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hey guys, please respond to the ACCA survey with regards exam feedback. If it is done collectively I hope on the resit they will reconsider topics to be examined and balancing the paper for questions to be answered marks and time allocated for questions to be answered.
Thank you
I agree in terms of time management and not having enough time-The paper was very different to previous past papers, I am planning to ask ACCA for rescale as the requirements were very vast and it felt scenario was endless.It almost felt that the examiner wished to fail people comparative to past exam papers.
How did everyone else find it?
paper was insane-It cannot be expected from students to complete full paper as the requirements were far more than the time given!
Q: part a: Did anyone use PESTEL/ Porters 5 forces/ SWOT(well more of strentghs/weaknesses?
I felt part b for 20 marks?!honestly was ridic in terms of time pressure.I managed to just about answer 70% of the paper but I dont feel I passed purely on time pressure/mark allocations I felt paper was not balanced but it may be me!
@comagrey: Good luck with P2,hope it goes smoother than today, P2 was a beast of paper but at least you know where you stand as it’s more calculations:)@malimerchant:you are absolutely correct,i misread the questions and applied incorrect % of completion!
tbh,i dont know how many marks one can miss if calcs are incorrect(due to silliness)yet applies standard correctly when assessing materiality-does anyone know?
i dont have any confidence!!!@Rahim: Q1 part a] I thought we are on planning stage not initial engagement(before accepting the client where management integrity etc is the case)?
I wrote down re. analytical procedures as part of strategy rather than substantive as company is big,we need to comprehend control environment.did anyone spoke about strategy and what strategy to implement?@rutvik:Construction contracts…I took the cash received as expenses incurred to date to calc % completion. 3/20=15% x$5mil revenue but I may as well be wrong!!!!
What did you put down for integrated report?I said other matters paragraph as it is not statutory requirement and it was incorrect growth rate mentioned?
The paper was so vast,it felt long and i feel i was not specific enough:( also a lot of P2 knowledge comparative to previous papers…
Does anyone remember what was part c of Q2?was that the legal requirmenets and the hazardous chemical?I mentioned about duty ofcare/breach of confidentiality/public interest/speak to management-again i felt elaboration was not enough…
finance lease as it also risks and rewards stay with the Group-sale and leaseback agreement
@Nizar: I also stated about contingent liability as it is possible not probable and extended on the standard…i really hope for a pass…
for q1 part b i also mentioned retranslation of inventory? due to manufacturing is done overseas….aaargh such a bad paper:-(paper was not good as questions were open ended-I mentioned a lot of accounting standards to substantiate answers. a few clarifications if anyone remembers:
q5-construction contracts- revenue to be recognised based on stage of completion-did anyone write that down?15% of the $5mil should have been recognised for the year-did anyone write that down?
i cant remember what was the other part of Q5.Q3: 1st was a sale and leaseback-substance over form risks and rewards saty with the company-incorrect treatment of being recognised as an op lease-did anyone wrote that?
the other part for recognition of associate instead of a sub-mentioned that voting rights/share interest -more investigation needed for substantiating sub or associate-integration of systems??what was that about?Q2: did anyone remember the indicators for goodwill impairment?the prof skepticism is a very VERY open ended matter so i just put down everything i knew relating to Silvio etc etc
Q1: This was really tricky as it had way too many things to discuss-for part b(17 marks?!?)did anyone mention about forward contracts and related party transactions and short term investments?
for strategy-did anyone mention about doing analytical reviews rather than substantive(transaction balances)as company size and complex-1st time client etc?
what about resources available in audit company?paper was very daunting and time pressuring i did not manage to answer all of the parts of each question:(
I put down for 12 d its an adverse opinion (qualified adverse)but fs assumption is inappropriate and as such fs are incorrect.
Also not sure why 10 is d?
I agree for internal audit function I never read anywhere to report to the finance director therefore disagree.With regards WIP I put down labour costs recalc! And raw material.
Also comparison to last year’s WIP balances to establish trends.WIP completely threw me out.About deficiencies does anyone remember if they put down supplier and customer reconciliations not being in place?also sales system does not cover for two different revenue streams??
About the opinion on q4 do you remember if you got qualified/material?
Also there was something on q6 about opinion if you remember what please let us know!!!:-)
Guys what did you do about the WIP sub testing in q6?paper overall was tough I thought mcq were meant to boost for a pass but the volume of it was massive.
Also does anyone recall if none of the deficiencies was that payments are received after goods are despatched(q5)?
Also does anyone remember sub testing for revenue?I put down as forecast and investigation of any high deviations.any sales rmitances received after year end to ensure cut off does this sound correct to you?