CFAP AARS Revision Classes (ICAP House)

10 Days Revision Plan for AARS

AUDIT ASSURANCE & RELATED SERVICES (AARS)

- PAST PAPERS ANALYSIS

- BUILDING APPROACH FOR THE PAPER
- IDEAL SCHEDULE TO STUDY
- SUGGESTED PAST PAPERS TO DO
- HOW TO PLAN TIME
- WHY GIVE MOCK
- HOW TO PLAN & SPEND 3 HOURS OF EXAMS
- HOW TO ATTEMPT DIFFERENT TYPE OF QUESTIONS IN EXAMS
- GENERAL TIPS & TECHNIQUES

- WINTER 2020
 What to Do
What to do – In the last month of Preparation
Stages of Preparation

 Make up your Mind

 Identify Important Areas

 Prepare a Schedule

 Make a Routine

 Start Studying

 Watch, re-watch and Monitor your Schedule vs. Actual Course completion

 Take breaks

 Give Full Length Mock (3 Hours)

 Go for ICAP Exam

 Make up Your Mind
What to do – In the last month of Preparation
Stages of Preparation

Make up your Mind

 Identify Important Areas

 Prepare a Schedule

 Make a Routine

 Start Studying

 Watch, re-watch and Monitor your Schedule vs. Actual Course completion

 Take breaks

 Give Full Length Mock (3 Hours)

 Go for ICAP Exam

 Make up Your Mind
Am I doing Right ? ? ?
Main Issues with AARS
 Identify Important Areas
What to do – In the last month of Preparation
Stages of Preparation

 Make up your Mind

Identify Important Areas

 Prepare a Schedule

 Make a Routine

 Start Studying

 Watch, re-watch and Monitor your Schedule vs. Actual Course completion

 Take breaks

 Give Full Length Mock (3 Hours)

 Go for ICAP Exam

 PAST PAPERS ANALYSIS (AARS)
ICAP Papers - Last 20 Attempts ! ! !
Specific Areas Auditing Standards

Risk Assessment 200 Series

3%
(240,315,520,550,570) 25% 300 Series
Implication on Audit Report 6%
400 Series
(700 Series) 14% 1%
500 Series
Code of Ethics 16% 8%
Appointment 600 Series
3%
(ISA 210, 220, Co.Act, Code, Listing) 3% 800 Series
Audit Procedures on specific 1%
accounting areas 7% 22%
Misc 2%
67% Assurance & Non Assurance Standards

ISRE, ISAE, ISQC, ISRS 10%

 PAST PAPERS ANALYSIS (AARS)
ICAP Papers - Last 20 Attempts ! ! !
Super Important Areas Very Important Areas
Risk Assessment (240,315,520,550,570)
26%
Audit Procedures on specific accounting areas 7%
Implication on Audit Report (700 Series) 14%
ISAE 3400 4%
Code of Ethics 16% ISA 330 & Substantive Procedures
3%
56% Appointment (ISA 210, 220, Co.Act, Code etc) 3%
ISA 315 & Controls (Theory)
2%
19.4%
 PAST PAPERS ANALYSIS (AARS)
ICAP Papers - Last 20 Attempts ! ! !
Moderately Important Areas Only asked once in Last 20 Attempts

ISA 570 2.2% ISA 560

0.9%
Misc 2.1%
ISA 620
ISRS 4400 2.0% 0.8%
ISA 600 1.9% ISA 540
0.8%
ISA 250 1.5%
ISAE 3000 1.5% ISRE 2400 0.6%
ISA 510 1.4% Framework for Assurance Engagements 0.6%
ISA 500 1.4%
ISA 800 0.3%
ISA 240 1.2%
ISA 320
ISA 402 1.2% 0.5%
ISA 810 1.1%
ISRE 2410 0.5%
ISA 505 1.0%
ISA 610
0.4%
18.3%
ISA 265
0.4%
ISA 805 0.3%
ISAE 3410 0.3%
ISAE 3402 0.3%
ISRS 4410 0.3%
6.7%
PAST PAPERS ANALYSIS (AARS)
ICAP Papers - Last 20 Attempts ! ! !
Not asked in Last 20 Attempts

