TARC ACCA 2005: exam guidance from BPP ~ paper 3.1 (Int)

~~~~~~~~~~~~~~~Motivation Quote~~~~~~~~~~~~~~~~ ~~~~~~~~~~Sometimes it takes a lot of rain before you get your rainbow!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~Just FOcus On The Key Topics That You Know And Ignore What You Don't!!!!!!~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~The glory is not in never failing but in rising again everytime you fall!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~YOU MAKE THE FAILURE COMPLETE WHEN YOU STOP TRYING!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~

Sunday, October 30, 2005

exam guidance from BPP ~ paper 3.1 (Int)

ACCA Paper 3.1 Audit and Assurance Services
December 2005

Section A

Questions 1 and 2

Scenario questions in the context of audit risk/business risk.

May also include:

Control suggestion and/or evaluation
Audit evidence on Paper 2.5 accounting areas (see Q3)
Group audit issues (including audit work on fair values)
Planning/practice management/quality control issues
Assurance services
14 Signet, 24 Alakazam, 25 Amber Pan Europe, 44 Azure, Q2 Mock 1 Imperiol

Question 3

Audit evidence. Comment on the matters you would consider and the audit evidence you
would expect to find as audit manager conducting a review of audit files.
Likely to be several scenarios covering various Paper 2.5 level accounting standards, e.g:
Earnings per share
Borrowing costs
Revenue recognition
Standard costing
Impairments
Deferred tax
Discontinued operations
Intangible assets
Related party disclosures
34 Aspersion, 35 Phoenix, 37 Alphasweeter, Q3 Mock 2 Visean

Section B

Question 4
Part (a): Any syllabus area.
Part (b): A related question on reporting.
53 Capri, 54 Arid, Q4 Mock 1 Cinnabar

Question 5
Ethics, professional and quality control issues scenario question.
3 Aventura, 5 Isthmus, Q5 Mock 2 Corundum

Question 6
Discussion question on current issues, e.g:
Money laundering (make sure you read the examiner's recent article as likely to be examined!)
International convergence
Audit exemption for small companies
Risk-based auditing
Corporate governance
Laws and regulations
1 Assurance provision, 6 Convergence, 51 Environmental issues

Relevant Articles

The examiner, Kim Smith, has written many articles and expects you to have read them and know them. She often comments that students fail for not having read the articles explaining how to tackle questions.

Read as many as you can, particularly the following:

Money laundering, 4 February 2005
'Technique in auditing questions', 4 September 2001
'Technique in auditing questions ? part 2', 17 October 2001
'Tackling the 'Discussion' question', 1 November 2001
'Professional ethics ? a kloser look', 30 April 2003
'Divided opinion' (auditors' reports), 5 November 2002
'Rest assured' (assurance), 1 June 2001
'Audit and assurance services', 27 July 2001