Forum Replies Created
- Posts
Delighted to have passed APM with 56% and become an Affiliate. Can’t thank Opentuition enough for all their help.
@chartac: its in the balance i’d say. I thought the exam went okay and I answered everything but hard to say really. The lack of email doesn’t fill me with confidence despite the reassurance it means nothing.
A very nervous finalist here awaiting results for APM. After all these years there still has been no change or reasoning from ACCA as to why they release results when they do.
Exactly the same here. Not had to read question 3 a good 10 times to understand what was being asked. Found myself also saying in my answers that insufficient data was also provided to reach a logical conclusion and that more data is needed, particularly for the hospital question where the data given was pathetic.
Somehow passed first time with 54%, despite only answering about 80% of the paper. Big thanks to Chris and Steve.
I completely agree on the equity accounting part. Question 1 asks why its correct that its been accounted for as an associate and the principals behind equity accounting. Then question 3 basically asked the same thing again. Asking you how you account for an associate. That would’ve formed part of the part 1 answer so I didn’t understand how much more you could write without repeating yourself.
Not a single consolidated cash flow question was extremely disappointing given how big a topic it is in the syllabus and no doubt many people would’ve spent a lot of time learning how to do them.
I put most of these as well so I’m glad I’m not the only one. For production costs I thought as well it would be worth looking into the new sales director and what their background is, i.e are sufficiently qualified, do they understanding costing’s, overhead absorption etc.
Due diligence is useful when looking to make an acquisition/merger as it is basically investigative work. Allows you to find out what assets/liabilities the company has, the regulatory environment, identifying key risks etc. Ideal when looking to make an acquisition like the person in question was.
Part 1 about audit risk at the Lion Group, I think a big one that I haven’t seen anyone mention was to do with stock. Multiple locations across different countries so it may not be possible to do stocktakes at all locations. So you may need to consider alternate ways to audit the stock figures. The cyber security attack meant that provisions were understated by up to 2% of revenue, meaning it was a material misstatement. The cyber attack and could’ve also affected the sales data, meaning sales could also be wrong so additional audit tests will need to be devised to test completeness. Doesn’t seem like the component was doing intercompany reconciliations which could mean the group accounts are wrong once you take out intercompany balances and unrealised profit.
Part 2, about what to include in the report to governance really threw me as I didn’t really understand what was being asked. From what I understood, the audit adjustments had been agreed by you as the manager and you had to justify these to the Director.
I possibly went way off on a tangent but for the switch was historical cost to fair value, I spoke about how the revaluation should’ve gone to the statement of comprehensive income, rather than the P/L. In addition, the size of the revaluation seemed too much given it was on an old disused warehouse. It brought into question the objectivity of the independent experts valuation. It may have been useful to inspect the warehouse yourself or use your own expert. It was also a material adjustment so could’ve resulted in a qualified ‘except for’ in the audit report.
Interested to see what people think
