CA Exams Study tips : CA Notes

CA Exams Study tips

These tips are for those who are facing there CA Exams in coming Days. Most of students fails because they don’t know the right approach to follow near exams so we are providing few things to do which you can follow During Exam to get Success in your upcoming Papers. Must Share with your friends to help them too.

  1. Have a sound sleep of 7 hours in night to be fresh in exam hall.

  2. Have light lunch before exam and a glass of juice. If i tell you about my self i can’t even able to eat a single bite of food. So juice is a good option for you all.

  3. Reach at least 15 minutes before at exam center.

  4. On receiving the question paper just go through it. Do not waste time in detail reading of questions paper and quickly fix sequence of number in which you want to solve.

  5. First solve small questions then only go for Others.They are comparatively easy to solve and boost up in your confidence.

  6. Keep a watch in front of you to know the time available. Remember Do not distract your mind every single minute by watching clock in exam.

  7. Never deposit copy before time yourself.There is alway a chance of error so, review it again and again

  8. Try to solve all questions even you know only two three steps because Step marking can help you. Specially when it comes matter of 39 or 59

  9. Do not be too slow in first hour and too fast in last hour. Be alert from beginning. Maintenance same speed in three hours.

At last have Full Confidence in yourself.

How To Get Exemption In IPCC Tax
How To Get Exemption In IPCC 

You may also like our Similar articles

  1. Tips for preparation of CA Exams

2. How to Get exemption in IPCC Tax

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Tips for CA Exam Preparations

Tips for CA Exam Preparations For success in CA Exams. By CA Ashish Kalra sir. So Must Read Tips for CA Exam Preparations. CA IPCC and Final Exams


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Tips for CA Exam Preparations mAY 15

Tips For CA Exam Preparations
Tips For CA Exam Preparations

• Plan your work & work your plan. This means stick to your Plan whatever it is.
• Make your plan in writing. So that you will Not Forget it like you do your course 😛
• You eat food everyday, drink water everyday, sleep everyday, so study everyday.
• For Practical subjects, make equation pocket ( FOR Ex. Formula Book)  booklets & review them at regular intervals.
• Take breaks & then study more. Take short and Effective Breaks.
• Maintain a Positive mindset of “I can do it” while preparing yourself & while giving exams. Just remember That you are the Best and You know it.
• Enjoy your studies and believe in your success.
• Try to read 6 pages theory per hour with thorough understand & then revise it within a week taking half the time.
• Revise your class work within 24 hours if you don’t there is high chance that you will forget it.
• Avoid TV, video game, chatting & mobiles while studying. It will increase your concentration like hell.
• Once in a week to 10 days, take a little time to relax: go for a movie, hang out with friends, play a game, etc.

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Amendment In Service Tax For CA Final

Amendment In Service Tax For CA Final For Nov 14




Mega Exemption Notification 25/2012 (Following services are exempted)

Services by way of sponsorship of sporting events organized by national sports federation, or its affiliated federations, where the participating teams or individuals represent any district, State or zone is exempted. Services by way of sponsorship of sporting events organized by national sports federation, or its affiliated federations, where the participating teams or individuals represent any district, State, or Country is exempted.
Definition of governmental authority


Governmental Authority means any authority or a board or any other body :-

  • Set up by an Act of Parliament or a State Legislature; or
  • Established by Government

with 90% of more participation by way of equity or control, to carry out any function entrusted to municipality under article 243W of the Constitution.

New Entry Services provided by cord blood banks by way of preservation of stem cells or any other service in relation to such preservation.
New Entry Services by way of loading, unloading, packing , storage or warehousing of rice.
Clarification on Resident Welfare Association (Entry in Mega Exemption Notification No 25/2012)
(i) In a residential complex, monthly contribution collected from members is used by the RWA for the purpose of making payments to the third parties, in respect of commonly used services or goods [Example: for providing security service for the residential complex, maintenance or upkeep of common area and common facilities like lift, water sump, health and fitness centre, swimming pool, payment of electricity Bill for the common area and lift, etc.]. Is service tax leviable?




(ii) If the contribution of a member/s of a RWA exceeds five thousand rupees per month, how should the service tax liability be calculated?


Exemption at Sl. No. 28 (c) in notification No. 25/2012-ST is provided specifically with reference to service provided by an unincorporated body or a non–profit entity registered under any law for the time being in force such as RWAs, to its own members.


However, a monetary ceiling has been prescribed for this exemption, calculated in the form of five thousand rupees per month per member contribution to the RWA, for sourcing of goods or services from third person for the common use of its members.


If per month per member contribution of any or some members of a RWA exceeds five thousand rupees, the entire contribution of such members whose per month contribution exceeds five thousand rupees would be ineligible for the exemption under the said notification. Service tax would then be leviable on the aggregate amount of monthly contribution of such members.


(i) Is threshold exemption under notification No. 33/2012-ST available to RWA?


(ii) Does ‘aggregate value’ for the purpose of threshold exemption, include the value of exempt service?


Threshold exemption available under notification No. 33/2012-ST is applicable to a RWA, subject to conditions prescribed in the notification. Under this notification, taxable services of aggregate value not exceeding ten lakh rupees in any financial year is exempted from service tax. As per the definition of ‘aggregate value’ provided in Explanation B of the notification, aggregate value does not include the value of services which are exempt from service tax.
If a RWA provides certain services such as payment of electricity or water bill issued by third person, in the name of its members, acting as a ‘pure agent’ of its members, is exclusion from value of taxable service available for the purposes of exemptions provided in Notification 33/2012-ST or 25/2012-ST ? In Rule 5(2) of the Service Tax (Determination of Value) Rules, 2006, it is provided that expenditure or costs incurred by a service provider as a pure agent of the recipient of service shall be excluded from the value of taxable service, subject to the conditions specified in the Rule.

