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To those that asked for my notes, I have not forgotten. I am just trying to find time to compile them.
It is amazing just how passing this last exam can change you job prospects. So many job opportunities have suddenly opened up. So please hang in there.
Please ensure that your online PER is up to date, Ethics mode is complete, and that your experience has been signed off because they ask to see it. After your result and if you have you 36 months experience, you receive an invitation to membership. I have already been accepted.
Khalid, congratulations. However I think you are an exception rather than a norm. I am sure you excelled in high school as well as college. As Deelo has requested above, please explain to others how you manage to read 4 text books and revise to a level that you pass in such a short time. If you don’t, you may have just discouraged so many people who are struggling.
I once read a posting here when preparing for P2. A guy wrote that he only needed two weeks to prepare for his exams. I thought he was showing off. He provided an explanation of how he studied smart and not hard. I followed his instructions and prepared myself for P2 in two weeks after having earlier decided I had no hope and would not go for the exam.( I had studied for 2 months before the exam but gave up until I read that posting) I passed on first attempt.One thing I did not mention is learning how many points are required for the question you are answering. If you are expected to have at least 10 points and u provide only 5, I am guessing that no matter how long you answer. It just does not suffice.So how may points?
e.g a 13 mark question : respond to the partner’s email.(outline and explain principle audit risks and other matters)
1- email format gives u 2 marks ( To, From, Date etc very easy marks) leaving 11 marks
2 – so now generally 1/2 a mark for identifying the risk and 1 mark for it’s explanation
so now u know u need only 7 points ( a subheading 1/2 mark and explanation 1 mark)
3- another 1/2 a mark for an obvious point from question
Answer plan = ( 1.5 X 13 = 20 mins for the question and write least 8 points)
It is a time pressured exam but the above can be done fairly quickly with practice and I think it is a necessary step
But what if you cannot remember 7 points? Then use Mike’s method (OT tutor) of writing the same points differently or break them up.
Another thing the Mike said in one of his lectures is that we need want to pass so badly that we do what it takes e.g. not finishing does not reflect wanting to pass so badly. I thought about this and decided that I was going to want it so badly so I memorised the #’s for all the standards on the list (had my kids question me at random everyday.) even if they are not required anymore. But I thought that If I got 49% and the examiner saw that I new all the names and Nos of the std in my answers, that could be the 1 mark to get me to 50. Think like that. What things can give that/those miraculous 1 – 3 marks ? well: format ( the easiest mark), neatness, spaces btween points, professional terminology, thinking outside the box, make an educated guess if need be to show that u understand. marks can only be given based on what u put down and there is no negative mark. Hopes this helps someone…Aurianne04 I will see what I can do for you. I passed P3 on 2nd attempt after using summary notes that somebody provided in a P3 forum.
P7 is a very deceptive course. It is easy to read and understand. So, many of us are taken by surprise when we fail. Let the consistent pass rate of 31% be a warning that one has to prepare very well. A P7 prize winner once wrote that they did each of the past papers 3 times to ensure a pass. I believe them. It is one thing to know the answer but another to know how the examiner wants this answer structured for the level you are at in order to get the full mark. Quality not quantity.
I passed on my 3rd attempt. I had to leave no stone unturned.
Exam technique:
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is a very big issue for this exam. Read the technical articles on this in SA and on OT and master them.
– (1.5 minutes per mark not 1.8 the difference is for reading the Q this will ensure you finish)
– circle the verbs in question so that you answer all parts e.g. list and explain means a subheading and an explanation. If you miss the subheading you are losing marks
– leave spaces so that you points clear
Answers:
=======
There are rules regarding answers and standards to be learnt. For each paper I practiced, I also read the related examiner’s report. In fact, I read all the examiners reports from 2007, scrutinized how marks are allocated for each Q type. This is how I extracted the rules and the patterns emerged
example. An Ethics question will be about one of these things (gifts,actuarial service, internal audit, long association,auditor rotation,contingency fees,share ownership,joint venture with client, referral fee,valuation service, family member, recruitment service, outstanding fees,PEP, client document custodian, dangerous findings (toxins),competing clients and recruitment services by auditor.
Your answer should have 3 parts
– What is the issue (one of the above)
– why is it an issue ( a threat) you sentence should state it is a threat to (PICCO or SSAFIM because….
– How can it be resolved ( safeguards)
And if you know what the code of ethics says about it you can add that.
Learn Nnemonics PICCO + SSAFIM + Money laundering
Make an Excel spreadsheet. List each issue and 3 columns to answer the related 3 question and you are ready to answer any question on ethics.
Don’t overwhelm yourself for there is so much to read and you cannot read it all. Also don’t fear the long questions that span over 3 pages like CF statement + PL statement.If you practice these questions , what you need to extract is not that complex.
If the question is about MATTERS TO CONSIDER answer should have 3 parts
-materiality,
-A/c std (impact on FS)
-audit report implication
Similar steps apply to question on (business risk, audit risk, procedures, evidence) Remember that you are the most senior auditor verifying what junior auditors bring to your office. You do not trust them so you have to verify their work. Also remember that you do not trust that your client has followed the a/c standard. so for each P2 std I made an excel spread sheet with 3 columns ( Action, Document,Reason for checking Document) differentiate between a procedure and evidence.(well explained in technical articles)
Finally, read the technical articles which are more exam specific content wise than text books and also topics on exam technique from SA. Seems there’s no shortcut but it will all come to pass. So for now, burrow you head in those books. Good luck!!!! One more thing, avoid fear mongers. You will be in a bad state of mind. Personally I find that too much time in forums leads to panic mode.You are right Millymwanchande there are rules regarding answers and standards to be learnt. For each paper I practiced, I also read the related examiner’s report. In fact, I all the examiners reports from 2007. This is how I extracted the rules and the patterns emerged
example. An Ethics question will be about one of these things (gifts,actuarial service, internal audit, long association,auditor rotation,contingency fees,share ownership,joint venture with client, referral fee,valuation service, family member, recruitment service, outstanding fees,PEP, client document custodian, dangerous findings (toxins),competing clients and recruitment services by auditor.
