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This was my third attempt at P7 and probably the nicest paper yet. I over ran on Q1 like everyone else by the sounds of it and only near the end remembered I read it was a new client so right at the end added a sentence or two on that. Not enough time to answer Q1 well I didn’t think.
I chose questions 3 and 4 but spent a good 5 minutes deciding whether to do 3 or 5 so hope I made the right choice.
I felt a lot more preapred but missed a lot of points I think because this exam is so time pressured and so broad.This was my final paper and a resit. Hoping for a pass but didn’t revise quality control and ran out of time to properly answer Q1 – why was there no business risk? All my revision questions had that! Ended up bullet pointing the audit procedures in brief and for the component audit I just wrote bullet pointed questions that I should have answered by reading the text but didn’t have time. Hoping for some half marks at least there!
Q5, I said material if the dep’n issue was across as assets and material for the loan as it should be disclosed as a related party transaction and immaterial for the provision as they did have a a provision in
No idea how well/badly I’ve done though – last time I was confident of a pass and got 44%!
Sorry guys to hear it was bad news . . . I think it is hard with this paper as there are certain tests to be carried out at different stages and it is easy to get confused with which task happens at which stage.
I am happy to have passed with 63% especially as I wasn’t sure if I was going to be able to sit the exam due to my mum passing away 2 days prior but so glad that I made myself go.
Shame I have to resit F5 and F6 (again) in March!!
I thought question 5 was fairly hard as you had to do ten ratios for 5 marks. I only managed 3 for each year – couldn’t remember the others and didn’t have time to stop and think about it.
Hoping that I have passed though.Some people are allowed extra time for the exams.