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Examiner tips for AAA
11 February 2019
The examiner felt December’s sitters were better prepared and demonstrated ‘improved exam technique’ for this paper. That said the majority of candidates still simply state learnt points rather than the ability to apply their knowledge appropriately.
The section A question tested candidates’ ability to tackle the planning stage of an audit alongside audit acceptance considerations. Q2 was focused on audit completion, including reporting and going concern assessment, with Q3 covering money laundering, ethics and professional issues.
The examiner wants candidates to avoid repeating large sections of information from the question, explaining theories or providing definitions. Candidates also need to be selective in their calculation of ratios rather than producing pages of calculations, which are then not referred to or discussed in their answers.
Before answering the question ask yourself: Which stage of the audit is the question set? Is it before or after the year end? Is the question asking for answers to be applied to the client or to the firm? What type of engagement is it?
Q1 focused on audit planning for an existing client. There was also some non-audit client and acceptance procedures to look at.
Q2 covered the going concern assessment for anon-listed client and was set at the completion stage of the audit.
Q3 centred on money laundering and ethics at an existing audit client.
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