
7) SA 320- Materiality in Planning and Performing an Audit.
8) SA 500- Audit Evidence
9) SA 505- External Confirmations.
10) SA 530- Audit Sampling.
11) SA 570- Going Concerned.
12) SA 700- Forming an Opinion and Reporting on Financial Statements.
13) SA 701- Communicating Key audit matters in the Independent Auditor’s Report.
14) SA 705- Modifications to the Opinion in the Independent Auditor’s Report.
Important SAs
1)SA 300- Planning an Audit on Financial statements.
2)SA 315- Identifying and Assessing the Risks of Material Misstatement through understanding the Entity and its environment.
3)SA 330- The Auditor’s response to Assess Risks.
4)SA 450- Evaluation of Misstatements Identified during the Audit.
5)SA 501- Audit Evidence-Specific Considerations for selected items.
6)SA 520- Analytical Procedures.
7)SA 540- Auditing Accounting Estimates including fair value accounting estimates and related disclosures.
8)SA 550- Related parties.
9)SA 580- Written Representations.
10)SA 610- Using the work of internal auditors.
11)SA 706- Emphasis on matter paragraphs in the Independent Auditor’s Report.
SAs for which only questions are enough
1)SA 250- Consideration of Laws and Regulations in an Audit of Financial Statements.
2)SA 260- Communication with Those Charged with Governance.
3)SA 265- Communicating Deficiencies in Internal Control to Those Charged with Governance and Management.
4)SA 510- Initial Audit Engagements - Opening Balances.
5)SA 560- Subsequent Events.
6)SA 600- Using the work of another Auditor.
7)SA 620- Using the work of an Auditor’s Expert.
Mock Tests
Attempting mock tests can help you in preparing for the actual examination attempt. It can polish your skills from the paper presentation and writing speed to improved ability to recall during exams. Attempt as many mock tests for CA Inter Audit as you can. This will help retain the concepts better in your mind and writing during the actual examination will be no big deal. You can prepare and attempt your Mock Tests through a CA Inter Audit pen drive class by CA Amit Tated’s AT Academy.
Paper pattern for CA Inter Audit
The CA Inter Audit exam consists of three types of questions MCQs, Correct or Incorrect, and other descriptive questions. The MCQs will be of 30 marks which will include 20, 1 mark questions, and 5, 2 marks questions. The paper will also include Correct/Incorrect type questions of 14 marks. The rest of the questions will be descriptive type. There are going to be 6 questions in the Audit exam of which the students will have to attempt 5 questions. The first question will be compulsory which will include Correct/Incorrect questions and there will be an internal choice in the 6th question. You can learn more about the paper pattern for the CA Inter Audit exam from a CA Inter Audit pen drive class by CA Amit Tated
Some Common Misconceptions about CA Inter Audit
1)Audit is a theory subject: This is a pretty big misconception. An audit is, in fact, a practical subject through and through. Understanding Audit is not only important for clearing the CA exams but also for a practicing Chartered Accountant. It is a subject that is studied to be applied in real-time problem-solving in the future.
2)You have to cram Audit to understand it: Yes, agreed, you have to cram Audit to some degree to score well in the examination. But Audit is not only about cramming. It has to be a combination of both understanding and cramming. With more stress on the understanding part. Because if you understand well, there is a limited need to cram concepts.
3)Audit is a boring subject and studying it is a struggle: Audit has had the ill-reputation of being a boring subject for quite some while and we believe it is untrue. If you take guidance from trainers who know how to make concepts interesting, then you’ll never find Audit boring. When real-life examples are incorporated into teaching, Audit becomes much more interesting and easy to learn.
Conclusion
If you want to learn CA Inter Audit from the best CA Inter Audit online lectures, then we have just the thing for you. CA Amit Tated CA Inter Audit Pendrive lectures are detailed and have important tips for cracking the CA Inter Audit exam this November.