For illustration, where the payment for an electricity bill raised by an electricity transmission or distribution utility in the name of the owner of an apartment in respect of electricity consumed thereon, is collected and paid by the RWA to the utility, without charging any commission or a consideration by any other name, the RWA is acting as a pure agent and hence exclusion from the value of taxable service would be available. However, in the case of electricity bills issued in the name of RWA, in respect of electricity consumed for common use of lifts, motor pumps for water supply, lights in common area, etc., since there is no agent involved in these transactions, the exclusion from the value of taxable service would not be available.


Is CENVAT credit available to RWA for payment of service tax? RWA may avail Cenvat credit and use the same for payment of service tax, in accordance with the Cenvat Credit Rules.
Exemptions to rice from service tax Transportation of rice by rail or vessel is exempted. [Foodstuff includes rice]

Transportation of rice by GTS is exempted. [Foodstuff includes rice]

Loading, unloading, packing, storage and warehousing of rice is exempted.

Milling of paddy into rice is also exempted.

Specific direction by Central Government Service tax payable on the services provided by an authorized person or sub-broker to the member of recognized association or registered association, in relation to a forward contract, shall not be required to be paid in respect of such taxable service on which service tax was not being levied during the period (10.09.2004 to 30.06.2012).
Online payment mandatory With effect from 1st January 2014 if service tax liability exceeds rupees one lacs (including cash payments and CENVAT Credit) then it is mandatory to pay Service tax online.

VCES Scheme

Whether declaration can be returned on the ground of its incompleteness. As has already been directed by the Board, vide the said letter dated 22.8.2013, the designated authority shall ensure that no declaration is returned.  In all cases, declaration should be promptly received and duly acknowledged. Request for clarification should be dealt with promptly. Defects in the application, if any, should be explained to the declarant and possible assistance be provided in rectifying these defects. The effort must be to accept a declaration, as far as possible, and recover the arrears of tax.

For rejection of declaration refer Section 106(2).

Whether benefit of VCES would be available in cases where documents like balance sheet, profit and loss account etc. are called for by department in the inquiries of roving nature, while quoting authority of section 14 of the Central Excise Act in a routine manner. The designated authority/ Commissioner concerned may take a view on merit, taking into account the facts and circumstances of each case as to whether the inquiry is of roving nature or whether the provisions of section 106 (2) are attracted in such cases.
Whether the benefit of the Scheme shall be admissible in respect of any amount covered under the definition of ‘taxes dues’, as defined in the Scheme, if paid by an assesses after the date of the Scheme coming into effect, (i.e., 10.5.2013), but before a declaration is filed Yes, benefit of the Scheme would be available if such amount is declared under the Scheme subsequently, along with the remaining tax dues, if any, provided that Cenvat credit has not been utilized for payment of such amount.


A person has tax dues of Rs 10 lakh. He makes a payment of Rs 2 lakh on 15.5.2013, without making a declaration under VCES. He does not utilize Cenvat credit for paying this amount. Subsequently, he makes declaration under VCES on 1.7.2013. He may declare his tax dues as Rs 10 lakh. Rs 2 lakh paid before making the declaration will be considered as payment under VCES.

Whether declaration can be made in such case where service tax pertaining to the period covered by the Scheme along with interest has already been paid by the parties, before the Scheme came into effect, so as to get waiver from penalty and other proceedings? As no “tax dues” is pending in such case, declaration cannot be filed under VCES. However, there may be a case for taking a lenient view on the issue of penalties under the provision of the Finance Act, 1994. In this regard attention is invited to section 73 (3) and section 80 of the Finance Act, 1994.


Credit :- Akash Phophalia




    Important Topics for CA FINAL DIRECT TAXES




Main focus of ‘Advanced Management Accounting’ is on the application of ‘Cost Management’ techniques and ‘Financial Decision Modeling’ tools in various types of decisions making at all levels of management. Application of ‘Advanced Management Accounting’ helps to understand the ways and means to maximize revenue by reducing cost without affecting the essential qualities of products (decisions on what to produce, at what price, how to manage cost to maximize profitability, quality management etc.) and imposing control by classifying divisions as responsibility centres, allocating budgets and performance evaluation by setting various standards and variance analysis. The subject of ‘Advanced Management Accounting’ focuses on developing of knowledge required for analysis of quantitative and qualitative information in order to help the management in decision making. The students are suggested to understand the concept of each topic, use of relevant tools and techniques involved in the analysis of various problem situations covered under the ‘Syllabus’. Students should keep in mind that the problem related to ‘Management Accounting’ in practical situation may often involve various issues together. Students are required to develop a comprehensive understanding of handling multiple issues involved in a problem which are closely linked and take all the factors into consideration (related to that problem) while evolving a rational solution. The basic objective of ‘Advanced Management Accounting’ subject is to apply various ‘Management Accounting’ techniques to all types of organizations for planning, decision making & control purpose in practical situation and to develop ability to apply ‘Quantitative Techniques’ to business problems.

Suggestive Approach to Study

‘Study Material’ of ‘Advanced Management Accounting’ has been developed to explain different concepts, tools and techniques related to ‘Management Accounting’ with examples and illustrations. The students are suggested to go through the ‘Study Material’ and conceptualize the topics given in the ‘Syllabus’ and understand depth of knowledge required for achieving success in the examination. In ‘Advanced Management Accounting’ examination, emphasis is on testing comprehension, self expression and ability to apply knowledge in divergent situations.CA FINAL COSTING NOTES & STUDY TIPS Success in examinations considerably depends on style of preparation which can be achieved thorough practice, vision and objectivity. Before appearing for the examination, students need to make a comprehensive study plan. Study plan should be developed by keeping adequate time margin for study revision. Students must envisage the whole exercise of preparation before starting the actual work.

General Guidelines for Preparation

The general guidelines for preparation of examination are given below. However, a student may modify approach to suit him most according to his convenience and reading habits. General guidelines are:

1. Successful completion of ‘Chartered Accountancy’ course needs smart hard work, doing hard work without understanding the concept is like driving a car without knowing the direction.

