Understanding And Studying The Required Knowledge for ACCA AAA

00:00 Introduction 01:00 How you study for the paper is critical 03:45 Knowing, Understanding & Remembering 05:38 Knowledge that is needed to pass the exam 08:05 Knowing how to apply the knowledge is fundamental 09:35 Marks obtained gives an indication where the student stands 10:10 Pointers to help pinpoint your weaknesses The AAA examination requires a sound understanding of the SYLLABUS and EXAMINABLE DOCUMENTS. When studying, you are trying to KNOW the subject matter, UNDERSTAND the subject matter And importantly, to REMEMBER what you have studied. KNOWING the subject matter, UNDERSTANDING the subject matter, And REMEMBERING what you have studied will help you answer the exam questions You Must Know the IFRS & Understand them & how they apply & remember them. There are 35 IFRSs listed in the examinable documents for SBR. The examiner says that SBR would be ASSUMED KNOWLEDGE for AAA. You must be familiar with the Criteria for recognition, the rules for measurement, the requirements for presentation & disclosure. What this means is that the student needs to clear SBR before attempting AAA or at least attempt SBR alongside AAA. Passing FINANCIAL REPORTING alone is insufficient. For audit procedure questions You must Know & understand & remember The auditing standards. There are a total of 35 auditing standards. For the ethical threats Qs, you need to Know & understand & remember 36 requirements of the ACCA code. You would have covered many of these in Audit and Assurance at the Skills level. Knowing & understanding & remembering the required knowledge is just the first step. Students must appreciate that at this level, the examining team is looking for more than simply a demonstration of knowledge over a certain topic area. Students must be able to show how that knowledge is relevant to the circumstances presented in exam questions. At this level of exam, the examiner is testing your ability to respond to the issues in the scenario. In one of the AAA examiner’s reports, the examiner stated that there was some evidence of candidates treating a given area as a repeat of a previous exam question. And it seemed like some students had sort of “copy-pasted” the answer from an audit risk question from a prior exam to the audit risk question in the current exam. AAA is a professional-level exam. The examining team makes sure that on two questions are exactly alike. There is always some variation. So, memorizing an answer from a different exam sitting and different exam sitting and applying it to a current exam is unlikely to score high marks Let’s now consider, what it means when students score a certain mark in the exam. A student who scores 30 or fewer marks shows poor knowledge of the subject matter. On the other hand, a student who scores 45-49 marks shows that he or she has the knowledge but lacks exam techniques in approaching the questions. NOW, If you have difficulty understanding the requirements of the question or difficulty coming up with ideas for your answer, you may be lacking in knowledge. On the other hand, if you are able to answer the questions, but your problem is being unable to complete the answer within the allotted time, it could be an indication that your exam technique skills are lacking. If you need more specific advice on how to effectively prepare for AAA, you could always email me at [email protected]