Certified Accounting and Audit Professional Exam Experience & Tips

CAAP,(Certified Accounting & Audit Professional), conducted by IIBF can be cleared by just reading two IIBF prescribed books, with 100% certainty & confidence.

Exam:

• We need to have the patience to write the exam because 80% of questions have long options. We have to read all of them carefully.
• They give four statements and ask us to correct the wrong one or correct right ones.
• If we read the books,  particularly the objectives provided at the end of each chapter, we can easily pass the test with at least 50.
• The simple calculator may be useful only for depreciation calculations, which we can solve manually.
• Questions like
• Depreciation calculations(5 questions).
• Agriculture credit NPA norms and IRAC classifications, on which date it may be classified as different assets (5 questions)
• KCC (5 questions)
• Credit cards NPA norms(1 question)
• Cash && bank book adjustments (5 questions)
• Priority sector lending (1)
• Schedules of BS & PL
• Business Risk & Control Risk matrix
• RBIA, Internal Audit
• Ind AS12
• Jilani
• Many questions are of the same model as the questions at the end of chapters on books.

Tips

• Go through all chapters at least
• Headings
• Tables
• Definitions
• Summary
• chapter-end objectives
• Numbered points
• Before one day of the exam, revise all the above ones.
• Take your own time, to read all lengthy options. If we read patiently all the choices, we can easily figure out the wrong/correct ones.
•  But reading the two books gives us enough understanding of Accounting & Auditing in Bank, and we can pass them very easily. 
• Above all the exam is just to have a basic understanding of A&A, We have to work in the accounting department of the bank to understand & implement our A&A skills. Even if we don't work in the accounting department, having some idea about A&A gives some edge to us over overall banking.
• Read Syllabus of exam and Contents 1 & 2 of books two-three times, 
• Have notes regarding some important no's differences, ratings.. will be useful for revision.