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Thank you very much Chris!

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Thanks a lot!

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Thanks a lot!

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Thank you very much Mike!

I will review my approach to exam preparation.

Have a great day!

With regards,

Y

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Many thanks Mike!

Have a nice day!

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@mikelittle said:
You’re not going to be able to memories the ISAs so give that up as an objective!

If it were me, I would read the requirements for all five questions, identify the question that I am least likely to do, and then read through that question! There may be something in there that could be relevant for answering another question that I am going to attempt

Then I would read the 2 remaining optional questions and highlight or underline key words, or make brief notes in the margin of the question paper

That way I will have the basics of at least one plan for an optional question

And go from that point on because, by then, the invigilator will have given you the green light to start the exam

Ok?

Thanks a lot!

Have a nice day!

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@mikelittle said:
You’re welcome

Dear Mike,

Sorry to bother you again.

On the way of study, I have further questions:

1. As P7 is application-based rather than theory-based, I am so afraid of the question like ‘list and explain the function/objective of the audit committee set in UK Corporate Governance Code’. I think they are theory based so I must memorise them. For such questions, should I focus more in memorising them and keep a passcard (brief note for revision)? If it is the case, what should I do as there are overlaps between F8 and P7?

2. For the 15 mins reading time, what will you do if you are the candidate? Some study texts advise student to read through all the questions/requirements first and skim the scenario, but they have not indicated the way of using reading time. Will you read Q1’s questions and then scenario, and then you go straight to Q2 (the same method)?

3. The text book advises me to read through all relevant ISAs as the examiner says so. Should I do as directed (just read but not to memorise)?

Thanks a lot!

Have a nice evening!

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@mikelittle said:
Planning time per question but also planning time per part question! That’s important! And that will leave you with 1.3 minutes per mark to write out your sentences with just one sentence per planned point and just one planned point per sentence

Personally I don’t think I would bother with a study text. Just read, read and read questions and answers.

I certainly wouldn’t write out complete answers. But, sure, prepare answer PLANS and compare your planned answer with the printed solution

I can’t believe that you’re at this level and you’re still talking about memorising answers!

1) it’s not possible, and

2) you’re meant to be applying common sense and insight into your answers, and

3) no question has ever been repeated so the answer that you (can’t) memorise will never be appropriate to the actual question asked

🙂

Thanks a lot Mike!

Have a nice evening!

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@acaqub said:
It is possible to enter for the next level exams before the exam release date (18 Jan 2016). For me, I have F7, F8 and F9 to sit and pass to progress to P level. I entered F8 and F9 in Dec 2015 and I subsequently entered F7 and P7 in March 2016 session.

PS Now the status of F9 is entered so before the result release date, F9 is a ‘pass’ – ‘entered’ status means the ‘temporary’ pass, I think.

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@johnmoffat said:
I am a bit confused, because before you mentioned P7 🙂

To be able to enter for any of the P papers you have to enter for any remaining F papers at the same time.

So if you will have to enter for F9

It is possible to enter for the next level exams before the exam release date (18 Jan 2016). For me, I have F7, F8 and F9 to sit and pass to progress to P level. I entered F8 and F9 in Dec 2015 and I subsequently entered F7 and P7 in March 2016 session.

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@mikelittle said:
1) Yes, 1.8 minutes per mark. You should spend (number of marks / 2) minutes per mark available

2) 200 pages is ample

You’re entered for the exam in March 2016? You’ve plenty of time to read and re-read multiple times. So it doesn’t really matter how you divide your time! Just keep on reading and reading and reading

Dear Mike,

Thanks for your reply!

Yes, I entered F7 and P7.

Could you please tell me how to use question bank? For F8, I watched all opentuition lectures, skimmed the study text and attempted the pilot paper+2 mock exams. For P7, should I attempt all questions in question bank thoroughly (rather than the answer plan) and compare my answer to the model answer? Also, should I try to imitate the expression of model answers rather than memorising the answer itself?

Given, you mentioned ‘number of marks / 2’. Should I assume it is the planning time for the whole question?

Thank you once again for your help!

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@johnmoffat said:
Certainly people do manage to pass three exams at the same sitting.

However it is hard work and it all depends how much time you have available for studying (and how easy or hard you have found F9).

Dear John,

Thanks for your reply!

If I have limited time, for F9 or P1, which one would you recommend me to sit as an additional paper?

Thank you once again for your help!

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@helplogon said:
These questions scared me to death! I thought I missed the question!!! Then I realised that it was a hybrid of September and December exams.

Did you miss the Q6?

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@helplogon said:
What are you doing?? Gross profit = Sales – Cost of goods.

So in your example
WITHOUT DISCOUNT [1]: Gross profit = 6 – 2 = 4
WITH DISCOUNT [2]: Gross profit = 6 – 1 = 5

Hence gross profit margin:
[1]: 4 / 6 = 67%
[2]: 5 / 6 = 83%

You divided COS / Sales!

It’s a typo. We just assume the sales is a fixed number, but the outcome is the same. Right?

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@ehsanshah said:
anyone knows when ACCA will publish Question paper and Answer?

No, there is a clear announcement saying ACCA will not publish Section A questions but it will publish all Section B question in June and Dec each year.

I hope it will help.

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@sarahblundell1985 said:
Justin I made the exact same mistake! its so infuriating! I know this has happened to other people on a previous paper I took I think F9. ACCA should ensure all questions are inside the question booklet, I do think its wrong they stick one on the back sheet. rarr!

