June 11, 2012 at 6:41 am #53320
Post your comments about June 2012 P7 exam.
?How did you do? What came up? How did this paper compare to previous exams?
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[polldaddy poll="6303336"]June 11, 2012 at 10:59 am #99945
The exam as ok… but once again… time management is the problem.June 11, 2012 at 11:24 am #99946
Wow, so what came up? Cant believe exams are here again!!!
Did you manage to touch all parts of the exam?
What was Question 1 and 2 based on? Business Risk?
I hope you pass!!!!! God will deliver………June 11, 2012 at 12:04 pm #99947
The questions were:
1. Group audits. Mid-year acquisition. Not the same FS date. Evaluating individual risks of materials misstatements and also on group level. Audit procedures on goodwill. Ethical matters on recruitment services by audit company or lending person.
2. I do not remember anymore. There were audit procedures to be explained. Some ethical matters. But wrote a lot and failed with time management here. Ethical issues.
3. Money laundering. Professional scepticism. Internal controls failure.
4. Ethical, commercial and professional issues discussion on the given situations.Actualy do not remember anymore as well in details.
In general the topics were uite ok, but I hate the requirements, fx. identify implications, matters to cosider. Fx Q1 was group audits. Even though the topic was read ind etails, the information given is so much to be able to plan the time and answers accordingly. When thinking now, without time pressure, I would perhaps wrote something other way.
Unfortunately, have a feeling of going through all this agian in December.June 11, 2012 at 12:43 pm #99948
it was very easy as for me…Will pass InshAllahJune 11, 2012 at 1:02 pm #99949
The paper was okay but I guess I found it time pressured personally there was alot to write for the procedures for the forecasts and I was running out of time so had to hurry on the section B questions. All in all it was not a difficult paper and some of the requirements were very similar as compared to past exam questions.June 11, 2012 at 1:15 pm #99950
The quesions was not difficult but dude….this paper is impossible to complete within time.June 11, 2012 at 1:24 pm #99952
Fair questions with all the subjects I had studied for but I can’t get enough down to pass the exam in the time we have. Another failed attempt for me.June 11, 2012 at 1:27 pm #99953
Talk about time pressure.. easily left 6-8 marks on the table due to time.June 11, 2012 at 1:34 pm #99954
^ same here left about 10 marks for the examiner.
Did the rest just about good, hoping for a 50-55.
Wasn’t hard, jst time pressured.
Btw guys, for the audit procedure and evidence questions, do we get one mark per point or is it something else.June 11, 2012 at 1:35 pm #99955
redaveldeMemberJune 11, 2012 at 1:35 pm #99956
it’s about the secondment of an audit manager to the audit client as a temporary finance director.. appointment of a finance director with the assistance of the audit firm.. participation of meetings between board of directors by the audit partner on a monthly basis..June 11, 2012 at 1:38 pm #99957
4. (a) about a company with a proposed direct business relationship with the audit client selling audit and tax software and splitting the revenue.
(b) An audit client that lost 2m in cash receipts with no documentation wired to offshore island from bank account.June 11, 2012 at 1:38 pm #99958
it’s about the secondment of an audit manager to the audit client as a temporary finance director.. appointment of a finance director with the assistance of the audit firm.. participation of meetings between board of directors by the audit partner on a monthly basis..
Thanks alot for you reply. I remember that I have done it. Hoping for the pass mark.June 11, 2012 at 1:40 pm #99959
i struggled with 18 marks.. probably came away with 8 reasonable points. Hoping its 2 marks each.June 11, 2012 at 1:41 pm #99960
per Kaplan its 1-3 marksJune 11, 2012 at 1:49 pm #99961
Strictly followed the 1.8 ratio and attempted all the questions. hoping for good result.
Q 5 was on Business plan & PFI, asked:(a) matters to be considered when ageeing the terms of engagement; and (b) procedures to be applied on the Forecast Financials….June 11, 2012 at 1:52 pm #99962June 11, 2012 at 1:53 pm #99963
^ + I couldn’t find more than 8 points as well.June 11, 2012 at 1:54 pm #99964
what was question 2 part b about. i was not able to complete that due to time management problem.
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