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Thank you. It’s nice to have somebody to ask about these things.
Seems like most of this exam is just brute memorisation – assertions, controls, procedures….Oh well 🙂
Thanks again !Thank you, threats to independence is what I meant.
It’s quite relative, but I appreciate the complexity.While you are here, what is an appropriate response to engagement partner becoming a senior manager in previously audited company ? For both sides- for the audit company as well as the former auditor ?
For the audit company, I guess independent review? Any consequences for the previous auditor ? Unless misstatement , I guess not.I understand your example was for simultaneous auditing/management.
Thanks for your reply. Sorry again for the exasperation 🙂
@slk007 said:
Hey!So I used a combination of open tuition and LSBF video lectures to prepare for this exam.
The lsbf lecturer went on and on about how one of the students in his class was the really smart, who knew all the answers in class but when it came to the mock test he got 30% etc.
So he went on about the importance of structure of your answer and how you explain yourself. Each point you make is half a mark and to get full 1 mark you need to explain and expand.
I would highly recommend using a combination of opentution and LSBF materials to prepare for this exam
Thanks for the tip. That makes sense.
Failed this one 42%, but passed F5. Feels like a failure of an exam session. Strange exam, felt like the stuff was easy almost obvious( stock take, conflict of interests..). Still feel like I could crush it next week with 2 day review 🙂
I guess, the silver lining is that if I take the P level auditing I will be more prepared ( I know, I know – I am trying to look on the bright side:))I remember being relieved when I saw my B and C section. Pretty straight forward, something involving currency advice ( between different options ) and advice on acquisition of a company. I remember having to explain what simulation is. I am not a 100% sure but I think there is a bank of questions and not everybody gets the same ones
On the ACCA website there are lots of past paper exams. Not a lot of MCQ but lots of 20 pt questions. Probably the most important review material. Better look through these for every exam.
This is the link for the F9
May be not 5, but definitely 2-3 multiple choice questions require LOTS of calculations. It’s a matter of time management. I always run out of time ( may be because I usually don’t have time to review that much). If you are running out of time – it will better to be on the 2-3 MCQ, that you still have a chance to guess correctly than the constructed 20pt answers. All I am saying is that it’s easy to get bogged down on a 2 pt MCQ and use too much time, then you get frazzled and try to rush through questions that you should read carefully( a lot of them a trying to get you on the wording).
Anyway, I am not saying it will work for everybody, but I have found out that starting from Section B outlining most of C and then to MCQs and then finishing C works for me. It’s nice to have a peace of mind, having done B and C, on some of those weird multiple choice questions.
You have to fight for every point, but the easiest way to fail an exam is to blank( out of time or not revised it) on a 20pt question.
My study method ? LOL. There is no study method when you have to cram everything 🙂
I wrote my original post to motivate myself ( I remember reading that making goals public increases your chances of success ) and I was bored studying in a library 🙂Read the OT notes, write down your notes, review them.Look over another textbook ( I have BPP) to see if you are not missing anything. Watch some of the lectures if you don’t get everything from the examples.
F9 was kind of enjoyable actually. For me at least – company valuation, currency conversion …Kind of real life application. Not a lot of material to cover, really. You can’t cover UK taxation or F7 in 10 days and review well.
With these exams ( from F5 to F9) it seems to me that Section B and C are crucial. You can’t afford to bomb on those big scenario based questions. Even if you can’t answer one of the 20pt questions – you are in trouble. So you have to practice those. It is kind of obvious, but I failed my first taxation exam because I didn’t even touch the last 20 pt question.
On every test there are 5 MCQ that are not worth the time. I do the B and C sections first and then go to the multiple choice questions. Half of them are obvious …
By no means I am saying you shouldn’t study more tham 2 weeks for exams, but F9 is doable – especially if you get lucky on the C section ( phrasing)
16.4.18 Update. I did pass with 66% ( I thought I did better) I think I got lucky with section B and C. I didn’t get cash flow models with tax in arrears or any of that opportunity cost nonsense.
Also It was weird – I got a lot of macroeconomics questionsObviously not ideal to study only 2 weeks, but this exam is doable. There is no chance to cover, let’s say UK taxation in 2 weeks, but this one is OK.
I try to keep a log all my study hours and it seems like I have studied 58 hours for this one ( more or less accurate actual study time ) For reference, UK taxation took me 3 times as many hours and a failed attempt.
Yeah, I can’t do two exams at once, but you kind of have to with there being only 4 dates/year. I always end up paying for exams I end up not attending. I will try again:) I have 2 days between exams, so after I finish the F9 this week and going to concentrate on the F7 in in the 4-5 days before the exam. Then I will review for the F9 after the first exam is over. We’ll see …
Everybody’s different, but I found that studying at the local library which is open 24/7 works best for me. Less distractions….
Thank you Mrjonbain, strangely that made it worse. I guess very long term land leases only are considered finance.
I thought the the present value of the land portion payments is a …..thing to consider, but if that article doesn’t mention then ….it isn’t?LOL (I am actually laughing in the library )
Oh, well. Thank youIt seems like BPP does it the same way … and all the rest of the examples are done the same way.I guess we are supposed to ignore dilution.
It just seems odd to me, in theory that creates infinite value ….. by just issuing new shares.Anyhow, not a huge deal.
Actually I have different, more interesting question now. I will try not to answer it myself.
In practice question 38. in example 1. Should we regard all verball contracts unenforceable after death of the primisor ( I think)? It seems that in both examples verbal agreements are ignored – medical expenses and legal fees. I guess, there’s no way to prove contract existed in the first place?
Sorry, don’t mean to get too much into the weeds.
Thank you.Actually, never mind. I just went through Example 1 and it is clear that you ignore the PETs when you calculate the tax for the subsequent CLT’s year. Both examples are consistent. The adjustment where the PET is included in the nil band is calculated after.
Thank you. Great lectures73 % last Tuesday. I bought the practice tests from ACCA. Pretty similar to the real exams. At least the big 3 questions at the end are fairly similar
Shame, it scrunched up the t account. it might be too difficult to see but on the debit side are only Bal b/f 100,000, and Sales (balancing figure) 250,000. All the rest is credit side. All adds up to 350K.
