Hello
I am not writing this message, as a professor but as a observer. Further many things change from student to student, i am writing this message taking into consideration , average student in audit and experience of more than 10 years in teaching.
Across the year i am flooded with students asking me simple question why I didn’t clear audit or why I scored less in audit?

  1. Self Study

There is no substitute to self study, you are sole performer in exams, there is no support of anyone when you write paper. So you need to understand, you need to remember you need to write. you need master subject. Quantum can change depending on grasping power, memory power and ability to concentrate for long number of hours.

2. Volume
Audit is voluminous subject 22 chapters, out of which one chapter includes 45 standards , Module & Notes are generally between 800-1000 pages + around 591 questions in PM (Old Course , As all chapters of new course module & pm are not released)

3.Tricky
It includes variety it includes different types of entities right from General Insurance / Stock Exchange / Mutual Fund / Co-Operative / Bank Audit etc . Different types of Assignments Tax Audit / PSU Audits etc
SAs offer altogether different world of auditing.
Now Articleship offers limited exposure in 1 or 2 areas, and way we do auditing is different from SAs. This makes subject challenging to understand.

4.Results
As per estimates if 100 people fail in group 1 ,60-70% because of audit. I have seen group leaders doing audit of listed companies scoring 28 and giving multiple exams to clear audit subject.

5.Different from Practical & Law
Theory subjects like Audit (800-1000 pg) & ISCA (300 – 400 pg) are challenging because it is 50% understanding and 50% retention. In practical it is 80% understanding 20% retention. Further practical and law are good as we can compare and differentiate different methods and sections. In audit & isca there are plenty of factors for each step of point, and points look similar to other topics. So it becomes big challenge to differentiate / retain and reproduce. IPCC Grp2 results were low, one of the reason was 2 deadly subjects of audit and ITSM in one group and also Articleship pressure.
Only overall / raw understanding of topic is not going to fetch marks, understanding each factor and retaining it and reproducing it is important thing.

6.Student perception & approach
They allocate one week to 20 days for the subject and some may allocate 40 days also. So that goes to 800/40 = 20 pages. Reading / Understanding / Research Behind Topic / Hunting Examples / Thinking about retention techniques and doing writing practice. That too few hours in hand many times because of Articleship

7.Is doing classes a bad thing?
I was a rankholder I went for all subject classes and I guess same is the case with many other rankholders and CAs. In this world, where we have less time we need apt guidance to make ourselves efficient & effective. We go to gym, we go for trainer so that in less time we get our body healthy. Further how much it costs to for class 5000-8000, if there is financial problem, people may help you out. What you gain is knowledge , techniques which saves your time, gives more time for overall studies and increases your probability of clearing exams drastically.

Solution
Go for proper class / lecture 120 – 150 hours. Do regular self study for 80- 100 hours. Use all examples . charts , techniques provided . do revision / writing practice you are prepared for exams. Never ever do preparations in haste, it will cost you few attempts,  because once you prepare it defines your understanding , depth attitude and approach towards subject. Then its very difficult to change it unless you give loads of time.
Lectures + Notes + PM + RTP should be the Study Plan

Conclusion
You need to assess yourself, scores of ipcc audit cannot be base, I meet n number of students who scored exemption in ipcc audit and now struggling to clear ca final audit for 3-4 exams. You can assesses whether you can clear it with self study.
Read SA 300 series / 400 Series / EDP / General Insurance and write down then attempt questions from PM it will be good taste.
Our books are designed in such a way that they are effective along with live lectures or videos, because we follow notes extensively as we teach.

Please be open to share your thoughts, will take it in consideration

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Hello Everyone, here we are going to discuss a very controversial topic. I will try to be unbiased as I was an article of one of the Big4s. First of all, I have huge respect for them. They are one of the biggest employer and recruiters of Chartered Accountants, employing nearly 1,60,000 CAs. They are trend setters in quality & methodology of work. They are known for their professionalism, but some disturbing facts about them cannot be ignored.

Concentration of work & power By Big4s Worldwide

Recent Study shows that Big4s have captured 80% to 90% of audit revenue worldwide. Whereas in Asia pacific region the revenue of big fours was 21.49 billion US $ in 2017. The European Union want to break up this oligopoly of big4s. As they are getting bigger and powerful, they have access to loads on information, they are in dominating position. This is anti-competitive. In India they have acquired many midsized firms again to become bigger and powerful.  Many Central Council Members are from Big4s and some are indirectly supported by big4s. No wonder you don’t see any action against them from ICAI even after Sataym & GTB scams.

 

Are they Legal, is big debate?

