how to study ipcc group 2 with office

How to Study IPCC Group 2 with Office

Managing your studies with office is not easy but not impossible. Time Management is the Key factor to complete group 2 with Job. As per the old curriculum students can commence their practical training after passing Group 1 and they can continue giving Group 2 during the office.

So this article is specially made for the students who are bother how to study Group 2 with office.

Here’s in this article let’s understand what to study and thereafter we will learn how to study.

There are three subjects in Group 2 -

  1. Advanced Accounting.
  2. Audit
  3. IT and SM.

What to Study in Advanced Accounts

  1. Start with Accounting Standards as they are easy to prepare as well as considered as most important part of Accounting. Don’t just read them, although you should prepare short notes on such and practice the questions as much as you can from the Practice Manual or the Scanner.
  2. Departmental Accounts and ESOP are tricky and interesting chapters. Prepare them thoroughly, as it would help in gaining good marks.
  3. Most of the students often skip Partnership Accounts and Amalgamation because they are lengthy and quiet time consuming. But leaving them is not a good option. You will definitely found a question from Amalgamation in either Accounts or Advanced Accounts. Partnership is equally important but lengthy.
  4. The only solution to complete this subject is practice and revision. Open up your Practice Manual or questionnaire provided by your coaching institute and start practicing.

What to Study in Audit and Assurance

Audit and Assurance is a scoring subject but some silly mistakes during the preparation hold them back.

  1. Exemption in Audit is easy if you prepare Standards on Auditing thoroughly. Some of the important Standards on Auditing are -
    • SA 200 Overall objectives of the Independent Auditor and the conduct of an audit, in accordance with Standards on Auditing.
    • SA 210 Agreeing the Terms of Audit Engagements
    • SA 315 Identifying and Assessing the Risks of Material Misstatements through understanding the Entity and its environment.
    • SA 320 Materiality in Planning and Performing an Audit
    • SA 330 The Auditor’s Responses to assessed Risk
    • SA 450 Evaluation of Misstatements identified during the audit
    • SA 500 Audit Evidence
    • SA 505 External Confirmations
    • SA 520 Analytical Procedures
    • SA 530 Audit Sampling
    • SA 540 Auditing Accounting Estimates, including fair value estimates and related disclosures
    • SA 550 Related Parties
    • SA 560 Subsequent Events
    • SA 570 Going Concern
    • SA 580 Written Representation
    • SA 600 Special Consideration audit of Group of Financial Statements under (including the work of component auditors) consideration of the Board.
    • SA 610 Using the work of Internal Auditors
    • SA 705 Modifications to the Opinion in the Independent Auditor’s Report
    • SA 706 Emphasis of Matter Paragraph and Other Matter Paragraphs in the Independent Auditor’s Report
    • SRS 4410 Engagements to Compile Financial Information.

These are some SA’s considered important for your upcoming Exams, Hence Prepare them thoroughly. They are far essay as comparing to other SA and also less time consuming.

  1. On completion of Standards on Auditing, you can easily go with Company Audit and CARO which is also scoring and important. Company Audit is the simplest part and can be done in just few hours.

 

  1. Thereafter, you can pick up Internal Control, Vouching, Verification, audit of expenses, sales, CAAT etc. These all are small small topics but still ICAI has a tendency to ask questions from such chapters.

 

ICAI frequently ask questions like audit of Hospitals, Cinema Halls, confectionary shops, hotels etc. If may also ask you to prepare a program for audit of XYZ entity.

In writing down the paper your concepts must be strong and if you are already preparing group 2 with job then your office experience will be great helpful in preparing preparing subject specially Audit.

What to Study in IT - SM

Most of the students has a fear factor from this subject. But the only thing which makes this subject difficult is Technical terms. Commerce students do not love such a subject. They are just busy in “rataafication” which is not possible at all.

This is the smallest subject in the entire IPCC course but this subject needs understanding the concepts. There is no substitute of understanding. If you directly try to learn the topics for sure you could not retain them for a long time. And this is the reason why students call this subject a difficult one.

You need not to write the matter exactly from the book. Instead you can use your own language but the technical term must be same and remember the meaning should not get change.

This subject is divided into two parts one is IT and other one is SM. IT stands for Information Technology while SM stands for Strategic Management. SM is considered easy among the two. Thoroughly prepare each and every chapter and prepare the diagrams for BCG Matrix and SWOT Analysis. On completion revise it atleast 2 - 3 times.

Information Technology is more about technical words but Flowchart and Decision Table is scoring from such. You can easily retain all the headings through the use of some mnemonics.

Now let's see

How to Manage Your Study with Office

Big things are not possible to achieve without a proper time - table. To crack this exam, you must revise atleast three times the entire course. Most of the students who have joined their articleship can give only 3-4 hours to their study and full day only on sunday or some holiday.

You have 2.5 months to prepare for group - 2. You have to manage your time in such a way so that after reading through the whole week you can revise whatever you have studied on Sunday.

Try to cover theory part in the Morning because that is the best time where you can easily learn the theory subject and retain them.

Time - Table (For regular days)

6.00 -7.00 A.M. Information Technology

7.00 -8.00A.M.  Audit with Standards on Auditing

8.00 -9.00 P.M. Advanced Accounting

9.00 -10.00 P.M. Strategic Management  

10.00 - 11.00 P.M. Revise the Previous Topics.

This is the study plan for the regular days. However, you get the full day on weekends and for such days your time - table should be like this.

Time - Table (On weekends)

6.00 - 7.00 A.M. Standards on Auditing

7.00 - 7.30 A.M. Morning Tea/ Coffee

7.30 - 9.00 A.M. Information Technology

9.00 - 10.00 A.M. Take a Shower and breakfast

10.00 - 12.00 P.M. Advanced Accounting (Practical Portion not including AS)

12.00 - 1.00 P.M.Accounting Standards

1.00 - 2.00 P.M. Lunch Break

2.00 - 4.00 P.M. Strategic Management

4.00 - 4.15 P.M. Coffee Break

4.15 - 6.00 P.M. Advanced Accounting

6.00 - 9.00 P.M. Revise what you have studied in the whole week

9.00 - 10.00 P.M. Take your Dinner

10.00 - 11.00 P.M. Revise what you have done during the whole day

Some of the subjects like Information Technology and Standards on Auditing needs regular revision otherwise you could not retain them.

Subjects like Advanced Accounting are easy to practice and helpful in achieving a good score. So prepare them thoroughly.