ACCA AAA Syllabus 2023

ACCA Advanced Audit and Assurance AAA

ACCA AAA (Advanced Audit and Assurance) – Previously known as P7 – AAA, And ACCA

ACCA AAA Syllabus 2023

AAA Syllabus includes two sections

1: Audit of historical Financial Statements (All syllabus of AA)

Acceptance of Audit
Audit planning & Risk Assessment (18-24 Marks Normally in Question No 1)
Audit Evidence (20-30 Marks Normally It can be tested anywhere in the paper, in any part out of 3)
Review (Around 15 Marks in every paper)

2: Other Areas
Two sections in this area

Ethic & Practice Management.
(Around 20 Marks from this area)
Other Assignments
(Q3 10-20 Marks Normally)
Audit RegulationForensic Audit
Code of ethicsPFI
Audit QualitySocial & Environment Audit
Advertising Professional servicesAudit of performance information of public sector
Due diligence

Paper Pattern

  • Question 1 50 Marks Case study and can b from
    • Risk (Must)
    • Audit Procedure (Usual)
    • Ethic (Usual)
    • Any other topic from the syllabus
  • Question 2:
    • Review and report (Must)
    • Any other topic can be tested with a review
  • Question 3:
    • Other assignments + any other topic can be tested here

Books & Revision Kits

How to pass AAA (Tips and Tricks)

AAA video lectures

AAA Pass Rate

Dec 2018March 2019June 2019Sep 2019Dec 2019
31%30%31%36%30%

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ACCA AAA Video Lectures

ACCA AAA Video Lectures

ACCA Advanced Audit and Assurance AAA

ACCA P7 Advanced Audit and Assurance Video Lectures

ACCA revision courses

Free Online ACCA P7 lectures, Advanced audit, and assurance Download free P7 course notes, 15 hours of free videos. ACCA Global P7 exam is all about technique

“Don’t let what you cannot do interfere with what you can do ”

Day 1

Day 2

Day 3

Day 4

Day 5

Day 6

  • Risk assessment
  • Business risk
  • Risk of material misstatement
  • Audit risk
  • Analytical review
  • Audit procedures
  • Ethical matters
  • Conclusion 

Advanced audit and assurance (AAA) is a theoretical paper mostly, in this exam examiner except to perform like a professional accountant and identify problems and solutions, this paper is also linked with Strategic business reporting (SBR). because you need to apply IASs and IFRS were needed to support your evidence.

Also in the AAA exam examiner tests many topics straightforwardly, so those topics you need to rote learn,

As well there is no shortcut to success, so prepare every single topic in your book, the examiner can test anything, and also read technical articles of AAA written by the AAA examiner.

Practice makes perfect. so try to solve ACCA’s past papers as much as you can, by solving every single question you will feel comfortable about that topic.

Read More: How to Pass ACCA AAA

ACCA Exam Tips

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Audit and Assurance Video Lectures

ACCA AA Video Lectures

Audit and Assurance Video Lectures

Previously known as F8

Here are AA Audit and Assurance Video lectures, held by ACCA. for exam preparation within a few days these short lectures,

The best preparation for tomorrow is doing your best today.

This is a one-week revision class, at the end of day 6, hopefully, you will be able to pass your exam of Audit & Assurance,

However, practice makes perfect, try to practice past exam questions as much as you can.

There is no shortcut to success, so don’t be trying to guess the exam questions, every single topic is important and you should prepare every topic its necessary

Day 1

Day 2

Day 3

Day 4

Day 5

Day 6

it’s all, now best of luck with your ACCA exam of Audit and Assurance.

The exam rule is:

  • Don’t be panic at all
  • Do your best
  • Don’t leave any questions unanswered

As well also prepare straightforward knowledge too. because in the audit exam there are many areas that the examiner test straightforwardly and purely knowledge-based. so those can be rote learning. you can check our Audit and Assurance exam tips

Substantive procedures are a major area of the Audit and Assurance course, so you need to learn substantive procedures very defectively.

Let us sacrifice our today so that our children can have a better tomorrow

Read More: AUDIT AND ASSURANCE

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Client acceptance or continuance audit

Client acceptance or continuance audit

Client acceptance or continuance audit

Steps before the acceptance of an audit client 

Client Acceptance or Continuance– Need to Know when to say no or yes. Asking the right questions from the client while considering new clients or continuance of existing clients, is a key first step for establishing a quality audit and relationship between the auditor and client.

