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CPA AA Exam Overview:
| Certification Vendor: | CPA Australia |
|---|---|
| Exam Name: | Audit and Assurance (AA) |
| Exam Number: | AA |
| Certificate Validity Period: | CPA designation requires ongoing CPD; subject completion contributes to CPA Program (typically within program completion timeframe) |
| Exam Format: | Case studies, Computer-based exam, Constructed response questions, Multiple choice questions |
| Exam Duration: | 180 minutes |
| Related Certifications: | CPA (Certified Practising Accountant) |
| Available Languages: | English |
| Passing Score: | 540/900 (scaled score) |
| Recommended Training: | CPA Australia Official Learning Resources |
| Exam Registration: | CPA Australia CPA Program Registration |
| Sample Questions: | CPA AA Sample Questions |
| Exam Way: | Computer-based examination (often proctored online or at designated test centers depending on region) |
| Pre Condition: | No mandatory prerequisite, but completion of CPA foundation and core subjects is typically required within the CPA Program structure. |
| Official Syllabus URL: | https://www.cpaaustralia.com.au |
CPA AA Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Internal Controls | - Internal control systems and components - Control testing and evaluation |
| Professional Ethics and Legal Responsibilities | - Auditor independence and professional conduct - APES 110 Code of Ethics |
| Audit and Assurance Fundamentals | - Nature and purpose of audit and assurance - Types of assurance engagements |
| Audit Reporting | - Modifications to audit opinion - Audit opinions and reports |
| Audit Evidence and Procedures | - Audit procedures and techniques - Sampling and substantive testing |
| Audit Planning and Risk Assessment | - Materiality and audit strategy - Understanding the entity and its environment - Risk of material misstatement |
Common Questions About the CPA Audit & Insurance Exam
The CPA AA exam, officially titled Audit & Insurance, is the required test for earning the CPA Program certification, a credential at the Professional level. Passing it validates the skills CPA expects from certified professionals, and it can also support progress toward related credentials such as CPA (Certified Practising Accountant).
CPA asks candidates to meet the following requirement before registering: No mandatory prerequisite, but completion of CPA foundation and core subjects is typically required within the CPA Program structure.. Exam policies do change, so confirm the latest details on the official exam page at https://www.cpaaustralia.com.au before you book.
You can book your seat through the official registration channels below:
The AA exam is delivered in the following format: Computer-based examination (often proctored online or at designated test centers depending on region).
CPA recommends the following official training for this exam:
A course builds the theory; practice turns it into exam-day performance. Once you finish a class, the 80 practice questions from Actualtests4sure show you how the same knowledge appears in exam-style items.
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The CPA Audit & Insurance exam is organized into 6 major domains. Some of the key domains include:
- Audit Evidence and Procedures
- Audit Planning and Risk Assessment
- Audit and Assurance Fundamentals
Scroll up to the Exam Topics section for the complete breakdown, and use it to plan how much study time each domain deserves.
CPA Audit & Insurance Sample Questions:
Question 1
The management of Tory Bank Ltd suspects that a bank loan officer frequently made loans to fictitious companies, disbursed loan proceed to his wife's accounts, and then the loan has been written-off as irrecoverable. Some significant facts about the loan officer include
A high standard of living, explained as the result of sound investments and not taking vacations
An expensive personal car obtained through business contacts
Gasoline and repair bills submitted for an assigned company car that is higher than company average (mileage logs were submitted on a quarterly basis)
Marked annoyance with questions from auditors
The above fraud would least likely be discovered by
A. External or internal audits of loan files.
B. Analysis of total dollar volume of loans by loan officer.
C. Analyses of the number of loans made by each loan officer.
D. Reconciliation of total loans outstanding to the general ledger balance.
Question 2
Elody Gaindy was discussing about the contents of audit report produce on the audit of ABC Ltd with his friend Evie Christoffelsen. Evie informed Elody the matters on which auditors are required to report by exception such as:
Adequate accounting records of ABC Ltd have not been kept, or returns adequate for the audit have not been received from branches of ABC Ltd not visited by Elody Gaindy; or
The financial statements of ABC Ltd are not in agreement with the accounting records and returns; or
Certain disclosures of directors' remuneration of ABC Ltd specified by law are not made
Which of the following statements is not true about the audit report prepared by Elody Gaindy?
A. An unqualified opinion with modified wording has three paragraphs.
B. A three-paragraph report ordinarily indicates there are no exceptions in the audit.
C. More than three paragraphs in the report indicates there must be some type of qualification in the audit report.
D. A one-paragraph report is generally used when the auditor is not independent.
Question 3
Audit documentation provides evidence that the audit complies with the ISAs. However, it is neither necessary nor practicable for the auditor to document every matter considered, or professional judgment made, in an audit. Further, it is unnecessary for the auditor to document separately (as in a checklist, for example) compliance with matters for which compliance isdemonstrated by documents included within the audit file. For example the existence of an adequately documented audit plan demonstrates that the auditor has planned the audit.
Which one of the following is not an objective of audit planning?
A. To identify potential problems and resolve them on a timely basis
B. To determine the scope of the engagement
C. To assign work to members of the audit team
D. To ensure appropriate attention is devoted to the important areas of the audit
Question 4
The auditor shall maintain an attitude of professional scepticism throughout the audit, recognising the possibility that a material misstatement due to fraud could exist, notwithstanding the auditor's past experience of the honesty and integrity of management and those charged with governance.
Which of the following best describes professional scepticism?
A. The auditor should apply a questioning mind to the information and evidence he obtains.
B. The auditor should not believe anything that management tells him.
C. The auditor should always assume the worst outcome in cases of uncertainty.
D. The auditor should not believe anything that management tells him, without obtaining supporting evidence.
Question 5
Deteriora Ltd has recently started up the audit of a new client, Thatch plc. The auditor has identified that Thatch plc has few employees in its accounting department.
Which of the following is the MOST appropriate approach that should be used by Deteriora Ltd under this circumstance?
A. No test is required
B. A mix of tests of control and substantive procedures
C. Tests of control only
D. Substantive procedures only
Solutions:
| Question 1 Answer: D | Question 2 Answer: C | Question 3 Answer: B | Question 4 Answer: A | Question 5 Answer: D |
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