How to Study Audit

A comman question asked by my friends was how to study audit. Audit largely depends on the practical experience too. For audit 6 topics are of utmost importance, they are Comopanya audit 1 and 2, Special audit, Audit Reports, Ethics and Auditing and Assurance Standards. These togather cover upto 70 marks and are of high importance. The first 5 topics can be studied from Paduka and the 6th one and rest of the chapters may be a combination of VK and compiler.It is important to reproduce the clause numbers and schedule numbers correctly in ethics. Similarly in AAS and Accounting Standards the new schema of numbering should be remembered.Like all other theory subjects the use of technical words and sentences are very important to make the right impression on the examiner. Paduka also consists of a Fast Track Refrencer (FTR), which is a summary of chapters. FTRs are handy for previous day revisions. The exams are closer to practical work these days and hence the paper consits of atleast one question on drafting either an engagement letter or an audit report, so it is important that you study sample engagement letters and audit reports given in module at the end of each AAS, atleast AAS 30 to 34 should be covered for such practical questions. The litreture in the report or engagement letter is of utmost importance. I hope this peice of information is useful to my friends. Remember friends CA final "Be practical and do theory".