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Unfortunately, I also mentioned that the basis for qualification should also be mentioned in KAM. This is wrong….see point b below. On the other hand, you don’t lose points for stating wrong things…
A matter giving rise to a qualified or adverse opinion in accordance with proposed ISA 705 (Revised),2 or the existence of a material uncertainty related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern (hereinafter referred to as “material uncertainty”) in accordance with proposed ISA 570 (Revised),3 is by its nature a key audit matter. However, the auditor shall: (a) Report on these matter(s) in accordance with the applicable ISA(s); (b) Not describe these matter(s) in the Key Audit Matters section of the auditor’s report; and (c) Include a reference to the Basis for Qualified (or Adverse) Opinion or the Going Concern section(s) in the introductory language of the Key Audit Matters section. (Ref: Para. A44–A45)
Good luck to all! Hope we passed 🙂
Hard to stay on track and not slip off from what was asked. Hard to manage time, because so much to write on vague/debatable questions. The non-audit services provided by 3 audit assistants was weird. They are non-audit services, ok. But sort of acceptable. Not much risk for independence, but from an ethical point – the manager’s attitude is wrong. But again, sort of normal and so usual in reality. From my large audit practice (7 years) + 7 years in “real sector” roles – something that certainly done very often. So I don’t know what the examiner wanted to hear.No definitive answer to that.
Performance audit/audit of performance on Q3 was something i must have missed during my study/revision, so went for Q4 and Q5. Q4 and Q5 were reasonable I think.The question with bad quality audit. The one with no subs. events review and audit partner signing off before the FS date. Too many screw-ups with this audit. But what action to take? The audit opinion is signed and issued. Recall it if smth. is seriously wrong?
And finally: in my opinion 30% of success to this exam is your ability to do tons of structured and eligible HANDWRITING – something that not many of us do in real life. Would be so much easier with a keyboard. Esp. cause its all words.
Hi!
I have a book on P2. The section on ethics is just 3 pages. Basically it just explains the following qualities an accountant should posess:
– integrity
– objectivity
– professional competence and due care
– confidentiality
– professional behaviourThey are pretty self explanatory. The ethics question is really to discuss whether the accounting treatment is in line with IFRS and whether it contradicts the above principles and why.
It would be logical to examine revenue recognition (given the new IFRS 15) and pensions. Also maybe a discussion relating to other comprehensive income vs PL (a topic actively discussed). But who knows…
Of course, ethics is guaranteed.Hi Aleksandra,
I tried BPP and Foulks Lynch books many years ago. And could not pass with them. Then I purchased Kaplan (they come more expensive as I live in Moscow and have to order from UK). And it suddenly worked. Maybe it’s a coincidence, maybe its a change in my preparation attitude. However, it does seem to me that Kaplan are better written: no grammar errors (which is indicative of the quality of material), clearer layout, more logical and fuller.
This is just my opinion and i am not affiliated with Kaplan, but I’m not going back to other books.Kaplan P1 is good. Passed with it, everything you need is there. The single advice I would give, although very obvious, is to attempt every part of every question, even if you don’t know, just write something relevant, and be very strict with time allocation. Otherwise it will likely be a marginal fail. And it will work. Good luck!
