Focus Notes - AAA - LW7

AAA Focus Notes Learning week 7
Professional Skills Marks (PSMs) and syllabus area G: Current Issues

Learning week 7 covers professional skills marks (PSMs) and syllabus area G. After
completing week 7 you will understand:
1. Professional Skills Marks
How to earn the 20 marks that are available for demonstrating professional skills
2. Current issues
How current issues are examined in the AAA exam
How is this area examined?

Section A: Case Study
10 PSMs available
Current issues could form a small sub-requirement (5-8 marks)
Section B: Extended written question
5 PSMs in each of the section B questions (10 in total)
Current issue could be a small sub requirement of 5-10 marks (if not tested in the Case
Study).
You will be given a brief description of the current issue and then asked to comment on it.
The issue will be part of a wider question (e.g. if the question is on quality control, you may
be asked to discuss how remote working could impact audit quality).
What do I need to know to pass?

Have great exam technique
You have to ‘actively’ try to earn the PSMs. If you have the right techniques….many of
these marks are fairly easy to earn.
Read the examiner’s articles

Current issues are typically (but not always) discussed in an examiner’s technical article
prior to featuring in the exam.
© ACCA 2023 Delivered in collaboration with Ben Wilson, external Expert Tutor 1
Learning week 7: PSMs and Current Issues
1 Professional Skills Marks (PSMs) Your notes
1.1 Introduction
There are 20 marks for PSMs

- Q1 – 10 marks
- Q2 – 5 marks
- Q3 – 5 marks
There is NO pre-defined marking scheme for PSMs.

The marks change depending on the requirement.
PSMs are awarded ‘holistically’ over the entire

question (rather than for individual requirements).
There is some ‘headroom’ with PSMs.

- Q1, 12 or 13 marks available (capped at a 10)
- Q2, 6 or 7 marks available (capped at 5)
- Q3, 6 or 7 marks available (capped at 5)
There are 4 categories of PSMs
1) Communication
- Format, professional language & answering the

question.
- Section A only (4 marks)
2) Analysis and evaluation
- Using numbers, balanced argument, using the

scenario, developing your points
- Sections A & B - all questions
3) Professional Scepticism & Judgement
- Question with authority, prioritise your points, apply

materiality appropriately, conclude
- Sections A & B - all questions
4) Commercial acumen
- Make commercial points
- Sections A & B - not all questions
2 © ACCA 2023 Delivered in collaboration with Ben Wilson, external Expert Tutor
Your notes
1.2 Communication
4 marks, section A only
1) Format, introduction, subheadings

- Briefing notes heading
- To, From, Date, Subject
- Brief (but tailored) introduction
- Subheadings throughout
2) Professional language
- Avoid abbreviations and slang
3) Relevant to the requirements

- Answer the specific question asked
- Answer all of the requirements
4) Adhere to specific instructions

- DO anything specifically asked for
- DO NOT do things you are told not to!
1.3 Analysis & Evaluation

- Section A (3 or 4 marks)
- Section B (2 or 3 marks)
1) Using numbers
- % changes / ratios
- Comment on your numbers
- Comment if required data is missing
2) Balanced appraisal
- Argue both sides where relevant
- Mention BOTH positives and negatives
3) Use the scenario information

- Make tailored points (use facts from the scenario)
- Take into account the PHASE of the engagement
- Comment if required information is missing
4) Develop your points

- Implications, both long term and short term
- Impact on wider stakeholders
Your notes
1.4 Professional Scepticism & Judgement
1) Look for inconsistencies

- Narrative information vs numbers
- Information in different exhibits
- Information from different sources
2) Question the source

- Potential bias
- Ethical threats
3) Prioritise your points

- Most significant points first
- Justify WHY they are most significant
4) Conclude wherever relevant

- Evaluate & Discuss questions
- Get off the fence – say yes or no!
- Justify your conclusion
1.5 Commercial acumen
1) Be commercial when explaining business risks

- Impact on strategy / KPIs
- Impact on cashflow
- Impact on current operations
2) Impact on the audit firm

