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Dear tutor,
I am retaking my AAA exam and one of the things I assume I lost my marks on is an inadequate answer. Could you kindly give me an Idea of how many audit risks I should evaluate for, say 20 marks question. I can never figure out the marks laid out on marking guides. ‘2 marks for each audit risk evaluated, 1 for relevant calculations and .5 for materiality all adding up to 20 marks.’. Does that 2 marks include analytical procedures and materiality calculations? Please help.If we take S18 Q1 as an example – 24 marks for audit risks including the use of analytical procedures. The examiner’s report states “OF THESE, up to five marks were available for the calculations forming part of the analytical review and up to four marks could be obtained for relevant materiality calculations and conclusions.” So you should have been looking for around 15 marks for the evaluation of significant risks. Some risks EVALUATED were worth up to 3 marks – others 2 marks. Playing safe, looking to evaluate 8 risks would have provided a full answer.
The examiner’s report provides LOTS of guidance – I urge you to read it https://www.accaglobal.com/uk/en/student/exam-support-resources/professional-exams-study-resources/p7/examiners-reports.html
I also recommend to you our new articles and video specifically aimed at tackling this exam https://opentuition.com/acca/aaa/advanced-audit-assurance-tackle-exam/
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Thank you sir. If I pass this time, I owe a large part of it to OpenTuition and you, of course.
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