After so many request from my all past students, And after giving full 2 days In hectic audit schedule, I am here to give you full guidance on how to prepare and how to score exemption in your audit for November 2018 IPCC exam. If you follow the tips and techniques properly, I can assure you, can get exemption. Also find link to what I have provided in video. Let me know if you want any other guidance? Or if you have any quarry related to subject or Exam preparation - I would be happy to help you. #audit #preparation #for #IPCC #november #2018 #score #exemption Video link - https://youtu.be/CpsmPNH4iDM

1. Preparation for IPCC
Nov- 18 Audit.
Sure way to score exemption in
Audit.

2. How many Hours
to read?

3. How many hours should be given to audit?
Ideally not more than 50 hours for revision of
audit subject.
It's better to revise two to three times then to
stretch same thing for long hours.

4. From where to
read?

5. Only from institute module.
Except for Chapter 5 and 6
You can refer PM for that.

6. Practice manual is like
corrobrative evidence.
I.e - supportive to SM, in
addition to SM.

7. PM is Not a substitute to
SM-don't ONLY rely on PM.

8. HOW to
prepare for
the subject?

9. Have a list of all important definitions
covered - and read and revise them as
many times possible , that will give you an
edge our language.

10. Have your own notebook. While
preparing notes list out all the important
concepts and the keywords in that
particular concept. Keep on highlighting
important words while reading and then
make notes of the same.

11. Say for example when we talk about
assertion the important words are like
“representation by the management”

12. And revise your own notebook with
all concept and important words to
get more confidence and edge.

13. What are the
priority chapters
and questions??

14. First priority is chapter 7-
company audit 1.
For around 15 to 20 marks.

15. 2nd Priority -
All SA.
(covered in chapter 1
to 6.)

16. Out of total 27 SA.
Following seven
standards are most
important.

17. Will give around 20 marks

18. SA 210 Agreeing on the terms of audit
engagement
SA 230 Audit documentation
SA 500 Audit evidence
SA 530 Audit sampling
SA 570 Going Concern
SA 701 Key audit matters
SA 705 Modification to the opinions

19. Other important SA to
refer. (2nd Priority SA)

20. SA 240 Auditors responsibility for fraud.
SA 300 Audit planning
SA 520 Analytical Procedure
SA 700 Forming an opinion and reporting on
financial statement
SA 299 Responsibility of joint auditor.

21. Third priority is
Chapter 5 and 6
I.e Vouching and
verification

22. Confirm 16 marks.

23. 4th priority is
Chapter 8 and 9

24. Confirm 15 marks.

25. And Finally last priority
All other remaining portion
from all chapters

26. See Internal control and
EDP Audit first in that.

27. Find following things in discription.
1. List of important and good questions
2. Common points for Vouching and
verification
3. Common points for special Audit.
4. PPT used for video.