aCOWtancy Blog

..here are 10 great tips to help

Here's some solid advice

• Watch my classroom videos on Control systems (Sales, purchases etc)

• When answering questions on the above - just be sensible - it's normally quite obvious when there's a deficiency

• If you don't see a deficiency - you haven't tackled enough questions - as the same deficiencies come up time and time again - get working those past papers on deficiencies in control systems now :)

• Now work on substantive procedures - for this you need to watch my videos on (or learn from textbook) revenue, PPE, provisions and stock

• If you get stuck thinking of audit procedures - then use the assertions to help you think of some - test for control / obligation, accuracy / valuation, ownership,existence, completeness and cut-off

• For audit procedures always say the correct verb (AEIOU or other), to what or who, and why you're doing this

• Know the audit opinion qualifications and KAM uses well - especially for going concern

• Now learn all about ethical threats and again do as many past papers as possible - or watch me do them in the classroom - the same ethical issues also come up time and time again

• Ensure you know the difference between audit, business and FS risk

• You now just need to learn the BASICS of the rest - remember MCQs mean this is vital - so use the revision course in class 1 to help