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+--- Thread: Help!!!! How to Approach Audit Paper!! (/showthread.php?tid=4850)
Help!!!! How to Approach Audit Paper!! - Muhammad Amir - 11-02-2007
Dears,
I am Studying F8(Audit And Assurance) I have only 1 month in exams i have not taken tution for this paper and I by myself studying this paper...
Please I need comments of you people that how to prepare for this paper...Do i need rote learning approach(I hate rote learning), If I have to develop understanding of Audit then how can i express them in true manner as i have never seen how audit works...
What I need to do please help me...
Course Contents are
<ul>
<font size="2"><li>Internal Audit</li>
<li>Audit Planning</li>
<li>Obtain Understanding Of Entity</li>
<li>Client Screening</li>
<li>Audit Risk Based Approach</li>
<li>Sampling(ISA 530)</li>
<li>Audit Evidence(ISA 500)</li>
<li>Computer Assisted Audit Techniques</li>
<li>Internal Control(ISA 315)</li>
<li>Reporting(ISA 700/701)</li>
<li>Final Evaluation Stage</li>
<li>Audit Of Small Size Entities</li>
<li>Audit For Not For Profit Organisations</li></font id="size2">
</ul>
Regards,
Muhammad Amir
- Schuaeb - 11-03-2007
Amir you course, though brief, is somewhat similar to course of Auditing in CA (Mod D). As far as auditing in CA is concerned some students take it is as a very easy subject and others find it real tough and really struggle to qualify. I think the problem with such students is that they try to go for rote learning. In my view the recomended way of learning auditing is first to grab the main subject and then no doubt you have memorise things. Experience of audit is real helpful for this paper but majority of the students pass it before having any similar experience. At this level the main faculity which has to be developed by a student is to learn how to translate his concepts into words. If you are good at it studies become very easy for you.
Rote learning is never easy but the fact is that it is required at some places. As far as auditing is concerned try to memorise things only after you get the concept.
- Muhammad Amir - 11-04-2007
Dear Shoaib I Understand What You Are Saying...
And I agree that there are some places where one has to practice rote learning approach for example definition of Internal Controls specified by IAS 315, Definition of Sufficiant Appropriate Audit Evidence as Specified by IAS 500, IAS for Sampling, IAS concerning Going Concern, IAS concerning Adjusting events and by the Help Of Allah(S.W.T) I momorise them, but dear problemn exists in Test Of Controls and Substantive Procedures there are 6 to 7 contents like sales, purchases, inventory, Cash, Capital and Revenue Expenditure, Fixed Assets, Securities etc etc..
So dear i have to have a grasp of knowledge regarding above contents for both Test Of Controls and Substantive tests...
I am also facing problem in difference between
Control Objectives, Control Activities, Control Procudures they are very confusing all of three are having little differnence but i still don't understand the difference between them can you please tell me about them...
Also please tell me about the easier way to obtain understanding Test Of Controls And Substantive tests, I mean how to prpare for them in easier way...
Please Also tell me difference between ICQs and ICEQs it also a confusing aspect...
Regards,
Muhammad Amir
- Schuaeb - 11-05-2007
Dear Amir,
I can understand the sort of problems you are facing while learning auditing. Auditing no doubt is a technical subject. The problem with me is that I for the last time read this subject quite some time back, so I need to refresh my concepts before I could be of any help. And some of things you mentioned I think I have not read yet. Normally in my case also I come across with some problems while studying, the best approach I think is that one should not stop at these problem creating areas. We should leave the things we are not able to learn at the moment and continue those which seem easier and come back to these areas latter.
Its not very easier to explain things via this forum plus I too need to refresh my concepts. The only thing I could suggest at this stage is you can counter all these problems by putting some more hard work and consulting with some fellows. I will try to come back to this topic and help to the extent I can, but it might take time as now a days I am quite busy with my office assignments and its not very easy for me to spare time out of this hectic schedule.
- Muhammad Amir - 11-07-2007
Dear Shoaib thank you very much for your help...
Regards,
Muhammad Amir