Helena Jones from Sonar Education provides some reassurance and motivation for those sitting this tough exam, with examples of some common concerns.
This is a very challenging and demanding
Yes it is, but less so for a professional accountant and auditor with a good eye for detail and a logical approach to solving problems. You are that professional, ready to demonstrate your knowledge, and your ability to apply it in a practical situation.
The syllabus is HUGE!
The AAA syllabus builds on that of AA, so much of it will be familiar already.
The examiner could test anything from the syllabus and there is no choice.
There are only three questions. The examiner approach article (ACCA AAA Examiner Approach) gives some useful guidance, for example:
• Question 1 will be set at the PLANNING STAGE of the audit.
• Section B will always have one question on the COMPLETION STAGE.
Admittedly, this does not narrow it down very much but at least you will know broadly what to expect in two of the questions.
There is an awful lot of reading for Question 1.
This reflects the real world, where we often have to work with information from a variety of sources. Sufficient CBE practice will provide a strategy for dealing with the various exhibits and organising the information on the screen.
I need a lot of accounting knowledge for AAA.
Congratulations on being an accountant! Much of this knowledge comes from previous studies and from SBR, which you will, of course, have passed already.
I can never produce answers like ACCA’s model answers in the time available.
You are not expected to. ACCA’s answers are very comprehensive and often cover more points than the maximum marks that can be awarded. They are well-written and provide an excellent learning and revision tool, so use them as such.
There are no easy marks.
Maybe not at this level, but there are some straightforward marks available, for example four marks for professional presentation in Question 1.
Make sure you practice enough to maximise your chances of scoring well on these.
I will run out of time.
Remember the three-word slogan: practise, practise, practise. Time management is always important in an exam, and in AAA you must
move on from Question 1 after you have used up half of the total exam time, otherwise you really will run out of time in Section B. At least it’s easy to work out your time split: 50/25/25.
• Helena Jones, Sonar Education. See www.sonareducation.com