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Internal controls: Section B

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Internal controls: Section B

  • This topic has 5 replies, 2 voices, and was last updated 8 months ago by Kim Smith.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • August 18, 2024 at 8:39 pm #710003
    radhwaan
    Participant
    • Topics: 29
    • Replies: 42
    • ☆☆

    Ma’am, in the exam kit for questions in Section B regarding IC deficiencies, sometimes the answers on control recommendations or test of controls contains 2 or 3 points. Since both control recommendation and test of controls both carry a mark each, is it enough to explain one recommendation/test of control or more than one?

    Thank you very much!

    August 19, 2024 at 8:05 am #710014
    Kim Smith
    Keymaster
    • Topics: 132
    • Replies: 8265
    • ☆☆☆☆☆

    Short answer – only one

    The published answers are more comprehensive than any candiate can reasonably be expected to produce in the exam.

    Per the examiner’s report:

    “Marks are awarded for identification of deficiencies (½ mark each), explanation of the implication of the deficiency to the audit firm (½ mark each) and an appropriate recommendation to address each deficiency (1 mark each).”

    The scenario will always contain more than the required number of deficiencies – so go for the ones that you can explain and write a recommendation for.

    August 19, 2024 at 5:11 pm #710033
    radhwaan
    Participant
    • Topics: 29
    • Replies: 42
    • ☆☆

    Noted ma’am, thank you!

    Also when explaining direct controls, should we always state what potential misstatement is being detected/prevented or is just explaining the aim of the control is sufficient?

    August 20, 2024 at 7:34 am #710054
    Kim Smith
    Keymaster
    • Topics: 132
    • Replies: 8265
    • ☆☆☆☆☆

    To detect/prevent IS the aim.

    This is what the M/J24 examiner’s report (available at https://www.accaglobal.com/uk/en/student/exam-support-resources/fundamentals-exams-study-resources/f8/examiners-reports1.html)advises:

    “Having identified direct controls, candidates then need to explain each control. In considering
    this it is important to think about what the AIM of the control is e.g. what potential misstatement
    is being prevented or detected. The explanation needs to be specific to each control. It is not
    sufficient to state ‘this will prevent fraud and error’ as all controls aim to prevent or detect fraud
    and error in some way. A clear understanding of specifically how the control will prevent fraud
    and error is needed.”

    August 21, 2024 at 8:51 pm #710139
    radhwaan
    Participant
    • Topics: 29
    • Replies: 42
    • ☆☆

    Thank you for clearing my silly doubt ma’am!

    August 21, 2024 at 9:19 pm #710141
    Kim Smith
    Keymaster
    • Topics: 132
    • Replies: 8265
    • ☆☆☆☆☆

    It would only be silly if you didn’t clarify it 🙂

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • The topic ‘Internal controls: Section B’ is closed to new replies.

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