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Thank you OpenTuition for all the support through my ACCA exam journey…. God bless immensely!!! I can’t believe this is actually it.. Exams over!! done and dusted… Thank you OpenTuition
I am actually checking this question with some senior auditors, the impact on the audit report.
I do think, making fundamental errors won’t earn marks though. its either you know it and give points to score some or all of the marks or you don’t know and the answers are not what the examiner expects.
Giving an opinion, requires the auditor to 1st perform procedures (require with mgt etc) so i am sure if you give some points and you might get some marks and may be not giving and opinion at all.
Giving a wrong opinion on the other hand, hmm might not get marks.
There’s a marking guide at the end of each question on the Kaplan workbook. i have also seen where Kaplan have given adverse / disclaimer of opinion while stating the reasons for both.
i don’t know about this. i remember vividly in my P5 exam i did not attempt 15% of my exam but i scored 64% to pass. This is genuinely because i simply ran out f time, gave bullet points for the remainder and may be the rest 85% were extremely good to give me a pass. i honestly don’t understand the logic.
My tutor had always told me, if you are running out of time, give bullet points which might give you some marks that could get you over the line.
i just find it strange that an examiner will give a fail to a candidate that scored 60% overall because of an incorrect opinion, compared to students that simply didn’t attempt that question at all for reasons like “running out of time”.
I understand your frustration with these exams. All the best! if we don’t make it hopefully, next one we learn from our mistakes.
Just if i am understanding your points, if say you get 60% based on your answers above the examiner will fail you for giving an incorrect opinion? i don’t think this is correct, please check with your tutor. Can some one from Open Tuition clarify please?
i don’t think the examiner will fail you for this reason alone if you did well in the other areas. lets just wait and see. my last ACCA exam so i am hoping i don’t get to lift these books again God willing
Lool that was the last question i was doing before i ran out of time. Honestly, i don’t know.
Q1 – RoMM – i tried provide i think 11-12 risks which was quite challenging
Then gave 6-8points for impairment procedureQb – AML & Acceptance – i think i had 5 points for the acceptance and like 3 for the evidence of money laundering. i was running out of time so i wanted to leave enough for my other two questions.
Q3- procedures – i gave procedures of the intangibles and loan agreement but at this stage i struggled to think further for the shares and VC. i think i gave 2 each for these.
Ethics – i think i gave 5 issues here and speed off to the last questionQ2 – i couldn’t make head or tail of the 1st issue. Wrote about the warranty and issue in determine the estimate value. Then gave procedures.
i didn’t talk about the opinion for this partQ2b – i realised this was a separate question about liquidation of the business so i quickly threw down points for this.
i hope in aggregate i can scrap through
I think according to ISA 570 subsequent event, auditor can still modify the opinion if the audit report has not been issued and mgt/ TCWG have failed to amend the FS. Impact to the audit report should be either adverse or disclaimer as liquidation a business is a material event (just my 2cents). its 5 marks fingers crossed, i just want pass
Yes, i’m definitely sure this is the question we got. There was 5marks separate marks for implications for the audit report
Licence and patents were due diligence review for asset valuation procedures, no? pls tell me i didn’t mix uptake questions. Then there was shares, loan agreement and venture capitalist procedures
The question 2 was something to do with inventory and warranty matters to consider and evidence for them
for Q2 were there was an event relating to sale of the byre co discovered at the completion stage of the audit, what was the impact on the audit report?
i was running out of time for this part so i just mentioned , its a going concern issue and by nature material and pervasive. audit opinion will be modified and audit report will include adverse or disclaimer depending on the outcome of discussion with management.
TBH i struggle to gather up 12 RoMM but my list are below, can’t remember the rest off the top my head:
Cash based transaction
new system – movement to electronic payment
sale and lease back
toy shop revenue recap
land valuation
impairment of theme park
management bias – family businessYeah same time pressure again. lots of procedures which was weird also. overall i tried to answer all questions i wasn’t too sure about question 2 – just wrote about the warranty provisions. Fingers crossed! last paper, pls ACCA have mercy
