Audit and assurance have created fear among students as it is considered to be a difficult subject. But not to worry because this subject can be learned easily with some self-study and with proper planning.
Audit and assurance are a part of IPCC group 2 subject and if you are giving this exam then this article will help you to know how to study for the audit and assurance IPCC subjects.
Study Tips For Auditing Assurance
The study material provided by the IPCC is good but difficult to learn and go through properly.
You can allocate a time table accordingly for better and systemized study for each topic. You may refer to some you-tube videos or might join classes to get more clarity in topics like companies audit. You have to prepare charts and short notes to get more clarity on the topics while studying.
Don’t even think to skip standards on auditing, the most important topic of the audit paper. Some notes which you can’t miss are-
- SA 210 – Agreeing on the Terms of Audit Engagement
- SA 250 – Consideration of Laws and Regulations in an Audit of Financial Statements
- SA 260 – Communication with Those Charged with Governance
- SA 299 – Responsibility of Joint Auditors
- SA 300(Revised) – Planning an Audit of Financial Statements
No need to stuck on a single topic for long, you have to utilize each day and every minute. If you are facing many problems in any topic leave it and start another and later you may ask with your friend or any mentor.
You might know what importance presentation holds on the CA exam so focus on your presentation work. You may get an extra 10-15 number on presentation and every number has its own importance. So you have to present your paper better than others.
You might even leave the last 15-20 days on practicing the mock test papers which are also very important and can prepare you well for the exam. Thus these tips will help you to clear the exam and now you know how to study for the audit and assurance exam in IPCC.
Stay updated with the Latest Amendments-
Many students blame ICAI for giving low marks in this subject. But you should know that this is the theoretical paper in which you have to study all the amendments and laws and have to learn them by heart. ICAI focuses on the amendments in the answer sheets so you have to write them accordingly.
Thus, audit and assurance are considered to be the tough exams as you have to learn a lot about the amendments and laws made by the government. But when you know all of these then this will become easy and you will score much better than others. Just try to be more presentable in your answer sheets and who knows you score the highest. Follow these tips for how to study for the audit and assurance exam in IPCC and tell us how these helped you. All the best!