Guidance – Marking Scheme

1. Short answer – none.
If you look at the requirements of the S/D21 exam, for example, there are no parts that ask for mere knowledge – they can only be answered by reference to the given scenario.

2. You would have to give me a specific example. If relevant, I would expect it to be included in the marking scheme because the marking scheme provides a summary of the main points that markers should expect and be looking out for.

1. You will have to give me a specific Q name – in P7 it was possible that a question might start with a requirement to explain something that was technically new (e.g. NOCLAR in S17 and KAMs in M/J18). Such Qs might have been for something like 5-8 marks and were based on technical articles (so essentially “current issues”). However, this is NOT the style of AAA.

2. Calculations of materiality are used in risk assessment, evaluation of misstatements and forming an opinion. If asked to “design audit procedures” you should be responding to the assessed risk(s) – that the matter is material is a given, so calculations are not asked for.

1. Well I don’t know which points you mean – most marks are clearly tied in to answer points that are specific to the scenario. If you are seeing something that you think is “knowledge” it should be “applied knowledge” (rather than a statement of knowledge that doesn’t answer the question).

2. A calculation (ratio trend or proof in total) could be relevant if you are describing a substantive analytical procedure.

You are very welcome!