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Scoring in Advanced Auditing – Ruchit Gokani (AIR 9)

Points that you should consider while writing the Audit Paper to fetch you additional Marks.

Audit is a subject where it is very difficult to score marks. What matters more is what you write rather than from where and what you study. If you are not able to present it in a manner that would differentiate your paper from that of others, you may or may not end up getting the passing marks. I have noted down a few points that can be considered while writing the Audit Paper. If you are able to implement them, you may end up fetching an additional few marks that can make a difference.

  1. Professional Ethics :

    • The wordings of the clause should be as close as possible. It is very much advisable to quote complete clause numbers along with schedules and parts without any mistake. But do not write if you are unsure.
    • Try attempting the professional ethics first even if you know only 3 out of the 4 questions, it will make the examiner aware that you are well prepared. The quality of your first two questions will be an inclining factor towards achieving the passing marks.
  2. Standards on Auditing:

    • Remember the complete names of standards without any mistake. Quote the complete Standards irrespective of the time and number of lines it takes.
    • For e.g. :
      • SA 200: Overall Objectives X
      • SA 200: Overall Objectives of Independent Auditor and the conduct of an Audit in accordance with Standards on Auditing ✓
    • Quote Standards where ever relevant. Before writing an answer to a question, think whether any reference can be given to any standard in the answer or not. For every Standard on Auditing that you quote at every relevant place, you will receive One additional mark.
  3. Focus on technical words and Section Numbers :

    • Write and learn technical words. (For e.g. Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016.) Section numbers that are common and regularly used relating to Companies Act, 2013 should be remembered and quoted like section 123, 128, 129, 143, 148 etc.
  4. Audit of Specific Entities (Insurance service providers) / Specific Purpose Audit (Environmental Audit) :

    • While answering questions relating to Audit of specific purpose or specific entities, first write specific points relating to that only. Do not include generalised points at the start or the middle. ( like check bank statement and BRS). For 4 marks questions, write around 8 single sentence points.

Wish you all the luck.

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