[7122517f]

So what’s your point? Regarding AAA papers? If a student fails in 49/48 he got that mark? What if a student doesnt provide audit opinion which worth 2/3 marks just because of extreme time pressure eligible to pass if he has done well in the rest of the part of questions?

[7122517f]

Yes true that, agreed with u but the point u made it if markers consider that point too I am going to pass that exam… I hope marker will do understand

And secondly your point, that question asked us “consider the implications of audit and impact on the audit report” which worth 6 marks.

I have already given there 5 implications of audit. Actually there were 3 marks for implications and 3 marks for opinion. I didnt left that part fully. I know it’s not a wise decision at least in p7 to left a portion or part in the question.

[7122517f]

Then tell me how on earth a person with the same knowledge can be able to get 69% on that very next sitting? With the same knowledge and approach of writting

I still didn’t get logical answer from this forum

[7122517f]

No, both are same culprit the one who ignored the question on the basis of running out of time and the one who has provided a wrong opinion.

[7122517f]

Yes cause they considered you incompetent to pass the paper if u make fundamental error, i have seen a lot of questions in this AAA forum regarding the fundamental errors who failed in 49/48/47 despite of giving very good answers and tbh tutors are running here and there while answering the query, I still don’t know what would happen if they do agree the matter regarding the fundamental errors?

[7122517f]

Good luck for your exam result too… And don’t be scared the way u have provided the opinion was appropriate… But I should be scared in this circumstances cause I have un-noticed that report portion of the question

[7122517f]

Even one of my tutors stated, do whatever answer u can it’s okay if your answer is not relevant towards the case study. But make ensure that it’s not okay to make fundamental errors in any of the professional or F level papers cause in order to pass the paper u have to impress the marker. Remember that

[7122517f]

Ask the tutors in this forum why people do fail in 47-49 do they really get this 47-49 marks???

Tutors will roam here and there but will not give u definite answer for sure. They will highlight your exam techniques, professional marks, also highlight your weaknesses to understand the case scenerios and so on…

But they will never ever give u an appropriate answer. Cause They know the thing as well but this matter should not be publicise.

[7122517f]

Exactly, in ATX exam I have faced this. I was pretty confident that I am going to pass that sitting but I got 49 but I was aware though via opentution poll that I did mistakes in tax rates. And they made me fail for 49 and on the very next sitting with the same knowledge I got 69 in ATX exam, cause I was aware about the facts regarding the tax rates. They consider those tax rates are significant enough to fail u.

And same goes in AAA paper for opinion in reporting. Cause if u don’t know opinion u have no rights to pass in advance audit. Same for ATX if u don’t know about tax rates u will never going to pass.

Furthermore I don’t need clarification from opentution tutors here cause I have already faced this thing twice in my whole ACCA.

[7122517f]

Well I don’t know, but as far as I know they consider audit opinion, the most significant and crucial matter for passing p7 which I missed out somehow. Cause I only saw about “describe the implications on the completions of audit” and the rest of the part I missed out due to time pressure

But it’s good to missout significant matter rather than giving a wrong answer or whatsoever.

[7122517f]

Question
1 (a) identified something around 14 risks

(b) impairment procedures, I am pretty sure that I will get 6/6 may be I have 7/8 procedures

(c) money laundering identified 3 issues from the case. Placement, layering and integretaion and also write auditors responsibility regarding money laundering

(d) acceptance: I wrote, ethical threats missing, integrity issues missing, professional clearnence has not been taken in the form of written, they did not conduct check shareholders and directors, risks has not been done from the form

2) a) intangible assets: materiality, treatment, why the criteria has not been met, risks of under and overstatement. Evidence for intangible assets (I think this was the most straight forward question)

B) provision: there were several issues

changes in provision was not appropriate cause changes in estimation is only applicable when management is aware about new things, estimation is inherently risky, CEO has not proper competent to estimate for provision, the warranty provision has not been correctly done cause they have made estimations on sales only

Evidence for provision was too good for me

If I don’t get marks in matters I know I can be able to copeup the marks with evidence which I provided

C) just wrote about implications on the completions of audit but didn’t provide any opinion regarding audit opinion

3) another straight forward question
– finance issue: I wrote 5 valid points
– intangible assets: I discussed with them regarding to ensure whether criteria has been met such as: separately saleable, whether purchase agreement exist, separately disclosed has been given for amortisation, whether they charge amortisation from the date of purchase, when did they purchase?

