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Answers to Kaplan AAA exam questions

JJose6y ago
Hi, I'm sure this is the case, but would like it confirmed by someone. I have a Kaplan exam kit and am going through Section A questions at the moment. When I go to check the answers for audit risk identification questions, I'm seeing about 10-12 answers, but the marking scheme states 3 marks per well elaborated answers. So, if the question is worth 18 marks, does that mean I just need 6 well answered points? Obviously, I would try to find a few more points to make just in case, but am I reading this right? Thanks,
KimKimTutor6y ago#1
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.
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