ACCA Paper AA September 2020 Exam was.. Instant Poll and comments

How was the paper

You are absolutely right! I found the MCQs the hardest part of the exam. I had practiced a lot and completed all multiple choice questions in the BPP revision kit twice, but had no idea how to answer some of them. Of the 15 question, I think I was certain of only 5 or 6? The rest were guesses based on context.

The long questions were really straightforward – I got audit risk, control deficiencies and recommendations, and substantive testing of revenue, bank loan and NCA.

Just want to forget about it now as it was my last exam before professionals, moving on to SBR… Agree on the written questions, I had different substantive testing question than you did, managed to answer all thankfully.

I marked that as a familiarity threat.

I generally agree. Section B was relatively straightforward, but the MCQ threw a few strange ones our way. The one I remember that really sticks out ( may have been 9 or 10), should the auditor have disclosed information about the company’s compliance or not…. I’m interested to see what you all put for that one.

For me deciding factor will be the mcq.i also put familiarity threat for the director and the other two as self interest. (it was a 3 components mcq)
I had a mcq about contingent fees for tax and administration services. I put neither one.
2mcq about audit opinion on subsequent event.
1mcq if auditor can disclose information to a journalist about a case if the client is in compliance with laws…..
Is there anybody who had the same?

I thought that was a sneaky one. I said no; because it might compromise the parties involved (or something like that). I don’t really know what the answer was and I studied the syllabus pretty thoroughly. You could’ve argued it a couple of ways I think but I tried to put myself in the position of the auditor and I know there’s no way I would comment on my client to a journalist when there was an ongoing court case.

Did anybody else have “technical issues”? Our exam (in Bristol, UK) was over three hours late starting. Some of us went from 6:30am – 4pm without any food or water. It was awful.

Yes I had the same 🙂 two self-interest and one familiarity. I put neither for contingency fees too. I struggled with the one about the subsequent event re the shares issue – I said non-adjusting with disclosure but in reality I uhhmed and ahhed for ages. I guess it depends if they had issued their intention for a share issue in their plan? It didn’t specify. I said they shouldn’t disclose to the journalist as it may affect the involved parties (I can’t remember the exact wording) but thought that was a sneaky one really. I guess it wouldn’t be public interest as it’s already in the news with the court case so it’s not like you would be whistleblowing; disclosing would just look unprofessional imho.
Nancyox, my exam was also 3 hours late starting and then I had a keyboard where the space bar and “s” key didn’t work…. smh

Grim wasn’t it! Thankfully I did find the exam okay in the end and managed to eat a Twix at about 11:30 haha. But a few people had to drop out because of childcare and work in the afternoon etc

I think the contingent fees for the tax return were fine. It wouldn’t have been fine if it was representing the firm in a dispute like some of the practice papers but I didn’t see the problem with filling out a tax return.

Planit, it’s okay to prepare a tax return for a business (although not to provide tax advise) but as far as I’m aware, it’s never okay to accept contingent fees. The ethical threat is too significant to manage to acceptable levels. As a firm, you would always be invested in the performance of the client, to ensure you recovered your fee – which would compromise independence and objectivity.