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The biggest risks I found were the stadium recognised as a sale – profit was included but it shouldn’t have been recognised as the control of the asset was still there. The refunds from the tickets due to the stadium being closed, inventory for the football shirts now a player has left, cash sales etc etc. I can’t remember much of what I wrote for the intangible asset impairments of the player contracts – can anyone else?

What did you all write for the audit committee considerations of due diligence and the going concern?

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Hi, did anyone get the football club as Q1? Then I got due diligence report Q2, and going concern and impact on auditors report Q3.

It was a tough one I thought – and my 2nd attempt

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@amariag1982 for the revenue materiality my total was 52.7m which is 263,500 at 0.05% – i set materiality as lower due to this being a new client and detection risk being high

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@amariag1982 – I agree, time pressured!! I didn’t get to read over any of my answers either and I also agree the ISQM2 was tough for 8 marks as I hadn’t really covered much of that so deffo didn’t get high marks for this. What risks did everyone put for the JupiterLive question?

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I didn’t get that set of questions, I got:

Q1 Business risks 10marks, material misstatements 24 marks, further evidence of a property valuation 6 marks
Q2 Reviewing the audit file before completion – fall in an investment property portfolio, subsequent events with a drop in revenue from strikes, and I can’t remember the other section – did anyone have the same?
Q3 Engagement quality review – the eligibility of a reviewer was 8 marks and then two scenarios on files after a review

I wish I had gotten the critique of auditors report!

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So annoyed with the lack of working capital questions – this is a massive part of the syllabus yet I got about 3 x 2 mark questions on this!
I failed in June and this is a resit so really disappointed with this.

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I am also wondering the same thing – does anyone know if I will still pick up some marks? After having a mind blank I time apportioned the SFP question thinking of P&L

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Failed, as I thought. 41%. Now studying for FR but thinking of re-sitting FM in sept. Has anybody sat two at a time?

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Just over 10 minutes to go. I’m nervous but pretty sure I’ve failed my FM anyway and will need to resit in sept.

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Yes I got the mcq on the forward exchange rate and money market hedging… I thought so many of the mcq’s were a lot harder than 2 mark Q’s.

Did anyone get the question on fintech? And stakeholders? It said true or false to bankers being connected and shareholders being internal.

I was confused by bankers and thought is it a trick question not saying a bank?

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It has been helpful reading everyone’s comments as I also found the exam so hard. I had the sensitivity question on sales volume, discount rate and how much the tax would need to increase. I used IRR and also got 18.5%.
I got the section B question about the start up with the sisters and the brother investing it was so tricky!!
I found the section A questions hard too.
I’ve never flagged so many questions in an exam before and I felt some of the questions didn’t make sense!!!
Did anyone get the section A question about cost of equity and were given the beta from the proxy company and it gave their asset beta? I calculated the equity beta of the proxy company and used that but none of the figures matched and now I’m thinking should I have used the asset beta.

Similar to the Q above, does anyone study whilst waiting for results as I’m sure I will need to resist?

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Yes I put the same about the yacht being taxed as a benefit and the same with employer and employee NI as she would not be taking any remuneration!
Hope we have all done ok

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I got 15 month period at the end! For the new equipment I did FYA 130% but didn’t time apportion this as it already was under an apportioned limit but did anyone else have this question?
Did anyone get the question about the question of buying a Yacht from their company but using it privately with no business use?

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Ah yes that seems correct about the improvements to corporate governance – seems like we got similar questions as payable days definitely did decline. There was a part in the audit risks section about the supplier statements showing higher balances than the companies trade payables hence the decline in days as their system was not accurate and understated.

I remember them being a new client so I had that as one of my audit risks, the contaminated soil and the NRV being lower than cost but I can’t remember much more… the exam was tough time wise as everyone has said.

Fingers crossed for everyone this is my second attempt!

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Ratios for me:
operating profit
payables payment period

Only 2 marks for both years (I rounded my answers is that correct?)

Did anyone get the question on corporate governance and it said the CEO had chosen their friend to be on the board of director and then the finance director had decided a bonus of £10,000 for all directors and what recommendations we can make? I was a little stuck on this one!

I also got a question on the self-review and familiarity question and now thinking I put the wrong answer as only the lady who worked for the company has both?

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