Exam technique

Page 4 of the article:
For identification of each audit risk – ½ mark each
For explanation of each risk – ½ mark
For an appropriate auditor’s response to each risk – 1 mark

Page 7 of the article:
One mark would be awarded for each well described substantive procedure. Hence, for each of these 5 mark requirements, you should aim to provide at least five substantive procedures.

(I have given these quotes in the hope that it will encourage other students to read this really invaluable resource.)

Internal controls are not covered in the article but this is lifted from the March 2019 examiner’s report:
“Internal control questions typically require internal control deficiencies to be identified (½ mark each), explained (½ mark each), a relevant recommendation to address the control deficiency (1 mark), and, often a test of control the external auditor would perform to assess whether each of these controls, if implemented, is operating correctly (1 mark). Internal control questions can also include the identification (½ mark each) and explanation (½ mark each) of key controls as well as tests of controls (1 mark) to assess whether the key controls are operating effectively. Further, answers may be required to be presented in the form of a report to management, in which case a covering letter (2 marks) is required.”