Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › *** September 2023 ACCA AAA exam – Instant Poll and comments ***
- This topic has 38 replies, 21 voices, and was last updated 9 months ago by
rappadu.
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- September 4, 2023 at 12:00 pm #691135September 4, 2023 at 4:55 pm #691316
Exam was ok. I had group audit 50 marks, forensic audit 25 marks and final accounts sign off- material misstatement 25 marks
September 4, 2023 at 5:12 pm #691321Think this is the same as what I had. section B question 1 in relation to payroll fraud and question 2 investment property & management extending the useful life of machinery equipment
September 4, 2023 at 5:18 pm #691325What audit opinion did you give ? If I may ask on the investment property, useful life of machinery equipment and directors gift company car to his daughter
September 4, 2023 at 5:30 pm #691329I have no words till October 16
September 4, 2023 at 5:35 pm #691330I gave adverse as material misstatement in terms of the equipment and missing disclosures re related parties so impacting multiple areas of the FS.
September 4, 2023 at 5:37 pm #691331What audit opinion did you give ? If I may ask on the investment property, useful life of machinery equipment and directors gift company car to his daughter
September 4, 2023 at 6:20 pm #691335I had the second question on due diligence and warranty procedures and 3rd one on redundancy and PPE. Anyone else here with the same paper?
September 4, 2023 at 6:25 pm #691336I had due diligence redundancy and PPE
Due diligence not learned. I tried my best
Part 1 was ok but unusual. Section A was ok did in 25 min. No time ! Hope to pass this timeSeptember 4, 2023 at 6:41 pm #691337What audit opinion have you given for 3rd question ?
September 4, 2023 at 6:58 pm #691338I had group audit, forensic and final accounts too!
Spent ages on group audit and found it hard to identify the matters!For final accounts I gave adverse opinion too cos material by quantity and by nature too.. weird exam but I hope I passed cos I don’t want to do it again ??
September 4, 2023 at 6:58 pm #691339I had group audit, forensic and final accounts too!
Spent ages on group audit and found it hard to identify the matters! Kind of feel like I waffled on so much!For final accounts I gave adverse opinion too cos material by quantity and by nature too.. weird exam… had a question about terms of engagement too and I just talked about fees timings expectations nature and reporting..
September 4, 2023 at 7:09 pm #691341I belief i had the same, Q1 a bit unusual like your saying a family owned business as opposed to the usual group scenario… we played our role lets let God to play his…Amen
September 4, 2023 at 8:01 pm #691344Same as me. I too said it was qualified as it was material by nature/ quality given it was the directors relatives and by quantity
September 4, 2023 at 8:18 pm #691346Also for the afternoon exam did you work out materiality? I used thresholds 0.5-1% of revenue think it was like between 225,000 and 450,000 or something like that?
September 4, 2023 at 9:11 pm #691349AAA Int’l. Section A
Q1
(a)Business Risk- 10marks
(b) ROMM- 16 marks
(c) Data Analytic procedure for inventory – 6 marks
(d) ethics – 8 marksSection B
Q2 matters and audit evidence for
Closure provisions -6 marks
PPE – 6 marks
Operational cost presentation -4 marks
Opinion -4 marksQ3
MTC for due diligence assignment -10 marks
Why warranty is significant -6 marks
Recommendation 4mstksSeptember 4, 2023 at 9:31 pm #691353Yes this was what I had done for materiality. What did you find for RoMM?
September 4, 2023 at 11:07 pm #691357I had same figures for materiality. I found the asset was incorrectly capitalised and one of the capital expenditure was expensed. The net effect was 10m. I argued the most material item was the 22 million provision for the legal claim as this was not yet probably. I said more evidence is needed and it is possible so maybe a contingent liability should be disclosed. Could be wrong???
September 4, 2023 at 11:09 pm #691358I believe main things were ias 37 and ias 16
September 4, 2023 at 11:58 pm #691360do you remember any of your answers for Q1 i want to see if any are similar to what i had?
September 5, 2023 at 12:18 am #691361I said for the legal claim that I didn’t think that it was enough because the loans/credit terms were for tradesmen doinf long term work and £800 per tradesman was not a lot so said it might not be sufficient etc.
I think I also said that some things should’ve been expended like Labour and redecoration as that could be assumed to be part of normal wear and tear not capex.
Also said that there was an issue with them having a before exception and after exception profit figure as the exception items should be been capitalised and also the before figure is what was used to calculate executive director bonus which was okie 30m increase or something and the after figure increase was 2, so wasn’t a good measurement and risk that it was purposely done. Also said tax implications are that less tax might be paid if profits were massively reduced etc..
Not sure I feel like I made issues out of nothing? Anyone else get these?September 5, 2023 at 1:13 am #691365I had that one.
Was the second one a listed entity?September 5, 2023 at 1:15 am #691366I had the one around redundancy etc as well.Was the redundancy one Q2 a listed entity? (Cherry co probably)
I remember Q1 and 3 being unlisted with the Q1 entity being in the lieu of getting listed.September 5, 2023 at 2:55 am #691368It is my variant. ROMM question is lacking ROMM, I can only find 4
September 5, 2023 at 3:05 am #691370Quality management was tough IMO
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