AAA*** ACCA P7 December 2017 Exam was.. Instant Poll and comments ***

Hi I cannot understand Question 2 where it was taken from.

All questions 80% attempted well but question 2 was rubbish which might fail my paper.is it necessary to gain 50% marks in compulsory Question..

So what audit risks did everyone write about pls? Quite time pressurised

Hi I really need to know in question 5, the misstated depreciation of 380k i wrote as immaterial but not trivial. was I right? also for tge 7% provision i wrote as material but was'nt sure if I should be considering 7% or the 3% reduction. It was a very annoying question with such large balances. got very confused,

Very timed limited, i kept writing till the last minute... Question 5 with huge balances all seemed immaterial! I wrote immaterial for 350k misstated depn , immaterial but not trival for the loan to key mgt personnel and material for the provision the 7%! think i got it all wrong!

It’s the last technical article...qn5

Frustratingly I wrote a lot of ROMM but not much about detection risk. Q1 had so many risks I think more than the marks allocated for it.

Can anybody tell me what is 37,546 million mean? is it 37,546,000 or 37,546,000,000?? This was in Q5 so confusing

@eibad 37,546 is effectively 37,546,000,000 Yes indeed it was so frustrating as materiality evaluation was too confusing due to such large balances.

Hi Eibad Its the latter of 37546000000. Huge amount and even i was wondering over how could everything end up immaterial! STARANGE

The paper in my opinion, wasn't difficult in technical terms but was really time pressured. It could have been done much better only if the time to do that was there.

How many finalists do we have here?

Very timed limited indeed, Q 5 with balances all seemed material! 350k material to income statement but not in balance sheet, loan to key Mgt not material in figures bt material due to none compliance with accounting standards. Provision I think they were material in balance sheet and income statement but unsure as well with pervasive in the financial statements. The net of all this is material, I think. think i might got it all wrong! This paper was difficult for me.

For Q5, had the depreciation as immaterial, the related party transaction as material by nature due to non disclosure and provision as material! Very confusing though due to how the numbers were expressed ! Had the impact on audit report as unmodifed for individual depreciation mistatement (unless more misstatements caused it be material by aggregation so to keep note), material not pervasive for 3rd party transaction so qualified opinion and material not pervasive for provision so again, qualified opinion. Was relatively happy with last 2 but depreciation one not sure! Also Q1 was ridiculously time pressured and took me almost 1.5 hours to read and complete!

First attempt here. That was a rough exam. I didn’t attempt Q5, but I wish I had in hindsight because Q4 didn’t click with me the way I thought it would. All three scenarios seemed to have the exact same ethical risks with only one or two exceptions so I'm concerned that I will lose credit for repeating myself for each part of the question. Q1 was pretty nice in my opinion but Q2 was brutal. I just hope and pray that I managed to scrape together a pass. Easily my toughest ACCA exam yet. Either way, I’m sitting P1 in two days so no use dwelling on P7 - there’s nothing more I can do about it now!

I don't see many students commenting I wonder what's the reason !? Are they not confident ?!

Are you confident. Question 2 was horrible and I've never seen a question like it. Sending time on that caused me to complete half of that and not finish my Q4

Can someone tell me what the breakdown of the marks for question 1 was? I did the Irish variant which doesn't break down the marks. Also what audit risks did everyone put down for that question?

Q1 was easy as it having too much to write 16 easy marks B.. procedures quite easy C (1) relience on component auditor easliy manged (2) dont remember but was ok as well Q2: what the * was that: i attempt the whole question but dont know whether get 0 or full marks Q4 ethics easy part Q5 easy but due to lack of time some stuff didnt handled

@walshy2009 said: Can someone tell me what the breakdown of the marks for question 1 was? I did the Irish variant which doesn't break down the marks. Also what audit risks did everyone put down for that question?

16 marks for audit risks, 5 for procedures to test inventory and 10 for reliance and evaluation of component auditor 4 marks for presentation of answer

Really time pressured hadn't time to think to respond to requirements properly. Q1 ROMM - i am assuming there was about 8 risks possibly more. The ones i identified although they may not be correct were impairment of brand as revenues decreasing with lower sale items. Ifrs 15 revenue ias 2 consignment stock. Goodwill calculation..possibly no nci and contingent consideration. Eliminate Intercompany bals possibly. Internally generated brand was not shown i assume this is shown in p and l in prior year ???

@kerrimcm1 said: 16 marks for audit risks, 5 for procedures to test inventory and 10 for reliance and evaluation of component auditor 4 marks for presentation of answer

Great thanks Kerri I was hoping it was something like that as I only had a few procedures for inventory!

What were the Q2 questions? I sat the exam today and cant remember for the life of me!

One thing is clear Acca pappers are unpredictable.. i got guess pappers from Bpp and kaplan site .. and also from some well known teachers in my country.. Not even one question was from that guess

Q2 was odd and completely different to what has been seen before. Easyish 6 marks on the benefits of quality control reviews at the start but I honestly think I got like 7/8 marks in total here as it was so odd. Q1 & Q3 were easier and lots of good marks available I thought. I also did Q4 which was not as easy I thought but hopefully a pass here too.

Q1 audit risks I covered e-commerce online sales risks, inventory valuation, impairment on brand, goodwill recognition, related party disclosures, potential consolidation errors on intercompany balances, detection risks, and I also mentioned something on currency translation risks as the text said the group was known worldwide and therefore sales must also have been worldwide....

Q3 - who else did this? The matters and evidence was relatively easy I thought but keen to know what standards people talked about? I mentioned IAS 16 for the newly built building and the firms failure to recognise depreciation, and then the last but was on grants IAS 20 I thought.....agree....

Q4 - anybody do this? Within the second section, did you talk about professional appointments and how the new auditor needs to speak to the previous auditor before accepting the new engagement?

@craigalong said: Why don't they show the breakdown of marks on the UK Paper?

Not sure! I’m in Jersey so we do the international paper.

@arvind111 said: Q3 - who else did this? The matters and evidence was relatively easy I thought but keen to know what standards people talked about? I mentioned IAS 16 for the newly built building and the firms failure to recognise depreciation, and then the last but was on grants IAS 20 I thought.....agree....

I said that but also said it could be held as IP so no depreciation would be correct especially as they were going to rent it out to external parties.