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I agree to all questions set in p5 exams are so difficult to understand in time given..even after reading them for many times im still not sure i wrote what was asked..
Q1 had so much appendices it was very much irritating reading question then changing pages going through appendices then again going back to read question..
Plzz ACCA should recognise the fact about p5 that it is set too much difficult to solve in given time as required.Thank u so much.
One more question. In EVA calculation of capital employed we will Increase C.E by last years expenditure on advertising R&D and employee training to bring it to this year’s op bal.
But what about this year’s expenditure we will add it too or not because we want op balance???
Please help
Thanks@tez
I didnt atempted q5Q3 was an operating lease i wrote that :-/ because we were paying rentals at normal market rate and we had an option to buy but at market value not lower than.. thats y i treated it as op lease.
And second should have been recorded as subsidiary for 3 months.Q1 really was hard. For that treasury dept i mentioned due to its newly established there will be lack of knowledge
@gabreil exactly u r right.
I managed to complete the paper 100% but i was rushing and couldnt provide enough points to gain goor marks..
I attempted q3 and q4 because i didnt had time to go and read q5 then choose.. i think i did a mistake too as my friends said q5 was easy..I can just hope that for such difficult attempt checking will be lenient si fingers crossed..
Im very much dissapointed i dont wana attempt p5 now 🙁Paper didnt went well for me. It was very lengthy.Even though all topics were as predicted but scenarios were too much difficult.and relating topics to scenario was very difficult and time consuming.
Audit risks part, IAS33, analytical procedures given calculated,ethics question required a huge amount of information. Even isa 240 relation to scenario.
Unusual paper it was I must say..Thank u so much Mike its clear now. 🙂
And yes u r right most of the questions ask for ethical and professional issues but there is a question named Raven & Co it asked for all three issues thats I wanted to confirm.
Although i practiced many questions i was just confused because of exam comig near :-/
Well i understood it now when i went through one past exam question.
I wanted to know one more thing.
Question asks for ethical, proffesional, and commercial issues. I am good at finding ethical issues but then i donot understand what to write further can u plzz explain with one example an ethical, professional and commercial issue. I will b thankful. 🙂
And yes in this past papers didnt helped me, so i need ur help.
very very lengthy paper which made it hard for me to read properly the scenario and give answers relevant to scenario
overall paper became disaster at the end.
i think i will fail 🙁Imagine that you want to build a house and have an idea of what the house should look like, the general idea of your house.
You must get an architect to design the house before you do anything else
After the design is done, you can get the contractors and supplies required to complete the house.
Take this idea to a business.
You will need to have a business idea first before you start. Once you have the idea, next get a business architect who will consider the following
People – Roles, job description, skills, competence, management activities, culture and communication
Organisation – business model, external environment, capabilities and business memory
Processes – Value proposition, value chain and core business processes
Information – information requirements and standards
Technology – technical and application architectureThis will help in the execution of business strategy so as to design a robust business model.
all the numeric stuff is there in chapter named “financial analysis” in kaplan study text.
its just in the middle..
too much worried about the f5 and f9 bits in the paper :-Ithe notes and text will give u just the knowledge after that practice past papers as many as u can..they will help u.
examiner’s answers itself are very nice and give u deep knowledge.I tried alot but they arent playing, don’t know y..
If u could explain in simple words i will be thankful.yes report would still be considered unmodified.
emphasis of matter or other matter paraghraphs are not modifications.
they can be used with any of the four types of reports.hi 🙂
If you say “sample a number of invoices and inspect them for authorization”
its a test of control because you are checking if they are authorized.
a substantive test would be select a sample of invoices and agree them to purchase order to ensure the quantity may be..
so this type of changing in words will make it a substantive test if it is designed to check numbers in FS..i hope it will help. 🙂
if FS are true fair and free of material misstatements then the report is unqualified report(unmodified).
modified reports are of three types: qualified, adverse and disclaimer of opinion.
qualified report: FS are materially misstated but not pervasive.
adverse: FS are materially misstated and pervasive.
qualifeid report: insufficient evidence but not pervasive.
disclaimer of opinion: insufficient opinion and pervasive .
remember emphasis of matter and other matter paragraphs are not modifications and can be added with any of these reports.hope it helps 🙂