[Handsome]

I have the same question. My supervisor is not the member of any IFAC body. Does my work will be count for PER?

[Handsome]

Question 1:

i – I did flexible budget which results in 2F instead of 2A variance
ii – I made the budget but I have also mentioned that the sales will not be increased because there was a problem in the production department.
iii – Need to comment about the budgeting style of all division.
iv – I have not attended this question. I planned to attend in the end, but forget :/
v – Change in Management Accounting (Burns and Scapns) I tried my best to relate it to the question like IT change with EPRS, organization structure and competitive environment etc

Question 2:
a – Calculate ROCE.. it was tricky, I said that moving M to P is beneficial for the manager because ROCE was higher than M and target of the manager. I just made my own numbers to save time.
b – I don’t remember this but I have answered this question
c – Balance score card. We have to write that whether the KPIs are short term or long term. I have written that EVA is long term, repairs are not because this will give company bad reputation, module time is no and number of sales does not calculate innovation etc.

Question 4:
a – Benefits and disadvantage of using performance measure to link with the bonus.
b – Use of PEST analysis in the reward system. This was very confusing question. I tried to said that, due to PEST (legal issues, and other things) it would be difficult for managet of first business to achieve the target and get bonus and easy for the second business. So, i conclude that PEST do effect the reward system.. bla bla bla.. I am not sure that what to write so i make it lengthy by making points for everything was mentioned in the question lolz.
c – I left this question due to lack of time :/

[Handsome]

@asimbaloch said:
Hello, I passed my Project too. Could anyone from Pakistan tell me if they got their transcripts posted to their place after the result? I asked OBU people and they said that the transcripts are delivered in 7 to 10 working days but I still haven’t got them.

Yes I have received on 4th day

[Handsome]

@wesbyss said:
For Q1, i think the acquisition was mainly questioning about IAS10 / ISA560 as the planned acquisition date will be after the year end (during Jul if I did not misread)?
For the audit procedures, most of the procedures I wrote were to confirm the actual acquisition date and the significance.
Will we get marks if we say something like to check the classification / GW calculation / FV / retain earning etc?

GW calculation, FV, retain earning? i dont think so these are relevant audit procedures for acquisition which we are planning. Remember that acq will took place after 3 month in July and you can not calculate GW, FV, RE etc untill you acquired the subsidiary.

@kakahh said:
I put IAS10 for planned acquisitions too
Audit procedure include
Review the disclosure
Review the legal document – consideration of 130m, date
Review board minutes for approval the acquisition
Discuss with management on the expected revenue earned, if it can replace the existing products
Obtain the DD report and review the consideration to be paid is reasonable or not

I have written almost same:
– Due diligence review (also check competence of the person who performed this)
– Board minutes to confirm that board is planning to acquire this subsidiary
– Management representation, why they think that it will overcome loss
– Bank agreement to provide loan for this acquisition (something like that)

I dont remember enough but i have written about 10!

[Handsome]

I have restart my ACCA after a gap and it was my second attempt of P7. I found this paper difficult as compare to the Dec 2016 in which i was failed by 1 mark

Q1 was easy:

Risk of MM:

– Forex exchange risk (company operates in 100 countries)
– Subsideries and associates (complex group structure)
– Continous research (risk of capitalization
– PPE was increased (Risk of overstatement)
– PPE (useful life estimation can be wrong)
– Good will (not immpaired)
– Brand (risk of understatement)
– Development (Risk of overstatement, they may not be qualify for capitilization)
– Finance cost (no change)
– Tax rate (Same tax in both year with different profit)
– Revenue (overstate because it was not consistent with OPM)
– Loan (no interest was charged, disclosure missing etc)

b) additional information:
– additional information elated brand impairment test
– useful life of PPE change, more information about estimates
– finance and Tax not change, more information
– details about loan taken from bank, interest rate and other term etc
– impairment test of all brands, why not impairing?
– information about revenue growth
– information about GW whether impairment test has conduct or not
– previous year FS to verify the impairment test of brands and are they content etc.

I dont know if these are right or wrong by LSBF lecturer said to ask for information regarding to everything.

