If you are willing to crack the advanced audit and assurance exam, you must be looking for a guide to ace it. So, let us counsel you.
Being the most crucial part of the ACCA course, the Advance Audit Assurance Exam needs professional consultation before you appear in it. Our complete guide on “How to pass Advanced Audit Assurance Exam” will help you get through.
The advanced Audit and Assurance Exam, shorted as the AAA exam, has three significant standards. Candidates are instructed to choose from International standard, UK standard, or National standard exam as per their career requirements.
Whereas our approach in this guide to crack advanced audit and assurance exam is based on all three standards. Regardless of your course terms and exam standard, this guide is sure to help you get through in the AAA exam.
Essential Things To Know Beforehand
The curriculum for AAA is formulated to enhance audit skills and assurance ability. These skills have become a necessity for audit firms in current world trends.
Aspirants choose this subject in the ACCA course from four choices. One should have completed the Strategic Business Reporting (SBR) beforehand to go for the AAA exam. SBR is like the base for AAA; it is essential to know about business reporting to best perform in the AAA exam.
It’s also favourable to have a professional audit experience because the examiner tests the professional level audit and reporting skills. Proficient knowledge of audit has defining effects on advanced audit and assurance exams; otherwise, it’s hard for the aspirants to get through.
AAA Exam Pattern
The advanced audit and assurance exam fall in the category of “Strategic Professional Option Papers,” Hence, the exam pattern is the same for all option papers in this category. The exam time is 3.15 hours, and the passing percentage is 50%, which is standard for every ACCA course.
The exam paper consists of five mandatory attempt questions divided into two sections.
Section A: It includes a case study question of 50 marks.
Section B: It includes two questions from the curriculum of 25 marks each. Wherein one question of this section is mainly based on review and reporting.
Top Five AAA Exam Preparation Tips
Give Time To Study
It would be best if you drafted a 12 weeks exam preparation strategy. It’s impossible to crack the advanced audit and assurance exam unless you follow a time-oriented preparation strategy for such an expert level examination.
Make sure to include these key points:
✓Use eight weeks to review the curriculum.
✓ Use four weeks for an exam-based study.
✓ Try solving AAA past papers, Mock exams, and practice questions.
Review Your Previous Courses
Ensure the understanding of audit techniques and methods taught in previous courses. It will boost your exam preparation and the chance of success.
Have A Grip On Financial And Strategic Reporting
Connected to the previous course of SBR, examiners test your reporting knowledge and decision-making ability for fiscal financial reporting by solving AAA past papers. It is in the best of your interest to complete the SBR course beforehand with a comprehensive understanding of financial and strategic reporting.
Be A Professional Auditor
Try to act like a professional auditor. It is pivotal for success in the AAA examination and will help you in sailing through ACCA p7 technical articles. Once you start to act like an experienced auditor, you will implement your knowledge and skill more efficiently. The examiner wants you to implement your expertise as an auditor in case-study questions, develop productive solutions, and professionally address the problems.
Don’t Compromise On Practice
The practice is the ultimate solution for your learning problems. It may be difficult for you to understand things first, but you will eventually become proficient if you practice them.
While in the exam, keep these three things in mind:
✓Create strategies to develop answers.
✓Instate your knowledge in the answers.
✓Make the best use of time.
We hope our good counsel and useful tips will help you to crack the AAA exam. We wish you the best of luck!