Answers to Kaplan AAA exam questions

I don’t know what you mean by “10-12 answers” so just to be sure you are reading it right let me explain it like this:

If you look at a published marking scheme it will say, for example:
“Up to 3 marks for each audit risk EVALUATED unless otherwise indicated.”
“Materiality calculations should be awarded 1 mark each (max 4 marks).”

So with calculation of materiality you should be looking to write 4 sentences for 4 marks for any one risk, which you can draw from the following ideas:
– What the risk/problem area is e.g. classification of intangibles as PPE, revenue expense capitalised, etc
– That it is material (if not materal it wouldn’t be a significant risk) i.e. a relevant calculation of materiality
– Why it appears wrong/justification for alternative treatment
– What it means for the financial statements if uncorrected i.e. what is under/over-stated
– Any consequential effects e.g. for depreciation of PPE

The marking scheme has to put a “cap” on the number of marks to be awarded to each risk/matter/issue otherwise candidates could write “essays” – neither the examiner nor the markers are interested in essays – they want concise answers (!) which cover a BROAD RANGE of matters rather than narrowly focused on just a few.

For REALLY INVALUABLE INSIGHTS into how to write answers and earn marks I strongly recommend to you the article referenced at the sticky post “Read the mind of an AAA marker – ESSENTIAL READING” at the top of this forum.