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1. When asked to identify and explain audit risk or deficiencies in internal control, would you recommend listing down the answers as many as possible or just how much the points are worth?
2. I went through the revision kits published by KAPLAN and in the answers they’ve provided, they always use two column or three column approach to list the risks or deficiencies. Would you say that is mandatory or highly recommended on the exam?
3. When giving explanation and need to refer to IASs, is it a must that we write down the appropriate IAS numbers or can we just say IAS and not give a number when not so confident? Do you think there would be deduction for that?
4. When asked to write a report or a letter, can we just randomly give the address and the names?
1 Explain as many as you can in the time. Emphasis is on ‘explain’ so don’t just say ‘Overtime sheets are unauthorised’, say something like ‘Overtime sheets are unauthorised so employees might claim and be paid more than they should’.
2 Not mandatory, but very efficient and easy to mark.
3 You do not need to quote ISA numbers or names
4 Yes – unless, of course, provided in the question.
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