-c) there were 4 straight cut marks for acceptance (I) self interes (Ii) self review (III) management (iv) level of threats are higher cause it will impact the materiality towards firnancial statement

– fees
– integrity of client: I make 2 points regarding this

– again self interest threat: cause the audit firm may tempted to accpet the client in order to obtain more new client despite of not considering other threats

– conclusion: they should not accept this new client, cause there are ethical threats, integrity issues are available.

[7122517f]

May be you are correct, for the opinion which u provide. may be you are going to pass the exam 🙁 only for this opinion.

I didn’t provide any opinion. I just wrote about the implications on the completions of audit. But I didn’t provide any opinion for the report regarding the issue. May be only for this reason the examineer will going to fail me into 49 marks.

[7122517f]

First of all, there were 2 different types of questions has been released.

In our questions auditors has been aware regarding an extraordinary event (decided to disposed off company to venture capitalist) at the completion stages of audit, and the examineer asked regarding implications of completion of audit and it’s impact on audit report.

I was fully clean bowled by the examineer by that part. Though I have managed to provide 5 implications but could not provide any impact on the report cause there wasn’t any indications of mistatement.

In more precisiously what auditor will do and it’s impact on report if they are aware about a new thing in the completion of stage

[7122517f]

That’s true and on top of that, there is no indication of the mistatement on that case, There was an extra ordinary event at which the auditor has been aware regarding the final stages of audit. So in this case what we will write in the audit report? How we will issue an opinion regarding the extra ordinary scenerio like this? I don’t know…

[7122517f]

May be u are correct, implications and impact on the audit report along with the auditors actions, 6 separate marks for that issue has been assigned. However I just wrote about the actions but didn’t made any impact on the audit report

[7122517f]

May I know what the implications u wrote? When u find the they intend to selling the company towards venture capitalist

[7122517f]

I said the similar thing
– materiality has to be reassess cause
the client exposes more risks
– sample has to be increased
– auditors needs to documented the further procedure reagrding this issue and also documented the actions has been taken
– they have to remain skeptical for the reamining audit
– client integrity has to be reassess as well cause client did not disclose this matter towards the auditor

But I don’t know do they really ask about the impact of audit report or just stated auditors actions? May be I just missed that point regarding the impact of audit report

[7122517f]

Question 2b was about audit report?

[7122517f]

No it was not impact on the audit report they have asked you implications on the completions of audit and any actions

[7122517f]

In question 2, I founded research and development and warranty provision

But in final portion of this question they asked you “implications of the completions of the audit and actions” they have not asked you regarding the audit report impact on that question which was willing to sold off towards venture capitalist

[7122517f]

Lol, exactly… Luck is the main factor… I still don’t know why I got 49 marks… I was pretty confident to pass this exam but don’t know… What happened

You mentioned several weaknesses but I had none on that time… I was so sure that I will get 55 at least on that exam 🙁

[7122517f]

Yes AIA doesn’t cover but cause it was more than 2 lakh pounds…. U always have to take for two years capital allowance if that purchase occurs in different years or disposal occurs on different year

[7122517f]

No we don’t require to calculate capital allowance for two years in question 2 Cause building and plant and machinery purchased on the same year

[7122517f]

On the corporation tax, question#2 they have asked you for one year capital allowances cause building and plant and equipment purchased on the same year

[7122517f]

Thanks all specially trephena, yes I can ensure you that I have done only one mistake I have done a numerous level of references on my research paper and marker also advised me to include more references

This is my last attempt thats why my fingers are crossed.

I also agree that this one mistake effect on 3 places but I will stay with trephena, may be they are not going to fail me for this single mistake

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