And in group-2

 Advanced accounting
 Audit & Assurance
 Information technology and strategic management.

How to Pass CA IPCC Group 2 Examination in First Attempt?

For any kind of success, a student must make a two-way approach; Non-
academic and Academic. As the means of the first non-academic approach,
students should keep in mind, the 3P’s formula of success; namely “Patience,
Perseverance and Persistence”.
NON-ACADEMIC APPROACH
1. Attitude: “I can do it; I’ll do it”. Strengthen and sharpen your
determination; “I’ll clear my Group 2 in first attempt”. “I’ll be a Chartered
Accountant”. Positive thinking always leads to positive result.
2. Goal Setting: Set your goal to clear the exam in the first chance and focus
all your physical and mental activities towards achieving the goal. ‘Come
whatever may, I’ll definitely pass the group 2 in first chance’. This self-
confidence will take you a long way towards your actual success.
3. Removal of misconception about CA Exams: It is not that only the
super genius passes the CA exams. You need to make your mind set up and
positive outlook. The CA examination may be challenging but not so tough
as to become impossible. Once your mind is freed from apprehension and
misconception, your hidden potentialities will come forward to help you.
4. Planned Studies: Make a detailed schedule of your studies. Find out the
total number of days left for commencement of your next exam. You have 3
subjects to prepare for group 2. Allot appropriate number of days for each
subject, instead of studying all the subjects every day. Plan out your study
hours in a day. Even if you have 6 hours of sleep and 2 hours for your daily
routine work, you can have study plan of sixteen hours a day. Try to adhere
to the timing strictly.
5. Thorough Preparation: To this end, you can systematically study the ICAI
study materials, reference book of some good authors for acquiring detail
knowledge on the subject. You can seek guidance from your seniors too.
6. Revision: Make a weekly revision of whatever you read during the week.
7. Strategic Studies: Study the inter-related subjects together for example,
Accountancy along with Company law or Income Tax along with Advanced
Accountancy.
8. Scribbling: Keep the habit of scribbling down the important aspects of your
theoretical studies
9. Keep away from examination phobia and keep your mind free from
anxieties, tension or nervousness.
10. After a paper is over, avoid discussion with friends as otherwise your
mind will be disturbed while preparing for your next paper.
ACADEMIC APPROACH
CA- Integrated Professional Competence Course (IPCC) Group 2 includes;
Paper 5: Advanced Accounting,
Paper 6: Auditing and assurance and
paper 7: Information Technology and Strategic management.
A: Tips for Preparation
Paper 5 - Advanced Accounting includes AS, Final Accounts of Insurance and
banking Companies, Branch or Departmental Accounts and Advanced issues in
Partnership Account or Amalgamation.
Make your conceptions strong and clearly understand the various applications in
different situations. Solve examples of Study materials and Practice manual in
Accounting Standards. Draw out proper format of banking, Insurance and
Electricity companies
Paper 6 - Auditing and Assurance includes Introduction to audit, basic
concept of Audit, Company Audit and CARO related provisions
Make repeated revisions of audit concepts and focus on standards on auditing,
vouching and verification. Make point wide answers and make use of practical
knowledge
Paper 7 - Information Technology & Strategic Management correlate the
IT concepts to simple examples.. Memorize the technical terms and practice
point wise presentation. Make repeated revisions.
B: Tips for Examinations
1. Immediately on getting the question paper, take a cursory glance at it for
five minutes to select the 6 questions that you have to attempt and
prioritize the order in which you will take it up
2. First answer the easiest question and proceed in the order of priority.
3. Attempt the compulsory question even if you are not comfortable with it as
otherwise, you will be answering to of the total marks.
4. Instead of attempting more questions partially, it is better to attempt fewer
questions fully and correctly.
5. Make a word wise meaning of each question so as to find the significance of
each word.
6. Except for the compulsory question, allot equal timings to each question
that may work out to 1.5 minutes per mark.
7. Take up the numerical questions first to be followed by theory questions
8. For impressing the Evaluator, attempt the best answer first.
9. In case you are falling short of time for any question, give a synopsis
answer instead of leaving it totally.
10. Never attempt at deceiving the Evaluator
The above few points are just lines to which you can add your own ideas and
strategies with the sole motto that you will pass your next CA IPCC Group 2
examination in one chance.
Tips to Pass Group 2:

Allocating sufficient time for Accounts is very important to pass Group 2 exam.
Same is the case with Information Technology (IT) paper. See the detailed
preparation strategy below:

How to Study Advanced Accounting

I can safely say that, Advanced Accounting is one of the easiest and scoring
papers in Group 2, if you prepare for it well. To achieve aggregate, you need to
score good marks in Advanced accounts.