ISA 580
ISA 200
ISA 530
ISA 230
ISA 260
ISA 300
ISA 450
ISA 501
ISQC 1
ISAE 3420
IAPN
 Prepare a Schedule
What to do – In the last month of Preparation
Stages of Preparation

 Make up your Mind

 Identify Important Areas

Prepare a Schedule
 Make a Routine

 Start Studying

 Watch, re-watch and Monitor your Schedule vs. Actual Course completion

 Take breaks

 Give Full Length Mock (3 Hours)

 Go for ICAP Exam

 Prepare a Schedule
Day wise Time wise Topic wise
 Prepare a Schedule
Standards/Topics to connect (A suggestion – not a Recommendation)
Ideal Sequence to Prepare AARS
 Appointment of Auditor (ISA 210 & 220)
 ISQC 1
 Appointment of Auditor (Legal considerations – Co.Act, Banking, Insurance, Code)

 ISA 700 & 701

 ISA 705 & 706
 ISA 710, 510 & 720
 Code (Fundamental Principals, conceptual framework and other areas)
 Code (290 & 291)

 500 Series (Other than 510, 520, 550 & 570)

 ISA 315 & ISA 570
 ISA 240 & ISA 550
 ISA 520

 800 Series
 600 Series

 ISRE 2400 & 2410

 ISAE 3000 & Framework for Assurance engagements
 ISRS 4400 & 4410
 ISAE 3400, 3402, 3410 & 3420
 Make a Routine
What to do – In the last month of Preparation
Stages of Preparation

 Make up your Mind

 Identify Important Areas

 Prepare a Schedule

Make a Routine
 Start Studying

 Watch, re-watch and Monitor your Schedule vs. Actual Course completion

 Take breaks

 Give Full Length Mock (3 Hours)

 Go for ICAP Exam

 Make a Routine
Create an environment of Your Choice – Ignore Discipline – Get out of Office
Make a Routine
Find your 2 Hours

Best Strategy ! ! !
 Start Studying
What to do – In the last month of Preparation
Stages of Preparation

 Make up your Mind

 Identify Important Areas

 Prepare a Schedule

 Make a Routine

Start Studying
 Watch, re-watch and Monitor your Schedule vs. Actual Course completion

 Take breaks

 Give Full Length Mock (3 Hours)

 Go for ICAP Exam

 Start Studying
Approach for Study

Understanding • Attending Revision Classes

• Reading Standards & ICAP book

Mind Maps • Road towards AARS (Handouts)

