Important Note: This article is geared towards students aiming for satisfactory marks, rather than those vying for the top ranks. The strategy shared here is aimed at helping you secure a minimum of 50 marks in the CA Final Audit exam.
Assuming you’ve already covered the entire syllabus at least once, it’s time to address the unique MCQ pattern. Many students are investing considerable time practicing around 1500 questions from various authors’ books. However, it’s vital to recognize that while MCQs contribute just 30 marks, scoring above 25 can be challenging even with extensive practice. Perfection isn’t the goal, so it’s wise to approach this strategically.
Instead of casting a wide net, focus your efforts on familiar territory. Concentrate on the MCQs provided by your institute and those included in mock tests. These resources offer more than 150 MCQs, enabling you to decipher the question patterns. Keep in mind that these MCQs are already integrated into your regular studies, making them a natural part of your preparation. Aim to correctly answer 15 to 20 MCQs.
Now, let’s tackle the remaining 84 marks, including the optional section. Achieving 35 to 40 marks here necessitates roughly 50% accuracy. To navigate this, prioritize your syllabus intelligently. Focus on chapters that are likely to appear in the exam and are also relatively compact in terms of content.
Chapters of Prime Importance:
- Peer Review
- Internal Management & Operational Audit
- Special Audits
- Cost Audit
- Due Diligence
- Company Audit (This is shared with the Law section)
- CIS Professional Ethics (Undoubtedly Essential)
- PSU CARO
- SQC, SRE, SAE, and SRE
Certain chapters such as Insurance, Co-Op Soc, Bank, and NBFC demand a more profound understanding of technical aspects and consume a substantial amount of time. To optimize your approach, consider selecting 3-4 pivotal questions per chapter instead of attempting comprehensive coverage.
Regarding Standards on Auditing (SA) questions, anticipate encountering 4-5 challenging inquiries. From this, expect 1-2 questions linked to SQC, SRE, SAE, and SRS, based on past trends. To streamline your efforts, channel your energy into the priority chapters mentioned earlier. Repeatedly reviewing and jotting down question answers can greatly enhance retention, especially given the concise nature of these chapters.
Chapters like NBFC and Other Entities warrant a focused approach. Concentrate on 2-3 crucial questions per chapter, and dedicate your efforts to mastering those. For broader SA queries, grasping the conclusion for each case suffices. Memorizing key SA names can also serve you well.
This strategy is tailored to students striving for scores in the 30s range who are working within tight time constraints. Best of luck as you embark on this strategic approach to your preparation.
