Alan Biju Palak ACCA's
ACCA AA EXIMUS
LEARNING
Audit and Assurance MEDIA
Tackling the exam
Tips for answering OT questions
✓ Read each question carefully ✓ Think before answering ✓ Answer all questions ✓ If unsure, eliminate incorrect
answers
Tips for answering Section B questions
✓ Read each requirement carefully to understand what is asked for ✓ Draw on the scenario to plan the points you
need to make ✓ Use concise headings ✓ Make clear and concise points specific to the given scenario ✓ Describe
“how” procedures should be performed ✓ Do not give rote-learnt answer points ✓ Attempt all requirements
Important Theory Questions for Upcoming ACCA Examination
Theories Questions in Kaplan Kit (2022-23)
Benefits of audit planning HART , RECORDER COMMUNICATIONS
Safeguards to manage conflict of interest when COMET PUBLISHING, HART,CENTIPEDE
auditing multiple entities in a competing market
Professional Skepticism CORLEY APPLIANCES
Purpose and elements of an audit engagement SCARLET
letter.
Factors to consider before accepting an audit SCARLET, CENTIPEDE
engagement
Theories on Quality Control for an Audit of HARLEM , SYCAMORE
Financial Statements
Materiality and performance materiality PEONY
Uses of analytical procedures in the THREE stages DARJEELING
of an audit engagement
Auditors responsibilities in relation to the PEACH, BLACKBERRY, SYCAMORE
prevention and detection of fraud and error.
PRECONDITIONS for an audit CORLEY APPLIANCES, PRANCER CONSTRUCTION,
REDSMITH
Audit risk and the components of audit risk. HURLING, AQUAMARINE
Circumstances for an engagement letter for an VENUS
existing audit client should be revised.
Sources of information relevant to gaining an VENUS
understanding and uses of this information for the
auditor
Review engagements SYCAMORE
Method for documenting internal control systems CASTLE COURIER, HERAKLION, SWIFT, FREESIA
and their advantages and disadvantages
Matters the auditor may consider in determining BRONZE , SNOWDEN
whether a deficiency in internal control is
significant.
Limitations of internal control components. POMERANIAN, AMBERJACK
Importance for auditors to communicate CAMOMILE
throughout the audit with those charged with
governance
External and internal audit. RASPBERRY
Different types of control activities EQUESTRIAN
Advantages and disadvantages for of outsourcing EQUESTRIAN
Components of an entity’s internal control. TROMBONE
Advantages and disadvantages of using automated LILY WINDOW GLASS
tools and techniques, including data analytics.
Factors to be taken into consideration when PEAR INTERNATIONAL
assessing the need for an internal audit function.
Steps the auditor should perform in undertaking a DASHING
positive receivables circularisation
Key audit matter (KAM) AIRSOFT
Factors which influence the reliability of audit ANDROMEDA
evidence.
ALAN BIJU PALAK
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