• Building Own notes

Reading
• Bound Volume by ICAP – Highlight properly
• For Important Standards - All Core Para & Important Application Para
• For less Important Standards – Important Para only
 Start Studying
Important Paras of Different Standards
INTERNATIONAL STANDARDS ON AUDITING (ISA)
ISA-200 14-24, A2, A18, A23, A43, A45, A49, A51
ISA-210 6, 10, 17-21, A4, A8, A23, A24, A25, A28, A33,
ISA-220 11,15-20, 24, A2, A11, A13, A15, A17, A28
ISA-230 8, 9, 13, 16, A2, A3, A7, A8, A12, A22
ISA-240 15, 17, 20, 24, 29, 32, 38, 39 ,41, A3, A4, A5, A10, A11, A36, A37, A43, A48, A54, A64
ISA-250 12, 14, 18, 22, A2, A7, A11, A13, A14
ISA-260 14, 16, 17, A1, A5, A7, A9, A13, A14, A21, A22, A24, A38, A43, A47, A53
ISA-265 10, 11, A2, A6, A7, A15, A29
ISA-300 6, 8, 9, 12, A9, A8, A12, A14, A20
ISA-315 6,11,14,15,18,28,32,A7,A9,A18,A19,A21,A24,A26,A30,A31,A35,A39,A45,A61,A62,A63,A64,A77,A89,A104,A133
ISA-320 10, 14, A3, A10, A12
ISA-330 7, 8, 10,13, 14, 17, 20, 22, 28, A1, A22, A28, A33, A38, A48, A51, A56, A57, A60, A62
ISA-402 8B, 8C, 8D,8H, 8I, 9, 12, 14, 16, 17, A4, A8, A15, A22, A23, A26, A41, A42
ISA-450 6,11,15, A1, A3, A16
ISA-500 8, 11, A14-A25, A31, A36, A38, A40, A45, A46, A48, A53, A54
ISA-501 4, 8 , 9 ,11 ,13, A3, A4, A11, A12, A16, A23, A24, A27
ISA-505 7, 8, 13, 15, A4, A8, A11, A13, A18, A20
ISA-510 6, 7, 8, 12, 13, A3, A6, A8
ISA-520 5,7, A1, A12, A15
ISA-530 5C, 5I, 5J, A3, A12, A23, APPENDIX 1, APPENDIX 4
ISA-540 8, 12, 13, 15, 17, 21, 22, 23, A2, A6, A7, A13, A17, A19, A23, A27, A31, A38, A39, A45, A47, A59, A72, A76, A79,
A80, A87, A111, A120, A121, A126
ISA-550 13,14, 15, 22, 23, 25, 26, A5, A9, A17, A18, A22, A23, A36, A38, A50
ISA-560 7, 10 -15, A8, A9, A12, A18
ISA-570 5, 10, 13, 16, 18, 22, 23, 25, 26, A3, A14, A16, A35
ISA-580 10, 11, 16, 19, 20, A8, A10, A12, A27
 Start Studying
Important Paras of Different Standards
ISA-600 12, 13, 17, 19, 21, 26-29, 40,41, 46,49,50, A11, A12, A20, A26, A27, A29, A33, A35, A51, A55
ISA-610 15,16, 18, 23,24,28-30,33, 34, 36, 37, A1, A7, A8, A11, A16, A24, A25, A32
ISA-620 8, 11, 12, 14, 15, A4, A7-A10, A13, A15, A20, A24, A33, A34
ISA-700 13, 24, 28, 34, 38, 39, 41, A4, A6, A44, A73, A74, A79, A83
ISA-701 11-18, A7, A12, A29, A41, A45, A46, A54, A58
ISA-705 6-28, A1, A3, A4, A6, A7, A11, A16, A27
ISA-706 8-12, A5, A7, A16
ISA-710 7, 11, 13, 14, 17, A1, A3, A8, A11
ISA-720 13, 14, 16, 17-19, 21, 24 , A5, A13, A30, A31, A35, A38, A43, A51
ISA-800 8, 13, A1, A6, A8, A14, A15
ISA-805 8, 12-17, A8, A9, A15, A17
ISA-810 6, 8, 9, 10, 14, 17, 19, 23, 26, A4, A6, A8
INTERNATIONAL STANDARDS ON REVIEW ENGAGEMENTS (ISRE)
ISRE-2400 48
ISRE-2410 3,4,15,17,21, ALL APPENDICES
INTERNATIONAL STANDARDS ON RELATED SERVICES (ISRS)
ISRS-4400 1, 18
ISRS-4410 1, 5, 6, 17, 24, 29-40
INTERNATIONAL STANDARDS ON QUALITY CONTROL (ISQC)
ISQC-1 16,21,26,29,30,34,35,37,39,42,48,49,51,53,55, A18,A19,A24,A32,A34,A35,A41,A45

For the purpose of clarity, it is important to note that all the paragraphs given in any
standard are important for developing the complete understanding of the entire text.
Examiner may ask any question relating to any paragraph
Tutor’s Note (whether considered important or not by the student)
 Start Studying
Approach for Study

Understanding • Attending Classes

• Reading Standards & ICAP book

Mind Maps • Road towards AARS

• Building Own notes

Reading
• Bound Volume by ICAP – Highlight properly
• For Important Standards - All Core Para & Important Application Para
• For less Important Standards – Important Para only

• Past Papers (50% Questions)

• Reading Question
Basic Assessment • Understanding
• Develop an answer
• Match the answer

• Selected Past Papers (See upcoming slides)

