CA Final Nov 2011 Exam 2nd Ranker's Interview

• CA topper Pawan Sarda (2nd Ranker):
• “Study 100% of portion, solve 100%”
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Fast Facts 


Name: Pawan Sarda
City:    Nagpur
Exam: CA Final Examination- November 2011
Rank: AIR Second and WIRC topper
Roll number: 160339
Marks: 596
Percentage: 74.50
“IF you want to achieve something that you have never before, you have to do something that you never did before. ”Nagpur boy Pawan lives by this mantra and aced his exam by putting in 12 hours of study a day and revising 100%of the portions four times.
His track record prior to CA finals could give many a complex. His achievements include: 8th Rank in PCC (May 2010), scored 98 out of 100 marks in Cost Accounting & Financial Management in PCC and 2nd Rank in CPT (June 2008) and AIR 6th Rank in CS Professional (Final) Exam (Dec 2010), 23rd Rank in CS Executive Exam (Dec 2009), 16th Rank in CS Foundation Exam (Dec 2008).
Pawan was also a brilliant student in school. In Class 12 (CBSE) he secured the first position in Vidarbha region (93.60% marks) and scored full marks in Mathematics. In Class 10, he obtained 2nd highest Marks in India (98.20% marks), secured first position in Maharashtra and scored full marks in Mathematics, Science & Sanskrit. He shares his success journey with Rozelle Laha. 
Q. Congratulations Pawan. What made you pick CA as a career option?
A. Thanks! My elder brother is a CA, and has been my inspiration right from beginning. I am also very inspired  by my CA tutor Professor DG Sharma. 
Q. Tell us about your experience during articleship. 
A. I have completed the required 3.5 years articleship at VK Surana & Co., Nagpur. Doing an articleship sincerely did help a lot not only in developing technical understanding and conceptual clarity of the subjects we studied but also in building the confidence required to handle and sustain pressure situations and managing time effectively.
Q. Did the alternate day schedule of CA exams work for you?
A. Yes, definitely the alternate day schedule helps a lot. If we have one complete day leave before the next paper we can plan the study really well. For each paper I had made 20-hour plans so that the complete portion could be revised within the stipulated time.
Q. So, what was your preparation strategy?
A. I had a single basic strategy – to study 100% of the portion and solve 100% of the paper. The essential part was mental preparation. Once you decide not to give up come-what-may, that determination and persistence takes you through. I planned studies well in advance. My target was to complete at least four readings of each subject before the exams. I set a target to complete the first reading in two months time up to the end of August. Next I completed the first revision by the end of September. In the first week of October we had Test Series at CAPS (coaching institute) which helped us a lot to find out where we stand and the areas which require special attention. Next I tried to complete another reading (important areas) during the last 20 days before the exams. The exam days were the most crucial ones and I tried and went through the entire portion by following the 20-hour plans.
Q. Is coaching important? 
A. I took coaching for three practical subjects – Accountancy, Financial Management & Costing.For other subjects I had not taken any coaching. I feel that except for the practical subjects,self-study is the way to go. Even if you attend classes, you have to ultimately study the subjects on your own.
Q. Do you advocate studying for long hours?
A. I planned my studies topic-wise. On an average I studied for 12 hours a day. I believe that if you want to achieve something that you have never before, you have to do something that you never did before.
Q. Any tough subjects?
A. Initially, I found Indirect Taxes to be a challenging subject. So, I decided to tackle my fear in the best way I know – face it, convert weakness into strength. In the last 20 days just before the exams, I planned to study this subject daily for three hours. In the end I got tremendous confidence and scored the highest marks (86) in this subject! 
Q. CA programme is tough. Truth or myth?
A. It’s not as difficult as it is perceived to be. It is all about holding your nerves. One, who plays the mental game well, is the “king of the ring”. It is very easy to give up but if you hold on and don’t give up at the critical moment, success is bound to come. If perceived in the right way CA exams can be enjoyed and success can be achieved. If you do not study now, you will have to study later and that too a lot more under much more mental pressure.” So give the best you can in the very first shot and challenge your limits instead of limiting ur challenges.
Q. What is your advice to future CA aspirants?
A. Take your articleship sincerely. A golden mantra is ‘Plan your work and work your plan’. Time management is the name of the game. Our Sir always said, try to understand everything and do not memorise anything. Developing conceptual clarity is a very crucial aspect of CA studies.
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ICWAI gets its Name Changed to ICAI