C) Subsidiary audit procedure and impairment audit procedure. I think it was easy. I have written about 10 audit test in each.. lolz

Q2 was a tricky question

A) we was auditing group and subsidiary, the sub has made mistake but it was corrected. I did not found any professional issue here so i have written about self review threat as we will not check it again because we have done its audit
B) new subsidiary, audit partner rely on local audit working paper. I have written about lack of quality control. Assets were material, risk of FV not calculated, wrong Good will etc
C) audit manager rely on audit firm and did not perform audit. Later there was going concern issue. So, i have written about quality control. Fine the manager, lack of training, he dont know his duty etc

in the end i have written that can rely on audit firm work but still need to perform sample work on their work etc

Q4) I found it easy but did read correctly that first two companies were listed so my actions is not going to get any marks I think as i said we can provide services by putting safeguard there. Third company was fine as it was no public but still need to have safeguard etc.

Q5) It was going concern.

a) not enough audit evidence was collected and out firm mostly rely on client’s generate evidence
b) i have suggested some audit procedures and conclude that company is not going concern
c) client mentioned materiality uncertainty. So i said i will still mention this issue in KAM and give adverse opinion. I know my answer was wrong. I think emphasis paragraph would be better option/

[Handsome]

The formula for relative market share = Your company revenue / Largest competitor review

It has been written in question that a market share of more than 3·0% is considered large as that is comparable to the share of the largest operators in each sector

So, its mean that a company earning more than 3% is consider largest competitor..

Simply take 3 percent of restaurants, cafes and bars market share and apply the figure in the formula..

For example market revenue of cafe is 3,072.. you need to take 3% of 3,072 which will be 92.16 and company revenue is 31.. so relative market share will be 31/92.16 = 0.33 (for year 2011) now do this for each year.

[Handsome]

You are putting your friend in danger by mentioning about his work in appeal and also by telling the examiner that you did the same what your friend did means that you agree that you cheated… or at least you agree here that you made some mistakes (like forget to label)

BTW who knows, your friend actually correct all the mistakes before he submit the actual file..

[Handsome]

Please also reply to my question..

I have passed SLS presentation but not the other part (Self reflection) i do not agree with examiner comments at all (i have posted on page number 7, please read) He said i have not mentioned my weakness, where i did mentioned like i was not aware about “reference, quantum of work,knowledge gather etc”

I am not sure that what I am going to write again in my SLS report as it is perfect ( i know i failed it but its just perfect)

My question is, do i need to pay mentor again and see him again when i will submit the new copy of SLS in November?

I am also planning for appeal, do you think it will help like i will submit my SLS and highlight the area which examiner says have not reflected in my SLS?

[Handsome]

@rizhawk said:
I am seeking advice for appeal against their decision or review option. Can someone please advise. Thank you.

You cant simply appeal just because examiner has failed you until there is actually a reason other than academic judgement..

Post examiner comment with us. May be we can guide you something

[Handsome]

My RAP is passed but failed SLS with the follow comments:

Reasons for fail and advice for improvement:
Your emphasis in the Skills and Learning Statement is too descriptive of events, and shows too little evaluation of your self-development during the course of constructing your Research Report. You should consider your Strengths and Weaknesses which became apparent during the Research Project. Which parts of the Project came naturally to you? Why did you find these easy to accomplish – prior learning, practice, advice from teachers, colleagues, friends, relatives etc? Which parts did you find difficult? How did you manage to overcome these difficulties – internet research, text books, advice from teachers, colleagues, friends, relatives etc? Discussion based around your strengths and weaknesses should allow you to demonstrate evidence of self-reflection.

Do i need mentor again?

[Handsome]

or click this link to know your result ..

https://obusubmissions.co.uk/results/MarkSheet

open this after you login to website

[Handsome]

Result out now.. you need to click on “Grade / Results” button on you dashboard

[Handsome]

Just let me confirm one thing, OBU send email notification to all students, whether they failed or passed but in this session they are not sending any email at all. As per their latest email i have received few days ago, they have clearly state to check your result through website only.

Student who pass the RAP will also receive “mail” (the hard copy of your result)

[Handsome]

When you submit your RAP, your mentor got instant email to confirm that he was your mentor. At this stage, he can reject and accept your RAP. He has also access to read your RAP online but cant make any changes

How do i know that?

