Advanced Audit and Assurance - United Kingdom (AAA – UK)

Study Support for the Revision phase

Summary of additional work for the AAA - UK exam (approximately 4½ hours work)

Key areas
 It is vital that you undertake question practice for the AAA - UK exam – there are two extra
practice questions that are UK-specific in the AAA - UK Practice and Revision Kit and the
details of where to find them are detailed below (the remainder have been specially
adapted for the UK exam).
 You should attempt real exam questions from the previous P7 UK exam set specifically on
UK-specific syllabus content – details of where to find them are also shown below.
 You should review recent AAA - UK exams to see the differences between the AAA - UK
and AAA - INT variant questions and their mark allocations.
 Once you are ready, attempt a mock exam and schedule some time to debrief it in order to
see how you got on. Good luck!

Additional resources
 Attempt Questions 70 Prosperitas and 71 Peter from the Advanced Audit and
Assurance - United Kingdom (AAA - UK) Practice and Revision Kit for exams in 90 mins
September 2018, December 2018, March 2019 and June 2019 to test your
understanding of the auditing aspects of insolvency. This will help to indicate how much
of the required approach you have understood. You will find online debriefs of these
questions available to watch on the VLE once you have competed them.
 Note that for AAA - UK exams only, the split of marks will not be shown between the
various parts of questions as they are in the AAA - INT variant exam. This means that you 60 mins
will have to interpret the marks to be awarded in each case, such as in every Question 1
where there is an embedded requirement for 50 marks.
Scenarios in AAA - UK exam questions also tend to include more background
information than in their AAA - INT equivalents to make the scenario more challenging to
understand.
Discursive questions may be more specific on the UK variant as well – June 2014
question 5 part (a) required 8 marks on going concern disclosures in the auditor’s report,
but the UK requirement had fewer clues than its INT equivalent, making it more
challenging.
You should compare and contrast recent exams for each variant to see these differences
for yourself.
 The following questions will illustrate how insolvency has previously been tested –
120 mins
Question 67 Lapwing part (b), Question 49 Butler part (b) and Question 48
Kandinsky part (b) all of which you should attempt from the Advanced Audit and
Assurance - United Kingdom (AAA - UK) Practice and Revision Kit for exams in
September 2018, December 2018, March 2019 and June 2019. ACCA also examined a
very similar situation to that seen in Kandinsky in June 2014 which was subsequently used
to create Question 3 of the AAA Specimen Exam.
 Make sure you keep reading Student Accountant magazine and checking the ACCA ongoing
website for any technical articles relevant to AAA (UK-specific content may also be
produced on certain exposure drafts for example) to keep abreast of the audit industry
and profession both locally and globally: http://www.accaglobal.com/uk/en/student/exam-
support-resources/professional-exams-study-resources/p7/technical-articles.html
Good Luck!