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

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › *** ACCA P7 June 2018 Exam was.. Instant Poll and comments ***

  • This topic has 114 replies, 48 voices, and was last updated 6 years ago by Anonymous.
Viewing 25 posts - 1 through 25 (of 115 total)
1 2 3 4 5 →
  • Author
    Posts
  • June 4, 2018 at 11:00 am #455915
    opentuition_team
    Keymaster
    • Topics: 1391
    • Replies: 1405
    • ☆☆☆☆☆

    Please vote in our Instant Polls about the ACCA P7 June 2018 Exam



    Post your comments about the ACCA P7 exam below
    (comments will open after 5pm UK)

    June 4, 2018 at 3:21 pm #456019
    jake360
    Member
    • Topics: 0
    • Replies: 4
    • ☆

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

    June 4, 2018 at 3:40 pm #456024
    Lesbella
    Member
    • Topics: 0
    • Replies: 31
    • ☆

    Q1,Q2 and Q4 there is audit procedure and evidence

    June 4, 2018 at 3:41 pm #456025
    Lesbella
    Member
    • Topics: 0
    • Replies: 31
    • ☆

    This exam seen time pressure for Q1 and i am rushing for the remaining question with 1hr 45 mims

    June 4, 2018 at 3:58 pm #456036
    anastassiya
    Member
    • Topics: 0
    • Replies: 57
    • ☆☆

    @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.

    June 4, 2018 at 4:02 pm #456039
    Sarah
    Member
    • Topics: 1
    • Replies: 31
    • ☆

    Most time pressured exam I have taken! 6 pages Written for question one.. took up half the exam time! Qu one and two ok.. the options questions I feel my answers were weaker..! Chose 4 and 5.

    June 4, 2018 at 4:05 pm #456044
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 4
    • ☆

    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.

    June 4, 2018 at 4:16 pm #456053
    Stephanie
    Member
    • Topics: 0
    • Replies: 7
    • ☆

    The time allocated is not adequate for this exam considering the same amount of time is given for the fundamental papers , will be back doing this in September due to time pressure and not my lack of knowledge….very frustrating

    June 4, 2018 at 4:17 pm #456055
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 20
    • ☆

    same here. not enough time to finish

    June 4, 2018 at 4:19 pm #456059
    Lesbella
    Member
    • Topics: 0
    • Replies: 31
    • ☆

    Can anyone share what you all wrote for question 2 and question 4 .

    June 4, 2018 at 4:27 pm #456065
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 20
    • ☆

    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) ??

    June 4, 2018 at 4:30 pm #456070
    vorkath
    Member
    • Topics: 1
    • Replies: 21
    • ☆

    Damn I had 15 minutes to finish Q5.. thank god the errors were quite obvious

    June 4, 2018 at 4:35 pm #456072
    Sarah
    Member
    • Topics: 1
    • Replies: 31
    • ☆

    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..

    June 4, 2018 at 4:36 pm #456073
    Sarah
    Member
    • Topics: 1
    • Replies: 31
    • ☆

    Also something about expectations gap..

    June 4, 2018 at 4:43 pm #456080
    Lesbella
    Member
    • Topics: 0
    • Replies: 31
    • ☆

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

    June 4, 2018 at 4:43 pm #456081
    vorkath
    Member
    • Topics: 1
    • Replies: 21
    • ☆

    Yup.. caught me off guard there haha.. but I only had time to appraise the report so I skipped the benefits and disadvantages.. although all I’ve ever learned from the study guide was how to determine whether a matter is KAM and what should be addressed in KAM.. Kinda disappointed they asked benefits & disadvantages instead

    June 4, 2018 at 4:45 pm #456083
    vorkath
    Member
    • Topics: 1
    • Replies: 21
    • ☆

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

    June 4, 2018 at 4:49 pm #456087
    Tahir
    Member
    • Topics: 1
    • Replies: 30
    • ☆

    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

    June 4, 2018 at 4:52 pm #456096
    vorkath
    Member
    • Topics: 1
    • Replies: 21
    • ☆

    @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

    June 4, 2018 at 4:53 pm #456097
    Lesbella
    Member
    • Topics: 0
    • Replies: 31
    • ☆

    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

    June 4, 2018 at 4:54 pm #456100
    vorkath
    Member
    • Topics: 1
    • Replies: 21
    • ☆

    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..

    June 4, 2018 at 4:58 pm #456101
    Lesbella
    Member
    • Topics: 0
    • Replies: 31
    • ☆

    @vorkath said:
    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..

    Lack of diversification in acquisition. Unsystematic risk not mitigate. Put further cashflow pressure on boxer due to acquisition cost and legal cost. As boxer have only 0.3 millon and gearing increase at 0.7.

    June 4, 2018 at 4:59 pm #456102
    vorkath
    Member
    • Topics: 1
    • Replies: 21
    • ☆

    @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

    June 4, 2018 at 5:07 pm #456105
    mumbaikar
    Participant
    • Topics: 50
    • Replies: 45
    • ☆☆

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

    June 4, 2018 at 5:10 pm #456106
    vorkath
    Member
    • Topics: 1
    • Replies: 21
    • ☆

    @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

  • Author
    Posts
Viewing 25 posts - 1 through 25 (of 115 total)
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  • The topic ‘*** ACCA P7 June 2018 Exam was.. Instant Poll and comments ***’ is closed to new replies.

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