Well, my mentor told me. When i submitted my RAP, he call me to confirmed that is it really me who did that or someone is using my account. He also told me that I did not make one correction in reference which he told me :v lolz

In your case, i believe you are using the detail of your old mentor without his intention that’s why he is asking for more fee.. You need to have mentor even if you have passed the presentation. I know my friends who paid their mentors second time for new submissions where their SLS part was passed.

[Handsome]

@kedoskill said:
Please where can I find the data to use for my pestle factors for topic 8

research, this is the assignment.

Just look around, what political, economic, social etc factors effects the company

[Handsome]

@waqaas1 said:
Thanks and you are sure about the format you mentioned for referencing graphs? Is it the right format?

This is how i did and my mentor approved

you should asked from your mentor too, as you have paid him fee :p

[Handsome]

@waqaas1 said:

@Handsome Thanks for your reply. What is OPM and where am I supposed to refer in my RR?

i have only mentioned OPM as example, you dont need to mention it

[Handsome]

@Waqas graphs are not your property, you have created on the bases of financial statements, that’s why examiner wants you to refer to the original source of graph.. so refer financial statement under your graph like

source: ABC FY12:F14; XYZ FY 12:FY14

We provide Appendices to examiner or they required us to provide Appendices so they can have quick view of company’s financial statement and their time has been saved. while Appendices also help examiner to examine your IT skills

Probably it has been suggested that dont refer appendices in your RAP until you have did something by your own.. but yes at the meantime i have read that we suppose to refer appendices in RAP for extra working.. For example, your company’s FS did not m entioned OPM, but you have done its working in Appendices then you will mentioned this because you own this information not the company.

This is what i know, wait for moderators comments

[Handsome]

why are you doing manually when there is option to insert reference in MS word? Just click on reference tab in your MS word and select Harvard from style and use their option to insert reference.

It will create like this:

(Opentution, n.d.)

Reference list
Opentution, n.d. Opentution. [Online]
Available at: https://opentuition.com/forum/obu-forums/
[Accessed 2 April 2016].

[Handsome]

It has nothing to do whether you teacher submit your documents or not. Just email to ACCA and write details about your case. I had the same issue and their online operator told me that I did not submit English proficiency… So, send email to ACCA and solve your issue

Tip: ACCA’s online operators know nothing :v not even the basics of anything.. i dont know on what bases that has been assigned for this job.. lolz

[Handsome]

My mentor also belongs to different country but i did not mentioned this in SLS while there is no need to mentioned this. You need to write the details about your meeting not how does this meetings has been set (skype or face to face) and same with the presentation. You need to write what did you learn from presentation like improved communication, body language and blah blah blah..

remember you have to asnwer the question about what did you LEARNED from meetings not how does they was arranged.

[Handsome]

@se2012 you need to create extracts of financial statements (profit and loss and balance sheet) in MS Excel with relevant formulas.. this extract should have 3 years FS of both companies. Also you need to show ratios and chats in MS Excel, through Excel file, your examiner will judge your IT skills

[Handsome]

@trephena i have written that companies current ratio improved because they has repaid the loan while its bad again because of the payment of taxation. But i am still confused that what type of external reference we can write here as these are companies internal issues and newspapers does not publish these stuff. I am facing the same issue with receivable days and payable days ratios :/

Is this ok to write the EPS is good because the sales of company has been increased and overall profit increased due to deduction in cost of sales, i have mentioned so many reference about these things in gross profit, do i need to write down those refrences again?

[Handsome]

I am so dam worried at the moment, because i have no idea what type of explanation the examiner required. For example, i have write the reason behind the bad gross profit margin because material prices increased due to exchange rate and company paid more money for petrol and power etc.. I have mentioned references and everything. Now i am not sure what to write in current and quick ratio. Because there is no reference for the changes in current liabilities and assets available any where else than financial statements only.

[Handsome]

Also please let me know that I am writing the introduction paragraph of Pakistan’s pharmaceutical industry. The information has been gather from 5 different sources, Do i need to mention soure in each sentense of the five references at the end of whole introduction?

[Author]

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