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This video was requested by an auditing student that is in third year. | lesego | Not supported with pagination yet | |
So, if you are a third-year accounting student on the CASA journey or even just doing a normal bachelor of business sciences in accounting and you are trying to make sense of auditing, then you are definitely in the right place. | lesego | Not supported with pagination yet | |
I'm going to look here because I've got a lot of notes today. | lesego | Not supported with pagination yet | |
I don't want to miss anything. I know auditing can be very, very overwhelming. | lesego | Not supported with pagination yet | |
There's a lot of theory, there's a lot of jargon, and there's also pressure to apply all of this in the exams. | lesego | Not supported with pagination yet | |
But what if I told you that passing auditing doesn't have to be hard? | lesego | Not supported with pagination yet | |
What if I told you auditing isn't just about memorizing? You need to start thinking like an auditor. | lesego | Not supported with pagination yet | |
In this video, I'll show you exactly how to study auditing in a way that's going to help you succeed and it's going to make your approach more practical and very effective. | lesego | Not supported with pagination yet | |
So, if you're ready to study smarter and not harder, let's dive in. | lesego | Not supported with pagination yet | |
Let's talk about why auditing feels like a challenge. | lesego | Not supported with pagination yet | |
Most students get stuck in their approach of studying audits because they think it's all theory, theory, theory, and they just get so overwhelmed by the vastness of the subject. | lesego | Not supported with pagination yet | |
But auditing is application-based. I'm going to say that again: auditing is application-based. | lesego | Not supported with pagination yet | |
You're expected to number one, assess risk, identify procedures, and analyze scenarios like a real auditor would. | lesego | Not supported with pagination yet | |
This is an expectation already at a university level. | lesego | Not supported with pagination yet | |
And I understand if you've never worked a day in audit in your life, this seems like very unfamiliar subjects. | lesego | Not supported with pagination yet | |
But you're a third year at this point. | lesego | Not supported with pagination yet | |
You must know as an auditor, you identify risk, you identify procedures, and you analyze scenarios like a real auditor. | lesego | Not supported with pagination yet | |
It's not just about learning, it's just about what you think. So, this is where this new approach is going to be needed. | lesego | Not supported with pagination yet | |
So to study effectively, you would need to shift your mindset. | lesego | Not supported with pagination yet | |
And again, mindset must be such a difficult thing to teach, but auditing requires you to really think like an auditor. | lesego | Not supported with pagination yet | |
So ask yourself these three questions when you are writing an audit paper or when you're studying audit. | lesego | Not supported with pagination yet | |
Number one, what could go wrong in this scenario? Number two, how would it happen? | lesego | Not supported with pagination yet | |
Number three, what audit procedure can I use to test it? | lesego | Not supported with pagination yet | |
These questions are very important because they already give you a framework on how to think. | lesego | Not supported with pagination yet | |
Now let's talk about structuring your studies. | lesego | Not supported with pagination yet | |
One way to simplify auditing is organizing your audit approach into core pillars. | lesego | Not supported with pagination yet | |
The first one is audit planning and risk assessment. The second one is internal control environment. | lesego | Not supported with pagination yet | |
The third one is substantive testing and audit procedures. The fourth one is audit evidence and documentation. | lesego | Not supported with pagination yet | |
And then the last one is ethics, reporting, and professional judgment. | lesego | Not supported with pagination yet | |
By chunking your study around these pillars, you'll start to see how everything fits together and how it all connects from risk all the way to reporting. | lesego | Not supported with pagination yet | |
So you need to use your study time very effectively to tackle each area so that you are giving each area the necessary attention. | lesego | Not supported with pagination yet | |
One of the most effective techniques is assertion-based studying. | lesego | Not supported with pagination yet | |
I know for some people they'd be like, girl, what are you talking about? | lesego | Not supported with pagination yet | |
