*** ACCA P7 June 2018 Exam was.. Instant Poll and comments ***

Q1,Q2 and Q4 there is audit procedure and evidence

@jake360 said:
Can anyone remember the requirements of question 2? Can’t remember if recommending procedures was a part of it!

yes it was procedures as well.

Completely agree with other regarding time pressure. I don’t think the examiners really understand this from a students perspective.

I gave the depth required for Q1 and Q2, and just about finished Q3 and Q4 although not my best work.

I just hope it’s enough to pass.

same here. not enough time to finish

i think q2 was something along lines of..

…quality control ethical and professional issues and recommend and actions (including further procedures)
a) late journals FD
b) new costing system and credit control
c) ??

Watched a lecture on KAM a couple of days ago, but q4 on KAM benefits and disadvantages.. mind blank!? Benefits I put highlights to shareholders and potential shareholders the significant issues that could influence their decision..

Do you recall how much mark is the criticise of audit report ?

The report appraisal was worth 12 marks. You get 1.5 marks per identified&explained point

@tangibleasset said:
Guys

What was in question 3?

I have completely forgotton what was in it

I know question 4 was about matters and evidence

Can someone please help?

Regards

Tahir

Question 3(a) was about implications on the completion of the audit & further actions.

3 (b) was about difficulty in providing assurance for CSR reporting & examination procedures

Did anyone else use the lack of diversification as a business risk? Also the gearing was 70% which seemed high but I wasnt sure whether its high for a construction company.. regardless I went on about breaching loan covenants and going concern risk..

@lesbella said:
Can u remember what error?

I state the sequence of basis of qualified report should be place after the opinion paragraph. The kam should be after the basis of opinion. Should remove the emphasis of matter and replace material uncertainty related to going concern. No accounting standard mention in valuation of financial instrument . Unprofessional language saying finance director is inexperience. The pharse we believe state not uncertainty by auditor. And never mention which customer

I think all of your points are valid..ill add on: KAM did not state how the matter was addressed during the audit and make reference to the related disclosure, the qualified opinion title should not include the misstatement, no quantification of the effects of misstatement in the basis of opinion, IFRS should be stated in full, EOM did not make reference to how the matter can be found in the notes (assuming EOM is appropriate).. the rest should be same like yours

@mumbaikar said:
When writing business risk and material misstatements for boxer, did we have to write for risks for each division??

Not necessarily.. business risk concerns the company as a whole.. as for RMM anything that may cause the FS to be materially misstated is fine