[Wallace]

@thelastfinalist said:
Congrats! Also passed with 72 can’t believe it!

congratz thelastfinalist ! 72% may be top 10% of the students ? XD

[Wallace]

@hampine said:
52%. Link theory absolutely correct

i come here and say congratz to you 🙂

[Wallace]

I am glad i am one of those to pass the AAA on my 1st attempt. I was taking P2 since 2016 and now becoming an affiliate, thanks to God there were no resit and I hope everyone of you will pass all the papers, really need to say thanks to Opentuition and the free materials provided, they provided great help to me especially I am a self-study student.!!!!

[Wallace]

@nikaido said:
ive stopped checking my status, even though SBr is not my final exam. I have an assignment to complete and boy will the result impact on my ability to finish .

I gave all , coudnt finish the entire exam as always.

Man that moment when we will receive the email and the heartbeat would be off the roof

The thought of failing is so cruel , if they strictly marked the papers , i surely like all of u dont wana practice the same questions again .

Good luck all . i dont know where i would possibly find the strength if this goes the other way

Me either, i woke up at 5 and my heart beats so quick and disturbing my wife to have a proper sleep… I m so sorry to her

[Wallace]

Do we receive any emails if successfully become an affiliate after results released?

[Wallace]

@rkoli said:
Yeah the timing is crap.Should me much earlier. Everyone say if the theories worked so it can help the next exam sitting. Goodluck to all!!!

And before the waiting period is 5 weeks, now becoming 6 weeks it is harder for ppl have more time to prepare the exam

[Wallace]

@seista said:
maybe i should just get some sleep so i dont have to wait for the results lol

Ur timezone is good to u, my timezone now is early morning n needs to get to work… Sucks to start monday like that

[Wallace]

@george18 said:
Is the OpenTuition Chat working? If so, what is the link?

I dunno, i just come to the threads n leave comment is all i did lol

[Wallace]

@hampine said:
I know couple of guys here from previous thread @wallace and @thelastfinalist I wish you guys good luck. The thread that was deleted was fun.

I just joined n chat thats, it is killing time. I feel like i was alone on this stresseful period but actually many of u arethe same 🙁 just wish u guys all the best and get the resulta u want bro

[Wallace]

So long the wait cant sleep

[Wallace]

Man u are very smart u got 71 in first attempt omg, i got exempted from aa and i took p2 at 2017 and took aaa on 2019, i feel so gutted with the AAA!

[Wallace]

agreed with you again, and the ED 540 emphasizes the 3 components of high risk on estimation due to its complexity / management judgement / estimate uncertainty.

In addition Ed 540 was initiated by the IFRS 9 Financial Instruments. this ED covers the extra communication to TCWG (E.g. Like any management bias existing) / extra documentation / and higher degree of Professional Scepticism. Hope we can get some points……

i feel this exam required too much…..TT

[Wallace]

@pamelaissangya said:
Ethical issues self review threat may be use an independent partner review or separate team, management responsibility decline to accept engagement as risk cannot be reduced to an acceptable level, intimidation by client to reduce fee and timing of audit. For listed entity restricted to perfom othe services so may need to decline.I may right or wrong but hoping for a Pass, only paper remaining

i agreed with u i just want a 50……. 🙁 this is my last paper and i dont want to resit but i start revision already in case anythg happens…. >_<

but i m not agreed on the new client, as it is not. i remember the firm had an audit partner with the group 7 years already and the rotation should be taken place but the new comer was ill, so ensure the quality of work the existing auditor can extend for one year to maintain the quality of work.

[Wallace]

@wafiywary said:
I had spent too much time on Q1 and left with 1 hour to do question 2 and 3. The questions were fair, some had been examined before but the requirements are just insane. Too much to write in just 3 hours. Hoping to get at least a pass this time

I totally agreed with u, i have a feeling their requirement just want to fail ppl lol

[Wallace]

@eneltonsatria said:
I thought the paper was relatively easy. I self-studied for AAA. I spent about 2 months studying this paper and I bought second-hand notes from Carousell. I rewrote the entire textbook in bullet points (my technique to understand the concepts), used it to review nearer to my exams. I also printed ALL technical articles and read all of them briefly (wrote small notes). I also reviewed some of the exam papers and I paid more attention to the latest papers with the new syllabus (Sep 2018/Dec 2018 Q1 especially) (which is of significant help).

