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A lot of similarities with my answers, I struggle a little bit with how things to be write about on the last bit of Q1. Last bit of the Q3 I calculated goodwill since we were given the info, and pointed out that materiality issue.
I’ve failed this exam twice before with 47, I really put my heart into the exam this time, answered everything mechanically, an explanation behind every point and hardly any of my answers were feeling stretched. Best of luck everyone in 6 weeks.
@ffivestudent said:
Failed at 49%..has anyone ever got a recheckIt’s very, very rare to get extra marks from a recheck, especially since when an examiner marks a paper close to a pass mark, they recheck to see if they missed any marks anyway.
Admin review isn’t a remark, it’s just a recount. Save your money and smash the exam next time 🙂
42%, not surprised, put in some irrelevant risks and really messed up with the PFI question. 47% twice.
It’s time for a break, I’m thinking to take a revision course later this year and maybe the December exam sitting. 4th sitting to smash this exam and become an affiliate!!
Did anyone use the spreadsheet in the third question? Since most of us live on excel at work, it was really straight forward to do a trend analysis.
I just have a feeling the examiner may shake their head marking that part of my paper, I’m supposed to highlight the procedures not do them!
@rikp009 said:
Joint Venture? Where was that? I must of missed it, was it on the cbe?Sorry, was supposed to say joint audit.
Didn’t feel too comfortable throughout the this sitting, I think I did well on the Audit risk part, joint venture and critiquing the audit report were relatively straight forward. But the PFI question had been constantly wondering if I’m getting the at right point/answering the question.
@jachenderson said:
The examiner was a walking dead fan ? I thought it was a fair paper – very time pressured – didn’t feel as though I wrote as much but I got my point across quicker due to it! Finished with 3 mins to spare and thought not even going back over it as I’ll just stress myself.out lolA breaking bad/better call saul fan too by the looks of it
Thanks for the insight nwoa, I had a feeling typing noises could be annoying. I really felt copying the data onto the spreadsheet which wasn’t done properly the worst thing about the practice system.
The copy and paste function is definitely helpful to neaten my answers but as this is a ridiculously time pressured exam, I just hope these neat functions actually save time, rather than consume more time.
Hi Christina
I feel for you, I’m having the same issue The practice system is awful, and nothing like how brilliant the system is demonstrated in their CBE intro vid. Even copying excel data to the spreadsheet wasn’t working properly. This is now my 3rd attempt after getting 47 twice.
47, for the second time :/
Felt more confident in my second sitting. I’m going to take a fresh approach before revising for my June sitting.
Q3a was about the matters to query with manager about intangible assets
And part 2 what additional information needed on their financingHad a feeling business risks were going to come up. 2nd sitting and I feel more confident.
A lot of marks for ethics which had me worried, apart from the bog standard knowledge, threats, safeguards, acca code of conduct, don’t know what else I should have expanded upon.
Can’t complain about the paper, felt relatively comfortable throughout. No nasty surprises.
Data analytics is emphasised but my tutor attended a conference and they said data analytics won’t be tested in great detail in AAA exams. Great to know but don’t get too bogged down by it.
Not too sure about predictions, Kashif Kamran uploads some vids people found very helpful, he should be uploading them for the December sitting in a couple of weeks, I think he looks at potential questions that may come up.
47% first try, just struggled getting to grips with this paper, hopefully I do better in the resit!
@navjot23 said:
Hey everyone.Just a breakdown of things that may have been worth mentioning which I wrote about in my answers
Q1) audit risks:
– Complex group structure
– Listed entity – management bias to manipulate results
– Potential Impairment of the Burger chain as they mentioned in the wording revenues had fallen
– operating segment disclosure
– disclosures for the joint venture
– the disposal of the burger chain is an event after the reporting period as they have not found a buyer at year end disclosure necessary?
– held for sale treatment for the burger chain
– the PPE capitalised $45m has intangibles in it which need to be sepreated and amortised
– within the PPE whatever related to the PPE items such as Fixtures and fittings, plant and machinery and the building should all have different depreciation terms and should be separated
– dont know if anyone noticed but there was a reconciling difference between The operating segment note which stated total assets were i think $450m but just below it “other information” stated that total assets were $475m there was a reconciling difference of $25m of assets. I talked about how the auditor doesnt audit the “other information” section and doesnt express and opinion but there is a risk that this is mistated and we must ask management to correct.
