How to complete 100% AUDIT paper in 3 hours??

Every day I get lot of messages from students asking for tips to complete 100%paper in 3 hours. So I have tried to list down certain tips which should be beneficial for all the students. These small tips will help you perform better in your exam.

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

TIPS TO COMPLETE 100% PAPER

 

  1. 60-40 Rule

First of all, try to understand that, writing 100% paper with 100% quality is not possible. It is a myth that you can complete full paper and do justice to all questions equally. So now what do we do?

Divide your paper in 60-40. First 60 marks you should write very nicely. You should write in depth answers of the same. Answers should be written in such a way that the examiner is impressed by them. It should cover all the important and necessary points. These answers should be perfect in every possible manner.

But you will attempt these 60 marks in first 2 hours i.e. 120 minutes. That means you will have 2 minutes for every 1 mark. For example if you have are solving 5 marks question, then you have 10 minutes to solve it or if you have 6 marks question you have 12 minutes. So these 60 marks should be attempted in the best possible way. So if you score 80% in these 60 marks it will be 48 marks, which is a fair score. Even if you score 75% that comes to 45 marks.

You will solve remaining 40 marks in 1 hour that means 1.5 minute for every mark. If you take 45-50 minutes it will be very beneficial. This way even if you score 1 mark in every question totaling to 10-15 marks from these 40 marks. It will be a good attempt. This way you will be able to attempt 100% paper.

 

  1. Last Page Rule

As soon as you get the answer sheet, go to the last page. Here write down all SA numbers, CARO clause numbers, tax audit clause numbers, professional ethics clause numbers. If you are from IPCC then write down companies act sections. Write down everything that is difficult to remember. Otherwise what happens when you start writing the paper you just become blank. You think I just knew the clause number but right now I am not able to remember it. You get confused and tend to write wrong clause numbers. Writing them down on last page will help you write correct numbers and clear your confusions whenever needed.

 

  1. Used Pen Rule

You should try to use a pen you have already used earlier. Do not try a new pen. Used pen is smoother and you are used to writing with it. So your speed will be faster with that pen. Actually I have even seen many students and even toppers use those 2-3 rs pens. These pens I suppose are very lighter and they glide faster. So it gives good speed toy your writing.

 

  1. Use of Writing Pad

This is an unusual tip. But if it helps then its good. I have heard someone giving this tip so thought of sharing with you.

Try to keep 2-3 pages between the page you are writing on and your writing pad. You answer sheet is of 30-32 pages. So when you keep such a big bunch of papers underneath it becomes very soft and this may reduce your speed of writing. So keeping just 2-3 pages would help you to improve your speed and save time.

 

  1. Avoid Distractions

Please try to avoid any kind of distractions whatsoever. Forget everything and anything around you. Because you are in a deep thought when you are writing your paper. So when you get distracted it takes a lot of time to again concentrate and come back to the place from where you got distracted.

 

  1. Solve easy ones first

One of the popular tips. Please solve the easy questions first. But do not spend lot of time on them Keep in mind that you have 2 minutes for every mark. You cannot be spending more time on these easy ones.

 

  1. Difficult questions

It generally happens with students that they give too much time to some difficult questions which disrupts their flow of writing the paper. So please be very cautious and careful while spending time on the difficult questions. Please follow or 60-40 rule while giving time to the questions.

 

I hope these tips help you to achieve greater milestones. Best of Luck.

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Interesting Audit Updates

Audit reports of FY 15-16, will have a New Annexure to Independent Auditor Report for all companies.

Infact it is not just such annexure it is full fledged separate report in itself.

“Report on the Internal Financial Controls(IFC)”

Following will be the key components of this report as per Guidance Note on IFC

1.Intro
2.Management Responsibility for IFC
3.Auditor Responsibility
4.Meaning of IFC over Financial Reporting
5.Inherent Limitations of IFC over FR
6.Opinion
7.Signature
8.Place
9.Date

Happy Additional Responsibilities !!!

If report is in appropriate happy exorbitant fines and damages!!!

I hope client pays additional fees!!!

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As per Para A11, SA 230, auditor CAN prepare Completion Memorandum or Audit Summary, its optional not at all compulsory.

It is advisable to prepare it in large and complex audits.

Because it helps efficient and effective reviews (by seniors of juniors work) and inspections (after completion for quality testing).

Auditor records significant matters encountered during audit and how they were resolved. It can be prepared in any format, need not be understandable by experienced auditor as it is voluntary.

It also helps next year team to get birds eye view of audit, so they can plan next years audit.

Further I will sending amendments for Nov 15 by month end.

CA Ravi Taori
auditguru.in

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