CA Final Audit November’24- Planner till exams by CA Pragnesh Kanabar

Senior Audit Faculty with 10+ years of experience

Founder of The Audit Academy.

To know more- visit- www.theauditacademy.com

1st time self study followed by revision:

You can choose either of the two approaches.

A) Piecemeal approach (few hours on daily basis)- 150 minutes per day (2.5hrs*56 days = 140 hours)

B) One-Shot approach (Full day Audit preparation)- 12 hours per day * 12 days = 144 hours

2nd time self study followed by revision

Everyone has to follow this approach.

5 days * 12 hours = 60 hours

It is important that you study the subject at-least two times before the exams.

Above hours can change by +/- 20% depending upon your preparation done till date.

In this preparation planner, I am giving you the time required for self-study for each topic, important
questions to be done along with important links (given at the end of the document). Chapter-wise
weightage by the ICAI, summary notes, module pocket notes, indexing for IBS paper have been shared
on the telegram channel during May 24 attempt. Same notes are applicable for Nov’24 attempt.

Sequence Topic Time Remarks

(minutes)
1 SA Basics 240-300 Revise audit evidence, audit procedures, audit opinion,
KAM, EOM, OM, MURG, audit report format, concept of
assertions properly
2 SA 200 50-60 Overall objectives and inherent limitations
3 SA 210 70-80 Changes in the terms of engagement and concept of
pre-conditions
4 SA 505 60-70 Results of external confirmation procedures
5 SA 580 60-70 Management’s refusal to provide WR, date of WR,
qualifying language used by management, Content of
WR and reliability of WR
6 SA 501 60-70 Existence and condition of inventory- various practical
possibilities, communication with external legal counsel,
examples of disclosures in case of segment reporting
7 SA 510 40-50 Audit procedures to be performed, how to audit opening
inventory? Use of predecessor auditor’s report
8 SA 550 80-90 Definition of related party, list of disclosures as per IND
AS 24, examination of transactions outside the normal
course of business, examples of documents to be
 verified for identification of related party relationships
and transactions
9 SA 560 100-120 Category 1 subsequent event- procedures, Cat-II and Cat-
III Subsequent events- practical possibilities. Question
bank is very critical.
10 SA 570 100-120 Entire SA is very critical. Especially the reporting
requirements. Question bank is super critical.
11 SA 540 90-100 Risk Assessment procedure- head points, examples of
various types of estimates especially indicators of
management bias and estimates of high uncertainty,
content of WR from mgmt. in case of material estimates.
12 SA 600 60-70 Co-ordination with other auditor, Rights and obligations
of Principal Auditor, reporting considerations.
13 SA 610 90-100 3 main questions under 2 different approaches:
1. Evaluation of IA
2. Determing the work of IA that can be used
3. Evaluating adequacy of work performed.
Most important- Areas where EA cannot use the work of
IA.
14 SA 620 90-100 2 points per concept. Intro is very important to
understand what’s covered and what’s not covered
under SA 620. Reporting considerations- can auditor
refer the expert in his audit report????
Finish SA 500 here. Main concept of SA 500 is using the
work of management’s expert.
15 SA 710 100-110 Audit procedures- 2 to 3 points
Difference between corresponding figures and
comparative FS.
Charts of reporting considerations in case of
corresponding figures and comparative FS.
16 SA 720 80-90 Examples of other information, what if material
inconsistency is identified between FS and other
information, content of Other Information Para in audit
report.
17 SA 250 80-90 Introduction to understand coverage of SA 250,
examples of types of policies to be implemented by
mgmt., indicators of non-compliance with law,
responding to identified/suspected non-compliance,
reporting considerations. SA 250 is connected with
Clause VII of CARO 2020 and NOCLAR concept of
Professional Ethics.
18 SA 320 60-80 Practically understand the concept of benchmarks,
performance materiality and revision in materiality.
19 SA 530 90-100 Sample selection methods, sampling risk, factors
determining sample size, sampling results- projection of
misstatements.
20 SA 450 50-60 Communication and correction of misstatements,
concept of trivial level, evaluating materiality of
misstatements
21 SA 520 50-60 Factors to be considered in designing analytical
procedures
22 Revision 180 Use my revision lecture playlist to revise difficult SAs till
date.
23 SA 315 180 Very lengthy but don’t leave entire topic in option. It
