[cjacko]

Passed with 57%! I am so relieved that I have now finished and am an affiliate! This has been a tough journey, fitting in studying around working and three lovely children (plus a husband!). I feel like I have my life back, my family are as relieved as I am.

Congrats to all those who have passed and to those who haven’t this time, keep going it’s all part of the process and you’ll get there in the end if you are determined enough.

Thank you Open Tuition, I really, really, couldn’t have done this without your excellent lectures and succinct notes, helping to make sense of the heavy going study books.

I’m going to celebrate with one of many box sets I missed out on!

[cjacko]

@ezehrobinson said:
Here’s the risk I identified

Foreign Subsidiary
Opening balance
Restructuring cost
Held for sale
Share based payment
Capitalization of construction

Which other one did you identify?

I missed capitatization of construction and was hazy on held for sale! I did also have:
Business strategy – not well thought out, move away from traditional luxury customers to mass market
Raw material prices – likely to go up, pressure on margins and do need to ship out to new factory
Employees – being skilled are a key resource, would new employees have the same level of expertise

But I found it difficult to quantify things for Audit risk – can anyone remember how many marks were for Audit Risk?
I can’t make up the 50 marks breakdown for Q1.

[cjacko]

Can anyone remember what the actual questions were?
I’m trying to total up where I might have scraped a pass!

[cjacko]

Which Qu was this, the one asking what extra info would be needed?

[cjacko]

Umm not quite sure what to make of that! It wasn’t particularly difficult, but not sure I really ‘got it’, so left wondering again!
Q1 lack of data threw me a bit and definitely didn’t write enough for audit risks. I used graph to emphasise must check opening balances and get working papers from previous audit.
Q2 I left to last and had to do v quick notes, I think this was probably the easiest qu.
Q3 was ok from what I remember! Client integrity lacking, preconditions
All a blur now, anyone remember qua? Good luck all. This is my last exam and annoyed can’t celebrate as just don’t know!

[cjacko]

Great, thank you,

[cjacko]

Thank you that makes sense.
Which leads to another question.. if the auditor does not respond, after the usual appropriate chasing, as a proposed accountant we can then decide whether to proceed or not, weighing up the risk?

[cjacko]

Passed at second attempt with 61% am very relieved! I failed the first attempt at 49%, my first failure.
To all those who’ve missed the mark this time, please keep going! My only advice would be to cherry pick the questions to answer as I think this exam is impossible to answer in it’s entirely in the time given.
Now on to the last exam…

[cjacko]

I’m not quite sure what to make of this exam. The questions themselves I don’t think were too difficult, but through lack of time I had to cherry pick what might be the easiest to score marks on. This was my first resit and I hope I’ve done enough this time to pass, got 49 on first try!
Q1 was quite straight forward, but again I spent too long on it! I didn’t write much on Value-chain as realised I had to move on. The EVA calc included a few things I hadn’t seen before – the large amortisation- ignored, the deprn write off in econ deprn – I presumed this meant that not the full value in cap employed – really don’t know. And not sure about the debt 45% equity 55%? –
Q3 I had a brain freeze on the figures, but answered the written parts, which hopefully means half marks.
Q2 I’d left this to last, but wish I’d done it earlier as was very simple and I think would have been easier to score more marks on.

Fingers crossed everyone x

[cjacko]

I didn’t even get to read Q3 all the way through as I completely messed up my timings!

I did well on q1, but didn’t do the target costing, hoping I got at least 30 marks. Q2 was strange, I found it hard to relate the points but hoping I got 15 out of 25, therefore need a miracle somewhere to get the last 5 or so.

What was the recommendation for q3 to move to ABB or not?

And where was the transfer pricing, corporate failure, ROI, RI etc,, all the things that I knew well!

[cjacko]

Ah, now it makes sense. Thank you.

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