2. Try to visualize the problem with practical life situation and make What If analysis while solving each problem.

3. Give importance to conceptual theory part also.

4. A student should read a new concept again and again till he gets clarity about it.

5. Students should make their own note on the concept.

6. Notes may be developed on logic of the steps involved in the solution to a problem.

7. Students should prepare note on theoretical topics to improve their presentation in the examination.

8. Students should solve the problems on their own and check the differences/ incorrectness in their approach.

9. Students are advised to avoid selective study.

10. Attempt to solve a few problems from each chapter on day -to-day basis and make a target of solving 200 to 250 problems over a period of time.

11. Share your doubts with experts, seniors and friends.

12. Allocate specific time to this subject (like other subjects).

13. Answers should be to the point at the time of examination.

14. Improve your speed by practice and revision to be able to attempt all questions in limited time.

15. Focus on writing simple and correct English.

16. Never miss an exam or Mock Test.

Outline of the Syllabus

The entire ‘Syllabus’ of the ‘Advanced Management Accounting’ has been divided into sixteen chapters. The topics covered under these chapters are:

1. Cost Management

2. Cost Volume Profit Analysis

3. Pricing Decisions

4. Budgets and Budgetary Control

5. Standard Costing and Variance Analysis

6. Transfer Pricing

7. Cost Management in Service Sector

8. Uniform Costing and Inter Firm Comparison

9. Profitability Analysis-Product wise/Segment wise/Customer wise

10. Financial Decision Modeling

11. Linear Programming

12. Network Analysis-PERT/CPM, Resource Allocation and Resource Leveling

13. Transportation Problems

14. Assignment Problems

15. Simulation

16. Learning Curve Theory.

Chapter Specific Guidelines for CA FINAL COSTING

Chapters 1 to 9 emphasize the role of ‘Management Accounting’ in decision making, particularly in providing information  and  analysis  to  support  strategic  management  activity.  The  focus  is  on  evaluating  existing competitive strategies, developing new strategies, and monitoring and assessing progress towards chosen strategies.

Chapter-1, Developments in the Business Environment

This chapter introduces students to the area of modern concepts in ‘Cost Management’.  It discusses recent developments in business environment and advanced management accounting techniques such as Total Quality Management (TQM), Activity Based Costing (ABC), Target Costing, Life Cycle Costing, Value Chain Analysis, Cost Control and Cost Reduction, Computer-Aided Manufacturing, Just in Time (JIT), Manufacturing Resources Planning, Synchronous Manufacturing, Business Process Re-engineering and Theory of Constraints. While going through these topics students need to link their study with other chapters or previous studies at Intermediate (IPC) Course level. Some topic wise useful techniques are given as under:

Total Quality Management: This topic is based on continuous effort of management in maintaining quality of a product; believe in the product and improvement in the product. In this topic students need to get conversant with various techniques of ‘Quality Management’. The concept of ‘Six Sigma’ also shall be thoroughly understood by the students.

This topic is based on continuous effort of management in maintaining quality of a product; believe in the product and improvement in the product. In this topic students need to get conversant with various techniques of ‘Quality Management’. The concept of ‘Six Sigma’ also shall be thoroughly understood by the students.

Activity Based Costing: As said earlier students need to inter-connect their study with other chapters or topics. ABC is connected with ‘Absorption Costing’ studied at Intermediate (IPC) Course level under the chapter ‘Overheads’. ABC is also used as a tool for ‘Decision Making’, so their learning in this topic may be tested in succeeding chapters of ‘Decision Making’ and ‘Costing for Service Sectors’. Students should be able to use of ‘Direct’ and ‘Activity-Based Cost’ methods in tracing costs to ‘Cost Objects’, such as customers or distribution channels, and the comparison of such costs with appropriate revenues to establish ‘tiered’ contribution levels, as in the activity-based cost hierarchy.

Target Costing: Every organization is driven by a corporate strategy which fulfills the mission and goals of an organization. In doing so organizations complying with its long term goal, it fixes its desired profit without losing its market share. In this topic students shall understand how an organization maintains its selling price with variable cost targets. This topic also requires application of decision making techniques used in the succeeding topics.

Life Cycle Costing, Value Chain Analysis, Cost control and Cost Reduction, Business process re-engineering, Theory of Constraints: In these topics students are required to identify the factors which have significant implications on product manufacturing and in product’s cost.

Just in Time (JIT), Computer-aided manufacturing, Manufacturing Resource Planning and Synchronous Manufacturing: These topics are related with ‘Inventory Control’ and ‘Production Management Techniques’ to reduce or control costs.

This chapter is very important from the students prospective. Generally, students pay less attention to theory based chapters and the theoretical concepts of underlying different topics. But it is very important that students have thoroughly studied the theoretical aspects of the subject so that theoretical aspects help them in understanding the concepts and logic behind the mathematical workings and formulae while solving problems related to that particular concept.

Chapter-2, Decision Making Using Cost Concepts and CVP Analysis   

Chapter-3, Pricing Decisions

In these two chapters Students have to study Different Cost Concepts, Application of Cost Concepts in Decision Making, Cost-Volume-Profit (CVP) Analysis and Pricing Decision. ‘Management Accounting’ is fundamental in strategic planning. ‘Managerial Accounting’ information provides data-driven input to the decisions, which can improve decision-making over the long term. For example- Should a company shut down a division, Should it make or buy a product, Should it export or not, Should it accept an offer? Students should understand the concepts,  need  and  impor tance  of  ‘Marginal  Costing’  in  decision  making.  Students  should  also  have under standing  of  area  of  ‘Financial  Decision  Modeling’  and  application  of  the  same  in  predicting product/service costs. Clarity of concepts and self expression is essential for success.

Chapter-4, Budget & Budgetary Control

This chapter basically tries to impart students the concept of ‘Budgeting’. ‘Budgeting’ and ‘Financial Statement Projections’ are just a few examples of how managerial accounting information is used to provide information to help management guide the future of a company. By focusing on this data, one can make decisions that aim for continuous improvement and are justifiable based on intelligent analysis of the company data. Students are required to learn the difference between various types of budgets and process of preparation of budgets.