Your answer should have 3 parts
– What is the issue (one of the above)
– why is it an issue ( a threat) you sentence should state it is a threat to (PICCO or SSAFIM because….
– How can it be resolved ( safeguards)
And if you know what the code of ethics says about it you can add that.
Learn Nnemonics PICCO + SSAFIM + Money laundering
Make an Excel spreadsheet. List each issue and 3 columns to answer the related 3 question and you are ready to answer any question on ethics.
Don’t overwhelm yourself for there is so much to read.
If the question is about MATTERS TO CONSIDER answer should have 3 parts
-materiality,
-A/c std (impact on FS)
-audit report implication
Similar steps apply to question on (business risk, audit risk, procedures, evidence) Remember that you are the most senior auditor verifying what junior auditors bring to your office. You do not trust them so you have to verify their work. Also remember that you do not trust that your client has followed the a/c standard. so for each P2 std I made an excel spread sheet with 3 columns ( Action, Document,Reason for checking Document) differentiate between a procedure and evidence.(well explained in technical articles)
Finally, read the technical articles which are more exam specific than in the text book and also topics on exam technique from SA. Seems there’s no shortcut but it will all come to pass. So for now, burrow you head in those books. Good luck!!!!What I did to pass on 3rd attempt
1- Do not re- read the study text. It will waste precious time.
2 – There’s a formula to each type of answer (Ethics,procedures etc) stick to this formula and you will have all parts required for your answer.
3 – know your a/c standards in as much details as they are in the answer booklet. No deeper.
4 – Exam technique (speed , spaces etc.)
5 – Practice as many questions as you can. For the first time I tried all the questions in BPP Q & A booklet.
6 – I summarized the whole syllabus onto 7 pages and practically memorized these relevant topicsAs somebody said earlier, study smart not hard. I was ready in three months.
hope this helps
After two attempts I have finally made it and I am now an affiliate 45%, 47% and now 52%!!!! But I must say, I left no stone unturned. I really understand the subject now despite my low mark.
Look for Kieran Maguire P2 lectures on You tube. He solves some past questions. I was blown away because I discovered him a 2 weeks before the exam and it was all I needed to scrape thru.
There’s a book called A Student’s Guide to IFRS by Clare Finch I believe it is very good. I am trying to buy it off Amazon
I searched the web for summaries but nothing is brief enough.
You can see a sample of the book at Kaplan Publishing websiteI was saved by something I found on youtube and passed after studying for 2 months only. Past papers are
key.Here’s how i passed F9 after 3 attempts that were not the best. I printed out all the past papers from ACCA website. I did all of them from 2007 to date. You will notice a trend and that it is more or less the same question asked 5 different ways. By attempting all these papers, you will have mastered all the tweaks. The other thing you need master is examine technique. Take even 2 days to read and understand the techniques e.g 1.8 minutes per mark, correct format of answer etc.It makes the difference between 49% and 50%. Most importantly study smart not hard. don’t spend too much time with the text book. It will waste your time.
P2 The so called Beast 50% 1st attempt. Good enough for me. Now I can focus on the last one which is P7 . I got 46 % so I resit in June
To those who passed congrats ! Please give those of us who have failed tips on how to nail it in June. P7 is the only exam I am left with so it is do or die for me. Please what should I master in order to nail it ? I start studying this weekend. Even as I lament I did pass P@ so I am overjoyed for that one especially because it was my 1st attempt.
I got it and I’m just hoping. The guy in the other posting said he did not receive it in June when he had failed but got it this time around
!!! fingers crossed !Some one said he did not get it in June when he had failed but got it this time.
I got it too. Let assume all finalist get it and not guess that they are hinting that we are done
I had the same struggle with F9 until I followed simple advice. I did all the past papers from 2007 to date and finally passed. I realised that no matter how well you read the study text you have to master how the exam questions are actually put across by actually doing the past exams. Simple. Now if you have done that many past papers, the next thing is exam technique. please read SA April 2012. Good luck
I have been trying for the past 4 days. Paying for an exam is impossible. It just takes you so far then crushes. I wonder if they will give us more time.
Never under estimate the importance of exam technique. There is a reason this topic covers 9 pages of Student accountant April 2012. Ever since I paid attention to this, I have been passing. In many cases just marginally and I know it is because I have understood exam techniques. The text books are long and by the time you finish, you have forgotten what you read in the beginning. So if you ever run out of time, past papers will save you. When you get stuck, that is when you go to the study tex to clarify. For that last two exams, I did past papers from 2007 to date and knew when I left the exam that I had passed. I have two more papers and I will use the same approach.
I got 49 just imagine. I was hoping to have to sit my last 3 papers in june but this changes everything.Can a stay at home mom sit 4 papers in june or is too much of a gamble??? Or should I sit 2 in June and 2 December? I really wanted to end in 2012.
There ‘s an article about the 2012 changes for all the courses. You will find it in the technical articles section from Oct 3 2011 called “Summary of changes to the ACCA Qualification for all 2012 study guides” it clear tells you there that F9 has no changes.Check it out to make sure . Here’s the excerpt
“Summary of changes to F9, Financial Management “
There are no changes to the syllabus. One area however has been clarified in
the syllabus (it was implicitly included previously) and is shown in Table 12.Table 12 – Amendments to Paper F9
Section and subject area Syllabus content D3f) Discounted cash flow (DCF)
techniques Calculate discounted payback and
discuss its usefulness as an
investment appraisal method “