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Thank you for reply. I have received their email confirmation regarding approval yesterday (21/8). So we can see ourselves in “Find an Accountant” in accaglobal.com within 10 days but i read certificate would be delivered in 12 weeks time from 21st Sept. 3 months from the end of september. Isn’t that too much?
I applied for Membership online through My Acca on 16th August since then i did not hear from them. At the end of online application, system generated ‘Membership Supporting Documents with Important notes’ but i am not falling under their criteria/requirements. Should i email them in return advising as such or Wait? please advice. Also what is the usual time period taken by them to email us status of the online application. I tracked the application and it says ‘Not yet applicable’
Passed with 71%. Affiliate now. ACCA Exam Journey comes to an end. Thank you LORD.
March 2017: GRE Question Paper
Q.1
Importance to have Internal Audit [ 10]
Reporting Reasons from IA to AC [6]
Reason to Terminate External Auditor contract and tender to new [10]
Voluntary Disclosure Advantages { Going Concern Report to be put in Website [ 6]
Fiduciary Duty? Why org failed [ 2+6]
Identification of Type of Risk in Scenario and how can be mitigate [3+3]
Professional marks ( Statement in Website) [4 ]
Q.2
Roles & Responsibility of Audit Firms and Assessment in Scenario [ 7 ]
Ethical Threat Identification [8]
Safeguards to mitigate to ET [10]
Q.3
Boards Responsibility and how Risk Committee can help to Board in Scenario [ 7]
Objectives of Internal Control and Its Failures with respect to Scenario [ 8]
General Principles for Disclosure and Communication to Shareholder [10]
Q.4 Not Much Sure since didn’t attempt
ALARP [ 12]
Risk Awareness [7]
Not sure content [6]
Congrates Mariam.. 63 is very good number. what did u use as materials for P1. Can you share please
It was good paper. Attempted 94 marks. Mentioned the following in paper. Hope to crack.
Q.1- (a)- Intial Audit Engagement- Wrote 7-8 guidelines mentioned in ISA-510
(b) Audit risk includes : Detection Risk- New Audit, Control Risk: No Int Audit dept
IAS-38 misstatement of 100M, Online sale-business risk which led to Inherent risk,IAS-18 Revenue to be taken since R &R transfered. IAS 24 RPT and Non disclosures.FV to be taken in case of speculative investment. IAS 33, EPS wrongly taken. Reason for previous auditor resignation. Any Chances of fraud from Management. ISA 315 to be referred since new audit. Analytical review to be reviewed & adjusted.
(c) Audit Procedures were ok for both itemsQ.2 (a)(i)IFRS 5, IAS 17 Finance Leas Sale back. It was tricky one.
(a)(ii) ISA-600, 15% rules applies here to be significant component. Comparatives to be changed. Even though there is loss, it would compare with PBT of Group. In revenue it is 12%.Full audit is required and not analytical procedure
(b) ISA 250 was cashed marks outlining the responsibilities of audits including the ethics point of Duty of Confidentiality to be broken as volunteer to the regulatory authority.
Q.3 (a)- Professional Skepticism meaning and it helps in Audit estimates (ISA 540), Going Concern (ISA-570), RPT (ISA 550), Fraud (ISA 240).
(b) PS- to be applied in situation. where i wrote, to check the Objectivity, competence and systematic & disciplined approach of Internal Auditor (ISA 610), Critically review last years file. IFRS 3 application correct or no. Reliance on FD. Profit inflation objective. Fraudulent financial reporting ISA 240.(c) AP of Impairment of Goodwill. It was revision of last June. Attempted ok.
(d) Forensic auditing in bribe case. attempted well.
Q. 5 (a) IAS 11, Stage completion either based on cost method or Surveyors completion %
and qualify report on grounds of MM.(b) It is present obligation as per IAS 37. In Nov event happened and Jan is their closure. Lawyers confirmation is not Sufficient appropriate AE. Let them reverse and book profit if client don’t pay this year.
(c) Not attempted 🙂
Hope to get 50…