**ADVISE on 3.1 AAS Success**

1. Read examiner's student accountant articles

2. read through recent examiner's comments.

3. pass paper 2.6 before attempting paper 3.1 (ideally).

4. practise pass year questions n note down the points you didnt get from the model answer.

5. get some practical biz experience (if possible) n keep up to date by reading a quality newspaper.

6. in your answer, try to go that one step further to bring out the implication, but dont stress about trying to find it for every point.

7. dont be scared of the discussion question: the marking scheme is generous.

8. make sure u take a calculator.

Tips: www.nik-tips.blogspot.com

some questions and answers that candidates might need put some attention to:

1) Can you please explain the meaning of followings.

1. Hot Review
2. Cold Review
3. Peer Review

A: all of the reviews are part of Quality Control.
A hot review would be carried out prior to the issuing of the audit opinion, and could include a detailed technical review, a second partner review, as well as the normal hierarchical review that takes place of all work performed by the audit team.

A cold review is carried out after the audit opinion has been issues, and is usually conducted to look for audit efficiency matters, e.g. were any areas over audited, or were there any problems in gathering evidence. The efficiency points would then be carried down to next years audit.

A peer review is where audit firms review each others work. It is common in the USA, but less in the UK

2) Audit work ","matters to consider" and audit procedure.

What is the difference?i can not distinguish the three. Audit work I believe is what the auditor will do but what about the other two

A: 'Matters to consider' the requirement for Q3 means considering the following according to the examiner:

- calculating the materiality of the issue referred to in the scenario to assess its relevance in the context of the company.

You must calculate the specfic materiality of the issue in the context of the general information given about the company. Use the general rule of thumb that for an item to be material the following ranges apply: 0.5-1% of turnover, 5-10% of PBT and 1-2% of total assets. But you must relate it to the facts in the scenario to earn marks

- consider the applicable GAAP. Have the rules been complied with or not, as is usually the case. If not, comment on the changes that would be expecte3d to correct the situation and thus allow for an unqualified audit report

- consider the implications for audit reports if the client does not process the recommended changes suggested by the auditor.

'Audit work' simply requires a description of the work done by the auditor to gather the necessary evidence to support the conclusions reached

'Audit procedure' simply describes the procedures used by auditors i.e the work done, once again to provide sufficient relevant audit evidence to support the conclusions on which the audit report is based.

3) In this exam How miuch do you have to right to get a MARK?

A:The easiest answer to this question is to suggest you look at the examiner's answer - every block of writing is usually a potential mark.
In general, any well explained point (2-4 lines of writing) should be enough.So, "discuss with directors" will score zero, whereas "seek wriiten confirmation from directors that all related part transactions have been disclosed" is the level you are looking for.


4) What is current issue in the tips?

A:Q6 is usually referred to as the 'current issue' question, and is sometimes but not always preceeded by an examiners article. There is no published current issues article for this sitting. The current issues will be based on issues being discussed in the profession at the moment, and in the last 18 months. Students are advised by the examiner and the tutors to read more widey than just the student newsletter to get an understanding of topical issues.

I would recommend that you practice some of the recent Q6s from past papers to see the style of question and type of topic covered, e,g money laundering, earnings management, new ethical standards etc. You should practice some questions as it is a shame to go into the exam only being able to attempt Q4 and Q5 from section B.
-thanks to Lisa Weaver FTC 3.1 Tutor-

-ALL THE BEST-
hOPe this helps~~