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CAP2 Auditing Exam - what do you bring into the exam?

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  • 25-05-2011 8:32pm
    #1
    techman
    Registered Users Posts: 101 ✭✭


    Hello,

    Doing my first Open Book exam and I am wondering what material I should bring into the Auditing exam.

    Textbooks
    Exam Papers and Solutions
    A list of the Standards
    Solutions to Case Studies

    Can anyone who has sat CAP2 in Auditing add to this list or give any tips?

    Thanks!
    Tagged:


Comments

  • Options
    #2
    Hackysack
    Registered Users Posts: 412 ✭✭Hackysack


    I'd bring a summary of the key points in what you've done. Stuff like sample model audit programmes, a summary of the key points of audit reports, ethical standards, the basics on how you'd audit debtors, creditors, cash, inventory, fixed assets etc.

    You will not have time to flip through the books in any great detail. You'll need to know all of the stuff first of all. The idea is that you use your notes as a reference / refresher only. That's what the summaries are for.

    This is just my approach to it though, I'm sure there are plenty other ways of approaching the exam!


  • Options
    #3
    Mark1916
    Registered Users Posts: 523 ✭✭✭Mark1916


    Hi,

    Done this exam and passed it last summer, I have a few tips which I can give you.

    1. Make any substantive tests relevant to the actual question i.e dont copy word for word substantive tests from the text book and notes you have

    2. Quote the ISA whenever possible i.e. when calculating materiality etc state "under ISA......" this shows the examiner that you have knowledge of standard.

    3. Bullet points work, dont write loads and loads of crap, short precise bullet points will work the whole time.

    4. TIME, seriously work out your time for each question and stick to it dont go over or you will be screwed.

    5. I done the 2 choice questions first got them out of the way and then got into the case study but that was my decision.

    What I took into my exam was the standards book, I had this referenced very well. Then for my notes, I had notes indexed into debtors, investments etc so if a debtor question came up I knew I had all my tests, controls in the one section. I also had a file for previous exam questions which was indexted so I knew what was in each exam paper and what tests were done in each question so I was able to go and look if a similar question came up.

    So thats 2 textbooks and 2 folders end of story, didnt use the main textbook really just my 2 folders but I knew where everything was and I didnt waste time.

    DO THE AUDIT REPORT QUESTIONS, follow the diagram in the ISA manual and these are easy marks, follow the diagram and write out each stage and why your giving a specific report, if you practice as many audit report questions they are straightforward in the exam.

    Good Luck!


  • Options
    #4
    R0N BURGUNDY
    Registered Users Posts: 402 ✭✭R0N BURGUNDY


    its good the way there is 20minutes reading time this year!! but 3 hours and 50mins is a long time to be in an exam hall. il defo be bringing something to munch/drink


  • Options
    #5
    DonnaDarko09
    Registered Users Posts: 366 ✭✭DonnaDarko09


    Hey guys

    Just wondering what your take on this exam is? I'm doing modular and have done very little for this exam...been focusing on tax...is it possible in your opinion to cram for this in three weeks and scrape a pass...??I know it will vary for everyone but just wondering how much time people were devoting to this subject... A LOT of material to cover and prepare so just starting to panic a wee bit now.... :eek:


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    #6
    premiergal
    Registered Users Posts: 78 ✭✭premiergal


    Done this exam last year & would agree with what the above posters said.

    Have your time on questions worked out in advance and stick to it.
    I had all the standards well referenced and my folder serparated into questions/notes on fixed assets,stocks etc.
    Your defintely not going to have time to go flicking through books looking for a standard.
    I also had a index of past questions/answers and what topic they reffered to. I used old FAE questions also for practice.


    Best of luck with the exams :D


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