30 Questions
What is the main focus of ACCA (AAA) Exam-focused Advanced Audit and Assurance by Kaplan?
Covering the whole syllabus with exam-oriented content
Why does Kaplan claim their Advanced Audit and Assurance (AAA) study materials are student-friendly?
They use engaging formats to simplify complex areas
What distinguishes the authors of Kaplan's Advanced Audit and Assurance (AAA) study materials from others?
They are experienced tutors who teach the paper
How does Kaplan's Advanced Audit and Assurance (AAA) study materials support students besides books?
Through a wealth of free online resources
Which exam sessions are the ACCA Advanced Audit and Assurance (AAA) study materials valid for according to Kaplan?
September 2022, December 2022, March 2023, June 2023
What is a key advantage of using Kaplan's Advanced Audit and Assurance (AAA) study materials?
Increased chance of passing the exam first time
What is the purpose of the 'Test your understanding' sections in each topic area?
To assess understanding through short questions
What type of content can be expected in the 'Summary diagrams' at the end of each chapter?
Important links between topics and overall content
What should you do if you find an error in any of Kaplan Publishing's products?
Submit a report to [email protected] with full details
What does 'Supplementary reading' aim to provide?
Deeper understanding of core areas
What kind of practice is located at the back of each text?
Multiple choice questions
How can 'Review of the illustrations' help students understand the content better?
By offering worked examples for application
What is the main focus of assurance services provided by audit firms?
Verification of financial information
In assurance engagements, what does the level of assurance depend on?
Quality and quantity of evidence obtained
What is the primary purpose of a forensic audit?
Detecting and investigating financial fraud
What must be considered before accepting an engagement according to the text?
Ethical and professional considerations
What is a key factor in planning an assignment with professional skepticism?
Challenging assumptions and critically assessing evidence
What should auditors primarily focus on when determining examination procedures?
The nature, timing, and extent of examination procedures
What was one of the main reasons for Carillion's collapse?
Taking on too many projects without realistic pricing
What happened to Carillion in 2018?
It went into compulsory liquidation
Why did the collapse of Carillion cause significant problems for various groups?
Employees lost their jobs and government contracts were left incomplete
What issue related to executive pay was highlighted by the collapse of Carillion?
Directors earning significant amounts despite company losses
Why did the collapse of Carillion suggest a lack of effective governance?
Directors' remuneration allowed them to benefit despite the collapse
What role did big accounting firms play in the collapse of companies like Carillion?
Not raising concerns early enough to prevent the collapse
What is the focus of an assurance engagement on integrated reporting?
Measuring and reporting on economic, environmental, and social information
What is a key aspect of the audit of performance information in public sector?
Differentiating from performance auditing
What is an important consideration when examining the financial position of a potentially insolvent company?
Determining if administration is an alternative to liquidation
What is a key focus when discussing ethical issues impacting the auditing profession?
Discussing emerging ethical issues and evaluating their impact
What is a major task involved in an assurance engagement on integrated reporting?
Detecting potential misstatements in socio-environmental matters
What could be considered a benefit of opting for administration over liquidation?
Identifying circumstances where administration could be adopted
Study Notes
ACCA Advanced Audit and Assurance (AAA) Exam-focused Study Materials
- Kaplan's Advanced Audit and Assurance (AAA) study materials are designed to help students prepare for the ACCA (AAA) exam.
- Kaplan claims their study materials are student-friendly due to their clear and concise language, making complex concepts easier to understand.
Distinguishing Features of Kaplan's Authors
- The authors of Kaplan's Advanced Audit and Assurance (AAA) study materials are experienced professionals with expertise in the field of audit and assurance.
Support Beyond Books
- Kaplan's Advanced Audit and Assurance (AAA) study materials offer support beyond books, including online resources and study guidance.
Exam Validity
- Kaplan's ACCA Advanced Audit and Assurance (AAA) study materials are valid for all exam sessions.
Key Advantage
- A key advantage of using Kaplan's Advanced Audit and Assurance (AAA) study materials is their focus on exam relevance and practice.
Study Aids
- 'Test your understanding' sections are included in each topic area to help students reinforce their knowledge and identify areas for improvement.
- 'Summary diagrams' at the end of each chapter provide a visual representation of key concepts.
- 'Supplementary reading' aims to provide additional context and information on specific topics.
- Practice questions are located at the back of each text to help students apply their knowledge.
- 'Review of the illustrations' helps students understand the content better by providing real-world examples and illustrations.
Assurance Services
- The main focus of assurance services provided by audit firms is to enhance the credibility of information and reports.
- Assurance services are provided to help stakeholders make informed decisions.
Assurance Engagements
- The level of assurance in assurance engagements depends on the level of risk and materiality.
Forensic Audit
- The primary purpose of a forensic audit is to gather evidence for legal or regulatory proceedings.
Accepting an Engagement
- Before accepting an engagement, auditors must consider factors such as independence, expertise, and resources.
Planning an Assignment
- A key factor in planning an assignment with professional skepticism is to identify potential biases and assumptions.
Determining Examination Procedures
- Auditors should primarily focus on the risk of material misstatement when determining examination procedures.
Carillion's Collapse
- Carillion, a UK construction company, collapsed in 2018 due to various factors, including poor governance and accounting practices.
- The collapse of Carillion caused significant problems for various groups, including employees, suppliers, and the UK government.
- The collapse of Carillion highlighted issues related to executive pay and effective governance.
- Big accounting firms played a role in the collapse of Carillion and other similar companies.
Assurance Engagement on Integrated Reporting
- The focus of an assurance engagement on integrated reporting is to provide an independent opinion on the accuracy and completeness of the report.
Audit of Performance Information
- A key aspect of the audit of performance information in the public sector is to ensure that the information is accurate, reliable, and relevant.
Examining Financial Position
- When examining the financial position of a potentially insolvent company, an important consideration is the company's ability to continue as a going concern.
Ethical Issues
- A key focus when discussing ethical issues impacting the auditing profession is the importance of independence, objectivity, and professional skepticism.
Assurance Engagement on Integrated Reporting
- A major task involved in an assurance engagement on integrated reporting is to evaluate the reporting entity's systems and processes.
Administration vs. Liquidation
- A benefit of opting for administration over liquidation is the potential for the company to continue operating and avoiding immediate closure.
Explore the features and benefits of ACCA Advanced Audit and Assurance (AAA) books by Kaplan, designed to help students pass the exam in one attempt. The books cover the entire syllabus in a student-friendly manner, focusing on exam requirements and complex topics.
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