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Fingers crossed we do ok :3 important thing is that we did what we could and kept going through it 🙂
I thought the NPV question was so chaotic with the information provided – my answer was as chaotic but recognised the forgone sales but in the end I had so much negative cashflows I had nothing to apply to my 8% tax rate at the end with the bi lateral agreement – I know I messed up something but kept swimming- at this point was 1hr in with all the commentary left to go on Q1 – when I finished -(had to leave c and B part finished) I did wander if anyone managed to finish everything in the time given or if I was just struggling. Definitely was really tough Q1. by Q2 I was ready to tap out tbh. Q2 was so open on requirements it was a bit disheartening= got the trains. comparing the competitor etc and performance
Think I got the same, the acquisition with the cash for shares? Both the swaps and acquisitions were a complete flop for me, at least attempted to do what I could- 4th time sitting and gutted I think I will be sitting again.
Hi Apologies for commenting on this chain. I am planning on sitting ATX as my last exam- ideally December, but when having a look on the timetables the ATX UK variant doesn’t seem to be there- Does this only happen at certain times of the year?
Well that was an absolute disaster! I will be resitting 100% be lucky to get 30% I was obviously very unpractised in the exams expecting to be able to just apply textbook. Didnt understand what a few questions were asking for.
So glad there was an NPV question though. I was able to critically discuss the points the financial adviser had put down for not including. Sort of discussed the synergies but I found that a bit tricky in understanding what they wanted- was asked in a way to discuss about how the director didn’t think the investment was worth it because of the lack of risk…
Yep, that is the worst sitting I have experienced to date.
I got NALA toys as well
Interested if people assumed it was moving to an online gaming or like console gaming company, I tried to incorporate for both but felt it swayed more on the side that it would be available for immediate download- or I just decided that from the industry overview?? Doing the value added question I was wandering under manufacturing or logistics this would change the way its done. Sort of went in for more the perspective it was downloadable gaming. I over thought the Valued added translations quite a lot I think…..
Was wondering if all remote had sat theirs yet as well?
Rekindling this chain in light if current weather conditions in the North of England. I’m in North Wales and usually drive about an hour to the nearest centre. Weve had about 20cm snow I tried to move my car yesterday and car just won’t budge, just skids and I have to drive to any other mode of transport. This thread was from 2018 so wondering if anyone could guide me on their process if they couldn’t make it? Obviously if I can’t get my car out I won’t be going anywhere. I spoke to the exam centre and they said the exams won’t be cancelled but given the weather conditions I can’t be the only one?
Hi, Don’t think I am the best to comment as I have sat this four times but I self studied and learned through figuring out the exam. I prepared for this sitting in two weeks but I had covered the syllabus thrice over. I would suggest doing past papers for your next attempt, just make yourself sit them, doesn’t have to be timed at first, just work through them with your textbook. You learn so much about what the examiner wants by doing this. This exam is very exam technique focussed so would advise doing at least two timed papers before.
Learn the difference between internal audit vs external audit and how the internal auditor can help the externa auditor.
The exam is pretty similar each time so if you sit the past papers a couple of times you’ll realise the pattern. Usually an audit risk and response question in there. Learn this one well.Did you sit remote? I saw a comment similar to this for September sitting where they didn’t understand what they had done wrong. Might be worth asking about it. I have seen the platform has changed where if you look into your results on the ACCA website they now give a breakdown, might detail in that?
I really feel for you, very frustrating to not know!me too 54% but fourth or fifth time sitting- stopped counting- part quali and three to go. I can’t believe it! Never an audit paper again! I enjoy all the other papers but this has been the bain on my life for the past year. so glad its done!!
Don’t give up. This exam is pretty ridiculous as there is no open professional end to write anything outside of the marking scheme. fourth time or fifth time I have sat, literally over a year and a half.
Yea Johnny, message on Monday! Thanks to you I was able to let go and enjoy my new years!! thanks dude.
Are you staying up till midnight or doing the wake up at 4am trend??Fourth time sitting AA, getting between 45% and 48% each time, after conversation on O.T. with another student I feel sort of confident on a pass but still feel sick for Monday, as I thought I had passed this the second and third sitting- Just don’t know anymore. Last one before part-quali, booking AFM before results come out in case (fingers crossed I hope not) I have to sit again……the driest and most frustrating exam yet!!
I was pretty gutted when I realised I messed the audit report up, had tingles when I realised on the drive home I had written ’emphasis of matter’ instead of except for but hopefully score marks for putting the %’s of materiality and explaining the other bits.