represents Chapter of Risk assessment and internal
control- Audit risk concept with practical examples;
Examples of significant risk, methods to evaluate internal
control; Components of Internal control; concept of
internal check; for all other concepts- 2 points per
concept formula
24 SA 330 50-60 Responding to risk at overall FS level and test of controls
concept.
25 SA 240 180 Entire SA very critical. Fraud risk factors concept,
techniques used by mgmt. to commit fraudulent
financial reporting, responding to the risk of mgmt.
override of control, communication by auditor with
mgmt. and TCWG; withdrawal from the engagement’
Sec 143(12) of Companies act, 2013 and Clause XI of
CARO 2020
26 SA 220 and 180 All 6 elements of quality control- LE AHEM- policieis and
SQC-1 procedures to be established for these 6 elements-
SQC-1
How to implement these policies and procedures and
responsibilities of engagement partner in audit of FS- SA
220.
27 SA 300 120 Audit strategy and plan interrelationship; factors to be
considered for developing audit strategy, audit
programme.
28 SA 299 50-60 Very critical SA especially responsibility division and
reporting considerations.
29 SA 260 and 150 SA 260- matters to be communicated- all 4 matters.
SA 265 SA 265- Which deficiency is a significant deficiency?
Whom to communicate? Content of letter of
weaknesses
30 SA 700 to SA 150 Audit report chapter from bare SAs or module.
706
31 SA 800 series 180 Factors to be considered in accepting the engagement;
performing the engagement; reporting considerations
32 SRE series 150 Factors to be considered in accepting the engagement;
performing the engagement; reporting considerations
33 SAE 3400 150 Factors to be considered in accepting the engagement;
and 3420 performing the engagement; reporting considerations
 34 SA 402 and 180 Both the SAs are related to each other. Very critical.
SAE 3402 Especially the concept of Type 1 and Type 2 report with
inclusive and carve out method.
35 SRS series 120 Factors to be considered in accepting the engagement;
performing the engagement; reporting considerations
36 Prof ethics 1200 mins (20 16 marks chapter. Therefore, entire chapter is super
hours) critical. Solve question bank thoroughly.
37 PSU audit 150 mins See the revision video once. 2 points per concept. Sec
143(5)(6)(7) of Companies Act, 2013.
38 Bank Audit 240 mins NPA notes are very critical. Other points- 2 points per
concept.
39 NBFC Audit 180 mins Types of NBFC. Clause XVI of CARO 2020. Report to be
submitted by auditor to the BOD and exception report to
RBI. Compare NPA provisions of NBFC against Bank.
40 Group Audit 100 mins Entire chapter is critical. Most important- Exemptions
from CFS and reporting considerations given at the end
of the chapter. Watch revision video thoroughly.
41 IDF 180 mins Investigation- types of investigation, issues addressed in
investigation.
Due diligence- classification of due diligence, report
form and content.
Forensic- theory questions are expected. All concepts 2-
3 points.
42 Internal 150 mins Sec 138 of Companies Act, 2013 do it properly.
Audit For all other concepts- 2 points per concept formula.
43 Digital Audit 150 mins Revision video- watch it 2-3 times. 2 points per concept
formula.
44 ESG and SDG 150 mins All the principles and module questions.
45 Sec 143(1), 240 mins Extremely critical. Do it properly. Especially Sec 143(1)
(3) and and Sec 143(3)(i) and (j), CARO- watch revision video
CARO 2020 properly.
46 Revision 180 mins Revise SAs from my revision lecture
47 Revision 180 mins Revise SAs from my revision lecture
48 Revision 180 mins Revise SAs. from my revision lecture

15th September 2024 onwards till 30th September 2024- Revise Audit daily for 45-60 mins. Revise Non
SA small chapters and critical SAs which you found difficult during first study.

Oct 5 to 9- 3rd phase- 5 days of 12 hours = 60 hours. Just cover the points given in the table above. Go
through all module questions only. These questions are covered in TAA book also (for TAA students).
Revise all clause references of PE And CARO 2020. Try to solve one paper in this phase. Free Test papers
are available on our telegram channel.

Oct 10 to 25th – only 30 minutes to audit- power session- hear my revision lectures or revise just one
topic and finish it off.

Exam day strategy and paper writing tips will be shared separately with you in a different video.
MCQs uploaded on ICAI website are sufficient. We are also developing more MCQs. Please stay
connected with us on our telegram channel and Youtube Channels. All important links are given below:
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