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Passed with lower marks than I expected (67). Found the exam easy. Spent most of my time reading AFM at the expense of AAA. Surprisingly scored higher in AAA. Now qualified yayyyy…. I’m really grateful to OT study materials. I never had to use any other study Text even when my firm gave me BPP for free. There just wasn’t enough time to read them. Passed every paper back to back with single attempts with just OT, ACCA technical articles and Past questions
Very difficult exam. Used 14 days to read because I spent all my leave days studying for AFM. Was so scared I’d fail. Passed 71% first attempt. Couldn’t use my study pack because time was so short. Strictly OT and past questions. Thanks OT. Now qualified
Q1 I found the 24 marks question really difficult for an audit risk question. The disclosure on the restructuring made it really hard. I eventually missed simple group audit risks like how complex the business was, the consolidation risks and the like. Restructuring had a lot of risks to identify.Joint ventures maybe for the new company, discontinued operations not properly presented, fair value risks etc. For new coffee shops Capitalization of intangibles and wrong amortization of 15k 3years intangibles for the new shops and probably contains expenses that should be expensed. Government grant there was bias to boost earning should be in OCI maybe. Materiality to P&L and SoFP. Question for additional doc requested easy 4 marks. Audit procedures easy 8 marks. Ethical issues were very evident in the scenario so quite good. Hope I get 70 percent of question one.
Q2. Very difficult.. Disaster. Evidence will probably help a bit. Sale and lease back I felt was correctly treated. Investment property not properly valued Ias 36 misapplied. Not material though to PandL. Shopping mall amortization reversal didn’t see what was wrong just saw a lot of back and forth with the estimates. Since it was material I wrote what I could. Evidence again to the rescue. 2B effect on audit report I did separately then combined. Since shopping mall was significant and pervasive on all FS I suggested adverse opinion and basis for adverse.3. Forensic audit was the only nice question here but unfortunately time pressure had set in. First part just needed points about accepting the engagement. Competence, independence if audit client, if the report will be used for legal proceedings etc. Cool 8 marks. Procedures for quantifying inventory lost due to fraud… Ehhh kinda hard. Listed interviews, CAAT, recalculation and some control testing. 6 marks maybe I’ll get 4. Internal control deficiencies were very obvious so cool 6 marks. Last 5 marks was about mgt and the company’s auditors reaction to the discovered fraud. I blamed the mgt for weak controls but also blamed the auditors for not testing controls that resulted in mistatements in the FS. Explained how the ISAs required auditors to be sceptical and that it’s not their duty to prevent fraud but should have reported and discovered deficiencies also if they have caveat in their report it could help. Too much talk for a 5 mark question but time was almost up and I wanted to do the one I felt confident in while sulking on question 2.
@ajiljacob96 said:
Can anyone tell me how it was recognised as a new client, i actually checked whether it was a new client and dint find any clues during when i was reading the question, feels dumb nownot just you I actually checked but couldn’t see the place where it stated that it’s a new client. I also missed some easy marks on complexity due to restructuring, consolidation risks and the other easy bits. The 24 marks was just too much to grab
Hi Sir. I used to think I got confused on the difference between which exchange rate should be used (1·0292–1·0309) in the Dec 2018 Q2
I understand why its multiplication because CHF were being converted to USD but I still do not understand why they used the first quoted exchange rate instead of the second to multiply. I thought when you are receiving a foreign currency you buy from the bank the bank
Thought the exam was better than expectations. 1a I used Diamond adding some elements of PESTLE as I saw fit. 1b. I used SAF which made it easy to analyse financial (IRR, payback and others) and non financial decision as seen in the exhibits. The question did not ask for any model so its more of a freestyle and i also didnt dwell much on trying to calculate anything 2a. Tested communications skills and you just needed to be formal and use the right tone. 2b IR was pretty easy showed how the 6 capitals can be used to communicate and add value. 3a tested scepticism skills on the boards view of disruptive tech. I found it a bit tougher than the rest mainly because I was pressed for time….I just scribbled some points. 3b was very OK. The slides were to state the risk, consequences and controls then give notes. Overall the exam was good
@robertoh said:
2a ah yes, press release. Thought was ok just not sure if enough for 10 marks but nice and easy questionWe both had same approach at attempting these questions…
Even though I passed this has been my most terrible result. Don’t know how it was graded was pretty confident. Thanks OT hope P3 will be better.
The discount risk should be provided for in current liabilities and added to retained losses of subsidiary 2 before translation. For the disposal, its still has control so u just increase current assets(bank) and NCI too. Other questions were pretty nice especially 2 and 3. Also found the 1b and 1c quite good because they have been examined in June 2015 questions. Those troubled about not getting Share appreciation, translation and all right shouldn’t worry cos its about each step you got right. The key is usually understanding ur IAS. Impairment of CGU 36 using before tax cashflows and impairment of financial assets ifrs9/ 13 using expected loss approach was examined. There was also a question in which the directors used level 2 fair values even though level 1 was available….overall the exam was fair to anyone who read technical articles
Passed 83% the mcqs were tricky and I didn’t expect them to be that many. Thanks John. I used only opentuition and was my first attenpt
Even after using cost per unit instead of cost per hour to solve my variances, I still passed with 71%. I used only opentuition notes and lectures. It was my first attempt. Thanks team OT
value of perfect information is $150. the difference between the expected value (500) and the value if they had all information (650)