Study Accounts chapters in the following order:

1. Partnership Accounts
2. Insurance Companies
3. Branch Accounts
4. Company Accounts
5. Banking Accounts
6. Departmental Accounts

While preparing for regular chapters, study Accounting Standards simultaneously.

Give Stress to particular Important Topics in Accounts. Prepare Notes yourself. It
will help you in revision.

How to Pass Auditing Paper

Lets divide Auditing Paper into two parts. One is the Auditing Standards part and
the other is Auditing Regular chapters.

Auditing Standards

Auditing Standards is all about framing sentences and using good vocabulary.
Quoting Auditing Standard Number is mandatory. However, never quote wrong
Standard Numbers.

Study Standards from ICAI Practice Manual only. This is the best book.

The more you practice writing the standards on a book, the more its better. By
simply looking at the book, everything looks very easy. But in the exam, you will
face difficulties in framing the answer which will then consume lot of time.

Auditing Regular Chapters

You need to simply mug up these topics. Concentrate on topics like Company
Audit, Special Audit etc.

Vouching and Verification are very easily scoring papers. We have provided
a Trick to Answer Vouching Quesitons.

Also focus on the CARO 2016 that was introduced recently. Read the comparison
study between CARO 2015 and CARO 2016.

How to Prepare for Information Technology

Don’t try to study the entire syllabus of IT in a week or so. you need to study each
topic a day. Only then you can be able to remember the topics that you have
studied.

Spend more time on Networks Chapter. Also, refer the Important Topics we have
provided in our other post.

Strategic Management Tips

This is the most conceptual and practical paper in Group 2 and as a matter of fact
in entire CA IPCC syllabus. Without having conceptual knowledge, you can’t
attempt the questions.

In SM syllabus, 1,2 and 7 chapters are purely theory based and other chapters are
conceptual based. Read this useful article on How to Present Answers in IT SM
Paper.

Almost all answers in SM must be accompanied by relevant examples. Once you

quote an example, even if have not written the entire answer properly, you will still
be awarded good marks never the less.

Also you may refer the IT SM Notes we have provided here.

How do I study for IPCC group 2 in two months?

Advanced Accounts
Read the relevant Accounting Standards very well. Institute is nowadays very fond of
giving application based questions. Instead of asking you to explain Diluted EPS, they
will give a some financial information and ask you to find EPS and Diluted EPS. Get the
drift. Read AS and practice their application based questions.

Amalgamation and Partnership questions. It might be prudent to ignore either one,

since answers to both are lengthy and time consuming. Don't leave totally. Prepare well
and preferable prepare amalgamation very very well. Apart from that, Banking
Electricity and Insurance companies are very easy.

ESOP and Department accounts are relatively trickier but the sums are relatively short
and less time consuming so manage them well.

The more you practice, the more chances of landing a sum in question paper which you
practiced.

Audit

My favourite paper in 2nd group. You can easily score above 60 if you read the auditing
standards very well.

SA 200, SA 210, SA 315, SA 320, SA 330, SA 450, SA 500 SA 505, SA 520, SA 530, SA
540, SA 550, SA 560, SA 570, SA 580, SA 600, SA 610, SA 705, SA 706 and SRS 4410
are extremely important and crucial. YOU MUST NOT ignore them. They aren't much
difficult and they are not long.

As of theory, CARO, Company Audit, Internal Control, CAAT, audit of expenses, sales,
vouching, verification are important, but application based are more important. ICAI
asks you how would you conduct an audit of a cinema hall, or a confectionery shop, or a
hospital or hotel. It also asks you, how would you prepare a program for audit of XYZ
entity. These involve knowledge and concept of basic auditing. Sharpening them is
essential.

IT-SM

The only difficulty you will find is the jargon. Try to understand the technical terms,
then you learn them. Don't mug up. Flowcharts and Decision Tables are easiest. DBMS
is quite tricky and difficult but not unmanageable. Internet and Network Security won't
pose a threat. I assume you will give exam in November 2015, so you have ample time.
Read the institute book thoroughly and make short points.

For Strategic Management, which is even more easier, read the institute book. Make
short notes, make diagrams for BCG Matrix, SWOT Analysis.. Revise each chapter at
least 2-3 times.

Here is the app which you can download and it helps you to prepare well for your
upcoming CA IPCC exam DOWNLOAD HERE or Visit CAKART
1. Latest updated and announcement are also available via email or cakart.inapp
(available on android) and unlimited downloads for RTP/Amendments/Notes
for each group and subjects.
2. If any change in subject of syllabus, revised published content is also provided
by cakart support team.
3. There is a dedicated community where you can ask your question and it would
be answered by cakart counselor or community expert round the clock (check
cakart community Cakart Community )
4. CAKART also publish blogs (http://cakart.in/blog) regularly for important
downloads and happenings around CA Final, CA IPCC & CA CPT education
space.