Supplementary exam suggested solutions and examiners’ feedback Audit & Assurance (2) 2015 Copyright © Chartered Accountants Australia and New Zealand 2015. All rights reserved. This publication is copyright. Apart from any use as permitted under the Copyright Act 1968 (Australia) and Copyright Act 1994 (New Zealand), as applicable, it may not be copied, adapted, amended, published, communicated or otherwise made available to third parties, in whole or in part, in any form or by any means, without the prior written consent of Chartered Accountants Australia and New Zealand.

Chartered Accountants Program Audit & Assurance Supplementary exam suggested solutions and examiner’s feedback Page 1 1. Introduction Chartered Accountants ANZ exams Candidates, you have now completed the Audit and Assurance (2) 2015 supplementary exam and received your results. To those who were successful, congratulations. To those who did not achieve the desired results, the module team is here to assist you. This examiners’ feedback document is provided to help you understand your exam mark. In addition, myLearning contains the following resources that should help you in improving your performance next time: • the AAA215 supplementary exam paper • Exam tips and techniques, which includes general information about exams in the Chartered Accountants Program • other learning materials. We recommend that you use these key resources to help you reflect on your exam performance. Marking process Marking of exam scripts involves detailed quality control procedures. The process involves each exam script being individually assessed against the criteria specified for each question. Each exam question is marked by Chartered Accountants in one location, over one weekend. Before marking commences, all markers meet and discuss the question they will be marking. This discussion ensures that each member of the marking panel understands the marking criteria against which responses must be assessed. During this meeting, one candidate exam script is randomly selected and a copy of that script is marked by each marker on the marking panel. Once each marker has marked the same script, the marking panel regroups to discuss the marks awarded and consider any aspects of the marking criteria needing further clarification. This process is repeated with another randomly selected candidate script until all members of the panel are applying the marking criteria consistently. Finally, each marker is assigned a batch of scripts to mark. During the process, a minimum of 20% of the marked scripts are audited. This involves one of the marking auditors assessing a marked script. If a discrepancy exists between the original mark and the auditor’s mark, both the marker and the auditor review the script and agree on the final mark. If necessary, a second auditor may be asked to mark the script.