What is assertion-based study? Every audit procedure relates to the annual financial statements. | lesego | Not supported with pagination yet | |
This is the final product that clients give us to audit. | lesego | Not supported with pagination yet | |
And this is where we are going to express our opinion as auditors. So you need to start thinking about assertions. | lesego | Not supported with pagination yet | |
When management put their numbers on their financial statements, they are conveying a message. | lesego | Not supported with pagination yet | |
This messaging is done through management asserting certain things about these numbers. | lesego | Not supported with pagination yet | |
The assertions are existence, completeness, accuracy, valuation, rights and obligations, and presentation and disclosure. | lesego | Not supported with pagination yet | |
When you start seeing a scenario in a test, you need to ask yourself: firstly, what is the risk? | lesego | Not supported with pagination yet | |
Audit ki risk. I've said this in my video where I said, as an auditor, your job is not to just look for flaw. | lesego | Not supported with pagination yet | |
It's to first ask yourself this basic question: what is the risk? Secondly, which assertion does it relate to? | lesego | Not supported with pagination yet | |
And then thirdly, planning procedures from identifying this risk. | lesego | Not supported with pagination yet | |
I'm going to say that again. Number one, what is the risk? Number two, which assertion does it relate to? | lesego | Not supported with pagination yet | |
And then lastly, planning your procedure around addressing this risk. | lesego | Not supported with pagination yet | |
Past papers are very, very important for you to familiarize yourself with audit because I did mention it's a vast scope, right? | lesego | Not supported with pagination yet | |
There's a lot of information, a lot of theory. | lesego | Not supported with pagination yet | |
But at the end of the day, for you to be able to understand how all of this jargon makes sense, it's important for you to use past papers. | lesego | Not supported with pagination yet | |
And they are not just practice papers. | lesego | Not supported with pagination yet | |
Guys, this is the goldmine of how you are going to succeed in your audit journey. It gives you a lot of insight. | lesego | Not supported with pagination yet | |
It also helps you understand your thinking in terms of how you are going to address any question that is going to be thrown at you. | lesego | Not supported with pagination yet | |
So don't just do the questions. Please, please, please. Don't just do the questions. You need to break them down. | lesego | Not supported with pagination yet | |
When you're doing an audit question, you need to ask yourself, what is the topic? | lesego | Not supported with pagination yet | |
What is the risk that is being asked? What's the required procedure? | lesego | Not supported with pagination yet | |
And then what keywords or phrases appear often? These are like your doing words, your verbs. | lesego | Not supported with pagination yet | |
Identify, justify, describe, explain, give context. | lesego | Not supported with pagination yet | |
So the main things that they usually like asking in audit is identify, explain, and justify. | lesego | Not supported with pagination yet | |
That is for me the basic framework of how to answer any audit question: to first identify the risk, explain the risk, and justify what you just explained. That is very, very key. | lesego | Not supported with pagination yet | |
The last thing is on the day of the exam, you need to remember that it's not just about writing, you need to display your competence on that paper, and you have to be very, very strategic. | lesego | Not supported with pagination yet | |
You need to stick to time. | lesego | Not supported with pagination yet | |
The basic rule is for every mark, you allocate 1.5 minutes per mark, and that's also going to help you be very disciplined when it comes to time management. | lesego | Not supported with pagination yet | |
You need to also be very specific, don't be vague, like check this document. | lesego | Not supported with pagination yet | |
You know, every time I used to laugh because when I was in third year, I am she, I used to be like, um, check the document concerning, you know, but check the document is not enough. | lesego | Not supported with pagination yet | |
You need to be very specific. Like, check the document is not going to get you marks. | lesego | Not supported with pagination yet | |
You need to say exactly what document you want to check, why you want to check it, and how you are going to gather the evidence around this document. | lesego | Not supported with pagination yet | |
That's very key. So, to wrap up, auditing becomes very easy when you start doing questions. | lesego | Not supported with pagination yet | |