I have not missed the Q6 but I think ACCA did it in a tricky way. Have a habit first: scroll down to all questions until you can see the ‘total mark’ mark at the end of the question. For F8, 80 marks.

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@sarahblundell1985 said:
I was adamant it was C! I wonder if option c was actually written as understated inventory which would mean a gross profit reduction…

Assume that opening inventory is zero then you purchased £4 stock and used half of it. 50% discount means purchase is £2.

Without discount—-£4-£2=£2
With discount—£2-£1=£1

Gross profit margin= Gross profit/Sales(Fixed, assume 6)

2/6>1/6

So the answer is B…

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@ehsanshah said:
you are right it’s either sale mix or discount !!!

I think the answer is B although I chose C fitst.

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@drice99 said:
Stupidly spent more time on the 10 mark questions than the 20 ones. Had 13 minutes to do question 6.Ridiuclous. Still probably passed but I didn’t make it easy for myself .
Mcqs maybe 14 marks on lowside
10 mark Qs maybe 25 marks on low side
20 mark Qs maybe 16 marks on low side
Overall maybe 55 at least

I am the same and the situation of this paper is similar to F5 in Sept 2015 session (examiners test more on theoretical stuff and less focus on the calculations)!

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@Gromit said:
Internal audit is not really concerned with materiality or whether the FS give a true and fair view. They look in detail at whether or not employees are following the specified accounting procedures and whether or not any procedures need to be changed to improve internal control.

IA get very excited about any departure from the rules as they can write a report about it and that justifies their existence!

Dear Gromit,

Following on from previous post:

ISA UK and Ireland’s definition says: Non-compliance – Acts of omission or commission by the entity, either intentional or unintentional, which are contrary to the prevailing laws or regulations. Such acts include transactions entered into by, or in the name of, the entity, or on its behalf, by those charged with governance, management or employees. Non-compliance does not include personal misconduct (unrelated to the business activities of the entity) by those charged with governance, management or employees of the entity.

—On this occasion, my question is still about how to distinguish the ‘personal misconduct’ and the non-compliance by those who charged with governance. If in the Board someone has the prevailing power (not consistent with UK Corporate Governance code), e.g. still the CFO and he or she committed the crime such as fraudulent FR , should it be seen as a personal conduct?—

Thank you once again for your help!

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@Gromit said:
Internal audit is not really concerned with materiality or whether the FS give a true and fair view. They look in detail at whether or not employees are following the specified accounting procedures and whether or not any procedures need to be changed to improve internal control.

IA get very excited about any departure from the rules as they can write a report about it and that justifies their existence!

Thanks a lot Gromit!

I now have another question regarding the compliance with laws of regulation of audit:

ISA 250 states that external auditors must ensure the compliance of laws and regulations by those who charged with governance in terms of the material amounts in FSs.

Based on this, I am confused with this ISA:

1. ISA 250 requires the check of compliance of laws and regulations so should I assume the compliance of laws and regulations is important to those who charged with governance (they must comply when preparing FS esp. in material aspects) and the external auditor (they have the duty to check for the non-compliance)? Also, I cannot find any specific ISA regarding the compliance by those who charged with governance. Should I think compliance with law and regulations by the business is an implied duty set by the statue?

2. ISA 250 specifically states the non-compliance is about the business as whole rather than a personal matter. For instance, if the CFO committed crime about the insider dealing or money laundering, is it a personal matter; or is it the non-compliance of the whole business and it should be handled by the external auditor?

Thanks a lot!

Have a nice day!

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@Gromit said:
> We know for testing, there are two tests: analytical procedure and substantive procedures.

This is not right. The two types of test are tests of control and substantive tests. Analytical procedures are a type of substantive test, sometimes called substantive analytical procedures.

Q1 Analytical procedures are used at the planning state to identify risk areas that need hte auditor’s attention. If a ratio or comparative has moved a lot, then the analytical procedure will give little evidence that the figures are right. Rather the analytical procedures have imdicated that the figures are a bit odd. Other substantive procedures will be needed to support the figure.

Q2 No. Restricted just meand less substantive procedures and there will still be some tests of detail – though less.

Q3 This would normally be the case. For example, analytical procedures will say ittle about ownership of an asset. To establish that you would need to inspect some sort of ownership register or document.

Many thanks Gromit! You are so nice!

Have a nice day!

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@johnmoffat said:
There is a lot more writing in P5 (as opposed to calculations) and taking P3 first is useful because it does help with quite a bit of the writing.

With regard to tips for studying you are better asking in the P5 Ask the Tutor Forum – the P5 tutor will be better able to help (I do not teaching P5).

Thanks a lot John!

Have a nice day!

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@mikelittle said:
For F8 I suggest you ask Gromit on the F8 Ask the Tutor forum

For P7 preparation, I recommend simply reading, as often as you can face it, the past exam questions and answers 2, 3 or 4 times.

Then practice planning answers within the time allocation for planning (number of marks / 2 = number of minutes reading and planning time)

“Also, I heard that I should have one paragraph for each mark in the questions asked so should I tackle questions in this way?”

Absolutely, yes

Thanks a lot Mike!

Have a nice day!

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@Gromit said:
I think answer plans are what you need. Then compare the plan to the model answer. If a question is an ex ACCA one, their answers on their website have outline marking schemes (right at the end) that can be useful when judging your own answer.

Thanks a lot!

Have a nice day!

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