[Kerri]

Passed on my first attempt with 77% and am now qualified…

So happy to be finished the exams – there are times when you think you’ll never get there!

[Kerri]

@adeoluomosanya said:
Im awaiting result for my final paper P5. PER and Objectives all completed so I can apply for membership if I get that magical 50 on the 16th.

Hi adeoluomosanya

I’m also waiting for result of P5 which is my final paper! Good luck to you!
Can I ask you a question re PER – when your supervisor signed it off – what happens next? Does it go to ACCA committee where they review the PER also? Or did it instantly register as complete and you can apply for membership on passing final exam? Bit confused by the process from here! Need to submit my PER still so didn’t know how long after this it will take for me to get membership (assuming I pass P5 on Monday!).

Thanks

[Kerri]

@jetavi said:
Is that so Kerri? I have been wanting to know which revision kit is better among Bpp and Kaplan… Actually Im preparing for F6 sept exam and had both the revision kit… Couldn’t decide on which one to practice from cuz doing simultaneously both of them doesn’t seem like an ideal thing to do if one is short of time in his hands.
So what would you say about the two? Thanks!

Hi Jetavi
Yes from my personal experience the Kaplan revision kit seems most similar to the actual questions in the exam. I find all their materials very clear and user friendly and my results have been much better since using Kaplan. I sat my final exam last month (P5) so now just awaiting my results on Monday and hopefully that will be me finished 🙂
Hope this helps you!

[Kerri]

I did F5 self study as I couldn’t attend the college days for this course. I did the full course within 4 weeks using Open Tuition and then a revision kit for lots of question practice in the 2 weeks running up to the exam. I have studied with both BPP and Kaplan in the past and would personally recommend Kaplan’s revision kit – I think their materials are far better! Good luck!

[Kerri]

@craigalong said:
Why don’t they show the breakdown of marks on the UK Paper?

Not sure! I’m in Jersey so we do the international paper.

[Kerri]

@walshy2009 said:
Can someone tell me what the breakdown of the marks for question 1 was? I did the Irish variant which doesn’t break down the marks.
Also what audit risks did everyone put down for that question?

16 marks for audit risks, 5 for procedures to test inventory and 10 for reliance and evaluation of component auditor
4 marks for presentation of answer

[Kerri]

For Q5, had the depreciation as immaterial, the related party transaction as material by nature due to non disclosure and provision as material! Very confusing though due to how the numbers were expressed !
Had the impact on audit report as unmodifed for individual depreciation mistatement (unless more misstatements caused it be material by aggregation so to keep note), material not pervasive for 3rd party transaction so qualified opinion and material not pervasive for provision so again, qualified opinion.
Was relatively happy with last 2 but depreciation one not sure!
Also Q1 was ridiculously time pressured and took me almost 1.5 hours to read and complete!

[Kerri]

@tmavfc93 said:
I’m really not sure how I felt about this.

Section A was alright, so was B but I am not sure about C at all. First part of Q31 (4 marks) was not nice for me personally but really hoping I managed to claw some marks back through the second and third part.

I found Q32 ok but there was a few things I may have classified incorrectly. Hoping for at least half!

For Q32, what items did you include on the cash flow extracts?

[Kerri]

I had a profit of 300 for Q32 and then OCI of circa 3200
But feel like I have missed things as it seemed too simple !!

[Kerri]

I found Section C Q32 with the P&L, SOCIE & Cash Flows a little too simple – like I’ve missed loads of things out? All the practice questions/examples I have seen have been a lot more complex with more/trickier adjustments. Seems too good to be true!

[Kerri]

@pauljaco said:
glad you said that!

I think the answer is NEDs should be paid on time spent. Their pay should not be related to the performance of the business as this compromises their independence.
As exec directors are quite commonly remunerated based on the company’s performance, I don’t believe the NEDs would be paid the same.

[Kerri]

@godhelp1 said:
hello everybody did we had to expain the ratios we calculated for the audit risk question

I don’t think any explanation was required, only calculate.

[Kerri]

One of the first MCQs, I think no.2 re the NEDs pay, what was the answer for this? Is it correct that NEDs should be paid on a time spent basis?

[Kerri]

@tayyabom said:
there was one MCQ for internal audit committee

I remember I chose 3 & 4 which were

IA committee is responsible for appointment and removal for external auditors
and reviewing effectiveness of internal controls

anyone else remember this question?

I was unsure on this one but I think re the appointment and removal of external auditors, this is actually the responsibility of the shareholders not the audit committee? The audit committee is responsible for the relationship once the auditors have been appointed I think. Not 100% though…

[Kerri]

Re the MCQ on the audit opinion, I put unmodified and other matters paragraph as it didn’t mention anywhere that the issue was large enough to affect the going concern of the business so assumed the material uncertainty re going concern wasn’t correct and as it had been adequately disclosed, thought it was only necessary to draw attention to it using other matter? Anyone else think this?

[Author]

Posts