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AAA is a very challenging paper but it is possible to pass, despite the low pass rate. It’s all about technique and application of knowledge but you have to answer the question. Do not deviate from the question, do not write too much, or too little. Stop writing when you’ve made the points to score the marks and move on to complete the paper. Keep the faith guys, you’ll get there!
Passed my final exam, thank you OT…
Congrats to everyone who passed commiserations to those who failed, but remember what WC once said.,,
Success Is Not Final, Failure Is Not Fatal: It Is the Courage To Continue That Counts.
You can all do it just get back at it as quickly as possible.
I was certain ED540 was coming up and I even mentioned this in the AAA forum.
Time management was ridiculous but I thought content was fair.
Q1 asked for ROMM but it also told you it was a new client, yet the examiner tells you everything is included for a reason, a new client is an audit risk (detection risk) but not a ROMM and if credit is given for that as a risk I will be livid.
I couldn’t find an awful lot wrong with the audit report but thought there were a couple of things right with it so answer included 6 points 4 con, 2 pro just hoping it was 2 marks per point
Good luck to you all
I am happy with the “never assume mgt responsibilities” bit…
What I can’t understand is why some of the solutions give marks for suggesting possible safeguards such as “mgt accept responsibility”, “client takes full responsibility”, “directors confirm in writing that they are responsible” etc if the code prohibits it anyway??
Why safeguard something that’s already safeguarded by prohibition!
I’ve got this one now, I missed the all important 5 words “and in the same currency” from the 4 pages of material I had to read.
Oh dear!
I find there’s always a self review, self interest (extra fee), advocacy and potential management responsibility with NAS.
Depends how you see it and depends how much you want to speculate.
I’ve seen all kinds of answers with all sorts of speculation and interpretation, if honest, with this paper, just go with it but explain it and who knows, you might get the marks..
Reading between the lines I can see what you’re saying but how often are we advised not to read between the lines.
Why can’t the questions just be specific, if we were dealing with the client we would clarify the exact requirements, in an exam we have to assume, we waste time making assumptions, sometimes scoring no marks, time we don’t have!
I’ve read the reading the mind of the marker article and that only proves the point that you have to answer what’s in front of you and not what might be in front of you.
I’ll be honest, reading the solution I can accept the answer but in the exam with the time we have, I scored 3/6 and I didn’t get any of the marks associated with assuming mgt responsibility.
3/6 is 50% so let’s hope that’s enough..
I’m not sure we can assume that because it was examined in the past that it won’t feature again any time soon..
I have read it, made notes against it and I feel I can discuss it so that’s all I am doing as there aren’t many questions to practice, as you’ve outlined above.
To be honest, this has been my approach for all articles on the ACCA website, read it, summarise it, ensure I can discuss it!
Part 4 and 5 of the exam technique articles are clearly the most recent, however I also know these were introduced after March 2018 as this is when part 3 was introduced.
NOCLAR was released in last 12 months as was ED540 but that’s all I know I’m afraid…
Ok, thanks Ken.
I will just have to go with my judgement, I’ll be honest I feel like giving up, however I will keep the faith and hope common sense prevails when my paper lands on the markers desk.
This is my last paper, I’ve come too far to give up now.
Ken,
I am referring to part B sorry.
It says… as a result of your review (the auditors) you have concluded the retail outlets are overstated because the value in use is too optimistic, our calculation of VIU is $9m lower than that of the client, hence VIU should be reduced by a further $9m.
If this is true, mgt have already impaired the retail units by $9m, the auditors suggest further impairment of $9m hence NSP is the higher with $123.5 vs ($128m – $9m )$119m.
I’m fairly sure it’s still my understanding but I just can’t get this to reconcile in my head, the ROMM in part B should be $4.5m, not $9m surely? [HELP]
Pass with 54% which I’ll take given I thought I’d made a mess of Q1. AAA to go I’m done, head down roll on March ?
Pass with 54% which I’ll take given I thought I’d made a mess of Q1. AAA to go I’m done, head down roll on March ?
I suspect many will be caught out by the requirement in Q1 myself included. This required evaluation of the performance measurement system as opposed to the report ?. Q2 & Q3 we’re both pretty fair but again unless you’re taking about the benefit across and up the performance pyramid and the direct benefit this model has scores will be low. Q3 was just risk plain and simple.. I’m not expecting much higher in terms of pass rate than the 33% achieved in September
Not convinced… that was a quietly deceiving paper lots could go right but I feel more could go wrong!!!
Exam was very similar to the pilot paper on the website as you’d expect but my goodness it was longer….
Examiner must think it is a four hour exam with the amount of read time required.
I don’t understand, ACCA are looking for professional people giving professional answers but then you’re expected to respond well to that, it’s just incredible.
Where was the mark allocation for question 1. Was it just make it up as you go along.
Wow, wow, wow
Passed with 51% after only answering Q1 and Q4 and whilst I was confiendent in what I had written I thought I’d struggle to get the pass. ???
Very fair paper overall but too many mistakes made for a pass this time. Didn’t convert goodwill to $, spent too long on questions 2 and 3, didn’t discount the SBP, didn’t complete Q1b or c. So so poor but chin up, go again, I actually enjoy P2??
not to worry, I think I have sorted it..
There are adjustments in Del ($20) and ($5) in Retained Earnings and in Trigger of ($70) and $14 in RR taking me to $775 and $324 respectively.
This is one of the first I have seen where the year end figures needed to be restated in the equity table, I have seen may where the FV difference leads to a change in both acquisition and y/e but none that just affected y/e….
I will just keep going….
it does thanks Ken, I think I just need to be clear about any assumptions made in the exam or at least attempt to explain my reasoning without going on and on….
I hear a lot in this paper about terminology and I am just worried mis-interpretation could be the difference between pass and fail, where is in a real life situation you would first ascertain clarity before giving an opinion.
thanks, I have watched the videos and I have the course notes, I will watch again.
What’s your view on Minco, and the excess impairment, does the transfer (recycling) now take place as the asset value has changed to a value greater than that impaired or will the lecture answer that as well, great if it does…
thanks for the reply..