The Institute of Cost and Works Accountants of India (ICWAI) will now be known as The Institute of Cost Accountants of India (ICAI). The change is a because of the passing  of ICWAI Amendment Act 2011, to enable their members to use the designation ACMA and FCMA denoting Associate and Fellow membership of the Institute respectively. This will enable the members working in India and abroad, being recognized by a common designation by which similar members are known throughout the globe. This is a major boost to the members of the Institute who serve in various countries across the world and were facing discrimination due to their earlier designation AICWA and FICWA. This was stated by the President of ICWAI Mr. M.Gopalakrishnan in the press meet on the sidelines of the Regional Conference being held at Bangalore yesterday.

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Vodafone Wins India Tax Case

NEW DELHI -- India's highest court Friday gave Vodafone Group PLC investors a multi-billion dollar reason to celebrate, ruling that the country's authorities do not have the right to tax its $11.2 billion purchase of a majority stake in Hutchison Essar Ltd. in 2007.

Enlarge Image

A file photo of a man walking past the signboard of telecom firm Vodafone outside their corporate office in Mumbai.

The decision could result in Vodafone being able to avoid handing over around $2.2 billion in taxes, which it says it shouldn't have to pay because the deal was conducted overseas.

India's tax authorities can file for a review of the ruling, but it isn't clear yet whether they will choose to do so.

The case is being closely watched by foreign companies with investments in India, and they were waiting for clarity on the country's tax regime.

The uncertainty created by the case is already viewed as one reason why foreign direct investment has declined in India.

The country received $30.38 billion of FDI in the fiscal year through March 2011, about 20% lower than in the previous fiscal year. India has received about $27.88 billion of foreign direct investments in 2011's April-October period.

The case concerns Vodafone's $11.2 billion purchase of a 67% stake in Hutchison Essar, India's second-largest mobile operator by revenue, from Hong Kong's Hutchison Whampoa Ltd.

This was Vodafone's first move into the Indian market.

When asked to pay tax in India, the U.K.-based company argued that--since the purchase was made by a Vodafone holding company in the Netherlands, and Hutchison Essar was registered in the Cayman Islands--no capital gains tax is due in India since neither company involved in the purchase is Indian.

Even if tax were due in India, it is the seller, Hutchison, and not the buyer which should pay it, Vodafone said.

The company challenged a lower court ruling which allowed Indian local authorities to charge 112.18 billion rupees ($2.23 billion) in capital gains tax and interest on the transaction. The company also appealed against a penalty for non-payment of the tax, which it said could amount to 100% of the taxable amount, taking the total sum to nearly $4.5 billion.
http://online.wsj.com/article/SB10001424052970204616504577172152700710334.html?mod=googlenews_wsj

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Everything for May 2012 CA Exam

Download all the files related to May 2012 CA IPCC & Final Exam from the below links.

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Fees for inspection/certified copies increased by Icai

Fees for inspection/certified copies  increased from Rs.200 to Rs.500  per subject irrespective of course level..
CLICK HERE to Download the notification

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Procedure for verification of answer books of November/December 2011 CA Examinations- Final, PCE, IPCE and CPT

Candidates who are desirous of applying for verification of the marks obtained by them in the November 2011/December 2011 exams are requested to note and follow the procedure detailed below:

The application for verification of marks must be in the handwriting of the candidate. If the candidate had appeared in Hindi medium, his/her application should be in Hindi. Typewritten applications will not be entertained. There is no standard format as such for such application. However, the application should clearly indicate the following details and should be duly signed by the candidate.

