Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › *** ACCA P7 December 2017 Exam was.. Instant Poll and comments ***
- This topic has 78 replies, 42 voices, and was last updated 6 years ago by mwachiyeya.
- AuthorPosts
- December 4, 2017 at 11:16 am #420120December 4, 2017 at 4:29 pm #420279
Hi
I cannot understand Question 2 where it was taken from.December 4, 2017 at 4:32 pm #420281All questions 80% attempted well but question 2 was rubbish which might fail my paper.is it necessary to gain 50% marks in compulsory Question..
December 4, 2017 at 4:33 pm #420282AnonymousInactive- Topics: 0
- Replies: 7
- ☆
So what audit risks did everyone write about pls?
Quite time pressurised
December 4, 2017 at 4:36 pm #420285Hi I really need to know in question 5, the misstated depreciation of 380k i wrote as immaterial but not trivial. was I right? also for tge 7% provision i wrote as material but was’nt sure if I should be considering 7% or the 3% reduction. It was a very annoying question with such large balances. got very confused,
December 4, 2017 at 4:49 pm #420291Very timed limited, i kept writing till the last minute… Question 5 with huge balances all seemed immaterial! I wrote immaterial for 350k misstated depn , immaterial but not trival for the loan to key mgt personnel and material for the provision the 7%! think i got it all wrong!
December 4, 2017 at 4:49 pm #420292It’s the last technical article…qn5
December 4, 2017 at 4:59 pm #420296The 3% difference of provision was material for PL, the loan is material by nature due to related party, and the first one was immaterial stand alone but in aggregation with other material misstatement should have been provided to adjustments. The audit opinion qualified “exept for ” as not pervasive but material, basis for qualified opinion paragraph included after opinion.
Anyhow very time pressure exam, including too much theory for 11 marks, tested twice the external expert/auditor.
Q1 took me more than 1 hours & 30 min to cover all the issues. I think GW on stand alone basis would score 5 marks min.
Not an easy one, I might addDecember 4, 2017 at 5:12 pm #420299Frustratingly I wrote a lot of ROMM but not much about detection risk. Q1 had so many risks I think more than the marks allocated for it.
December 4, 2017 at 5:18 pm #420302Can anybody tell me what is 37,546 million mean? is it 37,546,000 or 37,546,000,000??
This was in Q5 so confusingDecember 4, 2017 at 5:31 pm #42030537,546 is effectively 37,546,000,000
Yes indeed it was so frustrating as materiality evaluation was too confusing due to such large balances.
December 4, 2017 at 5:31 pm #420306Hi Eibad
Its the latter of 37546000000. Huge amount and even i was wondering over how could everything end up immaterial! STARANGEDecember 4, 2017 at 5:34 pm #420307The paper in my opinion, wasn’t difficult in technical terms but was really time pressured.
It could have been done much better only if the time to do that was there.
December 4, 2017 at 5:35 pm #420308How many finalists do we have here?
December 4, 2017 at 5:42 pm #420312Very timed limited indeed, Q 5 with balances all seemed material! 350k material to income statement but not in balance sheet, loan to key Mgt not material in figures bt material due to none compliance with accounting standards. Provision I think they were material in balance sheet and income statement but unsure as well with pervasive in the financial statements. The net of all this is material, I think.
think i might got it all wrong! This paper was difficult for me.December 4, 2017 at 6:07 pm #420319For Q5, had the depreciation as immaterial, the related party transaction as material by nature due to non disclosure and provision as material! Very confusing though due to how the numbers were expressed !
Had the impact on audit report as unmodifed for individual depreciation mistatement (unless more misstatements caused it be material by aggregation so to keep note), material not pervasive for 3rd party transaction so qualified opinion and material not pervasive for provision so again, qualified opinion.
Was relatively happy with last 2 but depreciation one not sure!
Also Q1 was ridiculously time pressured and took me almost 1.5 hours to read and complete!December 4, 2017 at 6:36 pm #420330First attempt here. That was a rough exam. I didn’t attempt Q5, but I wish I had in hindsight because Q4 didn’t click with me the way I thought it would. All three scenarios seemed to have the exact same ethical risks with only one or two exceptions so I’m concerned that I will lose credit for repeating myself for each part of the question.
Q1 was pretty nice in my opinion but Q2 was brutal. I just hope and pray that I managed to scrape together a pass. Easily my toughest ACCA exam yet.
Either way, I’m sitting P1 in two days so no use dwelling on P7 – there’s nothing more I can do about it now!
December 4, 2017 at 8:34 pm #420383AnonymousInactive- Topics: 0
- Replies: 4
- ☆
I don’t see many students commenting I wonder what’s the reason !? Are they not confident ?!
December 4, 2017 at 8:39 pm #420388Are you confident. Question 2 was horrible and I’ve never seen a question like it. Sending time on that caused me to complete half of that and not finish my Q4
December 4, 2017 at 8:48 pm #420396Can someone tell me what the breakdown of the marks for question 1 was? I did the Irish variant which doesn’t break down the marks.
Also what audit risks did everyone put down for that question?December 4, 2017 at 8:53 pm #420400Q1 was easy as it having too much to write 16 easy marks
B.. procedures quite easy
C (1) relience on component auditor easliy manged
(2) dont remember but was ok as wellQ2: what the * was that: i attempt the whole question but dont know whether get 0 or full marks
Q4 ethics easy part
Q5 easy but due to lack of time some stuff didnt handledDecember 4, 2017 at 9:00 pm #420401@walshy2009 said:
Can someone tell me what the breakdown of the marks for question 1 was? I did the Irish variant which doesn’t break down the marks.
Also what audit risks did everyone put down for that question?16 marks for audit risks, 5 for procedures to test inventory and 10 for reliance and evaluation of component auditor
4 marks for presentation of answerDecember 4, 2017 at 9:12 pm #420414Really time pressured hadn’t time to think to respond to requirements properly. Q1 ROMM – i am assuming there was about 8 risks possibly more. The ones i identified although they may not be correct were impairment of brand as revenues decreasing with lower sale items. Ifrs 15 revenue ias 2 consignment stock. Goodwill calculation..possibly no nci and contingent consideration. Eliminate Intercompany bals possibly. Internally generated brand was not shown i assume this is shown in p and l in prior year ???
December 4, 2017 at 9:14 pm #420415@kerrimcm1 said:
16 marks for audit risks, 5 for procedures to test inventory and 10 for reliance and evaluation of component auditor
4 marks for presentation of answerGreat thanks Kerri I was hoping it was something like that as I only had a few procedures for inventory!
December 4, 2017 at 9:30 pm #420421What were the Q2 questions? I sat the exam today and cant remember for the life of me!
- AuthorPosts
- The topic ‘*** ACCA P7 December 2017 Exam was.. Instant Poll and comments ***’ is closed to new replies.