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CAP2 - Auditing

  • 01-06-2009 1:22pm
    #1
    Pisco Sour
    Closed Accounts Posts: 6,029 ✭✭✭


    Hi guys,

    Just wondering how are people going about studying this subject?

    I've worked in audit for a year and a half but I'm just not that good at it, it doesnt click with me one bit. I did my mock based on no study just knowledge from work and attempted a good 70% of the paper and got 21!!!! When i heard that my colleagues got around 60 with the same approach I started to freak out!

    I've read the yellow book in its entirety and understood it, but from looking at the sample papers it all seems just so random. I get the feeling the paper tests your ability to audit "off the cuff" which frankly I'm not good at! Some of the solutions the ICAI give in their solutions I would never have thought of in a million years.

    Also in my mocks I made some valid points which got no marks at all simply because it wasnt on the ICAI solutions. The whole subject seems so subjective. My result depends on how the examiner interprets the case study!

    There seems to be no method to the subject. With the other 3 subjects once you know how to calculate something etc you can apply it to a given question. Auditing though is just pure random.

    Absolutely hate it with a passion! Anyone having similar problems?


Comments

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


    Yeah i'm finding it difficult to study myself.

    I'm only planning to start focusing on the papers in the coming weeks. I've been reading over particular topics like Audit Reports, Ethical Standards, Computer Auditing.

    I think that reading over the questions and the proposed solutions offered will help get you thinking along the same lines of what the examiners got as well.

    I'm the same as you as well though. I did the same in my mocks and scored around the same level as you. It's really gonna be a disaster, but I guess we just have to keep ploughing through the exam questions and if you were in the Dublin Groups in the RCSI, just read over the heap of practice questions and solutions that were given. It'll familiarise yourself a bit more on what to look for.

    That's just me though, my entire exam strategy is exam paper-based (working from the papers back to the individual topics on areas I'm unsure on), before hitting the 'bigger' topics that were covered in the lecture notes.


  • #3
    Stabshauptmann
    Registered Users, Registered Users 2 Posts: 4,885 ✭✭✭Stabshauptmann


    A friend of mine told me that in the exam we've to use the following assertion categories:
    • Completeness
    • Existence
    • Accuracy, classification and valuation
    • Rights and Obligations
    • Cut-off
    • Presentation and disclosure.

    This is slightly different from the way I know it (from work and other notes):
    • Completeness
    • Existence
    • Accuracy
    • Valuation (not lumped in with Accuracy as above)
    • Ownership (is this the same as Rights and Obligations?)
    • Presentation

    - Ive been spreading cut-off between C,E, and A.
    Does anyone else do it this way, is it the same? Or do I need to use the categories above in the exam?

    Also for materiality,
    0.5% Turnover
    5% Operating Profit
    1% Net Assets

    Is that kosher?


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