Question 1 - Part a (ii)

In this lesson

1. 0:00 Introduction to exam technique
2. 0:19 Materiality calculation and professional judgement
3. 1:16 Payroll risks and internal control weaknesses
4. 6:11 Outsourced services and monitoring controls
5. 7:48 Impairment of property and accounting treatment
6. 10:35 Insurance claims and separate recognition principle
7. 12:29 Joint arrangements and intangible asset recognition
8. 15:24 Intangible asset recognition criteria and evidence
9. 18:04 Historic boat classification and valuation issues
10. 20:29 Capital contributions versus income recognition
11. 21:38 Analytical review and trend analysis
12. 22:51 Opening balances and prior year audit considerations
13. 23:33 Conclusion and professional prioritisation skills

About this lesson

You'll see how to earn both technical marks—by citing relevant standards like IFRS 11, IAS 16, and IAS 36—and professional marks by relating risks to the specific scenario, demonstrating scepticism, and explaining the financial impact of each issue. The tutor works through five key audit risks including payroll controls and outsourcing arrangements, property impairment following storm damage, joint arrangement accounting, classification of a historic boat asset, and analytical review trends. For each risk, you'll see the exact approach: establish materiality, explain why it's prioritised, apply the relevant accounting framework, identify what could be misstated, and relate everything back to the scenario. The video also covers important exam technique such as how to handle prioritisation across multiple risks, when to include supporting calculations, and how to demonstrate that you've spotted lower-risk issues without over-discussing them. This is essential viewing if you're preparing for ACCA AA (Audit and Assurance) case study exams or similar audit-focused qualifications. You'll gain confidence in structuring comprehensive answers that balance technical knowledge with professional judgement, helping you move beyond simply listing risks to writing answers that examiners reward with higher marks.

Duration: 25m