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Passed 61% first attempt! My final exam, I can’t believe it’s over. To anyone who is feeling disappointed or defeated – do not give up. You WILL get there. And it will be so worth it, trust me!
Quality Homes was disappointing, no SAF which I was hoping for as its easy marks! Think I did OK though. Fingers crossed this is my last exam!
Maybe I just got lucky but I thought it was actually an OK paper. Much better than the horror that was SBR in December!
As expected there were group issues, IHT, CGT, unincorporated businesses and a little bit of VAT. I also liked that there were some classic income tax calculations (namely benefits, redundancy payments etc).
What did everyone else think?
How I passed first time I have absolutely no idea because I walked away from that paper thinking it was a complete disaster! Beyond relieved and happy… l will thankfully sleep well tonight!
johnramos wrote:Stress eating ….. with some doner kebab
Same here but with Pizza Hut lol
Fully expecting a fail, just wish I knew the result now to be put out of my misery lol
Waiting for SBR results but am pretty sure I’ve failed as it was such a disastrous paper.
Interested to hear others’ thoughts on how they’re feeling about SBR?
What a complete mess of a paper. An entire question based around cryptocurrency which does even have an accounting standard, what a joke.
The football question I wrote a bit about leases but to be honest I think that’s wrong as humans aren’t assets? And the scheme about giving cars to directors… bizarre. I may have picked up valuable marks discussing ethics, deferred tax and management disclosures but I’ll be floored if it is enough to pass the entire paper.
There were just too many out of this world scenarios and I fail to believe how we are expected to link them back to what’s taught in the syllabus.
The best advice I can give is do ALL the practice questions you can get your hands on! I use the Kaplan exam kit which is really useful so get your hands on one of those if you can.
Also don’t neglect the smaller areas of the syllabus. A lot of people seem to focus so much on risks and ethics that they forget other topics like advertising, internal audit etc. These areas often form the 4-5 mark subsections of questions which are precious marks!
Hope that helps ?
Good luck everyone! I’m waiting for AAA result – I remember feeling the exam went alright at the time but I’ve still got the biggest knot in my stomach waiting for that email to come through!
After hearing some horror stories about this exam I was actually pleasantly surprised – it wasn’t as bad as I thought it would be!
Struggled a little bit in section A as I find pension scheme stuff a bit tricky but I think I managed to get some good procedures down.
Quite a lot of ethics which isn’t a bad thing, didn’t mind the going concern question but would have preferred due diligence or PFI.
Liked the Q asking you to evaluate the advertisement, and found the question on acceptance considerations for the group audit quite nice too.
Passed FM on first attempt with 66%, so pleased as I really had a feeling I’d fail. Hope everyone got the results they were hoping for!
The FRA question in section B really confused me as well. No matter what I did I couldn’t calculate an answer that was remotely close to any of the options so had to guess in the end. I definitely spent longer on this Q than any of the others in sec A/B
Really disappointed to not get a proper investment appraisal in section C. Instead got a WACC question which was pretty good and equivalent annual cost of two machines, which was ok just not what I was hoping for.
Found section A and B quite tough. Not sure how I’ve done, it’s going to be close I reckon!
CYNTHIA wrote:Congratulations… kindly share your study tips @hhw93 and do I need to write FM and FR before writing AA
Hi Cynthia! My best advice would be – practice, practice, practice! The more questions you do, the more familiar you get with the marking scheme and what kinds of things they are looking for. Especially when it comes to things like audit risks and control deficiencies, I noticed that the more questions I did the same scenarios came up again and again so it became a case of remembering and regurgitating the ‘standard’ risk responses depending on the scenario you are presented with.
I wrote up a table of all the possible risks and responses I could think of and asked my partner to test me. Seems excessive as there are lots of possibilities, but it worked for me and I was able to pull them from memory during the exam with no trouble 🙂 you can do the same with control deficiencies, ethical threats etc.
Remember, you are trying trying to adopt the mindset of an auditor and a common mistake is to focus too much on business risks I.e impact on profits or business performance, rather than audit risks I.e overstated profits. There is a big difference! People often trip up by describing a risk from the perspective of the business rather than the auditor. Remember – the auditor cares whether financial statements show a true and fair view, regardless of how well a business is performing.
I sat FR just before AA which helped a LOT because you need a good understanding of financial statements in order to identify areas of potential misstatement. AA also involves calculation of ratios which is covered already in FR so it was fresh in my memory and I hardly had to revise these at all.
Hope that helps!!
Passed first time with 79%! Shocked and amazed as I really hated this subject – over the moon 🙂
I thought the exam went better than expected, there were some areas I didn’t revise much because I simply ran out of time, but none of them were really examined so I consider myself very lucky for this.
I got consolidated SFP in section C which I was hoping for (although my final answer didnt quite balance I’m still hoping to get good marks for workings)
Was pleased to see EPS and contract revenue in section B as I’d practised these quite a lot.
Overall pleased with my attempt but we’ll see what happens on 19th Oct!
I’m so glad I wasn’t the only one completely stumped by the section c question on linear programming. The fact that there were 3 variables totally threw me as I had never seen a LP question formatted like that before, nor had it been mentioned in the classroom or revision course. I had to resort to guess work to stumble my way to an answer.
When calculating the optimum production plan I worked out contribution per day for each course and allocated the limited number of days available according to this. For part b when it asked to formulate the constraints I didn’t know where to start!
