5 Major Reasons of Failure in Audit and Assurance Exam



Jul 13, 2019 by TSB Education Comments

Reason of failure in Audit exam

Is it really easy to pass Audit and Assurance examinations? ……….

Absolutely….

It totally depends upon your sincerity and interest towards your goal…Just ask yourself guys………… “Do you really want to become a Chartered Accountant” …… Oh yes!!! Definitely… Nobody will deny this assertion. You just have to bring a burning desire to make gold out of coal. That simply means you have to jump out of your comfort zone and strive yourself with consistent hard work on a regular basis. Obviously, if a person has aimed to become a Chartered Accountant then he /she should reflect this sensation.

Now, let’s talk about ‘Why majority students fail to excel these examinations?’ Umm…maybe they could have not worked really hard for it or maybe they have given their best shot but they might have missed the right track for success. There could be numerous reasons for failure, which will be highlighted here.

Vast Syllabus 🡪 Selective Studying

First of all, the size and extent of syllabus is itself enormous, due to which students prepare for selective important topics only which, they believe, are highly likely to be tested in the upcoming examinations. See! this is a major drawback as a student can never predict the examination pattern for a professional body examination. Students should ensure they do not miss out any topic as each single topic adds some value to their prestigious career and students, each step you take now will reflect your route to your destination so think and act wisely.

Ineffective memory retention skills

Secondly, a major issue revolves around the memory retention skills of students which is not very much reasonable. As the Chartered Accountancy examinations, in general, focus on different laws and regulations of the country as well as The International Standards for Auditing and Reporting etc., so a student is assumed to have a firm grip over the subject matter and its contents thereof.

The Audit and Assurance examination deals in International Standards on Auditing and its other related components, the Code of Ethics for Chartered Accountants, the Companies Act 2017 and other relevant local regulations of the country. No doubt, memorizing all these laws and regulations is not as easy as ABC and on the other hand, rote learning won’t be much effective either.

Therefore, what I would be personally recommending my fellow students to read it out thoroughly with proper understanding multiple times. This piece of advice works on the concept of human psychology which says if a person encounters a repeated stimulus, then that stimuli becomes a part of the thought process and aids in effective learning and retention skills.

Lack of clarity of concepts

Another great dilemma lies with improper clarity of concepts illustrated in the syllabus. Specifically talking about the different standards and laws in which every clause presents multiple interpretations.

Here, the student messes up his entire understanding of the subject and then ends up with miserable results, ultimately blaming the regulatory body – ICAP for unfair results. My dear students, whether you’re taking classes at any institute or through any online learning platform, you need to stay attentive during lectures and actively participating with teachers via classrooms /webinars to ensure accurate and proper understanding.

The Classroom dilemma

Furthermore, the classroom environment at institutes is at times not much favorable due to the huge number of students seated in classrooms where maintaining the decorum (discipline) becomes a matter of concern. There are students with different mindsets such as some students are exam-focused whereas some of them are listening-focused only and even some students are present in classrooms with a casual attitude so a hard worker or a student with high ambitions usually find it difficult to concentrate on lectures. Some students also get distracted in classrooms due to their personal life issues which makes their journey to become a Chartered Accountant much difficult.

Therefore, in such scenarios, an entire online learning platform such as the one emerging these days “The School of Business Education (TSB)” is gaining rapid growth and popularity among the students. This online platform offers recorded lectures which is really beneficial for the students as they can view them multiple times and even as per their feasibility and easiness.

It has gone far beyond the horizons of classroom learning. Obviously, there are no distractions and student can save up a lot of time and money expended travelling daily. TSB also provides a webinar session for students on a scheduled basis and it has a comprehensive assessment-based testing system with an interactive learning tool to make the learning and testing of students in a user-friendly manner. The feedback of students has also gone far beyond the expectations.

Instructor’s methodology

A student’s arch of success is also dependent upon the teacher’s willingness and dedication for the next generation leaders. Often teachers come across with different perspectives, like some of them are just fulfilling their responsibility being a teacher whereas some of them prefer going across an extra mile to make the lectures interesting for the students.

Considering the strenuous study pattern for aspiring chartered accountants, the teachers should ensure to make a friendly learning environment by balancing the lectures with real-life scenarios and examples so it becomes relatively easy for the students to adapt the conceptual understanding.

Sharing my personal insights, I really felt delighted to learn from teachers who made the classroom interactive by incorporating jokes and comics as well as assigning funny and informal terminologies just to ensure that students retain their complete attention and overall the lesson becomes interesting for the students.

My dear fellows, always opt for the best option and think for the pros and cons for every decision beforehand rather than feeling guilty or frustrated later on so think today for a better tomorrow and I extend my best wishes of success in all spheres of life for all of you.

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