Really hope you’re right there!!! if I have to sit this exam again…..Is this the last skills one for you?
In all the other the other sitting I had before I struggled to finish on time but I finished this time with like 10 mins spare. Guess that’s proof that exam practice essential for a smooth experience. Booking my professional paper before the results come out!!
I definitely got the receivables and the bank loan. Wrote pretty much the same things as you did but think I could have split out to gain more marks- I put the recalculate interest and current and non current in one point…exam technique fail there. Think I added about checking correspondents to see if there was any further covenants to abide by.
Was that the 4 mark question where they had the supplier statement vs ledger balance and then said when the invoices were dated? One of the invoices were dated 29th May and Y/E was 31 May. I remember writing about extending the Y/E cash testing to see if the invoice was settled. I think this one I struggled on.
What did you put for the substantive procedures for bank loan and recievables?
Was that the printing costs?I said was a Prepayment and so only 3 months should’ve been expense and the rest moved to balance sheet – forgot to mention deferred. grr.
Found it hard to find 8 risks in the question thoughThe control risks I found ok. Don’t remember much on this…One of the control risks I put was about the removal of the passcode for the day and how there is a risk of theft or unidentified personnel getting in, to make sure team leaders were allocated the passcode and that surveillance was monitored. Put something about tagging inventories on the counts. Then also something about allocating a proportion of pre counted inventory to one side of the warehouse for the orders being fulfilled still. How did you find it?
I have sat this paper for the bazzilianth time and sure I am not the only one.
I had an audit report question about a receivables balance becoming unpayable- I just realised I had an amazing brain zap and think I wrote ‘needs to modified through qualified opinion giving an ’emphasis of matter’ paragraph instead of ‘except for’ I was typing so fast and on auto pilot. Just realised this now, what a kick. I really hope I wrote the right thing! If not, hope the examiner gives a few points for me explaining the other little bits.
there was a 4 mark I was a little uncertain on about how internal audit can assist the external auditor- was excluding the inventory count as the question stated ‘other than the inventory count’
This is how I did it.
2.2 was the accumulated depreciation at the start of the financial year, the asset was originally bought for 5.9. That would mean its carrying value at the start of the year was 3.7?
So then 2% of 3.7 would mean the carrying value would be 3.626 at year end. Less revalued amount of 4.6 = 0.974. I selected that option. I thought if the straight line basis is 2% per annum this is applied to carrying value as opposed to the original cost? didn’t see anything about it saying straight line 2% based on original cost so assumed just on what the carrying value was each year- anyways that was only 2 marks, so wasn’t going to spend too much time there.On the audit risks 18 marker, there was one I spotted about $4m redeemable shares being issued to raise funds. I couldn’t remember what the accounting risk would be here?
I have felt so sick waiting for the results….Failed fourth time too 45% last sitting was 48% actually thought I had passed in the 60s this time… I am in the same situation where last of the foundations. Seems 3 or 4 sittings are not so uncommon with this one looking at the comments. Head up, just do practice papers on the practice platform and open tuition videos. I’m getting frustrated with this paper too!!
Feel sick to my stomach. Woke up yesterday to a vivid dream that I had failed AA again, had to double check my emails. Really don’t want to be sitting this one again! Last one before part qualified. Took SBR but more or less sure failed that one, bit off more than I could chew in 5 weeks before the exam.
Me too! last time by 47% – I just commented on this question too! was very surprised
All seems like a such a blur, such a fast exam. I will say, I was particularly unhappy with our invigilation as I feel it impacted my exam quality and ability to answer questions with full attention. Not sure if anything can be done about that though….
Part B I got three questions on substantive procedures in relation to the company mentioned for additions and disposals, Bank cash balances and payroll I think? each were 4 to 6 marks. Not going to lie, struggled to maximise points on these- assuming one mark per point.
Had a 4 mark on engagement letter- give the overview of what it is and then list four parts included in it- guessing half mark for each part?
There was a question on where the auditors found 994,500 that was capitalised but should have been expensed. The year end was May 20×5 but the error was found aug 20×5 so I think it wanted mention of adjusting event- It queried what the auditors should with regards to the report if management refused to amend the financial statements- it was a material balance against PBIT and total assets- Again these are rough memory details. I think it was going for the Qualified ‘except for’ response though???
Audit risk question was juicy- Ratios were included which you don’t often get, wish I had gotten to this question earlier. Pity I didn’t give it much time but just about scraped a full answer- seven audit risks and responses. I was just about to get to the cashflow issues and got kicked out.
In the hands of the ACCA gods now I guess!
