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Hi Mike,
As ever, thank you for all the time and effort you put into your responses.
I just have a few questions on next weeks exam that I haven’t seen posted on this forum:
1. What’s your guide for reading time versus writing on say the 35 mark question in P7? I remember you giving a useful guide on P1 which helped me as I probably rushed into answering F8 questions too soon and it almost cost me.
2. I know you a posted a million times about not needing to quote IAS names and numbers, but is “per accounting standard” an appropriate way to address questions where you need to apply an IAS … obviously showing you understand the standard and it’s application thereafter.
3. I noticed in a lot of textbook answers to questions asking for matters to be considered and then further audit evidence or procedures to be undertaken, that the further evidence or procedures was often shown in bullet form. Is this acceptable in these sort of questions?
Thanks and regards,
Gavin1. – number of marks divided by 2
For the 35 marker, say there are 4 parts worth 12, 8, 10 and 5
Overall reading and planning is 17.5 minutes and that should be sub-divided into 6, 4, 5 and 2.5
2. – “per accounting standard” – maybe a bit better to say “according to the accounting standard” but no big thing … perfectly acceptable
3. – “in bullet form” – it’s a professional exam! The only situation where you should be using bullets is in answering a question that includes the expression (or similar) “Identify blah, blah, blah in bullet form” and I can’t remember ever having seen such a question!
Basically, no
hi
just to further ask a question regarding #3
should we write the procedures and evidence giving number points. or just each separate sentence?thanks
Depends on the question!
If it says “Enumerate the possible …” then you number them
Otherwise, separate sentences … and no sentence longer than 3 lines and …
… no sentence containing more than one markable point
Hi Mike,
With it being a professional exam, what are the markers like with students using abbreviations?
What I mean is if I mention say “Material Misstatement” once followed by MM, can I just continue to use MM from there on?
Also, is using PnL and B/S frowned upon?
“What I mean is if I mention say “Material Misstatement” once followed by MM, can I just continue to use MM from there on?” … yes, ok
PnL and B/S are no longer appropriate terms
As above, Statement of Profit or Loss (SPoL) and
Statement of Financial Position (SFP)
would be OK
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