Foreign firms and professionals cannot directly practice in India as per CA Act and give Audit Services. As Indian firms cannot directly function in foreign countries they cannot function in India as per Sec 29 of CA Act. Audit constitutes more than 50% of there total revenue worldwide.

 

So, they took help of Indian Chartered Accountants, created firms with all Indian CAs as partners. Like EY created SR Batliboi & Co, KPMG created BSR & Co further Big4s are on acquisition spree. PWC acquired Dala & Shah and so on. Now these Indian firms have their offices with foreign brands, they work closely with corresponding consulting companies, they cross sell services to clients, they share systems & software’s with them. They are virtually integrated with them. They pump money in these Indian firms. PWC Netherland gave 41 crores as interest free loan to PWC Kolkata partners who in turn, introduced it as capital and then acquired Dalal & Shah. PWC has given around 240 crores to Indian affiliate firms. PWC has indemnity insurance policy of 280 crores which is collectively used by all sister firms which again shows. They are virtually one only legally different. If they are doing so much they must be getting something in return in the form of charges for these services. So basically, they have full control of these Indian firms and in short, they are indirectly practicing in India. It is clearly killing of spirit of law created. They are violating Sec 25 CAs creating corporates for accountancy services, Sec 29 doing practice in India when we cannot do it in US or UK. Advertisement Clause / Sharing of Fees Clause. Open many websites and you will find ads from Big4s.

 

Impact of Indian CA Firms

Indian CA firms are muscled out with financial and tactical powers of Big4s. It is killing entrepreneurship of Indian CAs. Reducing their revenue and profits, these profits go to Big4s and to their foreign headquarters. They are not entertained for big assignments, even many government contracts are bagged by them.

Some Indian CAs are fighting against these powers through legal and other modes. But it will need a lot to bring a change. Reliance Industries always employs Indian firms as joint auditors. Modiji said we want our Indian firms as big4s.

It affects India as nation also, all crucial information about companies, economy is indirectly available to foreign controllers.

Video on above article

https://www.youtube.com/watch?v=FUZCld0HXeY

Legal Proceeding and Judgements:

Please refer the below link for Supreme Court latest Judgement on the issue discussed above:

https://sci.gov.in/supremecourt/2013/35041/35041_2013_Judgement_23-Feb-2018.pdf

Further Detailed discussion:

The above issue regarding MAF’s V/s ICAF’s and decision of the Supreme Court has required a detailed study of every aspect of allegation and violation.

For detailed study Please refer the link:

https://1drv.ms/b/s!AqxpYGo5-Bccg4BEuY0RWECk70Ngfg

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You read the question paper. You smiled because you knew the answer. You were very confident that I know the answers and you would be scoring good marks. Exams are over, and you await the results. After the results are announced you are shocked because you did not score that you expected. It is so because you made few silly mistakes. For e.g. Instead of writing SA 510 you wrote SA 501. Your answer is right, but you quoted a wrong SA number. So, it’s possible that you might lose marks.

Watch Video – https://youtu.be/zuBzcMBrjfI

So in this article I am sharing with you few tips to help you avoid these kinds of Silly Mistakes.

1. Speak while you read and write
Try to speak while you read the question paper and also while you write the answers. This does not mean you do it loudly and disturb others. You should speak without making any noise. Speaking will help you to interpret the questions in a better way. Also, if you speak while writing there are less chances of making any silly mistake. You will write what you speak.

2. Use your Thumb
Try to keep your thumb just above the line in which you are writing. This way you will avoid silly mistakes as your concentration will be completely on what you are writing.

3. Jot down important points
It must have happened with many of you that when you read questions, many things come flashing in your mind. Like in this answer I have to write so and so point, this one’s important, this SA needs to be quoted etc etc. But when you actually start writing you remember very few of these.
First of all underline all the important words in the question. So that you know what all needs to be covered in the answer. Then jot down all those points that are flashing in your memory with a pencil on your answer sheet. Write down all those points so that you don’t miss any of them.

4. Last line
Read the last line of the question very attentively. Sometimes the questions are big and in hurry we don’t read it carefully and misinterpret the question. Majority of the times the last line of the question has all things. It tells you very clearly what is expected in the answer. For example, wherever there is mention of Private Co. please underline it. Also whoever you find words like no, incorrect or negative words are written be extra careful.

5. Small sentences
Try to frame small sentences. It happens many times that when you write big sentences, by the time you finish them it does not mean what you intended. They mean completely different. So try to write small sentences so that everything that you want to write is properly explained.

6. Take proper sleep
It is very important that your brain is cool and calm before your exams. So please take proper sleep of 7-8 hours before your exam. Also stop studying 2 hours before your exam. Try to relax and do masti and enjoy your time. This will rejuvenate your brain and take the burden of exams of it. This way you will have better concentration during exams

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