[nigs001]

Omg. I can’t believe it.passed. 1st attempt. Completed 75% of exam.
Thank OT.God is so good, passed all exams 1st attempt. Happy to be done with exams

[nigs001]

@robg89 said:
If it helps I think the units for q1 was around 107k.. q1 was crazy, using a SWOT to create metrics, assessing qualitative and quantitative data and value chain for performance management?? Q3 and 4 were much kinder but we will see. Did anybody talk about over milking cows, invest in stars, R&D should be a cost centre and Baby be an investment centre?? Reading this back, it does sound weird..

I also did that..got a revised ROCE of 47%.

I agree with all the comments; here I was thinking this is my last exam but sadly will see it again in December. The requirements are so trick, ;lovely syllabus , unfortunately I feel like the PPQ did nothing to prepare for this madness.

[nigs001]

Hi, y don’t you contact prestige college in barbados or omardeen in trinidad, maybe a tutor can help instead of doing the entire cost with them.

Time is near , I hope you got through already though. This is my firs sitting and last exam so really hope to pass

[nigs001]

Question 1–
business risks mentioned above
Risk of MM – Litigation claim, Revenue recognition of animal rev,Valuation of intangible assets – brand,research n dev,gdwil if any; Inventory – gels, tablet, cream etc- can’t remember the other
Procedures – prior fin statements, bank depost, depreciation schedule,board minutes, due diligence report, sale cojtract etc
Ethical – loan guarantee – self interest (pay off audit fees due – cahs flow probs, going concern increased gearing); reveiw of system – self review

Q2
a. goodwill-material – impairment test req.increase loss
valuation – not material in sense of value but bcuz of acq. 50% ofold value
Loan -vlauation of financial instruments- amortised value-interest in PL, balance on FS
Also had to discuss audit evidence to find (i think-cant rem)
b.Claim – virtually certain – premature recognition 9insurance comp investigate: look at ins policy, report for demo cost, report property unsafe, etc
c. cant remembr quest -ethics??

Q4
tender – company briefing, quality control standards, personnel backgroud,management and auditor responsibilities, audit objectives n approach
ii.Fee issues n ethics – new client – two yrs no audit, test of controls, one accountant – overworked? reliance on data n also limited assurance review , evaluate qualif of unrlated firm;owner wants 4 mnt report and low fees in short time frame, strategic advice – ethical issues – lowballing, self interest. Fees based on qualification and time to be spent, develop learning curve.

c. Former partner as quality control – no- familiarity n self interest, mitigate risk , new partner.

Q5
Quality control n ethical
New client, 20 locations, discussion wit finance dir. and no other info given (there was another issue-cant remembr) ethical issue – disc with fin – self interest

b.share option -Ifrs 2 -material, provision – not comm b4 yr end, obsolete inv – due to market etc (not sure if it hard to be tied to part a but if it did the fig was not material)
c. I thought adverse.

Also a quest bout comp system – give rise to self review(cant remeber which part).

Wheeww… I think/hope what I did is enough to muster 50%.

[nigs001]

There were 3 diff points in (a) quest 2 – goodwill, new loan and valuation so I assume the marks are spread either evenly or almost.

[nigs001]

wow.talk about time pressure. I also found it hard to apply models
Q1..explained what is meant by each of the terms then concentrated on developments in the past, why they worked or did not used some industry cycle, integrating the value chain although I got the logistics wrong as a downstream. In future used some PESTEL, management style etc
b..Report with Intro, SAF and Conc. for S..I mentioned cultural mix, industry and competition..A—stakeholders in both comp, exit cost, redundancies,etc..F – financial analysis more or less…no real model
C – I could not link factor conditions to Machine shop..:( and forgot the name of firm structure……n rivalry

did Q4..real nice question but rushed it a bit after spending 2 hrs on Q1, 4Ps given and part b ..analysis under the 3 headings they gave

For sme reason i felt Q3 would be too much to read and interpret in 20 mins so looked at Q2 and saw budgeting and a light bulb came on…my only issue was trying to tie it back to question sufficiently.

Then i gave up

[nigs001]

<cite> @seanog91 said:</cite>
Ok I am sorry for saying this and I am delighted that people passed but the people that are reporting 90 plus scores could you please state what variant you did? It must be an easy paper as normally this’d my people don’t score near 100% in the whole paper. I did the Irish variant this year and work my butt off to get my pass and it is no where near 90. The paper was very difficult and the examiner report states that if I got my score 70 then it is a really good score. Could someone please tell me how you get 90 as it is near impossible. Fair play though to those who got it but it must be down to an easy paper or something like that

Now remember some people maybe work with the tax system in the UK so they are familiar with changes for their filing purposes and others only maybe did one paper.
So if I am from Trinidad and have no clue what UK tax is about and did 3 papers, a 60% don’t look bad in my eyes…am ecstatic

[nigs001]

<cite> @seagoat said:</cite>
Wow i am first (aww second) to vote!

56% pass – expected a little bit more, but a pass is a pass so I am happy.

Good Luck to everyone! I hope you will receive good news.

hey we got same but the difference is i thought i failed..woohoo, 1st attempt…..professional here i come

[nigs001]

finally results 4.25hrs after 0:00….and two passes woohoo

[nigs001]

^^94 wow….definitely genius. am still waiting for results

[nigs001]

tick tock ..tick tick tock tock nada

[nigs001]

🙁 still no email. this is killing me

[nigs001]

<cite>@leogr said:</cite>
applied 5 and 10% and got 5.5%

got two negatives as well and an IRR of 4.67 or i guess 4.7%

[nigs001]

First ever attempt – passed all 3…All thanks to open tuition 🙂

[nigs001]

Passed first attempt 62%. I really thought I failed. thanks open tuition..really helped me the concepts alot

[nigs001]

Hi guys:

labour rate VAR – ($12 – $11.4) X12000 = 7200 F
Eff. VAR (10250 – 12000) X $12 = $21000(A)

TOTAL VAR = 13800A

Plan Rate VAR – new rate = $6 *0.95 = 5.70*2 = 11.4
(12 -11.4) * 12000 = $7200F

Plan OP = O (11.4 – 11.4) * 12000

Plan Eff VAR-20% slower = 0.5*1.2 = 0.6
(12300 -10250) *12 =24600A

Plan Op Var – (12300 – 12000)*12 = 3600 F

TOTAL VAR :-24600+3600+7200 = 13800A

Sadly It took me 5 mins to figure it out once I left the exam room…tis what happens when panic sets in….I’ll be back in June…*sigh*

[Author]

Posts