How to pass the Audit and Assurance papers AA and AAA

How to pass the Audit and Assurance papers AA and AAA

How to pass the Audit and Assurance papers AA and AAA


As I have stated before, Audit and Assurance was one of my easiest papers. I wrote the paper alone, and I gave the paper at least 3 months of continuous study. I took the paper after the Financial Reporting exam, hence this meant I had a solid foundation on the standards that the paper covered because basically with audit (AA and AAA), you’re typically auditing financial reporting (FR and SBR). The tactic for this paper is to get the financial reporting part spot-on and you’ll be good to go. So although I am not an IFRS expect in any way, I studied the paper religiously and applied myself until I technically understood the concepts. 
Although this might sound a bit like cliche, audit is not in any way theory but is one of the most technical papers of the ACCA Qualification. The reason why most people fail is because they treat it like a mere regurgitation of knowledge and cram notes and hope to pass. It doesn’t work that way, you need to understand ISAs and IFRS and also have an exam technique that actually works. You can check out my exam technique on how to pass your ACCA Applied Skills exams or ACCA Professional exams
The other reason why students fail is because students do not attempt a certain part of the exam because of time management. With ACCA it’s simple, if you know an answer to a question, write it down as fast as you can, without compromising quality. Do not dwell on the question you know just because you know it pretty well. And if you not sure of the answer, write something and move on, there’s a high probability that you’ll never in your life write an exam where you’ll know virtually everything. Focus on the easy bits, there’s enough marks to get you over 50% in each and every ACCA exam. 
Also, remember to cover the whole syllabus when studying. Trying to predict the exam and focusing on certain parts of the paper will humble you. Study everything and be focused. In that way you will yield results. If you are on self study, start early so that you can be able to finish the whole syllabus.
When answering scenario questions, do not offer generic answers to the questions. For example in a audit risk question, do not just state any risk that is not related to the scenario. Even if its a correct audit risk, you will not be awarded any marks as it is not relevant to the scenario.
Download ACCA exam notes



Finally, the purpose of the audit paper is to test the student’s understanding of the concept of audit and assurance, and the candidate’s ability to apply it to practical situations. As mentioned earlier, knowledge in itself is not enough to pass the exam. So students studying for this paper should understand the basic concepts of auditing, read the examiner’s report so that they will not repeat mistakes that were made by other students, read technical articles which I recommend as a resource to consolidate your knowledge and lastly, practice a lot of past papers. 
Good luck

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