Final Assessment • Write it down
• Give your solution to a colleague for marking
 Start Studying
Selected Past Papers to Practice in writing after basic assessment
 Appointment of Auditor (ISA 210 & 220) [Q.5(i) - Summer 12] & [Q.3b - Summer 13]
 ISQC 1 [Q.5 – Winter 09]
 Appointment of Auditor (Legal considerations) [Q.8(iii) - Summer 09]
 ISA 700 & 701 [Q.1 - Winter 16] & [Q.5 - Winter 17]
 ISA 705 & 706 [Q.2b - Winter 17], [Q.2b - Winter 14]
[Q.7 - Summer 13] & [Q.2 - Summer 12]
 ISA 710, 510 & 720 [Q.5 - Win 12], [Q.4c - Sum 15] & [Q.5b Sum 16]
 Code (Fundamental Principals and other areas) [Q.7.a - Winter 13] & [Q.6 – Summer 09]
 Code (290 & 291) [Q.3 Sum 17], [Q.3 Sum 16], [Q.3 - Win 15],
[Q.3 - Win 14], [Q.2 - Sum 14] & [Q.3 - Sum 12]

 500 Series (Other than 510, 520, 550 & 570) [Q.2(ii) – Sum13], [Q.7 - Win12] & [Q3a - Win12]
 ISA 315 & ISA 570 [Q.1 - Win 17], [Q.2.a - Win 16], [Q.1 Win 15],
[Q.6 - Win 13], [Q.1 Sum 12] & [Q.1 Win 11]
 ISA 240 & ISA 550 [Q.5.b Winter 15] & [Q.1.b Winter 14]
 ISA 520 [Q.4 Summer 16] & [Q.6 Winter 14]
 800 Series [Q.4 Winter 12] & [Q.5 - Winter 11]
 600 Series [Q.7 - Summer 15]
 ISRE 2400 & 2410 [Q.4 - Winter 10]
 ISAE 3000 & Framework for Assurance engagements [Q.5 - Summer 14] & [Q.6 - Winter 16]
 ISRS 4400 & 4410 [Q.4 – Summer 17] & [Q.7 - Summer 09]
 ISAE 3400, 3402, 3410 & 3420 [Q.2 - Winter 13] & [Q.5 - Winter 16]
 Monitor Your Progress
What to do – In the last month of Preparation
Stages of Preparation

 Make up your Mind

 Identify Important Areas

 Prepare a Schedule

 Make a Routine

 Start Studying

Watch, re-watch and Monitor your Schedule vs. Actual completion

 Take breaks

 Give Full Length Mock (3 Hours)

 Go for ICAP Exam

Monitor Your Progress
 Monitor Your Progress
Day Target Past Papers for written Practice

Day 1  Appointment of Auditor Q.5(i) - Summer 12

- ISA 210 Q.3b - Summer 13
- ISA 220 Q.5 – Winter 09
- ISQC 1 Q.8(iii) - Summer 09

Day 2  Format of Report Q.1 - Winter 16

- ISA 700 Q.5 - Winter 17
- ISA 701

Day 3  Modification in Report Q.2b - Winter 17

- ISA 705 Q.2b - Winter 14
- ISA 706 Q.7 - Summer 13
- How to Solve case study 705/706 type Q.2 - Summer 12

Day 4  Specific Areas Q.5 - Winter 12

- ISA 710 Q.4c - Summer 15
- ISA 510 Q.5b Summer 16
- ISA 720
 Monitor Your Progress
Day Target Past Papers for written Practice

Day 5  Code of Ethics (Part 1) Q.7.a - Winter 13

Q.6 – Summer 09

Day 6  Code of Ethics (Part 2) Q.3 Summer 17

 How to approach case study of Code of Q.3 Summer 16
Ethics Q.3 - Winter 15,
Q.3 - Winter 14
Q.2 - Summer 14
Q.3 - Summer 12

Day 7  800 Series Q.4 Winter 12

- ISA 800 Q.5 - Winter 11
- ISA 805
- ISA 810

Day 8  Risk Assessment (Part 1) Q.1 - Winter 17

- ISA 315 Q.2.a - Winter 16
- ISA 570 Q.1 Winter 15,
Q.6 - Winter 13
Q.1 Summer 12
Q.1 Winter 11
 Monitor Your Progress
Day Target Past Papers for written Practice

Day 9  Risk Assessment (Part 2) Q.5.b Winter 15

- ISA 240 Q.1.b Winter 14
- ISA 520 Q.4 Summer 16
- How to approach question of Risk Q.6 Winter 14
Assessment

Day 10  Elements of Assurance Engagements ISRE 2400 & 2410….