Chapter-5, Standard Costing

This chapter examines the functional-based standard costing systems in managing costs, improving planning and control, and facilitating decision making and product costing. This chapter has very important concepts of standard costing like computation of variances, control through variance analysis, accounting and reporting of variances. Classification of variances and interrelationship could be understood from the chart given in the ‘Study Material’. Students should be versed with variance analysis under marginal costing and absorption costing with concept of reconciliation of actual data and be familiar with the application of learning curve in standard costing. This chapter requires lots of practice. ‘Study Material’ is very helpful for clear understanding of the concept. Students should do thorough practice to avoid computational errors.

Chapter-6, Costing of Service Sector

This chapter introduces students to various costing systems in the service sectors, the different types of cost behavior and their uses for decision making and planning via CVP analysis. It is important for the students to know the concept of relevant costing in relation to pricing decisions, joint cost and service department cost allocations.

Chapter-7, Transfer Pricing

This chapter covers concepts of ‘Transfer Pricing’. ‘Transfer Pricing’ are used to evaluate the goods and services exchanged between profit centers of a decentralized firm. Students should be able to analyze the situation when a division operating at capacity. Students should also be versed with concept of ‘Multinational Transfer Pricing’. Thorough practice of the problems is required for better understanding of transfer pricing concept.

Chapter-8, Uniform Costing

This chapter basically tries to impart about ‘Uniform Costing’. It is a system of cost accounting to be used by the members of the industry. It involves adoption of same costing principles, practices and procedures by the individual members of the industry for inter-firm comparison. This is very important theoretical chapter.

Chapter-9, Cost Sheet, Profitability Analysis and Reporting

This chapter introduces students to the concept of ‘Balance Score Card’. ‘Balanced Scorecard’ is a managerial accounting measure. It can be used in any situation in which managerial accounting measures are appropriate, such as internally evaluating firm performance. Students should refer ‘Study Material’ and ‘Practice Manual’ for conceptual clarity of ‘Balance Score Card’.

Financial Decision Modeling (Chapter 10-16) has become an essential tool in business applications. Modeling and analysis play major roles in abstract representation of business systems and data analysis and the subsequent generation of relevant information for making more accurate decisions. It consists of mathematical techniques that are increasingly used in decision making process such as Linear Programming, Transportation, Simulation, Networking Analysis, Assignment and Learning Curve. ‘Syllabus’ covers applications of quantitative techniques for solving problems in manufacturing and service organizations. Key problem areas include marketing, production, logistics, procurement, and finance etc.

Chapter-10, Linear Programming

‘Linear Programming’ is a mathematical tool for determining the optimum allocation of resources and obtaining a particular objective. Students should be able to solve complex situations involving multiple constraints by various methods.

Chapter-11, Transportation Problem

This chapter deals with a special class of ‘Linear Programming’ problem in which the objective is to ‘transport’ a single commodity from several ‘sources’ to different ‘destinations’ at a minimum total cost. Students should be versed with treatment of unbalanced problem. Students should also learn different methods for finding initial basic feasible solution.

Chapter-12, Assignment Problem

This chapter deals with assigning sources so that the total cost for performing all jobs is minimum. Students should be able to crack scenario of multiple solutions, unbalanced problem and prohibited assignments.

Chapter-13, Critical Path Analysis;  

Chapter-14, Program Evaluation and Review Technique

Both ‘Critical Path Analysis’ and ‘Program Evaluation and Review Technique’ are ‘Management Accounting’ techniques for planning and control of large complex projects. Both are techniques to network analysis wherein a network is prepared to analyze interrelationships between different activities of a project. Students should be familiar with concept of Resource Leveling, Smoothing and Crashing related to the networking analysis.

Chapter-15, Simulation

It  is  important  for  the  students  to  understand  the  application  of  ‘Simulation’  techniques  in  managerial accounting practice for financial forecasting, analyzing capital investment, inventory analysis, production planning, and strategic enterprise management.

Chapter-16, Learning Curve Theory

The principle underlying learning curves is generally well understood -‘if we perform tasks of a repetitive nature, the time we take to complete subsequent tasks reduces until it can reduce no more’. This is relevant to ‘Management Accounting’ in the two key areas of ‘Cost Estimation’ and ‘Standard Costing’. Students should try to link this chapter with the concept of the ‘Management Accounting’ and try to understand application of the same in predicting product/service costs.














CA final important topics
CA final important topics



  1. CA FINAL IMPORTANT TOPICS  FOR STANDARDS ON AUDITING (very important) Read Requirements paragraphs with the connected application paragraphs in SAs (particularly the paragraphs where practical examples are given in application paragraphs in SAs)


  1. SA-200 – Application paragraphs on Audit Risk (Paras A32 to A44) read with Chapter 5
  2. SA-210 – Revision of Audit Engagement Letter (Para 13 and A27) and Acceptance of a Change in the nature of engagement (Paras 14 to 17 and A28 to A32)
  3. SA-240 – Fraudulent Financial Reporting (Paras A3 and A4)
  4. SA-250- Audit Procedures regarding consideration of compliance and Audit procedures regarding non-compliance (Paras 12 to 17 and 18 to 21)
  5. SA-260- Communication Process (Paras 14 to 19)
  6. SA-402- Entities using Service Organisations- Audit Procedures (Paras 9 to 12)
  7. SA-510- Initial Audit Engagements- Opening Balances (Audit Procedures)- Paras 5 to 7
  8. SA-530- Definitions in Audit Sampling and Appendix IV at the end (short note question) read along with Chapter 5
  9. SA-540- Audit of Accounting Estimates including (Paras 8 to 15, A2, A3, A6, A7)
  10. SA-550- Maintaining Alertness regarding related parties- Paras 15 to 22 and Sources of related party information (examples in application paragraphs)
  11. SA-560- Audit Procedures regarding subsequent events – Paras 6 to 11
  12. SA-570- Audit Procedures and Material Uncertainty (Paras 16 to 21, A2)
  13. SA-580- Written Representations (Paras 15 to 19)
  14. SA-610- Evaluation of Internal Audit Function and Using Specific Work (Paras 8 to 12)
  15. SA-700- Elements of an Auditor’s Report- Paras 21 to 42 (Ilustrations at the end of the SA are very important to know how to draft various paragraphs in the Auditor’s Report particularly Auditor’s Responsibility and Auditor’s Opinion)
  16. SA-705- Modifications to Auditor’s Opinion and Circumstances for expressing different types of Modified Opinions and Ilustrations at the end of the SA (very important for drafting of different types of modified opinions)
  1. SA-706- Emphasis of Matter Paragraph and Other Matter Paragraph (Paras 5 to 8, A1 to A5) and Ilustrations at the end of the SA (Ilustrations at the end of the SA very important for drafting of EOM and OM paragraph)
  2. SA-710- Definitions of Comparitive information, Corresponding figures and Comparitive Financial Statements (for short note question)
  3. SA-720- Material inconsistency (Paras 6 to 10)