– government grant risk that the full amount has been recognised in the P&L but according to IAS standards should only recognise the income when the associated costs are alongside and as nothing has been spend the f/s are misstated. Also worth noticing that Profit after tax was $20m and the government grant was $20m so if we remove the grant profit after tax becomes $0?Further information about the disposal i mentioned all the criteria needed for a held for sale such as actively marketed, sale highly probable, sell in currrent condition, fair value, sale in one year etc.
The ethical threats i mentioned self interest due to the fee the auditor may receive, intimiation as juniors may fail to challenge the senior auditor, self review , management responsibilities, as well as familiary as the audior may become too trusting of the staff if he joins them for a short while.
Q2) FYI for those uncertain about the shopping mall impairment treatment. If you have done P2 theres one page which mentions impairment reversals and an entity cannot recognise an impairment reversal greater that what they had originally impaired the inital asset at. The sale and leaseback was correctly recorded so it was just things to talk about such as has a sale occured and has the entity satisfied its performance obligations and if the transaction didnt meet the requirements of a sale then the treatment of the sale and leaseback would be different. As the building had a 50year life and the leaseback was only 10years the substantial rights to the asset move to entity buying the building (they have the remaning 40years of use on it) therefore it can be treated as a sale. All in all a qualified opinion would be issued with an “except for” wording and a “basis for qualifed opinion below it”
Q3) forensic audit acceptance was:
Advocacy
Confidentiality
Self review
Professional competence
Self interestI could keep going on the other parts let me know if you want good luck to everyone.
Looks like you really hit the nail on the head with q1. Q3 it mentioned the company wasn’t currently a client so not sure if you’d get marks for stuff like self-review, advocacy threats etc. I based the acceptance on having resources, trained staff who have personal skills to interview witnesses, helpful to have some further information on claim to help understand extent of task.
The procedures I put on looking into fictitious customer account, cancelled orders with stock missing etc. I hope I’ve done a good enough job on Q3 to make up for 1&2.
I really went to town with the overstated revenue for the coffee shops and the separate system. And ultimately just gotten 1 or 2 marks.
That’s right hits123, 24 marks just for disclosure would be nuts, so much info in that question, I forgot about over the licence, wrote about the massive 29% revenue growth of just 50 new coffee shops.
I feel like a complete numpty now not picking up on it being a new client and the joint venture, cripes. Hopefully I picked up good marks elsewhere, I’m confident I did well got Q3, but will only find out next month.
I struggled with question 2. I added the adjustments per scenario together to determine materiality, don’t know if that’s right or I royally messed up!
Q3 on forensic accounting I didn’t find too bad. Especially the second part on internal control deficiencies, and recommendations.
I passed – 54%, first time :D. Heard so many horror stories about this paper. Alhamdullillaah.
@Chris My answers were very similar to yours, and yes! I spent time memorising the damn models too.
I’m kicking myself at the third question, as I only calculated EV which sadly gave very little for the assessing what the separate stakeholders would pick.
Btw, for one ci.) did you talk about all three types of benchmarking, internal, external and process/activity.
@coletteoleary said:
Hi
Did anyone take from question 1 that it was to evaluate the performance measurement system ? What did people write about in relation to the customer survey score ?Customer surveys I put in some standard stuff from the text book. People feel inclined to pick the middle as 0 & 10 are extremes, they only picked a handful out of 180. I disagreed with the stockbroker about the disclosure to the press, I said they should show results to boost transparency and develop the brand but need better surveys.
I found the first 2 questions ok, struggled properly applying the scenario in the second question though.
Third one metaphorically threw me off the chair. Already having time pressure to get deal with, spent 10 minutes figuring out what to do.
My thought’s were on expected value, so e.g.for the cost, 50% EV calculations on currency risk for half and other half the standard cost. I hope it’s something along this those lines or the Examiner will wonder what monstrosity this student has produced!
I thought question 1 was great, Pestel, portmans 5 forces etc, didn’t have issues. For part B I decided to go for Q3 and Q4.
For Q3 I’ve personally not been a fan of the project management topic but I was able to dish out what I hope was a half decent answer. For the last part threw in Tara for risk mitigation, put in some stuff about health and safety risks.
For Q4 I see a couple of you guys mentioning strategic clock its the one model I forgot about :(. I talked about Porters generic strategies of differentiation and cost leadership and said they had to be somewhere in in-between.
