[akm9825]

Passed with 53% after several attempts (and only attempted 80% of paper). Proud to say that I never took any class/online tuition (although I would not recommend this at the professional level). I’m finally an affiliate thanks to opentuition and its tutors (the tutor’s forum is very helpful), and some other online sources. The key is good exam technique and practice…and more specifically for AAA, accounting issues.
Thank you OT

[akm9825]

Hello Kim,

what do you think about the Brydon report and the latest KPMG case on Mr Meehan wrt auditor independence and NARP role. Would that be relevant if I include excerpts from these articles in a current issue qn.

[akm9825]

Thank you for above clarifications.

I saw a post on Materiality – Matter vs misstatement and was thinking about the marking scheme.
Suppose that I wrongly calculated materiality (found something to be material when it is not), then wrongly states the proper accounting treatment, and then based on those conclusions, RIGHTLY concludes that because this particular matter is material to the FS, the auditor should modify his opinion by…with an ‘except for’ opinion and mention this in the Basis of opinion para…
Will i still be awarded the marks for the conclusion on the opinion?

[akm9825]

Thank you for the clarifications.
So, at this stage in the audit process, and wrt professional clearance, I should rather suggest any matter which may have been flagged by the predecessor auditor in the PF letter (or from a review of his/her audit file, if available) that may indicate a possible audit risk. Will that be correct as a general risk issue, in case I’m short of any other specific risk.

[akm9825]

what did you guys wrote about Qn1aii. Identify and explain the matters which the audit team should approach with professional scepticism.

I only wrote about forex miscalculations on revenue/receivables, impairment of assets, disclosures about ops segments and intangible assets.

the rest of issues I wrote for Q1ai Audit risk – inherent, control or detection

and i messed up the other Qns

[akm9825]

business, business, business…

[akm9825]

Thanks for pointing this out John Moffat. I do know that sharing copyright materials is not allowed. However, I only requested for their notes, not copyright materials.

[akm9825]

I would be very grateful if you could send me your notes.
Thanks

[akm9825]

Implications = impact of the accounting stds on the FS and effect on the auditor’s report

[akm9825]

Dear Sir,

I don’t think so because as per the Sept 17 Examiner’s report, it states:

“One important piece of information candidates need to take note of is the year-end date compared to the examination date. Planning questions are generally set prior to the year end and in this examination the year-end date was 31 December 2017. As the examination was sat on 5 September 2017 none of the events within the scenario were subsequent events as they had already taken place four months prior to the year end”.

Kindly advise…

Thanks

[akm9825]

I think all IAS/IFRS requires certain disclosures. You can refer to below link for disclosures requirements for each IAS/IFRS.
https://www.iasplus.com/en/standards
However, there are certain standards that are specific to disclosures like IFRS7/8/12..

OK?

[akm9825]

@judi:

In my opinion, the workings follows the following logic:

Real cost of fuel: 100%
Rate of tax levied: 60%
Total distribution cost: 160% which represents $600
Therefore, increase represents 3% over 160%
70% of cost represents cost of fuel
Ans: 3/160*70%=1.31%

i hope this clarifies things…anyone with a different approach???

[akm9825]

Thanks for the motivation and advice faronaldolegend

[akm9825]

Thanks IImaqe.

[akm9825]

Is it too late to start studying for the June 2017 exam?

[akm9825]

Thank you Andrew. I saw the tech article and as it is mentioned, we should know ALL of the F5 topics well…my god, got to catch up on 5 years…anyway i think i got the time as i will take it up in Sept 17…

[akm9825]

Thanks very much…

[akm9825]

Thanks very much…

[akm9825]

@Mark,

i spoke abt both reconstruction and evolution but anyone of these two options will depend on what type of change is effected (by the govt of course as they are the major shareholder). if the senior mgt team is to be changed, then it will be an evolutionary change which will impact its culture. i also spoke abt reconstruction, which is quick, but does not impact exco’s culture nor need sacking the mgt team. this will need the hiring of a senior team member having experience in the private education sector (marketing).
oufff, so lot to say in so little time…i am planning on making a formal request to acca to send me the paper at home to complete cuz my 3 hrs got lost in planning and analysis – thats what the paper is – business ANALYSIS…my god how will the new p3 case study be in Sept 18 (around 13 pages case study)…

[akm9825]

@Mark: i think you’ll pass this paper man. i got totally out of time and was just scratching on the booklet for Q3 & Q4 (i hope i get some marks for that) pffff…very lengthy one in terms of question requirements.
boundary less orgs – hollow, modular and virtual. but could not write anything as they had already snatched my booklet…sure i’ll see a much trickier exam paper in June…lol…
i think Q1 d asked for implications of all options to Exco, although Focused diffn was not applicable to it and but talked on all of them…i think i missed it
completely missed Q1c. i talked about all types of change when the qs requirement was to discuss the only one that would apply to exco….missed it…agn…

[akm9825]

Thanks very much…I will definitely stick to the time allocation this time

[akm9825]

and any tips on attempting the optional Qs…

[akm9825]

Thank you for your advice.

[akm9825]

Thx icedawn

[akm9825]

Thanks very much…

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