ACCA exams require hard work, dedication, and deep understanding to pass with flying colors. Apart from it, some essential tips & tricks can help you ace the ACCA exams. The ACCA audit and assurance (AAA) exam is the most complex ACCA exam as it has the lowest pass rate. The exam assesses the candidate’s technical approach of audit principles, understanding of the assurance engagement process, and knowledge of legal framework in audit assurance.
Many ACCA aspirants are stuck in this particular exam; However, the tips & tricks that we will discuss in this blog can help them get through. If you are also finding it difficult to pass the ACCA AAA exam, we suggest you follow this blog. This blog is based on ACCA p7 technical articles and recommendations proposed by successful ACCA AAA exam candidates. Moreover, the aspects of audit and assurance past papers are also taken well care of.
ACCA Audit and Assurance Exam Pattern
The exam pattern of AAA past papers was quite different before 2017. In 2017, ACCA introduced online exams for applied skills papers like the audit and assurance exam. You might find that the new exam pattern different from ACCA AA past papers. The new format has two sections: Section A and Section B, in which the questions are divided separately.
Section A: It consists of 03 case-studies, and each case-study has 05 questions of 02 marks.
Section B: This section includes 03 long questions of 30 marks each. The second part of this section has two more questions of 20 marks each.
Recurrent Audit & Assurance Topics from ACCA AA past papers:
We’ve also comprised a list of topics repeatedly included in ACCA Audit and Assurance past papers. These questions should be on your list of most important questions for exam preparation. Additionally, the candidates should also solve all the questions related to these topics in ACCA Audit and Assurance past papers.
- Ethics
- Audit Risks and Responses
- Purchases, Revenue, Payroll
- Limited Assurance Engagements
- Fraud and Error
- Inherent Limitations of Internal Control
- Risk
- Financial Statement Assertions
- Inventory, Purchase, Cash
- Auditors Rights & Duties
- Engagement Letters
- Auditor’s Report
Upon asking successful candidates, we found out that preparing from ACCA AA past papers can be really helpful. It’s a tip for every candidate to start preparing from AAA past papers to get through the ACCA audit & assurance exam.
Read Also: Is it difficult AMC Exam Preparation?
How to Prepare from ACCA P7 Technical Articles?
The ACCA p7 technical articles play a lifesaver role in preparing for the ACCA AAA exam. These articles can help candidates clearly understand the audit & assurance syllabus, and they also include mock-papers, review exercises, and short-notes for better preparation. If you are confused about how to prepare from ACCA p7 technical articles, you should be mindful of the following essential points:
- Understand the concepts delivered in ACCA p7 technical articles.
- Attempt all practice questions and try to revise them again and again.
- When you’re fully prepared, attempt the mock-exam.
- Complete your preparation by solving past papers, usually discussed in the articles.
Tricks to attempt the ACCA Audit and Assurance exam
The main reason behind failed AAA exam attempts is the candidate’s inability to understand the questions. Audit & Assurance is a theoretical subject with very few mathematical evaluations. In this exam, the examiner expects straightforward and precise answers connected to the background idea. And surprisingly, many candidates fail to provide such answers.
Following are some clever tricks you can use while attempting the paper:
- Keep your answers short, do not write more than four lines in a paragraph.
- Never exclude key points from the answer.
- Try to state facts related to the question.
- Make sure to generalize your answers, as you write in general.
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