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Fail 31% but don’t know why as I compare my answers to the rest of the friends on Open tution and 90% ok but still fail.
Please suggest me
Dear I didn’t mentioned the word joint venture but discuss both scenario as associate b/e equity accounting should be used or subsidiary as look to the group meeting
Hi everyone
Most of you spoke about individual report effect but in kit lots of questions where an aggregate impact needed. Leases impairment and the otherone should be added then calculate materiality and write about effect.
Paper was long enough the old examine pattern was good.
Good luck every May Allah bless you..@vikar said:
Not a new client. Same is the case only two questions attempt .
In Acca survey Email please mention that paper was tough and lengthy as it will have effect on marking.00923159350593Not a new client. Same is the case only two questions attempt .
In Acca survey Email please mention that paper was tough and lengthy as it will have effect on marking.00923159350593Why emphasis paragraph he didn’t record anything it may be KAM if I am not wrong
Dear jdealy same is the case here when a survey email come from Acca mention in it two things that paper was tough and long
Hi every one,
The paper was tough as compared to others.
Q1.i wrote business risks.5
ROMM.i missed government grant .
The one for sale of division IAS40 but it should be inventory as it was his normal course of business.procdures was good.
Ethicas portion was ok not good due to time.Q2 was Quality controle and good attempt 85%.Q4 was also attempted good 85% and miserably only wrote EOMp. And time up.please comment.Munted I divide the whole group in two one is rain and others and as rain was controlled by individual so separate AIA limit and others have their own AIA limit .the limit they have already been crossed and the Remaining amount would still go to general pool this was my treatment ,I don’t know I am right or wrong.
Munted I agree with you but some students were saying that no de Group charge arise I am puzzled what the exact senario was.
De grouping charge arise when you acquired a subsidiary or any other companey at no gain no loss mean 75% of Group but you sold it within six years. A stamp duty arise within three years of acquisition. I don’t remember the exact situation but if the situation like above then degroup charge may arise along with stamp duty.
Hi everyone how was paper . I wrote professional sceptisim regarding Revaluation done by group memeber May be subjective , analytical procesure and one other thing.please comment
Steer only relative market share and market growth should be consider only other thing cetrus paribus
Hi streetgold I am quite agree with you but cash cow on ashridge is ballast not allian
Hi everyone I attempt question 1 time consuming but answer well up to 75%.Question2 was BCG and ashridge matrix I think first one cash cow second one problim child and and value trap, third one star business and edges of heart. Portfolio ,synergical and parental developer discuss a little bit .Q.4 culture web with how changes in culture.copetency frame work discuss only for 4 marks no time .
Guyes please reply me about bcg matrix I am confused if it is wrong then how much marks deducted.@zaeemarif said:
Hi all,This is what I can recall.
Q1 – Hawk & Co audit firm/Component auditor Bill & Co/Flamingo Group
a) Audit risk (Goodwill, inventories consignment, Paradise brand, consolidate profit/loss pro-portion basis 6 months, RPT, opening balance adjustment, interco balance/transaction elimination, etc.) (16 marks)
b) Inventories audit procedures (5 marks)
c) Extract component auditor audit strategy (analytical procedures based on management work, audit partner 15 years in charge without rotation) (10 marks?)
Format/professional writing – 4 marksQ2 – Quality control (where most of us screw up)
a) QC importance (audit partner subject to litigation, important to maintain good name of the profession, management & public reliance on audited result for decision making)
b) Materiality (firm-wide change from 10% PBT to 15% PBT) – seriously not sure what the question want, it’s an open ended type of question.
I just talk about materiality usually based on Total Assets/Revenue/PBT and what’s the range, if low risk can use higher range scope, higher range will increase detection risk due to lesser substantive work
c) Could not recall on this questionQ3 – College & WCC
a) Audit procedures for PFI (graduate within average 3 years, retain first year student, employment/further study within 12 months for graduated student)
b) Matters to consider & audit evidence
i – Built property to be rent out. Issue identified is wrongly record as IAS16 PPE, should be IAS40 Investment Properties since no intention to use. Depreciation not yet charge since not yet rent out as at year end. By right, should depreciate upon available for use.
ii – Fund receive for 3 activities. Must be IAS20 Government Grant. Allow to recognise revenue provided meet all conditions. Must ensure revenue match with cost.
c) I skip this question and only return to it for the last 5 minute. The only answer that I have is, the opinion should be negative worded “Nothing has come to our attention…”Q4 – Ethical
a) Asp Co – Small company receiving significance financing for growth. Currently provide non-assurance service (bookkeeping, payroll, tax) but client request to also perform audit. Self interest threat due to fee. Self review threat due to non-assurance work to be audited by same firm. Should use different team and also assign 2nd reviewer. I also include money laundering element due to “significance financing” from unknown party. Need to inquire on the source of funding to avoid being associated with money laundering. Possibility of over depending on client audit fee due to client potential growth. (7 marks)b) Viper Co – Previous auditor did not response to our query. Client file litigation towards ex-auditor due to modified report (obvious intimidation threat). Client may have integrity issue. We may report to professional body on the previous auditor due to non-cooperation. Should consider weight of risk vs fee to be earn if to accept this client. (7 marks)
c) Could not recall on this question (6 marks)
I’m a finalist and really hope all of us will pass. We are in the same boat for Q2. Sigh.
Hi.
I wrote for question 2(a) that it help in planning,identify high risk,ethical chick for auditor.for(b) I wrote define materiality then threshold and said that it depends on material amount therefore change also said about performance materiality .
C.it was professional issue I identify 2 and time up.Hi Muhammad Husain
I attempt part 1 part first and wrote that the benefit of QC is help in planning ,ehicaly engagement,paper work each work and don’t lose information.i leave the second part as out of time.
Different materiality level used depends on risky balances ,also define materiality,touch a little bit performance materiality.not communicating to audit committee leading to scope limitation affect our work.and I think 2 or three professionals issues identified now I don’t no either I will secure 7/20 or not.