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Hi, Kim. Would you know where I can find a list of all the audit risks/responses, substantive procedures, control deficiencies and recommendations from the past papers compiled in like one document? That would be extremely helpful to my study.
Short answer – no
You are asking for rote-learning, which I cannot endorse.
No, I just want to be aware of all the scenarios. Even if I practice a question, it’s difficult to remember every single scenario which might have an audit risk.
Anyway, what would you recommend my approach to be? I only have a little bit of days left, and there’s knowledge questions that you just have to rote learn, there’s no other way. Then there’s audit risks, control deficiencies, substantive procedures. Should I limit myself to past papers of only the past 4 years for my practice to be actually effective? I mean I’m practicing questions but it’s just not sinking in. Any help would be appreciated.To pass AA you need to be able to:
Identify and explain audit risk and respond to those risk – the “risk” question – see https://www.accaglobal.com/in/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/audit-risk0.html – you can skip the “business risk” section
Identify control deficiencies (in the client’s system) and make recommendations to TCWG how they should be improved and/or
Identify controls that should exist (in the client’s system) and suggest tests of controls (i.e. audit tests to determine whether the controls are operating effectively)Explain substantive procedures for a specified account balance or class of transactions – either for a specified assertion (e.g. completeness) or for one you should be able to identify from a given risk of misstatement. This article explains assertions and tests that are relevant to them https://www.accaglobal.com/ca/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/technical-articles/assertions.html
If you’re reading a question rather than properly attempting it and reading an answer and not really understanding how you were supposed to get such an answer, you need to watch a lecture or two to see how answers are pulled out of questions https://opentuition.com/acca/aa/acca-aa-revision-lectures
Once you understand how you state a risk/control/control deficiency derived from the words of a scenario you should be able to progress quickly.
It is indeed preferable to work through thoroughly fewer questions and understand what you’re trying to achieve in the exam rather than skim through loads of questions.
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