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Assalamualaikum brother. may I know your marks you obtained this exam? This was my second attempt and Alhamdulillah got 58 marks out of attended 85 marks only.
Ok, the key point of getting that marks is that I gathered knowledge( memorized the common ans. format of Audit report.e.g Q.119(B), Audit Risk( find out the common and important audit risks from past exam Q.),Going Concern,steps and the Procedures(Learn it from KAPLAN) of purchase, sales and others and then learn its purpose,control and test of control) very well like I can start writing the Question Answer just looking at the QUESTION But mind it that the answer should have contained the most valuable key point of that answer which you will get those key and important words in the BPP exam kit which would help you to carry the almost full marks.
Another very Important thing is to understand the requirement of the question which is focused by the “verb word” of the Question such as “Explain the purpose of Review Engagement” . So here, if you just explain what is review engagement and its contents for example, nothing is visible to me that get me believed ……you wont full marks. But You must ans. here the purpose of the review engagement that is to get limited assurance of a particular issue of the Balance sheet or the income statement for the particular reason/purpose.
“Substantive Procedures” Learn ACCACOVER” this Stands “A= Accuracy,C=cut-off,C=Completeness,C=Classification,O= Occurrence” for the P/L Items and E=Existence,V= Valuation,C=Completeness,R=Right and obligation,C=Cut-off” for Balance sheet Items. Whether you understand or not the QUESTION scenario just apply those mnemonic carefully.
There are few Substantive Procedures,Out of ACCACOVER, which you may use as a salt (Nimak)-
1. Ask management for the written representation that they believe”Going concern, accounting estimate, provision, non-current asset valuation or dep’n. etc ” are reasonable.
2. Assess the reasonableness of the assumption used for the…….
3. Review the correspondences from supplier or customer whether they ……
4. Review the disclosure whether it is appropriate as per IAS/IFRS…..
5. Review the Correspondence,If any, of lawyer whether he believes that…….MOREOVER, Knowledge becomes power if it is used through writing again and again…
