AAACCA AA exam was – September 2021 Exam – Instant Poll and comments

Exam went really well. Section A was not difficult and I had the KAM question. Gladly i prepared well for KAM.

Sec A was ok. Nothing tricky. Sec B was very easy. For me it was substantive procedures for receivables, legal claims, inventory valuation. Benefits of audit planning. Components of internal control, adequate and inadequate disclosure. And a basic test of controls and audit risk question.

Section A had a couple of tricky questions but section B went very well.

WHich mocks did you do?

Which audit procedure would provide best evidence to verify accrued interest at the year end? 1) Inspect bank reconciliation and confirm 2) Recalculate accrued interest based on outstanding loan value 3) Inspect bank confirmation letter to confirm the loan account interest rate What was the answer of this question?

I would say recalculate accrued interest and inspect the bank letter to confirm the loan interest rate. I don’t remember this question if I had it. But I hope by brain was not freeze and I added these two answers.

Hi All, happy to hear for you guys that the exam was quite easy. Personally on part A the first question had 1-2 tricky parts in regards to right issue , not sure if I answered them right. Part B wasn’t too bad, the substantive procedures, risks, and test of controls, which I believe I answered them in a decent way. I admit I wasn’t prepared for the adequate and inadequate question in regards to the going concern. I know due to the receivables ratio going up can be a going concern issue, even if there is no a specific number for materiality, but I don’t think my answer was good enough to get any points. Overall my hopes are not too high, if I will just scrap above 50 points I will be more than happy.

Hmmmm as far as I remember the question was related to adequate disclosure of uncertainty relating to going concern , what the auditors report would be if adequately disclosed or not adequately disclosed

What was the answer to the question about the person regarding the appointment of auditor for the company One option was Isabelle kiran etc.?

I choose the same. As the other three were triggering the threats of self review, advocacy and familiarity/self interest. Not sure if I was right

Not as bad as I thought it was going to be, unfortunately for me I didn't get the time to do the mock exams or the revision question kit otherwise I definitely would have aced this exam. Oh well, I guess I'll have to re-write in Dec.

Don't know its just me or the examiner loved receivables... lots of questions were related to receivables in section A.. however my exam went pretty well. From Pakistan.

I found the MCQ a bit tricky other than that it went well. if I can get half the marks in MCQ, I can clear it.