Advance Auditing & Assurance

Quick Revision Notes for CAP III

Chapter 17- Special Audits

Coverage: Audit of Special Sector

General Exam Guidelines

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 Special Audits
• Audit Of Insurance
• Audit of FS of Banks
• Audit of Derivatives & Hedging Instruments
• Audit of Government, Constitutional Bodies, Regulatory Authorities
• Audit Procedure for Manufacturing and Trading Unit
• Audit of Mutual fund and Investment Companies
• Audit of Educational Institutions
• Audit of Agricultural Farm
• Audit of Hotel and Hospitality Sector
• Audit of Union, Club and societies
• Audit of Non-Governmental Organizations (NGOs) / Not for Profit
Organization

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General Guidelines
 Compliance of NSA 315
 Specific Laws & Regulations
 Specific Requirements of Accounting
Standards
 Specific Requirements of Auditing Standards

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Structure of Audit Procedure
 Preliminary Activities
 Income/ Receipts
 Expenses/ Payments
 Assets
 Liabilities
 Other Compliances

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General Examination Guidelines
 Read the question properly and look for specific aspect being asked.
 Recall the maximum provisions of related standards/ guidelines
applicable to questions.
 Filter the most important provisions which cannot be ignored
depending upon the weight of the question.
 Decide the Framework (next slide) for writing answers
 Review if any important aspect is missing

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Comprehensive Answer Writing Framework

Question Category

Direct Q. Commenting Q. Case Laws

-Context -Context/ Provision -Context/ Provision

-Points -Conclusion -Given Case
-Conclusion
2/3 Portions
2 Portions 3 Portions

Portion = Paragraph
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Paragraphing
 Short Paragraphs – 6 to 8 Lines
 One CLEAR Line between paragraphs

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Other Important Factors
 Write Q. No Clearly
 Do Not Use Colored Pens or Highlighter
 Do Not Make Any Special Marks/ Symbols

It Amounts to Unfair Means

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For Time Management
 100 Marks = 180 Minutes
 I Mark = 180/100 =1.8 Minutes
 5 Marks= 1.8 x 5 = 9 Minutes
 10 Marks = 1.8 x 10 = 18 Minutes
 7 Marks = 1.8 x 7 = 12.6 Minutes

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Don’t Forget….
 Reviewing Comments from Examiner 
From Suggested Answers (What can go wrong?)
 Past Questions Analysis
 Enhance Answer Writing Skills through
regular practice…. (At Least 18 Minutes
Each Day)

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Image Courtesy: Pinterest

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