Examination appeared-such as Final /PCE/IPCE/CPT etc

Roll no.

Paper(s)/subjects to be verified

Student Registration No

Address for communication

Candidates should not write their email IDs or mobile number or landline numbers in such verification requests.

There is no provision for re-valuation of papers

For Final, PCE, IPCE/ATE, IPCE/ATE-units: The verification fee is Rs 100/- per paper subject to a maximum of Rs 400/- for all the papers of a group/both groups. For CPT: The verification fee is Rs 200/-

The fees is payable by way of a demand draft drawn in favour of “The Secretary, The Institute of Chartered Accountants of India” payable at New Delhi.

Though it will be our Endeavour to inform the outcome of verification in respect of November 2011 exams, as sought by the candidates latest by 31st March 2012, yet the same cannot be assured, due to time consuming processes involved. However, all such candidates who do not receive the response latest by 31st March 2012, are advised to send an email to Additional Secretary (Examination) at exam@icai.org for necessary action.

Candidates are advised to submit their examination form for the forthcoming examination, if they so wish, pending receipt of the outcome of verification of answer books of the November 2011/December 2011 exams.

The application along with the demand draft should be sent at any one of the

following addresses so as to reach us within a period of one month from the date of the declaration of results.

The Additional Secretary (Exams)

The Institute of chartered Accountants of India

ICAI Bhawan

Indraprastha Marg

New Delhi 110 002

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Pass Percentage Of CA Final & CA CPT Nov 2011 Exam

The Institute of Chartered Accountants of India (ICAI) announced the following results

• Chartered Accountants Final Examination held in November, 2011.

• Common Proficiency Test (Paper Pencil Mode) held on December 18, 2011.

Since December 1949, the Chartered Accountancy Examination is held twice in a year.

The toppers of Chartered Accountants Final Examinations held in November, 2011 are from Hyderabad, Nagpur, Bangalore, Kolkata and Jaipur. The details of the top three rank holders on all India basis for Chartered Accountants Final along with the marks secured by them are mentioned at Annexure-A. The toppers of Eastern & Central region are mentioned at Annexure-B. The result analysis of the Final examination in terms of pass percentage is mentioned at Annexure-C. The analysis of pass percentage of final examinations (since 2008) is mentioned at Annexure-X.

The toppers of Common Proficiency Test (Paper-Pencil Mode) held on December 18, 2011 are from Vijayawada & Jaipur.

The details of the top three rank holders for Common Proficiency Test (Paper Pencil Mode) along with the marks secured by them are mentioned at Annexure- D. The details of region wise and overseas toppers of CPT are mentioned at Annexure-E. The result analysis of the CPT examination in terms of region wise and gender wise pass percentage is mentioned at Annexure-F. The analysis of pass percentage of CPT (since 2008) is mentioned at Annexure-Y. 
Pass Percentage Of CA Final November 2011 Exam is 15.78% & CA CPT is 35.33% for more details download the below Annexure. 

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Pass Percentage Of CA Final November 2011 Exam

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How to answer case study based questions in Audit and Law Paper

Many of the students of CA IPCC/FINAL don't know how to answer the case study based questions in Subjects like Direct Tax, Indirect Tax, Audit, & Law. For the benefit of students we are explaining how to answer case study based questions in examination. 

Procedure to Solve Case study based questions in examination.

you should answer the question like this:

For Eg. Audit (Company Audit) Case-

Mr. Ram has been appointed by central govt u/s 224(3) has not sent intimation of accepting the appointment on the ground that it required for an auditor appointed in AGM u/s 224(1). Comment.

Step 1st :- Write about provision of the sections to which the question is related-

This case is related to section 224(1A) Acceptance/refusal by auditor appointed u/s 224(1) in AGM to ROC within 30 days (of receipt of intimation from company) through form No 23B.

