How to Study Audit and Assurance for CA Intermediate

Audit and Assurance have created fear among students after IT and SM and are also a big reason for their failure. But do not worry; this is one of the subjects that can be easily self-studied, but proper planning is needed.

Audit and assurance is a part of Intermediate Group 2 subjects, and if you are taking Intermediate Group 2 with the office, then it becomes very hectic to manage studies and jobs together. Reading How to Study Intermediate Group 2 with Office will help you manage things in a better way.

Now, here we are giving you some study tips through which you can easily cover audit and assurance and score high marks or even exemptions.

Furthermore, you can also check the complete details of CA Intermediate Registration.

Must Cover Topics in Auditing and Assurance

First of all, divide your CA inter syllabus into four important parts according to the weightage –

1. Basic Concepts – It covers around 40 marks and includes –
   1. Nature of Auditing
   2. Basic Concepts
   3. Audit Preparation
   4. Internal Control and Environment.
   5. CIS Audit
2. Companies Act, 2013 – It covers around 20% of paper. Topics included are –
   1. Companies Auditor- Basics
   2. Companies Auditor – Power and Duties
   3. Audits under Companies Act, 2013.
   4. Audit of Company Accounts
   5. Schedule III.
3. Audit Points – It covers around 20% paper and includes topics like –
   1. Vouching
   2. Verification
   3. Specialized Audit
   4. Government Audit
4. Auditing Pronouncements – These cover 15% (approx) of the paper and the topics included are –
   1. Standards on Auditing
   2. Guidance Notes on Auditing

Must Check: ICAI CA New Scheme 2024

How to Study for Auditing and Assurance?

• Gather all the study material for CA Inter audit and assurance.
• Then, you have to plan a timetable and allocate time to each topic. For technical topics such as company audits, you can either attend classes or refer to YouTube videos.
• You must prepare your own short notes and draw the charts while reading the topics, which will help you revise the material easily.
• Don’t even dare to skip Standards on Auditing, the most important topic of the Audit paper. Below are the short notes on some important SAs. Please refer to such –
  1. SA 210 – Agreeing the Terms of Audit Engagement
  2. SA 250 – Consideration of Laws and Regulations in an Audit of Financial Statements
  3. SA 260 – Communication with Those Charged with Governance
  4. SA 299 – Responsibility of Joint Auditors
  5. SA 300(Revised) – Planning an Audit of Financial Statements
• There is no need to be stuck on a Single topic if you are facing big hardships in completing it. This may be because it would waste your entire day, and you can’t afford it at this time. Mark such a topic and move on to another, and later discuss it with some of your friends or mentors.

• You might have already know that how much presentation skills is important in CA exams but when it is about Audit, Tax and Law this criteria is far more important than your expectations. Better presentation helps you to score 15-20 extra marks and in order to score such you have to present your paper better than others.
  1. For a better presentation, you should start with every question from a fresh page. Mention the Question number on the top front of the page and the sub-part number on the left side in the margins. A
  2. Write all the parts of a single question together in the same place.
• Leave the last 20-25 days for practising CA Inter question papers of previous years, mock test papers and cover the RTPs of the past 3 attempts.

Stay Updated with the Latest Amendments

Many of the students blame the ICAI for giving lower marks saying “ Humne to Sahi likha tha pata nhi marks kha cut gye”. One of the reason behind such is not covering the amendments. ICAI has a tendency to give an important weightage over the amendments to keep their students amended. That’s why always go through the amendments twice.

ICAI is very strict on checking some topics like Verification and Vouching so do not depend much on these chapters as they are not much scoring.

Try to use the mnemonics to remember the name of Heading or the name of Standards of Auditing which are also useful in recalling them in Examination.

Hope you like this article and found it useful for your upcoming Audit Examinations.

Also Read: CA Inter results