[Below are my thoughts on the different questions. They may not be correct!!]

Q1.
Business Risk and RMM (30marks). This was very similar to Dec 2018. If you take a brief look at the answer key, you could actually use some of the points and structure there. There was a trick to the financial figures given I believe. The 20X9 figures are 10 months prior to the YE, thus when looking at SOPL items, you may need to be more careful.

Ethical issues (6 marks). The audit committee wanted the old auditor to develop the new payroll system AND also help out with the audit for payroll -> obvious self-review threat. I stated that they can help with the development but the current auditor (given that they have the resources) should still complete the audit for payroll. Then, the low-fee could also pose another ethical threat.

Related-party transaction (10ish marks). Why is it hard to identify such transactions?
– Complex group structures
– Poor disclosure
– Poor internal system at identifying new related party transactions
– Poor authorisation process for significant items
There is a CPD article on this: https://www.accaglobal.com/an/en/member/discover/cpd-articles/audit-assurance/related-parties15.html

Q2.
(a) Critique the report. Some points i came out with:

-Missing title, addressee, signature, date of auditors report
-Order of opinion and basis for opinion
-Opinion paragraph: did not state what opinion was given?
-Material uncertainty for GC: shouldnt this be a KAM instead? Does failure to get loan financing cause a company to have GC problem? No alternatives of financing? What did auditors do to confirm this? These details are not explicit in the paragraph.
-Missing KAM which is compulsory for listed company
-Basis for opinion paragraph referred to responsibility of auditors paragraph, which is missing

(b) Communicating with those charged with governance
There is a technical article that explains about this. But for all 3 matters that are shown in the exam, I reasoned to communicate those matters to those charged with governmance.
https://www.accaglobal.com/sg/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/auditors-reports-governance.html

Q3.
(a)
If you read the technical article, this 8 marks could be easily gained.
Link:
https://www.accaglobal.com/sg/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/iaasb-ed.html

(b)
The remaining 17 marks.
This is a useful technical article to guide you.
https://www.accaglobal.com/sg/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/audit-of-estimates.html

To answer RMM questions, there was also a technical article to guide you how marks are given.
https://www.accaglobal.com/sg/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/exam-tech2.html

Please let me know on your thoughts and whether you agree/disagree with my answers.

Cheers!!

I think missing addressee and title ar e irrelevant point as the question already stated that the report is from extracts….

[Wallace]

I think it is better to read question carefully, the Material uncertainty is not adequately disclose, so it should not include in the KAM. The opinion needs to be qualified as there i s a material uncertainty with was inadequate disclosed or referenced so it is a material statement

[Wallace]

For the ethics part i think they cant provide the non audit service as they are listed company, besidea design and implementation of the system is the presuming management responsibility

Why the related party transactions are hard to discover?

Becoz they are not self evident, always conceal by the employee and they are always not under arms length transaction, meaning lower price than at normal cause of business

[Wallace]

Check the technical article, it is very important!

[Wallace]

Actually it has a technical article there about ed 540, i did read 3 times about it my 6th sense told me it gonna be examinable lol but others are tough, question 1 is hard, question 3 becomes hard when u are under time pressure

[Wallace]

I did but due to time pressure i can barely finish the last treatment… I only wrote the some audit procedures….

[Wallace]

Good u on sister i m really scared of this bloody exam lol i dont know wht i wrote for 3 hrs haha…..

[Wallace]

U did not do the question 3?

[Wallace]

@lefteris said:
Q1 was not direct. It need student to be critical especially on part investment in associate

Tbh i think question part a n b are not easy. If u study technical article ed 540 should gain some marks, i think i drop many points in those 30 marks… Sigh

[Wallace]

@keating84 said:
Time management is just impossible in this exam!

This exam is really nasty, i have no time management problem for all my professional exam except this one, tbh the topics are fair in this june exam but the requirement to write and calculate are just too much for 3 hrs….. I dont know i can pass or not, i m permissitic and will start revision the accounting standard after taking a rest this week. Hope u can pass too finger crossed

[Wallace]

I was thinking that I need several attempts on P5.

But I am glad I got 55% for my 1st attempt!!

One subject P7 left now til to become affiliate, Hoping to get a clean sheet to finish all exams on 1st attempt

thanks for the free material sources and notes from open tuition!!!

[Author]

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