I paused there for a little bit because I was like, Is it really easy? | lesego | Not supported with pagination yet | |
Well, it becomes easier when you shift your mindset and you use structured thinking, studying chunk content. | lesego | Not supported with pagination yet | |
Remember those things that I mentioned to say what is an assertion-based framework, and then also analyzing past papers to actually help you understand where you are heading. | lesego | Not supported with pagination yet | |
Always, always, always practice application. | lesego | Not supported with pagination yet | |
Now, I do have a surprise for my audit people because audit might just be my favorite subject, but I'm not going to tell that to my bosses. | lesego | Not supported with pagination yet | |
But anyway, I put a free auditing strategy mind map on my website. | lesego | Not supported with pagination yet | |
I am going to link it in the description box to help you implement everything that I have just discussed. | lesego | Not supported with pagination yet | |
You can download it for free. You can use the link in the description box. | lesego | Not supported with pagination yet | |
If this helped you, I want you to give it a thumbs up, share it with any other person that might need it. | lesego | Not supported with pagination yet | |
And don't be dismayed, guys. | lesego | Not supported with pagination yet | |
Audit does get easier, and you need to know exactly how to address any challenge that you are facing. | lesego | Not supported with pagination yet | |
So, if you found anything useful, comment down below and let me know what else you'd like me to cover, how much more detail you want me to assess, and also what other details you would like for me to cover. | lesego | Not supported with pagination yet | |
But I hope you enjoyed this short video. | lesego | Not supported with pagination yet | |
And to the person that requested it, I hope it gives you context and clarity as to how to study audit better. | lesego | Not supported with pagination yet | |
And for the next episode, I do have another surprise. I'm like a woman with many talents and many gifts, guys. | lesego | Not supported with pagination yet | |
But at some stage, I need to know how to navigate my community. But I hope you guys enjoyed this video. | lesego | Not supported with pagination yet | |
Please don't forget to like, to comment, to share, and to subscribe. I'll see you guys soon. Bye. | lesego | Not supported with pagination yet | |
Ladies and gentlemen, Lesukho Ranko. | lesego | Not supported with pagination yet | |
Hey everyone, welcome back to my YouTube channel. | lesego | Not supported with pagination yet | |
If you're new to this channel, my name is Lesukho Ranko, and on this channel, it's all about learning growth and contribution. | lesego | Not supported with pagination yet | |
I haven't done an intro in a minute. I don't even know where to focus. Mato, we think the camera. | lesego | Not supported with pagination yet | |
I'm a little bit nervous. You know what I mean? | lesego | Not supported with pagination yet | |
The thing is, there's one thing about being on YouTube consistently that gives you this confidence that I can speak in front of a camera. | lesego | Not supported with pagination yet | |
But right now, I am finding my feet because it's been a while. | lesego | Not supported with pagination yet | |
I did say that I'm going to do a mini catch-up because I kind of want MIA, but for valid reasons. | lesego | Not supported with pagination yet | |
And I also have been going through a lot of transitions. | lesego | Not supported with pagination yet | |
I wanted the sit-down to also not be extensive. I also didn't want to bore you guys with it a lot. | lesego | Not supported with pagination yet | |
But at the same time, I have had a lot of new subscribers on this channel generating itself. | lesego | Not supported with pagination yet | |
Not even me putting out content. I have been trying to put out short videos. | lesego | Not supported with pagination yet | |
So long-form content has been very difficult to capture during my changes. | lesego | Not supported with pagination yet | |
I've been quite active on my other platforms like LinkedIn and Instagram. | lesego | Not supported with pagination yet | |
And I've also been active on the offline space. | lesego | Not supported with pagination yet | |
So I think trying to squeeze in YouTube is a bit of a stretch, if you know what I mean, because YouTube editing videos and also trying to create content and come up with the schedule of when to post, how to post, what to post. | lesego | Not supported with pagination yet | |
We are doing a lot. But I wanted to do a quick catch-up. How am I? | lesego | Not supported with pagination yet |
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