i am very scared for my audit exam... see audit risks and response ( though i have a little problem with writing response) is my strenght area. .. i am working on control deficiencies and test of controls , like reading all the kaplan answers so that i can identify the deficiencies... substantive procedures are somehwat like ok i mean some i keep foregtting some i messup.... coming to the general questions of sec b like knowledge based questions this is where i am struglling..i remember the key words of answers but i feel like i dont have eniugh content to explain my points... and also the audit report questions where it says how will u explain a certain issue in your audit report, i dont know what to write.. any piece of advice from your advice will encourage me cuz i am very badly fearing my exam now
Ask the Tutor ACCA AA
exam advice
2h ago#1Have you come across these articles?
https://opentuition.com/acca/aa/audit-tests-difference-tests-control-substantive-tests
https://opentuition.com/acca/articles/exam-technique-you-have-a-vested-interest-in-good-answers
Please do ask if you any questions about either of them.
2h ago#2Re auditor's reports - have you read our chapter 6 on audit opinions? Use the "matrix" for inspiration (see below)
Section A questions will generally require that you be able to identify the audit opinion that is appropriate in the circumstances and/or whether any "additional" paragraphs that do modify the audit opinion should be included.
The difference in Section B Qs is that you have to be able to explain why an opinion/para is appropriate in the circumstances. For a 5-mark Q you might expect the marks to be awarded something like this:
Discussion of issue (e.g. incorrect asset recognition) 1
Materiality calculation (½) and assessment (½)
Type of modification (up to 2)
Other impact on auditor’s report (e.g. basis paragraph) 1
The "discussion" of the issue must basically address the 1st column of the matrix - is there "de facto" mistatements? Or only possible mistatement due to inability to obtain sufficient appropriate evidence?
Type of modification is essentially 1 mark for concluding whether or not a matter that is material is pervasive. Then 1 mark for concluding on the correct opinion.