Audit help

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GoldenRetreiver
GoldenRetreiver Registered Posts: 64 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
Hi I was wondering if anyone could help with some advice. We have just started an intensive Audit course with the simulation due on 21st Dec. There seems an awful lot of work to do in 4 days - can anyone offer any advice as to what the key subjects tend to be in the simulation etc. Thanks

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  • bryan100
    bryan100 Registered Posts: 23 New contributor 🐸
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    Make sure you know:
    the difference between audit and accounts completion!
    what controls you are looking for, SOAPSPAM
    the difference between compliance and substantive testing
    the direction of testing, i.e. debits for overstatement and credits understatement
    the evidence trail required for true and fair
    what true and fair means
    Bear in mind that in audit you can stretch a little knowledge a very long way!
  • Jay
    Jay Registered Posts: 11 New contributor 🐸
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    Hi

    Very clear answer from Bryan (I'm taking my audit on the 20th) and I am unclear what to revise.

    Just one thing, can you explain what SOAPSPAM stands for???

    :001_smile:
    Thanks
    Jay
  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
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    SOAPSPAM is an acronym used in audit and stands for:

    Segregation of duties
    Organisation
    Authorisation
    Physical
    Supervisory
    Personnel
    Access
    Management

    It can also be part-reversed as "SPAMSOAP". It is used to test controls.

    Hope that helps.

    Best regards
    Steve
  • GoldenRetreiver
    GoldenRetreiver Registered Posts: 64 Regular contributor ⭐
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    Audit Help

    Thanks for your help - I will keep my fingers crossed
  • bryan100
    bryan100 Registered Posts: 23 New contributor 🐸
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    Just to give you hope!
    At ACCA final level there was and may still be a Management paper. No numbers, just the usual drivel. I used to lecture the entire paper in one 5 hour afternoon. It was often the most successful paper (which may say a lot about my lecturing of the other subjects).
    Auditing is much the same, you keep saying the same thing again and again.
    I remember doing audit for the first time in 1991, the text book required you to read a paragraph and then refer to the Audit statements, (no standards in those days) I often had the wrong standard open but it didn't make any difference. Just tell yourself that this is the most interesting subject you've ever studied and you love it!

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