ACCA AAA Exam Tips - How to prepare for an exam!

Before the AAA exam..

1. Ensure you know just the BASICS of all syllabus areas - remember that much of the exam is simple repetition of basic knowledge - but never just a knowledge dump.

2. Be aware that you have to explain your basic knowledge and then apply it to the scenario. 

   The key to AAA is making as many points as possible (Think 1.5 marks for 1 point) and also depth - meaning state your point, explain it and then apply to the scenario. 2 or 3 sentences per point.

3. Practice the use of assertions in helping you come up with audit procedures - watch the classroom on this then read and review past papers. 

   Remember that the assertions give you the ideas of what procedures would be useful, then use our AEIOU, What/Who and why method.

4. Know your SBR stuff basics - go over 3 or 4 times today - all the IFRS in 78 mins:

   IFRS in 78 mins

5. Finally know how to plan - its nearly always Q1, think about how knowing the client, and analytical reviews help you plan, by focussing on the risky areas. I would practice the last 8 Q1s if possible. 

   It should lead to you knowing the risks too. 

   Business risk is the risk the company doesn't make the profits it should whereas audit risk is the risk we get our opinion wrong.