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@kasprzakpawel@yahoo.co.uk said:
Hello all.I am not sure why so many of you have a problem with it? I dont want to sound like Mister know it all but I have completed all of mine already and found it quite straight forward following the questions. The only part I struggled with was adding extra sentences to make up the minimum number of words – what a nightmare.
In basic words, whatever your PER is, just recall some situation, process etc. to that particular requirement and describe in your own words what was the challenge you faced or what you were required to do, what steps did you take to complete that, how did you plan your course of action, what, if any, obstacles have you faced on the way and how have you tackled them. And finally what was the final outcome and what, if anything (if question asks), have you learned from that experience, whether it is a technical or ethical PER.
Good luck all!
Pawel
Hi Pawel,
Would it be possible for you to share a sample?Hi Mike,
Do you mean I should make those three columns in the exam answer sheet?Thank you for the guidance.
@kairong said:
Use your practical experience, if you’re working in audit. If you don’t have relevant work experience, then practice a lot from the P+R kits to have a feeling what kind of answers does the marker expect. This exam is 20% theory, while the rest is about providing reasonable practical examples applied to the scenarios. The latter one is the reason why people fail this exam. Don’t use unrealistic or too high-level examples/procedures when you’re asked to provide such answers, as these won’t attract marks.From the main topics’ side, either audit risk or business risk would be in Q1, so make sure you have a solid knowledge on this area. Also, revise the IAS/IFRS examined in P2, as these will be tested in details (however, not from a reporting point of view, but from an audit point of view).
Prepare a list on the main differences between the different non-assurance/other assurance services provided by auditors (due diligence, forensic, agreed upon services, etc.), and make sure you can apply the main points to the scenarios given.Thank you so much! Could you suggest me where I can find the list of key standards from p2?
@london80 said:
Make sure you know the P2 stuff inside out, look at the P7 ACCA syllabus and there is a list there of the P2 stuff you need to know. Make sure you know how to account for those items fully. It is not unusual in P7 for Q2 to be based fully on these items as was the case in both the March and September 16 exams. Q1 will most definitely feature P2 items.Hi,
I guess I interpreted it the wrong way, its 1 nov now and investment will b made on 1 feb- so 3 months time.
Apologies!Hi,
This question states that Awan co is expecting to receive $48m on 1 feb 2014 which will be invested on 1june 2014.
Doesn’t this mean that the investment will take place in 4 months’ time and not 3 months? So , FRA 4-7 should be chosen?
Am I looking at it in the wrong way?Thank you for your advice. But do you think reading so much would be possible, considering that i am taking p1 and p4 as well?
haven’t started p1 yet and p4- read course notes and watched lectures but yet to do the exam kit.
Thanks for your reply Mike. I am anyway doing P1 this December as well. But I don’t understand how I should prepare for P7, do i need to learn all the things (provisions) by heart? are there any key topics which i should focus on at this time? i want to focus on areas which are very important and may be learn them by heart as well to be able to answer questions, and then read through less important ones. this would save time as well. Please guide me in this regard.
Also i have studied Corporate Governance Code in my MSc degree but we had a copy of the code in the examination and then we could do our analysis on the case study. so i am finding it a little hard. i don’t even want to waste time doing things which are less relevant.
Please advise me on this.
Thank you so much Mike for the advice. But do you think it would be practical to watch all F8 lectures and read notes, in such a short period of time?
Also, if I do P7, would the P7 OT notes be sufficient for revision and basic knowledge of audits, as usually I have seen for other professional papers like P2, P4, the fundamental level topics have been discussed properly in their notes.
Okay. Yes I will look at some past papers to get an idea of the the exam pattern.
Thanks again for your guidance!Thank you so much Ken for such a prompt reply and guidance. P5 definitely seems to be a better option in view of the statistics mentioned by you.
I would also like to ask you if P5 has a certain proportion of calculative questions?
Thanks in advance!Did you people manage to complete all the parts of the 3 questions? I found this paper extremely lengthy and time consuming, didn’t think it was possible to do each and everything properly to gain all the marks.
I took quite a lot pf time to do q1 and then panicked but tried to write something for every part of the remaining questions. Do know if that is enough to pass.@wesbyss said:
I have
Q1 – ias36, ias37, ifrs11, ias17
Q2 – ias21, a bit ias16 and ifrs9, ias12, ifrs15
Q3 – ifrs2, ifrs5, ifrs3
Q4 was about ias 8 i think.For question 3 i wrote about ifrs 9( for the 2 options) because the first one had equity instrument but the second option had financial liability as there was an obligation to repay.