Step 2nd:- Write about facts of the case-

Auditor is appointed by Central Government u/s 224(3). Auditor has not sent intimation to ROC on ground that he is not required to do so.

Step 3rd :- Compare the provision & Facts of the case

Section 224(1A) is not applicable to auditor appointed u/s 224(3). it is applicable only when auditor is appointed u/s 224(1) in AGM of company.

Step 4th :- Write the Conclusion of the Case

Therefore we can say that there is no seed to send the intimation.

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Working hours of the Articled Assistants prescribed by ICAI

The ICAI has considered the issue regarding the working hours of the articled assistants.Council is of the view that the article training is an important part of the CA course and the same needs to be done in accordance with the scheme framed by the ICAI in this behalf. To clarify the doubts, the Council decided to issue the following directions:-

1. The articled assistants should undergo practical training in accordance with the Chartered Accountants Regulations, 1988 as explained hereinafter.

• The working hours for the articled assistants shall be 35 hours in a week excluding the lunch break.
• The office hours of the Principal for providing article training to the articled assistants shall not be generally before 9.00 A.M. or after 7.00 P.M.
• The normal working hours for the articled assistants shall not start after 11.00 A.M. or end before 5.00 P.M.
• The working hours for the articled assistants should not exceed 35 hours in a week excluding the lunch break and normally an articled assistant be required to work during the normal working hours fixed for articled assistants.
• In case of the exigencies of work with the Principal, an articled assistant may be required to work beyond his/her normal working hours. However, under such circumstances, the aggregate number of working hours shall not exceed 45 hours per week. The requirement to work beyond 35 hours in a week should not be a practice but only in exceptional circumstances. Further, where the articled assistant is required to work beyond normal working hours, and aggregate of such hours exceed 35 hours per week, he/she shall be entitled to compensatory leave calculated with reference to number of completed working hours, over and above, 35 hours per week.

2. During the working hours, the articled assistant is not permitted to attend college/other institutions for pursuing any course including graduation. Accordingly, college timings of such course should not be such (after taking into account the time required to commute) which clashes with the normal working hours of the article training.

3. To ensure that the working hours do not clash with the graduation or any other course, if any pursued by the article assistant, each articled assistant registered on or after 1st April, 2008 shall now be required to obtain specific permission from the ICAI for pursuing graduation or other course as permitted under the Chartered Accountants Regulation by submitting Form No.112, within one month from the date of joining the college or course to the ICAI.

4. The articled assistant presently registered and undergoing graduation or any other course and who have not obtained specific permission shall be required to obtain the specific permission from the ICAI by submitting Form No.112 within six months of issue of these guidelines i.e. by 30th September, 2008. However those students who have already obtained the specific permission by submitting Form No. 112, need not obtain it again and the permission so granted shall continue to be valid.

5. The Certificate in Form No. 112 indicating college timings etc. shall be counter-signed by the concerned Principal of the college with the seal and stamp of the College and also indicating the telephone number/s and full address of the College.

6. In case a student does not comply with the above requirements or violates any of the above guidelines, his/her articleship period shall not be recognised.

Source: ICAI Articleship Guidelines
Source:ICAI

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Suggested Answers - November 2011 Final New Course by ICAI

Group I

PAPER – 1 : FINANCIAL REPORTING

PAPER – 2 : STRATEGIC FINANCIAL MANAGEMENT

PAPER – 3 : ADVANCED AUDITING & PROFESSIONAL ETHICS

PAPER – 4 : CORPORATE AND ALLIED LAWS

Group II

PAPER – 5 : ADVANCED MANAGEMENT ACCOUNTING

PAPER – 6 : INFORMATION SYSTEMS CONTROL AND AUDIT

PAPER – 7 : DIRECT TAX LAWS

PAPER – 8 : INDIRECT TAX LAWS

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