  1. AS-1, 4, 5, 9, 10, 11, 12, 13, 16, 18, 22, 26, 29- Applicability of these standards, Exceptions, Treatment of special items, Disclosure aspects of these standards are important for auditing.


  1. Guidance Notes
    1. Proposed Dividend (End of Chapter 6- Non-Provision for proposed dividend)
    2. Audit Reports and Certificates for Special Purposes (Chapter -8)


    1. Effect of Computers on Internal Controls
    2. Effect of Computers on Auditing
    3. Internal Control Requirement in CIS Environment
    4. Computer assisted Audit Techniques-Uses of CAAT, Considerations in the use of CAAT
    5. Procedures for Controlling the Application CAAT


    1. Audit Risk
    2. Sampling Risk
    3. Materiality and Audit Risk


  1. Company Audit Chapter X of Companies Act, 2013 applicable for this exam (Sections 139 to 148) and some portions of Chapter 6 is also relevant for preparation


In Chapter-6

  1. Auditor appointed in AGM failing to accept appointment
  2. True and Fair-to be read with Significance of True and Fair
  • Personal expenses of Directors
  1. Distribution of capital profits, Capital Reserve (Reserves)


In Chapter-X of Companies Act, 2013 (to be read with Companies (Audit and Auditors) Rules, 2014)

  1. Rotation of Auditors – Section 139(2)
  2. Disqualifications – Section 141(3)
  3. Auditor’s Report – Section 143 fully
  4. Prohibited Other Services – Section 144
  5. Duty to attend AGM – Section 146
  6. Applicability of Cost Audit – Section 148 to be read with the Cost Audit Rules, 2014


In Chapter-IX of Companies Act, 2013 (Sections 128 to 138)

  1. Books of Account – Section 128
  2. Financial Statements – Section 129
  3. Board’s Report – Section 134





  1. Chapter 8 – Auditor’s Report and Volume II
    1. SA-700, SA-705 & SA-706
    2. CARO Reporting Requirements– Statement on CARO is very important- Exemption of Private Limited company from CARO– Reporting clauses 1(c), 2(b), 7, 9, 11, 15, 16, 17, 21- Council’s comments under clauses in Statement on CARO under clauses 7, 9, 11, 15, 16, 17 and 21 are VERY IMPORTANT– While quoting sections in CARO provisions the applicable sections of Companies Act, 2013 should be quoted. Some of the provisions should be also be connected with applicable SAs


  1. Chapter -9- Corporate Governance

Revised clause 49 of the listing agreement (applicability)- Audit Committee (all provisions important)- Auditor’s Responsibility- Verification of Composition of Board, CEO/CFO Certification, Report on Corporate Governance


  1. Chapter-10- Audit of Consolidated Financial Statements

Auditor’s Responsibility, Permanent consolidation adjustments, Current consolidation adjustments


  1. Chapter-11- BANK AUDIT
    1. Appointment of Auditor, Audit Report
    2. Evaluation of Internal Controls (Advances, Credit Card Operations)
    3. Audit of Investments – Prudential Guidelines regarding market portfolio- Master circular (Latest-Revised in 2011)– Classification and Valuation of Investment Portfolio under Held to Maturity, Held for Trading, Available for Sale- Non-Performing Investments (NPI)
    4. Prudential norms for NPA classification, income recognition norms, asset classification norms, Provisioning Norms
    5. Contingent liabilities (Verification of six items under Contingent liabilities)
    6. Concurrent Audit system-Scope of Concurrent Audit– Coverage of branches and Reporting systems


    1. Requirements of Schedule B to the IRDA Regulations, 2000- Audit Considerations
    2. Audit of Accounts
    3. Schedule-C-Form of Auditor’s Report
    4. Verification of Claims Paid
    5. Verification of Commission
    6. Verification of Operating expenses of the Management
    7. Verification of Outstanding Premiums and Agents Balances
    8. Unexpired Risk Reserve
    9. Facultative and Treaty Re-insurance (Proportional and non-proportional treaties-omit fully)
    10. Co-insurance
    11. Solvency Margin


  1. Chapter-13- Audit of Co-operative societies

Special Features of Co-operative Audit (Very Important-10 points),

Rights and Duties of Co-operative Auditors, Audit of Multi State Co-operative Societies


  1. Chapter-14- Audit of Non-Banking Financial Companies
    1. Registration with RBI
    2. NBFC Public Deposits Directions
    3. NBFC Prudential Norms Directions
    4. Audit Check List- Investment, Loan, Hire Purchase, Equipment Leasing Companies
    5. Obligation to make an Exception Report to RBI



  1. Chapter-15- Tax Audit (Revision in Form 3CD should be known and clause numbers will change and therefore I have given only the provisions which are important without clause numbers which need not be quoted)

Audit of Public Trusts- Audit u/s 44AB- Accounting Standards, Audit Reports,

In Form 3CD

  1. Method of accounting
  2. Amounts not credited to Profit and Loss Account
  3. Amounts debited to Profit and Loss Account
  4. Disallowance under section 43B
  5. Acceptance of Loans/Deposits – section 269SS
  6. Deduction of Tax at Source
  7. Accounting Ratios