- Reputation damage
- Loss of other clients
- Ability to recruit staff
- Audit fees
2 Current issues Your notes
2.1 Exam focus

In recent years, current issues have only been tested
where the topic has featured in an examiner’s article.
Exposure drafts are NOT examinable in AAA.
2.2 Technical articles are NOT very important

Other exams, like SBR and AFM – you need to ‘know’
the technical articles. They are examined in detail.
This is NOT the case in AAA. The technical articles

are there for background and context only.
2.3 Recent (and more examinable) articles

- Data analytics
- Group audits
- Quality management (2 articles)
- Environmental and social reporting (2 articles)
These articles are included as an appendix to the

focus notes.
You should read these articles and make your own
summary notes.
2.4 Listen to Ben’s podcast

I have podcasts covering all recently published
technical articles.
Search for ‘ACCA Ben Wilson AAA’ on your favourite

podcast platform (Spotify, Apple, Google) and you’ll
find me easily.
© ACCA 2023. The information in the course content and classes (the “Content”) may contain expressions
and opinions of the original creator and do not necessarily represent the views and opinions of ACCA. The
Content has been made available for tuition purposes and ACCA makes no representations and warranties
with respect to its effectiveness and accuracy and hereby disclaims all liability to any party for any direct,
indirect, implied, punitive, or other consequential damages arising from any use of the Content which is
provided as is, and without warranties.
Up next… Technical articles!

Read the following 6 technical articles (click each link to open the article).
- Data analytics
- Group audits
- Quality management (article 1)
- Quality management (article 2)
- Environmental and social reporting (article1)
- Environmental and social reporting (article2)
As you read, use the spaces provided on the following pages to make your own summary
notes on each.
Exam Focus professional skills masterclass (live class)

You should also note key points from the live class covering professional skills.
Space is provided for this after the technical articles pages.
Data analytics technical article

Make notes here, summarising your learning points from the article
Your notes
Group audits technical article

Make notes here, summarising your learning points from the article
Your notes
Quality Management technical articles

Make notes here, summarising your learning points from the articles
Your notes
Environmental and Social reporting technical articles

Make notes here, summarising your learning points from the articles
Your notes

Make notes here, summarising your learning points from the live session
Your notes

Make notes here, summarising your learning points from the live session
Your notes

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AAA Focus Notes Learning week 7

Professional Skills Marks (PSMs) and syllabus area G: Current Issues

How is this area examined?

What do I need to know to pass?

Read the examiner’s articles

1 Professional Skills Marks (PSMs) Your notes

There are 20 marks for PSMs

There is NO pre-defined marking scheme for PSMs.

PSMs are awarded ‘holistically’ over the entire

There is some ‘headroom’ with PSMs.

There are 4 categories of PSMs

- Format, professional language & answering the

2) Analysis and evaluation

- Using numbers, balanced argument, using the

- Sections A & B - all questions

3) Professional Scepticism & Judgement

- Question with authority, prioritise your points, apply

- Sections A & B - all questions

- Make commercial points

- Sections A & B - not all questions

1) Format, introduction, subheadings

3) Relevant to the requirements

4) Adhere to specific instructions

1.3 Analysis & Evaluation

3) Use the scenario information

4) Develop your points

1) Look for inconsistencies

2) Question the source

3) Prioritise your points

4) Conclude wherever relevant

1.5 Commercial acumen

1) Be commercial when explaining business risks

2) Impact on the audit firm

2 Current issues Your notes

2.1 Exam focus

Exposure drafts are NOT examinable in AAA.

2.2 Technical articles are NOT very important

This is NOT the case in AAA. The technical articles

2.3 Recent (and more examinable) articles

These articles are included as an appendix to the

2.4 Listen to Ben’s podcast

Search for ‘ACCA Ben Wilson AAA’ on your favourite

Up next… Technical articles!

Exam Focus professional skills masterclass (live class)

Space is provided for this after the technical articles pages.

Data analytics technical article

Group audits technical article

Quality Management technical articles

Environmental and Social reporting technical articles

Exam Focus professional skills masterclass (live class)

Exam Focus professional skills masterclass (live class)

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