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CA Final Audit Revision Strategy

Learning Sequence

Sequence Volumes Class No. 1st Volume 3 Class 1 – 17

2nd Volume 1B Class 18 – 28

3rd Volume 2 Class 29 – 35 Insurance Audit (YouTube) Tax Audit (YouTube)

4th Volume 1A Class S1 – S19

3 stages of Learning

CA Final Audit

Volume 1A

4th

1.Standard

2. Planning

3. Risk & IC

Volume 1B

2nd

4. Automated

5. Company Audit

6. Audit Report

7. Audit Committee

Volume 2

3rd

8. CFS Audit

9. Bank Audit

10. Insurance

11. NBFC Audit

12. Tax Audit

Volume 3

1st

13. PSU Audit

14. Liabilities

15. IMO Audit

16. DDI-Forensic

17. PR & QR

18. Prof. Ethics

Preparation

Classes

80 hours

Revision

2 days

Revision

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CA Final Audit Revision Strategy

CA Final Audit Revision Strategy 1. Weightage (ICAI) 2. Estimated Time for Revision. 3. Sequence of Topics in Revision. 4. 80 hours Revision Strategy. 5. Amendments. 6. Revision Class.

CA Final Audit

Sl. No.

Weightage Revision

Sequence

Revision Time (hrs)

1 Auditing Standards.

25-40%

11th 20 hours 2 Audit Planning, Strategy & Execution 12th 2 hours

3 Risk Assessment & Internal Control 13th 2 hours

4 Automated Environment 14th 1.5 hours

6 Audit Report & CARO 10th 4 hours 5 Company Audit

15-20%

18th 4 hours

7 Audit Committee & Corporate Governance 15th 2.5 hours

8 Consolidated Financial Statements 16th 1.5 hour

14 Liabilities of Auditors 17th 0.5 hours 9 Bank Audit

15-30%

6th 4 hours

10 Insurance Audit 9th 5 hours

11 NBFC Audit 7th 2 hours

12 Tax Audit & GST Audit 8th 8 hours 13 PSU Audit

10-20%

5th 2.5 hours

15 Internal, Management & Operational Audit 4th 3 hours

16 Due Diligence, Investigation, Forensic Audit 3rd 5 hours

17 Peer Review, Quality Review 2nd 2.5 hours 18 Professional Ethics 10-15% 1st 10 hours

80 hours

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CA Final Audit Revision Strategy

3 Months Preparation Strategy

Point Details BEST Approach for AUDIT

Daily 2 hours Audit Revision: Total Time required for Revision (80 hours) spread over – 40 days @ 2 hours daily

Language 1. In Audit Paper, Book Language matters a lot. Read the Book Language repeatedly until your own expression sounds like book.

2. While writing a Point-Based Answer, try to stick to book points.

Revision Referencer

ICAI has made a Quick Referencer for Revision (67 pages) https://resource.cdn.icai.org/59894bos48771finalp3.pdf

Q & A Do all Q & A; MCQ at the time of revising chapter itself.

Integrated MCQ ICAI will come out with new RTP for Nov 2020. That discussion will also come on YouTube.

Point Details Amendments There are no Amendments in Audit for Nov 2020 exams.

Code of Ethics Link: https://www.icai.org/post.html?post_id=958 CARO 2016 is applicable for Nov 2020 exams.

Revision Important topics Revision Video on YouTube soon.

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CA Final Audit Revision Strategy

Audit Maha-Mantras (Based on SA)

No. Situation Action

1 Audit Procedure failed Perform AAP (Alternative Audit Procedures)

2 If ROMM increases Perform FAP (Further Audit Procedures)

3 If IC system is unreliable Perform more SAP (Substantive Audit Procedures)

4 Anything happens Communicate to TCWG

5 If in Dilemma Seeks Legal Advise

6 Auditor finds MMS Qualified Opinion or Adverse Opinion

7 Auditor is unable to obtain Evidence

Qualified Opinion or Disclaimer of Opinion

8 If Auditor is unable to continue with the engagement

Withdraw from the engagement (Resign). 1) File ADT-3 with ROC 2) Consider communicating to

Shareholders in EGM