Unit 17 help!!!

silvercar2010

Hi

I've taken this simulation twice & failed twice, i'm going for third time lucky

I have read the books, did the sample simulations at the end of the BPP book.

Has anybody got any tips, copies of old simulations they could send

regards

Jo Clark

What is Unit 17?

coojee

silvercar2010 wrote: »

Hi

I've taken this simulation twice & failed twice, i'm going for third time lucky

I have read the books, did the sample simulations at the end of the BPP book.

Has anybody got any tips, copies of old simulations they could send

regards

I've said it before and I'll say it again, tips on Unit 17 - don't do it, do a tax paper instead. Not helpful in your case now I know.

I'm just glad the AAT have made this an exam now under the new standards so that students won't pick it thinking it's easier because it's an assessment. It's not an easy paper and unless you work in external audit you'll really struggle with it.

The problem with auditing is that it's not about reading the books or doing past papers you need to get a feel for what auditing is all about and unless you do audits you can't get that. You need to approach each audit area with a "what could someone be doing wrong here" hat on which will determine what sort of tests you should be doing. So, for example, sales - you're looking for sales made but not recorded, things like cash sales where the money went straight into someone's pocket to avoid tax and VAT. This is difficult as you're looking for something that hasn't been recorded - how do you find something that isn't there? That's when you have to be creative and look at other things, like GP %age, tracing a purchase through the system (only works with definite items like caravans and cars where you can see the purchase so you'd expect it to either be sold or still in stock), delivery notes, till rolls etc. For expenses you're looking for things that have been paid for that don't actually exist or aren't for the business, so someone has been taking money out of the business and lining their own pockets. This is a bit easier as you just need paperwork for every item of expenditure in the books.

Don't know if I'm explaining it very well. Someone else has posted about this and their explanation was better than mine, can't remember who it was though, sorry!

silvercar2010

IAP Unit 17

Hi

Thanks for the advice Coojee, I'll look at it again from a different angle.

That's really helpful what you mentioned about Sales/purchases

I have a skill test on the 27th, If i fail again i'll ditch it & do a tax exam.