Read moreClient acceptance or continuance audit

How to Pass ACCA AAA

How to Pass ACCA P7 AAA

How to Pass ACCA AAA Advanced Audit and Assurance, Answering Techniques

How to Pass ACCA AAA

Regulatory Environment

Syllabus Area A, B & C

  • Law and Regulations
  • Money Laundering

Professional and Ethical Considerations

  • Code of Ethics
  • Fraud and Error
  • Professional Liability

Practice Management

  • Quality
  • Obtaining and accepting professional assignments

Commonly Tested Requirements

Comment on the

  • Ethical
  • Professional
  • Quality Control
  • And other issues
  • And Recommend Further action to be taken

Ethical:

identify the issue from the scenario, Link to IESBA’s code of ethics and write the relevant safeguard from the code.

Professional:

Identify issues from the scenario related to the WAY the audit work has been done, explain why it is wrong and what impact it will have on the audit.

Quality control:

identify the issue from the scenario related to the WAY the audit work has been done, explain why it is wrong and link it to the element of Quality control (ISQC or IAS) that has not been conducted properly.

Recommend further action:

what steps should the auditor take next regarding each issue identified and discussed above?

1. Answering technique for Risk of Material Misstatement in Financial Statement.

  1. Comment on Materiality
  2. Write the relevant IFRS/IAS treatment
  3. Explain the risk, Make sure you clearly mention which part of the F/S (Amount or Disclosure) is under or overstated

2. An answering technique for Matters to consider and Audit Evidence or Audit Procedure

Matters to consider

  • Comment on Materiality
  • Relevant IFRS treatment (there might be more than on IFRS!)
  • Risk/other issues based on the information given in the scenario

Audit procedures OR evidence

  • Substantive testing: inspection, Enquiry, External confirmation, recalculation, discussion, etc
  • Audit Evidence: Start your answer with ‘I would expect to see…’

3. The answering technique for Audit Opinion and audit Report

The question would normally begin with matters that need to be discussed with the management at the completion stage or further procedures at the completion stage. These will be answered by writing further procedures/ discussions that need to be done based on the information given.

The question will then ask for an impact on audit opinion and audit reports.

Writing the opinion
  1. Mention whether it is a misstatement or an inability to get the sufficient appropriate evidence
  2. Calculate and explain whether it is immaterial OR material OR pervasive
  3. Decide and write the opinion: Unmodified or modified. IF modified, explain the TYPE of opinion QUALIFIED EXCEPT FOR or ADVERSE or DISCLAIMER of opinion.
Writing the impact
  1. if the opinion is modified (above), explain the changes to the audit report
    • The heading of opinion and basis for opinion paragraph will change, explain what the headings will be
    • In the basis for opinion paragraph, nature, amount, IFRS and impact will be explained
  2. Evaluate whether any additional paragraph will be needed, for example, MUGC, EQPM, or OMP or maybe something needs to
Critically Evaluate an Audit report extract

Find answers to the following:

  1. Is the type of opinion correct?
  2. Opinion and basic for opinion paragraph Headings correct?
  3. Basic for opinion (All FOUR of these mentioned? Nature, amount, impact, IFRSs)
  4. Additional paras: Need? if yes, placement is correct?
  5. KAM: Do matters identified as KAM actually fulfill the criteria of being called KAM? introduction proper i.e to explain the concept of KAM etc.? Significance of issues identified as KAM and how these affected auditors’ efforts explained? How each KAM was addressed in the audit explained? placement of the paragraph correct?
  6. Unprofessional wording?
Communication
  • Required format
  • with a professional tone and use of language
  • avoiding ambiguity, unnecessary explanations, and repetition.
  • Language concise, clear and factual
  • use ‘justifying’ words, such as ‘because’, For example ”I recommend you this because…..”

Conclusion:

  • Conceptual knowledge of course of AAA
  • Good command on IFRS
  • Must knows exam technique
  • Must be able to apply those technique and draft answer as per those technique
  • First 2 points are 40% – and last 2 points are 60%
    Normally students prepare only 40% but don’t knows how to apply it practically

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