(Concentrate on the Notes given under these clauses in Form 3 CD)


Audit under VAT (Preparation for Audit and Approach to Audit)


  1. Chapter-16 – Cost Audit
    1. Advantages of Cost Audit
    2. Reconciliation of Cost and Financial Accounts


  1. Chapter-17 – Audit of Members of Stock exchanges– (Definite short note question)
    1. Margin Deposits
    2. Rolling Settlement
    3. Circuit Filter and Circuit Breaker
    4. Books of Accounts to be maintained under Rule 15 by a member
    5. Contract Notes


  1. Chapter-17 – Other Special Audits
    1. Audit of Mutual Funds – Inspection and Audit under Regulation 61
    2. Audit of Depositories – Inspection and Audit under Regulation 59
    3. Environmental Auditing – Environment Impact Assessment and Audit Format (Probable Format of Environment Report)
    4. Energy Audit – Key Functions of Energy Auditor and Approach to Energy Audit (different phases in energy audit)



Provisions of section 143(5),(6) and (7) of Companies Act, 2013 important regarding powers of C&AG in audit of government companies and deemed government companies.


  1. Chapter-18- PROPRIETY AUDIT

Propriety elements in 143(1), Propriety elements in CARO, Problems in Propriety Audit


  2. Relationship between External Auditor and Internal Auditor (SA610)
  3. Overall objectives of Operational Audit (just 4 points and no explanation)
  4. Differences between Financial Audit and Operational Audit (at the end of the Chapter)



Special Issues in Investigation –

Non-statutory Investigations (six types of investigations)- Investigation into frauds



Due Diligence- (very important)

What is Due Diligence? Types of Due Diligence

Full fledged Financial Due Diligence– Review of Financial statements (Examples of Hidden Liabilities and Overvalued Assets) Cash flow, Taxation, Financial Projections


  1. Chapter-21- PEER REVIEW

Objectives of Peer Review, Scope of Peer Review (Focus), Execution Stage, Reporting Stage, Approach of Peer Reviewer


    1. Section 2(2) -Definition of Management Consultancy Services and Sections 8, 27 and Other Misconduct (Very important)
    2. First Schedule- Part-I- clauses 2, 4, 6 7, 8, 11, 12 (New Regulations 53A and Regulation 53B, Regulation 191 and Regulation 190A
    3. First Schedule- Part-II- clause 2
    4. First Schedule- Part-III- clause 2
    5. Second Schedule-Part-I- clauses 3, 4, 5, 6, 7, 8, 10- (Case laws under clauses 5,6,7,8,9 very important)
    6. Second Schedule-Part-II-clauses 1, 3, (Case laws under clause 1 important)
    7. Council’s General Guidelines, 2008- Chapter IV to Chapter IX is important (Chapter XII has been recently deleted and in Chapter IV the definition of “relative” has been amended which is now as defined in AS-18
    8. Latest Council Notification No.116 of 2008 issued on 25th September 2008 which includes new Regulation 53A and Regulation 53B which is relevant for clauses 2,3,4,5 of Part-I of First Schedule



(Certain short notes questions, which are already covered in the respective chapters given above, have not been repeated here)

  1. Audit Risk, Risk of Material Misstatement, Detection Risk -SA-200 – Definitions
  2. Fraudulent Financial Reporting – SA 240 – Application paragraphs
  3. Unmodified Opinion, Qualified Opinion, Disclaimer of Opinion, Emphasis of Matter and Other Matter (SA-700, SA-705, SA 706)
  4. Company Audit- Personal expenses of Directors, Capital Reserves, Interim Dividend, Non-provision for Proposed Dividend, Non-provision for tax liability
  5. Special Report to the Registrar of Co-operative societies (Point No.8 in Special Features in Co-operative Audit)
  6. Audit of Members of Stock Exchange – refer to points given earlier in S.No. 15 above
  7. Definitions in SA 530, 710
  8. SA-570- Financial, Operating and Other Indications


NOTE:   Sarbanes Oxley Act, 2002 (SOX) given at the end of Chapter 3 cannot be missed and only the Eleven Titles given first are important and in that Titles 1, 2, 3, 4, 8, 9, 10, 11 should be covered- only points


General Notes:

  1. All the areas given here are based on LATEST EDITION of Institute Study Material
  2. Provisions of Companies Act, 2013 applicable should be read with the respective Rules.
  3. Do not answer questions 1 and 2 at the beginning of the exam. First answer two or three direct and simple questions before attempting questions 1 and 2 which are practical.
  4. Present the answers point-wise and avoid paragraph-wise presentation.
  5. Examples and illustrations given in Chapters are important for practical questions.






Exam Preparation Tips – A Systematic Approach

Exam Preparation Tips – A Systematic Approach

How to prepare for exams? this question generally arise in every student’s mind who want pass CA exams in his /her First attempt. So ICAI has came forward and suggested students regarding the same. Below are the some study tips for passing/Face CA Exams issued by the ICAI for students.

Exam Preparation Tips

Read the Study Material Thoroughly

The study material would help you to develop a strong conceptual base. They give you the parameters within which you have to study. Make it a habit of going through them thoroughly as these will enable to understand the basic concepts of the subjects and develop your ability in understanding different concepts and applications. Besides, do refer to at least one standard text book and solve all the illustrations and problems therein. This will further build your conceptual clarity of a particular subject and strengthen your problem solving skills.

Practice, Practice and Practice

Practice makes a man perfect. Students must practice as much as possible. Many students start practicing from various books without first understanding the subject and the concepts involved. This approach is absolutely wrong. You need to make your base first and then start practicing. The following publications brought out by the Institute will be of great help:

1. Practice Manual for all the subjects

2. Suggested Answers/Compilations

3. Revision Test Papers.

The more you practice, the better engraved will be the concepts in your mind. Don’t indulge in selective reading; no part of the syllabus is less important and leaving any portion could be fatal.

Develop Your Learning Style

Be familiar with your learning style. Everyone learns in different ways. If you know your own learning style, then you have the capability to observe others. Discuss alternatives with friends or with fellow students   you might be surprised at what you find out. Armed with these insights, challenge yourself to try some new tricks. Once you understand the style in which you most effectively learn, you will experience the most enjoyable and welcome feeling that of being in control.

Stay Focussed

It should be clear from the above that CA examinations are qualitatively different and more demanding than the Graduate and Undergraduate examinations conducted by the Universities. The attitudes and approaches of CA students to their educational training should accordingly be distinctly professional.

After committing oneself to an early start, students should take a good look at the syllabus for each subject and understand the major aim, theme, level of knowledge expected and the contents. exam preparation tipsThey may jot down what they understand of the syllabus in the relevant file. A careful survey of the syllabus and study material contents will enable the student to size up, on a rough basis, the total magnitude of study task to be completed within the allocated time for each subject with a compulsory provision for adequate revision, two or three times, before the examination.

There is a plethora of articles spread over CA Journals, Seminar and Conference Books and elsewhere written by teachers, Chartered Accountants and even students on how to prepare for CA examinations. However, it needs to be emphasized  that  there  are  no  magic  formulae,  quick-fix  solutions  or  soft  shortcuts  for  passing  CA examinations or any other examination. Students would be well-advised to examine the suggestions with a critical, open-minded perspective and follow those which they judge to be nearer to their head and heart.

1. Make goals: long/medium and short term and stick to them.

2. Make a time table depending upon your aptitude and the time available.

3. Maintain a strict regimen of study.

4. Understanding the fundamental concepts is more important than making notes.

5. Cut out disturbing factors like T V, Internet, mobile phones etc.

6. Take short break after each hour of study.

Revise and Review

It is very important to study the reading materials at least 3 to 4 times. This would include:

First Reading

This will be more like a novel reading to gain overview;

Second Reading

This will be in-depth study where concepts emerge; and

Third Reading

This will be very intensive reading to fully understand the concept and to underline important points to be revised on examination day.

Visit Board of Studies Knowledge Portal

Make it a habit of visiting the Board of Studies Knowledge Portal. It contains all the educational inputs of the Board  of Studies  like  latest  study  materials,  Suggested  Answers,  RTPs,  supplementary  study  materials, notifications etc. It also contains announcements like relevant list of publications, Accounting Standards and Standards on Auditing etc. applicable for the examination.

Students’ Journal and Other Publications

The Students’ Journal is another form of disseminating important information as it provides quality articles and academic updates that will help you in professional growth.

Attempt Past Examination Papers/Mock Test Papers

Past papers are an essential tool as they help you understand the pattern of questions. Even though, it is not always feasible to go through ever y answer in ever y paper you are about to take, at least take time to grasp the format – for instance, the number of questions, what is compulsory and optional, and the likely structure and marks given.  The Institute’s Suggested Answers, Compilation, Practice Manual and Mock/Model Test Papers may be ver y helpful for the students as they can go through the best possible answers of any problem. Not only these publications provide you the appropriate solution to any particular problem but also enable you to have an in-depth analysis of that problem by highlighting Examiners’ Comments as well. There is no reason not to repeat past papers as much can be learned this way. It is easy to think that once you have worked your way through the paper and marked it from the back; this will fetch much higher marks at another attempt. You would be amazed. Practice with as many different papers as are available. Try to arrange mock examination test on your own.  Give yourself time to read through the questions before you start working out how much time you can allocate to each one. And set the same strict time limit for the whole paper, from start to finish, as the original examination allowed. It is hoped that this practice will do wonders in the preparation for your actual examination. You can also write the mock tests conducted by the various branches of the institute which would help you to simulate the examination conditions and further the marks awarded would help you to gauge your preparation for the examinations.

Time Management

A judicious management of time is a must as preparation needs to be sustained for long. This becomes even more important during examination hours as you have to put the best answer in a given time framework. This is quite challenging and calls for a very intelligent strategy to handle. Reach examination hall well in time. Plan your time so that equal time is awarded for each mark. Keep sometime for revision as well. Always attempt to do all questions.   Remember that six average answers fetch more marks than five best answers.   Therefore, it is important that you must finish each question within allocated time.

Moment of Reckoning: Presentation of Answers

It is not enough that you prepare well, it is equally essential that you present your answers well. Following points deserve a special mention:

1. Avoid coming late for the examination.

2. Relax before the examination; mind works well when it is in a relaxed state.

3. Attempt those questions first which you are confident about.

4. Budget your time wisely; Utilise the 15 minutes reading time to the fullest advantage to prepare mentally as to the strategy to be followed in attempting the paper; reserve at least last 15 minutes for revision purposes.

5. Give working notes to each practical question properly.

6. Give your assumptions wherever necessary.

7. Be precise and to the point and do not indulge in unnecessary details.

8. While answering questions involving application of law/standards etc, briefly state the facts, the legal position, your analysis backed up with case laws, if any and your conclusion.

9. Write legibly; avoid spelling mistakes and grammatical errors.

10. The tendency of giving long answers to short answered questions and vice-versa should be avoided.

11. Make sure, as far as possible, that your answers are reasonably complete and comprehensive, that you have met all the requirements and tied up all loose ends and there are no irrelevant discussions and details.

12. Adopt a blend of conceptual, professional and practical approach to attempt the questions and problems.

Examiners should get the impression that you have prepared well for the examination and tried to reach the standard of knowledge expected of you.

1. Be brisk in writing the running matter portions of the answers, in making the computations, in doing the figure work and in presenting the Accounts in prescribed formats.

2. Leave margin for the examiner to enter the marks.

3. In computational questions on Accounting, Management Accounting, Costing, Taxation Laws etc., give detailed working notes as part of your answers. Also, wherever relevant, spell out the assumptions on which you have based your answers.

4. In case of essay type answers, it is desirable to give a brief introduction and quickly proceed to discuss the main theme and at the end, present a short summary or conclusion.

5. Wherever a question gives scope for alternate answers and you are aware of the possibility, you must do and justify that.

