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Passed with 64%! All while studying by myself with the kaplan practice kit.
My advice is to practice the section B questions as much as possible. Pay a lot of attention to risk and audit evidence(substantive tests).
For audit risk, read and understand the typical response to audit risks in a scenario as there’s always a pattern and repetition. The only difference is the name of the client. You’ll notice this when you solve all the questions.
For audit evidence(substantive testing), memorize(and understand!) at least 5 test of each area of the financial statements.
Examples include: receivables, payables, revenue, revaluation, depreciation, director’s bonuses, redundancy provision etc.
This strategy worked for me and it can work for you, too!
Remember to read to understand, not cram and forget after exams.
Cheers.
Hey guys! What was the right answer for the most reliable audit evidence in the mcq?
My answer : – calculations made by a member of the audit team
– industry analysis by the internal auditor
– written representation from directors
– verbal confirmation.That’s the order I picked.
The section A was something else, but I’m sure of up to 7 or 8 of my answers, however, the rest were guess work.
As for the section B, the internal control question was way too easy(listed all 8 deficiencies and and recommendations), followed by all the 4 mark cheap questions in the section B. For the risk assessment question, i made sure to outline as many as i could (8)out of the 10 requested due to time constraints but only responded to one so, hopefully 9 marks from there. It was a 20 mark question, so you get 1 mark for identifying the correct audit risk and another for the appropriate response, making it a total of 20. I can’t remember the rest, but the risk assessment question was 30 marks in total.
For the substantive testing question (also 20 marks), i just winged it. I made sure to answer everything in the question, because for some answers you get wrong, you might get 1 or half marks for the rest. My advice is to make sure that you answer everything. Type away and fill up that answer sheet with everything piece of knowledge you have stored in your head. Some answers might seem silly to you, but acca is an exam where an “mere” half mark could be the deciding factor over your success or failure. Regardless of the outcome, i hope and pray that we all pass.