Auditing Sim Exam and Feedback
Think you're not ready for a sim yet?
Frequently asked questions
Students feel that they need to wait until they’re ready to ‘pass’ the exams, or they’re finished their studying before they do this.
In reality, they need to do this as soon as possible, since this is a great tool to help you decide where to focus more attention, change the way you’re doing something, or fix your understanding.
One of the big challenges in Auditing is communication. When you write your exam, you know what you ‘meant’ to say. But is that what you actually write down?
Your work never looks the same as the solution. Will you still get the marks?
You can pay via EFT. Submit the form here, and I’ll send you bank details
Once you’ve paid and sent me a proof of payment:
- I’ll mail you the sim exam case study and required.
- You write the exam under exam conditions
- When you’re done, scan your attempt and email to me
- I’ll mark, and give you a comprehensive report on each question, your strengths and weaknesses, how to work on them, exam technique and further study guidance.
If you’re doing the second sim exam, take a week to work on these, then do the second sim exam to assess your improvement.
For any queries, email me: firstname.lastname@example.org
Here are my common findings for students who have completed these sim exams so far:
Theory is not the problem
Most of the marks that students aren’t gettings are due to communication and application issues, not because they don’t have enough ‘knowledge’. I can see they know their stuff, but they’re not able to explain it properly.
Misreading the question
- This is a really common problem. In the panic due to the time restraints, students read what they ‘think’ the question is asking.
- If there’s more than one ‘thing’ the question wants, they often ‘forget’ or don’t see the second part of the required
- They see ‘trigger’ words, but don’t read the words around it, which can change the whole question! (eg: they see the word ‘risk’ and immediately think they have to do risk assessment… even if the question asks them to discuss how to ADDRESS the risks
They don’t integrate their Fin Acc knowledge
For some reason, students totally separate their understanding and knowledge of IFRS, from Auditing. In Auditing you are ‘checking’ the company’s compliance with IFRS… everything you do in Fin Acc, you have to be able to ‘check’! You can’t ignore / leave your IFRS knowledge at the door. I expect that you know the accounting treatment for leases, because you’ll have to audit it!
This is by far the biggest reason students lost marks.
This is the trickiest to fix on your own. So many students tell me they don’t understand why they don’t get marks for stuff. It can be seriously discouraging, I know. It’s tough to figure out if your point is ‘close’ enough to the solution to get marks for it. Again, students often look at the ‘trigger’ words on the mark plan and think “Oh, I got that”, but they haven’t explained themselves properly, haven’t covered the components needed for the point, so they fail.
Honestly, the best way to fix this is to have someone go through your stuff and give you an indication of whether you’re on the right track, or how to change your communication.
Planning a structure for their answer (Especially discussion questions)
A lot of questions require a structure, if you just start writing, there’s a good chance you’ll get stuck on one detail, or not cover everything. You need to have a ‘plan’ of all the things you need to cover, so you can keep track of what you’re writing, when to move onto the next point, and allocate your time properly. It feels like a waste to take 2 minutes to plot out your plan, but it’ll cost you a lot of marks if you waffled on about one concept for ten points and never got to the rest of the question because you ran out of time.
Risk assessment needs work
Although students have been doing risk questions for years, I still find they struggle with the communication, and application of risk. Probably my best summary of this is that students don’t quite practically understand what ‘Risk-based Auditing’ actually is. They don’t quite know how to identify, rank, prioritise, and where risks arise. This isn’t going to get better by going back to textbooks either. Learning more about inherent risk doesn’t help you ‘spot’ and communicate it in a situation that you’ve never seen before.
This is a BIG problem. Your risk questions (obviously!) are going to suffer, but so are your audit plan, strategy, and procedure questions.