6. Don’t ever resort to unfair and objectionable means during the examination time like consulting reading material or other students, trying to peep into other’s answer books etc., which may land you into trouble. A decent and dignified behaviour by each one of you will enhance the esteem and image of the entire CA student community.

7. Carefully read the Institute’s rules and instructions on examination and comply with them.

8. Do not make any distinguishing mark/appeal in the paper.

9. Do not panic. Coolly attempt all questions and under no circumstance leave the hall in between.

Credits : ICAI

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Changes in CA Final syllabus ISCA

                Changes in CA Final syllabus ISCA


Many students, have indicated there is too much Changes in CA Final syllabus. surprising many got fear of such changes…


This article is one to make you aware what are the Changes in CA Final syllabus  (ISCA) academically. But more importantly to make you aware how to read the changes in subject called IT [remember its like science–in which old base remains but new discover enhance your knowledge].


“change is only the constant”


We strongly recommend, student not to panic for any revision any time.Behave like CA. In this revision you will easily observe that, there are comparative less changes, than those you observe in income tax act changes, as changes,etc.


Read the revision – by simple comparison.


Addition what you see are regrouping or making more additional content–which i as usually say

you know many thing, but you do not know, you know many things.


When there is revision, do not panic – believe on yourself…believe me,it shall be easy to incorporate this Changes in CA Final syllabus –remember “you are man of 21st century”

so what you are about to learn more is already known to you in other simple words…what is required is regrouping and more categorization in way of academic.


We do strongly recommend. whatsoever deleted, does not mean they are use less or what you have learn additional is waste….“never ever think it”


Its mere academic Changes in CA Final syllabus . All you learn will enhance your knowledge…so in future also–whatsoever you missed let it be in old revision or old syllabus –it will help you in your practical life.[hence we do give student old as well as new course and version] –so that it not only help them grow academically but can use all the knowledge even after qualification for their growth]


With this,i trust this article though is mainly academically, but its taken in true spirit of learning. understand revision in all type of subject, no panic, behave like CA


So,let me brief in one line the Changes in CA Final syllabus of ISCA.— you will observe, 70–80% concept you have Learn, remains same.

Changes in CA Final Syllabus
Changes in CA Final Syllabus

Changes in CA Final syllabus  ISCA

Chp.1–more information of Cobit 5 ,however concept of risk assessment is been mixed. earlier chapter on risk assessment is removed.

Chp.2–same as earlier chp 1, very minor change of adding role of information–concept remain same.

Chp.3–mixture of earlier chp. 9 and 3. hence no major change. Cyber fraud added which you are aware already.

Chp.4– bcm points added,concept remain same. Its more likes DLC .

Chp5. same as earlier chp 2. small internal control points added.

Chp.6. mix of earlier chp 3 and 9. also restoration of earlier syllabus chp. 13 and 14 of mics. concept remain same.

Chp7–mix of earlier chp 10 & 8. addition point.“requirements of various authorities for system controls &audit”

Chp.8–emerging technology, mobile,social, byod &green it.-it same which you use and see practically in daily life.


Majorly erp chapter is been removed.testing, risk assessment & drafting of policy, international standards,chapter major points are removed.this,in our view makes academic syllabus more easy, however,we recommended in future,you to go through this chapter, which provide more detail on related topic, which will help you in your professional life.


So professionals ,enjoy more knowledge…



Credits of this Article Goes to :-


CA Vipul Dhulla [C.A. , D.I.S.A]

How to check exemption in CA Exam Online

How to check exemption in CA Exam Online  ??


ICAI has now launched the facility for CA Students to check exemption in CA Exam Online . Just visit the link below and check exemption in CA Exam Online 

Click here to check


Date of hosting the exemption data : 15th October 2014
Last date for emailing discrepancy, if any : 25th October 2014

Hence, candidates are advised to check the details more particularly, the month and year of exam and roll number indicated on the said site, with those contained on the relevant Statement of marks issued to them. Exemptions granted in a paper(s) are indicated by way of “#” against the marks awarded thereon and the Result of the relevant Group is indicated as “F-EX”, in the Statement of Marks.

In case of discrepancy, if any, candidates are advised to write to Exam Dept. immediately, in any case not later than 25th October 2014, at the e-mail address provided herein below, enclosing scanned copy of the relevant mark sheet in which exemption was granted.

Final candidates :
Intermediate(IPC) candidates :

Exam Dept. will respond, within 7 days of the receipt of the e-mail. In case you do not receive any response within 7 days, write to:

Final candidates :
Intermediate(IPC) candidates :

check exemption in CA Exam Online
check exemption in CA Exam Online



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CA Final SFM Best Book

CA Final SFM Best Book


Following are the books for CA Final SFM Which are considered best for Self study.

We suggest these books after the survey on our Facebook pages. You can also like our famous page i.e CA ROCKSTARS

We also suggest that these books are for reference you must do institutes Study material along With these books

Get all the institute study material for SFM here :- SFM ALL  LATEST STUDY MATERIAL

CA Final SFM Best Book

1. J.B Gupta with Classes which come in CD’s . costs not more than 1500

Buy online

2. Rajeev singh. 

3. Rajesh makkar

Buy this book online

CA Final SFM Best Book
CA Final SFM Best Book

4. A.N Sridhar

Buy this online here :-

5. S.D Bala

Shop this from Amozon:-


We know that private booklets are good. They contain material in very short way in and most relevant to the exams. But one should not forget that question in exams always come from past year papers

Also do the Past year papers  of SFM :- Click here to download


Hope now you have a limited choice  for the CA Final SFM Best Book


You can see best reference book for all the subjects 



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CA Final past year papers : ISCA

CA Final past year papers : ISCA

As we all know atleast 60-70 % papers come from past year papers so ca notes brings to you CA Final Financial Reporting Papers for Past 10 attempts. you can practice from these papers. We also upload the solutions of the same in our different post so you should also watch the same. We makes available the same for all the subject you can check them below the post

Click below to download  CA Final past year papers : ISCA



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