ACCA (AAA) Exam-focused Advanced Audit and Assurance Kaplan Books Overview

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the main focus of ACCA (AAA) Exam-focused Advanced Audit and Assurance by Kaplan?

  • Emphasizing historical accounting practices
  • Providing classroom experiences for practical learning
  • Offering theoretical materials with no practical application
  • Covering the whole syllabus with exam-oriented content (correct)

Why does Kaplan claim their Advanced Audit and Assurance (AAA) study materials are student-friendly?

  • They are written by subject specialists with no teaching experience
  • They only focus on theoretical concepts
  • They provide limited resources for online learning
  • They use engaging formats to simplify complex areas (correct)

What distinguishes the authors of Kaplan's Advanced Audit and Assurance (AAA) study materials from others?

  • They have no subject specialization
  • They are focused on outdated teaching methods
  • They are experienced tutors who teach the paper (correct)
  • They don't consider students' needs in learning

How does Kaplan's Advanced Audit and Assurance (AAA) study materials support students besides books?

<p>Through a wealth of free online resources (A)</p> Signup and view all the answers

Which exam sessions are the ACCA Advanced Audit and Assurance (AAA) study materials valid for according to Kaplan?

<p>September 2022, December 2022, March 2023, June 2023 (C)</p> Signup and view all the answers

What is a key advantage of using Kaplan's Advanced Audit and Assurance (AAA) study materials?

<p>Increased chance of passing the exam first time (A)</p> Signup and view all the answers

What is the purpose of the 'Test your understanding' sections in each topic area?

<p>To assess understanding through short questions (D)</p> Signup and view all the answers

What type of content can be expected in the 'Summary diagrams' at the end of each chapter?

<p>Important links between topics and overall content (A)</p> Signup and view all the answers

What should you do if you find an error in any of Kaplan Publishing's products?

<p>Submit a report to <a href="mailto:[email protected]">[email protected]</a> with full details (C)</p> Signup and view all the answers

What does 'Supplementary reading' aim to provide?

<p>Deeper understanding of core areas (A)</p> Signup and view all the answers

What kind of practice is located at the back of each text?

<p>Multiple choice questions (D)</p> Signup and view all the answers

How can 'Review of the illustrations' help students understand the content better?

<p>By offering worked examples for application (D)</p> Signup and view all the answers

What is the main focus of assurance services provided by audit firms?

<p>Verification of financial information (D)</p> Signup and view all the answers

In assurance engagements, what does the level of assurance depend on?

<p>Quality and quantity of evidence obtained (B)</p> Signup and view all the answers

What is the primary purpose of a forensic audit?

<p>Detecting and investigating financial fraud (A)</p> Signup and view all the answers

What must be considered before accepting an engagement according to the text?

<p>Ethical and professional considerations (C)</p> Signup and view all the answers

What is a key factor in planning an assignment with professional skepticism?

<p>Challenging assumptions and critically assessing evidence (A)</p> Signup and view all the answers

What should auditors primarily focus on when determining examination procedures?

<p>The nature, timing, and extent of examination procedures (C)</p> Signup and view all the answers

What was one of the main reasons for Carillion's collapse?

<p>Taking on too many projects without realistic pricing (B)</p> Signup and view all the answers

What happened to Carillion in 2018?

<p>It went into compulsory liquidation (D)</p> Signup and view all the answers

Why did the collapse of Carillion cause significant problems for various groups?

<p>Employees lost their jobs and government contracts were left incomplete (D)</p> Signup and view all the answers

What issue related to executive pay was highlighted by the collapse of Carillion?

<p>Directors earning significant amounts despite company losses (D)</p> Signup and view all the answers

Why did the collapse of Carillion suggest a lack of effective governance?

<p>Directors' remuneration allowed them to benefit despite the collapse (D)</p> Signup and view all the answers

What role did big accounting firms play in the collapse of companies like Carillion?

<p>Not raising concerns early enough to prevent the collapse (A)</p> Signup and view all the answers

What is the focus of an assurance engagement on integrated reporting?

<p>Measuring and reporting on economic, environmental, and social information (A)</p> Signup and view all the answers

What is a key aspect of the audit of performance information in public sector?

<p>Differentiating from performance auditing (A)</p> Signup and view all the answers

What is an important consideration when examining the financial position of a potentially insolvent company?

<p>Determining if administration is an alternative to liquidation (A)</p> Signup and view all the answers

What is a key focus when discussing ethical issues impacting the auditing profession?

<p>Discussing emerging ethical issues and evaluating their impact (A)</p> Signup and view all the answers

What is a major task involved in an assurance engagement on integrated reporting?

<p>Detecting potential misstatements in socio-environmental matters (D)</p> Signup and view all the answers

What could be considered a benefit of opting for administration over liquidation?

<p>Identifying circumstances where administration could be adopted (C)</p> Signup and view all the answers

Flashcards

Kaplan's AAA Study Materials

Study resources designed to help students prepare for the ACCA Advanced Audit and Assurance exam.

Experienced Authors

Authors of Kaplan's AAA materials possess auditing expertise.

Online Resources

Additional support beyond the book, often including study guides and more.

Exam Validity

Kaplan's AAA materials are applicable across all exam sessions, no limit.

Signup and view all the flashcards

Exam Relevance

Kaplan's emphasis is on making materials useful for exam performance.

Signup and view all the flashcards

Test your understanding

Sections within the text that reinforce learned concepts and identify knowledge gaps.

Signup and view all the flashcards

Summary Diagrams

Visual representations of key concepts at the end of chapters

Signup and view all the flashcards

Supplementary Reading

Extra content for deeper understanding and context regarding topics.

Signup and view all the flashcards

Practice Questions

Questions at the end of each text to help apply knowledge.

Signup and view all the flashcards

Review of Illustrations

Examples that help understand the content, often real-world.

Signup and view all the flashcards

Assurance Services

Improving the info provided and credibility of reports for stakeholders.

Signup and view all the flashcards

Assurance Engagements

Level of assurance depends on risk and how material the details are.

Signup and view all the flashcards

Forensic Audit

Use of evidence for legal or regulatory work.

Signup and view all the flashcards

Accepting Engagement

Factors like independence, expertise, and resources considered before starting.

Signup and view all the flashcards

Planning an Assignment Audit

Identifying and understanding biases and assumptions.

Signup and view all the flashcards

Examination Procedures

Focus on the risk of the misstatement to determine how to proceed.

Signup and view all the flashcards

Carillion's Collapse

UK construction company collapse in 2018 due to poor governance, accounting and other problems

Signup and view all the flashcards

Integrated Reporting Audit

Assurance on report accuracy and completeness

Signup and view all the flashcards

Public Sector Performance Info

Checks on public sector data for accuracy, dependability, and relevance.

Signup and view all the flashcards

Financial Position of Insolvent Company

Assessing a company's ability to stay in business.

Signup and view all the flashcards

Ethical Issues (Auditing)

Importance of independence, objectivity, and caution in auditing.

Signup and view all the flashcards

Integrated Reporting Systems

Evaluating the entity's processes and reporting mechanisms within audits.

Signup and view all the flashcards

Administration vs. Liquidation

Choosing between keeping a company running or closing.

Signup and view all the flashcards

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.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser