Reason of less marks in Audit

by Mayank KatariyaFebruary 12, 20250 comment

Reason of less marks in Audit & How to Avoid Them

Audit is a tricky subject in CA Final, and many students make similar mistakes that cost them marks. Here are some common mistakes and how to avoid them:

1. Lack of Conceptual Clarity

Mistake: Relying on rote memorization instead of understanding concepts.
Solution: Focus on understanding the logic behind audit procedures, SA (Standards on Auditing), and risk assessment. Use practical examples for better clarity.

2. Ignoring SA & Its Applicability

Mistake: Not quoting the correct SA number and name in answers.
Solution: Maintain a summary sheet of important SAs, their objectives, and key points. Revise them regularly.

3. Writing General Answers Instead of Audit-Specific Answers

Mistake: Writing vague or general business-related points rather than audit-focused responses.
Solution: Use technical audit terms such as “audit risk,” “material misstatement,” and “sufficient appropriate audit evidence.”

4. Not Using Proper Presentation & Headings

Mistake: Writing long, unstructured paragraphs.
Solution: Use proper headings, subheadings, bullet points, and paragraphs for clarity.

5. Ignoring Company Audit & Professional Ethics

Mistake: Focusing only on Standards on Auditing and neglecting Company Audit, Professional Ethics, and LLP Audit.
Solution: Allocate specific study time to cover these areas. Ethics-based case studies are scoring, so prepare well.

6. Lack of Case Law & ICAI Material Reference

Mistake: Not including references to ICAI study material, RTPs, MTPs, and case laws.
Solution: Always mention ICAI’s viewpoint where applicable and practice questions from ICAI’s material.

7. Failure to Justify Answers with Proper Reasoning

Mistake: Giving direct ‘Yes’ or ‘No’ answers without justification.
Solution: Use a structured approach—State the provision, apply it to the case, and conclude logically.

8. Poor Time Management in the Exam

Mistake: Spending too much time on one question and leaving others incomplete.
Solution: Practice writing mock exams within the time limit. Stick to a time allocation strategy (e.g., 1.8 minutes per mark).

9. Not Revising Before the Exam

Mistake: Studying new topics just before the exam and skipping revision.
Solution: Have at least two rounds of revision before the exam and attempt past papers under exam conditions.

10. Skipping Auditing Pronouncements & Amendments

Mistake: Ignoring the latest amendments and ICAI pronouncements.
Solution: Keep track of ICAI notifications and amendments from RTPs and the ICAI website.

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