 Basics of Other Standards Q.4 - Winter 10
- ISAE ISAE 3000 & Framework for Assurance….
- ISRE Q.5 - Summer 14
- ISRS Q.6 - Winter 16
ISRS 4400 & 4410….
Q.4 – Summer 17
Q.7 - Summer 09
ISAE 3400, 3402, 3410 & 3420…
Q.2 - Winter 13
Q.5 - Winter 16
 Take a Break
What to do – In the last month of Preparation
Stages of Preparation

 Make up your Mind

 Identify Important Areas

 Prepare a Schedule

 Make a Routine

 Start Studying

 Watch, re-watch and Monitor your Schedule vs. Actual Course completion

Take breaks
 Give Full Length Mock (3 Hours)

 Go for ICAP Exam

 Give Full Length Mock (3 Hours)
What to do – In the last month of Preparation
Stages of Preparation

 Make up your Mind

 Identify Important Areas

 Prepare a Schedule

 Make a Routine

 Start Studying

 Watch, re-watch and Monitor your Schedule vs. Actual Course completion

 Take breaks

Give Full Length Mock (3 Hours)

 Go for ICAP Exam
 Give Full Length Mock (3 Hours)
Benefits of Giving Full Length Mock
 Writing Practice

 Self Assessment

 Body Exercise (A must activity for students appearing in CFAP for the first time)

 Practicing time management

 Know your weaknesses at least 2 weeks before exam

Many institutes prepares, conducts and publically make available their mocks along with
solution. Also you can watch for www.canotes.net for any 2 latest mocks.

Note: Whether you are prepared for a full fledge mock or not; Do give it a try
 Give Full Length Mock (3 Hours)
What to do – In the last month of Preparation
Stages of Preparation

 Make up your Mind

 Identify Important Areas

 Prepare a Schedule

 Make a Routine

 Start Studying

 Watch, re-watch and Monitor your Schedule vs. Actual Course completion

 Take breaks

 Give Full Length Mock (3 Hours)

Go for ICAP Exam

 Go for ICAP Exam
How to Attempt the paper (A suggestion – not a Recommendation)
Before the Paper

 Take proper sleep in the last night

 Have a good breakfast
 Reach ICAP Exam Centre at least 20 to 25 minutes before exam
 Get seated well before time
 Have a glass of water before start of reading time

During Reading Time

 Skim the paper quickly to get an idea of total questions and relevant topics
 Then see the questions in detail and underline the requirements
 Plan your paper sequence and timelines
 Select your first, second, third and so on choices
 Mark the relevant number at left of Question with lead pencil
 Mention estimated starting and ending time with lead pencil (including hard upper cap)
 Don’t multiply every question with 1.8
 Well known and good marks giving questions can be given 2 to 2.5 min per mark
 Average questions can be given 1.8 min per mark
 Below average questions can be given 1 min per mark
 Go for ICAP Exam
How to Attempt the paper (A suggestion – not a Recommendation)
1st Hour (App 25% to 30%)

 Search for Code of Ethics Question for your very first question
 Then go for any other OPEN BOOK supported question(s)

2nd Hour (App 30% to 35%)

 ISA 705/706 Pattern Question

 Other Standards Question (ISRE, ISRS, ISAE)
 Question requiring research

3rd Hour (App 35% to 40%)

 Risk Assessment Question (App 30 to 35 minutes)

 Any difficult question
 Any remaining / unidentified question
 Question & Answer Session ! ! !

Thanks a lot for your patience ! ! !

We are very thankful to ICAP for

providing us such an opportunity

Talib e dua ! ! !

Atif Abidi
syedatifabidi@gmail.com
0300-0067262 (WhatsApp)