How do you study for auditing exams? 

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Thanks Jayesh! Best of luck with your ICAI exams!

Hi Angie - great question. An example would be what I’ve asked my students to consider this week - www.news.com.au/finance/business/retail/david-jones-prevents-myer-selling-a-raft-of-big-name-brands/news-story/85bd07affa42d2e957c07840602e2266 Here is an article that describes activities in the Australian high end department store market. There are 2 major companies - David Jones (DJs) and Myer. The article talks about a move that will affect both firms. How could we apply this to audit? Are there any new inherent risks for each store as a result of the changes? Does this affect the going concern of each store?

You're very welcome!

Hard work is definitely more useful! Best of luck to everyone studying for their uni or professional qualification exams!

Hi! We are using an Australian text by Campbell, Moroney and Hamilton - www.wileydirect.com.au/buy/auditing-practical-approach-2nd-edition/

+Jitendra Parida A great idea! I'll record something in the next few weeks :) (my students have their final exams coming up)

thank you madam

I think that it makes sense to complete studies related to financial accounting and reporting before auditing. This is because auditing requires you to examine whether the firm is recording and reporting information in accordance with the accounting standards.

+quaqmireful International auditing standards and Australian ones are harmonised - they are usually the same :)

AmandaLovesToAudit Glad to know, thanks for replying! :D

Hi Jahangir - I talk about it here 22522 Autumn 2016 - Topic 2 - ethics and audit quality ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-P6_-6tQ8In0.html Essentially they are acting as monitors.

Usually there are 1-2 answers that are clearly wrong and can be eliminated. Then it is a matter of working out which answer fits best. For really tough ones - think to yourself, if you believe (a) is the answer, can you clearly explain why (b), (c) and (d) are wrong? This will help differentiate the options 😊

AmandaLovesToAudit Thank you so much .^_^

Hopefully that is what your audit team manager should be doing 😊

Hi - all companies have slightly different processes - but you can see examples of a sales/revenue cycle and associated audit testing here - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-2VD8IprRtXE.html

Jo Format aap k mulk ka Corporate Law kehta hai. Shukriyah

Hi Jill - the auditing standards are broken down into individual paragraphs. When referring to a standard - you should try (as much as you can) and include the paragraph number.

@@amandalovestoaudit oh got it thanks!

Lol - Canadian tax is nowhere near my forte! Studying tax is all about understanding the nuances - I always found that drawing out flow diagrams and decision trees helped me figure out what to do :)

@@amandalovestoaudit Ok I started doing that today and making flashcards on it. Thanks for your tips! You have no idea how much it means to me knowing a Doc in Audit is guiding me on this. I kinda feel unstoppable! Maybe you can share your study tips for all other aspects of accounting in videos? I loved your video on open book exams too! I started flagging the Canadian Income Tax like you had in your book in the video!

It is a subject about the practical application of theory ☺️

Rebecca McNabb misophonia