*** P7 June 2012 Exam was … Comments and Instant Poll ***

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  • Profile photo of admin
    admin
    Participant
    • Topics: 246
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    Post your comments about June 2012 P7 exam.

    ?How did you do? What came up? How did this paper compare to previous exams?

    Vote in our Instant Poll


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    dxmovie
    Participant
    • Topics: 0
    • Replies: 5

    The exam as ok… but once again… time management is the problem.


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    angel2012
    Member
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    • Replies: 2

    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………


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    redavelde
    Member
    • Topics: 0
    • Replies: 5

    Hi,

    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.


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    junaid22
    Participant
    • Topics: 0
    • Replies: 1

    it was very easy as for me…Will pass InshAllah :)


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    accamafia
    Participant
    • Topics: 2
    • Replies: 6

    The quesions was not difficult but dude….this paper is impossible to complete within time.


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    Anonymous
    • Topics: 1
    • Replies: 3

    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.


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    platinumkp
    Participant
    • Topics: 2
    • Replies: 64

    Talk about time pressure.. easily left 6-8 marks on the table due to time.


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    gudluck
    Participant
    • Topics: 1
    • Replies: 38

    ^ 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.


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    redavelde
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    • Replies: 5

    @lchetcuti said:
    What was question 1 last part about? Please reply as I am not sure if I left that out. It was on a page on its own but can someone tell me what was it about please?

    Ethical issues. Auditors were asked to lend a person and offer recruitment services.


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    takamori
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    • Topics: 7
    • Replies: 17

    @lchetcuti said:
    What was question 1 last part about? Please reply as I am not sure if I left that out. It was on a page on its own but can someone tell me what was it about please?

    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..


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    platinumkp
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    • Topics: 2
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    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.


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    lchetcuti
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    @takamori said:
    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.


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    platinumkp
    Participant
    • Topics: 2
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    i struggled with 18 marks.. probably came away with 8 reasonable points. Hoping its 2 marks each.


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    platinumkp
    Participant
    • Topics: 2
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    per Kaplan its 1-3 marks


    Profile photo of accaforall
    accaforall
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    • Topics: 5
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    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….


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    gudluck
    Participant
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    @platinumkp said:
    per Kaplan its 1-3 marks

    Has to be a minimum 2 marks per point. Considering we had materiality as well to calculate for each.


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    gudluck
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    • Topics: 1
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    ^ + I couldn’t find more than 8 points as well.


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    hunnain
    Participant
    • Topics: 2
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    what was question 2 part b about. i was not able to complete that due to time management problem.


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    platinumkp
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    @accaforall said:
    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….

    I thought that was question 2?

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