AAA Revision Guide Revision week 3
Revision week 3: 25 mark section B question…..the ‘reporting’ question (Q3 in the exam)
Revision week 3 includes the following content / activities, designed to maximise your
marks in Q3 of the exam:
1. Revision Guide
Your guide to this week’s content, with space for you to make your own notes
2. Exam techniques & professional skills for Q3 (video)
Actively watch the video, making notes as you watch
3. Demonstration Question
Work through the demonstration question together with your Expert Tutor
Use the ‘answer pack’ to fully debrief the question
4. Live class
Attend and actively participate in the live class
Your Expert Tutor will work through activities to improve your technique for Q2
5. Homework Question
Attempt the homework question to time, and submit your answer for marking
Use the ‘answer pack’ to fully debrief the question
6. Extra Questions
Practice these extra questions (on the Study Hub) to further build exam technique
What is examined in Question 3?
Critically evaluating and audit report
You’ll be given an ‘extract’ from an audit report…..that has lots of issues! Your job it to
identify and explain those issues. It can be the audit opinion section, or anything else (e.g.
KAM section).
Impact on the audit opinion / report
Based on the facts given in the scenario….what is the impact on the audit opinion and the
wider audit report?
Reporting to Those Charged With Governance (TCWG)
You’re given the ‘findings’ from the audit, and asked what should be reported to TCWG
(and why).
© ACCA 2023 Delivered in collaboration with Ben Wilson, external Expert Tutor 1
Revision week 3: Revision guide
Exam techniques for Q3 Your notes
Tailor your answer
Reporting is ALWAYS the worst answered question in
the AAA exam.
Students too often make standard, rote learned
points.
Spend time fully understanding the scenario
Tailor EVERY point you make using facts from the
scenario
1. Critically evaluate an audit report
1 mark per well explained point
Assume EVERYTHING is wrong
Explain WHY each problem is an issue
Presentational points AND content
Use the scenario!
2. Impact on the audit report / opinion
1 mark per well explained point
Type of issue (misstatement or lack of evidence)
Material or Material & Pervasive
Conclude clearly on the required opinion
Impact on the REPORT….other paragraphs…depth
needed
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Revision week 3: Revision guide
3. Reporting to TCWG Your notes
1 mark per well explained point
Use the scenario fully
Significant findings from the audit / independence
matters / deficiencies in controls
Explain WHY each matter should be reported
Avoid repeating yourself. Avoid repeating yourself
Professional Skills for Q3
1. Analysis & Evaluation (1 or 2 marks)
Include simple calculations…..and discuss them
Develop your points (build linkages)
Explain WHY
Points relevant to the PHASE of the engagement
2. Scepticism & Judgement (2 marks)
Challenge the information given…..look for
inconsistencies
Comment on ‘missing’ information
Discuss and conclude on pervasiveness
3. Commercial Acumen (0 or 1 mark)
Comment on wider implications
Examples…..
Company – impact on reputation
Auditor – further work required
Audit firm – fees, reputation
© ACCA 2023 Delivered in collaboration with Ben Wilson, external Expert Tutor 3
Revision week 3: Revision guide
Demonstration Question – learning points from Tutor Video
Make notes here, summarising your learning points
Your notes
4 © ACCA 2023 Delivered in collaboration with Ben Wilson, external Expert Tutor
Revision week 3: Revision guide
Demonstration Question – learning points from Examiner
mark plan and Examiner’s comments
Make notes here, summarising your learning points
Your notes
© ACCA 2023 Delivered in collaboration with Ben Wilson, external Expert Tutor 5
Revision week 3: Revision guide
Homework question - learning points from Tutor Answer
Make notes here, summarising your learning points
Your notes
6 © ACCA 2023 Delivered in collaboration with Ben Wilson, external Expert Tutor
Revision week 3: Revision guide
Homework Question – learning points from Examiner mark
plan and examiner’s comments
Make notes here, summarising your learning points
Your notes
© ACCA 2023. The information in the course content and classes (the “Content”) may contain expressions
and opinions of the original creator and do not necessarily represent the views and opinions of ACCA. The
Content has been made available for tuition purposes and ACCA makes no representations and warranties
with respect to its effectiveness and accuracy and hereby disclaims all liability to any party for any direct,
indirect, implied, punitive, or other consequential damages arising from any use of the Content which is
provided as is, and without warranties.
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