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

@chris1975z said:
I personally think the only circumstance to mirror my disappointment on leaving the exam hall yesterday will be watching England’s performance in this summer’s world cup.

Question 1 blew me away in trying to identify the sufficient number of business risks and RoMM’s. Panic set in and poor exam technique followed.

Coupled with a poor choice of one of the optional questions (why oh why did I choose the question containing a lump of Financial Instruments?!?!).

I felt it prudent to delay issuing a response until today to let the “dust settle” as very emotional after a bottle of Prosseco yesterday afternoon!

The only positive was the KAM question but certainly not enough to get me through. Passed every other paper at first attempt. I’ll be fortunate to get low 40’s on this.

I’ll take this week “off” (if nothing else then to give my hand a rest) and then back to revision again from next Monday.

I genuinely wish everybody the very best of luck and hope all your hard work and effort is rewarded with a pass in July.

3rd September booked as annual leave already….

Best wishes to all.

do not be so negative and pessimistic!come onnnn:) we are all were in time presure and stress…you are not alone)

Question 1 was very demanding in terms of time. If I remember correctly, it asked for business risk, risk of material misstatements, Audit procedures for restructuring and ethical issues with regards to providing advice on the business plan.

I used the same structure as previous past papers. I’m sure I got the professional marks that were available. Started off with a brief intro, went on to business risks ( I chose to identify risks individually for each division), the same structure for RMM, could only remember for a few procedures such as enquiring of Management of how they came up with provision etc. Ethical issues identified were intimidation threat, advocacy and self review. Explained each and provided safeguards were applicable.

For question 2 I was able to move past it fast. Required an explanation of quality control, prof/ethical issues and audit evidence. For QC, referred to ISQC1, and how audit work done was not sufficient. Professional issues spoke of integrity objectivity etc. Audit evidence was subjective.

For my options I selected Q 4 and Q5.

Question 4 was tough but I found it harder than 3. So opted for it. Required to speak about audit procedures. Was subjective too.

Question 5 I enjoyed! Sped through it. Key audit matters and critique of a an audit report. Was able to scrape 10/11 issues/problems with wording and layout of the audit report.

For KAMs, mentioned a few benefits such as giving users of the audit report a more detailed view of the organisation. Also stated that it allows the report to be tailored to each organisation rather than being vague and general.

Please share your thoughts. Wishing you all the success.

@dennis98 said:
Was wondering – if you do all three optional questions will the marker give you marks for the best two?

you had time to finish all three optional????

I sat the UK variant last time and then found that the International version was pretty much identical but they breakout the marks for some the questions – so I sat the International variant this time! It allowed me to structure my answers better knowing the breakdown and also think separately about each of the requirements rather than being lost in a single line of two requirements.

Hello

Reading the comments made my fellow colleagues, I do recall the paper, and I am not satisfied with what I have written.

The paper was really time pressure and I failed to attempt all the questions as expected. But any way just waiting for the outcome as this is my second attempt. Just keeping my fingers crossed as lucky to smile as I am run out of words.

Wishing you all best of luck.

@chris1975z said:
I personally think the only circumstance to mirror my disappointment on leaving the exam hall yesterday will be watching England’s performance in this summer’s world cup.

Question 1 blew me away in trying to identify the sufficient number of business risks and RoMM’s. Panic set in and poor exam technique followed.

Coupled with a poor choice of one of the optional questions (why oh why did I choose the question containing a lump of Financial Instruments?!?!).

I felt it prudent to delay issuing a response until today to let the “dust settle” as very emotional after a bottle of Prosseco yesterday afternoon!

The only positive was the KAM question but certainly not enough to get me through. Passed every other paper at first attempt. I’ll be fortunate to get low 40’s on this.

I’ll take this week “off” (if nothing else then to give my hand a rest) and then back to revision again from next Monday.

I genuinely wish everybody the very best of luck and hope all your hard work and effort is rewarded with a pass in July.

3rd September booked as annual leave already….

Best wishes to all.

Chris was this the part of the question with the derivatives? I think you will do better than you think if you’ve stated the obvious i.e complex area etc!!

@chris1975z said:
From memory I think it’s the part where it stated hedge criteria has been met. Sub worked under non-IFRS framework so I suggested risk that parent co IFRS policy not used – i.e. perhaps gains were shown in P&L rather than OCI (as I concluded a cash-flow hedge) and that the consolidation process would not pick up error. Gains only recycled to P&L when the hedged item “matures”, thus profits/losses may be overstated depending on gain/loss on instrument at year end if not correctly presented in OCI etc.

well your memory is better than mine! what did you write about the investment property in Q1? in my haste and panic of thetime I think I went off on a completely different tangent!!

@chris1975z said:
Can’t remember much about investment properties in q1 at all? I think I mumbled on that properties as part of construction activities should be recorded in WIP – i.e. profits released as contract progresses using input method (% of profit as costs) or output method (profit released as a % of work complete).

In hindsight – I should have pointed to the risks as incorrect classification from the outset and changes in accounting policy (maybe?) – Like I say – Q1…disaster!

The only part I was happy with was the provision (retraining costs not allowed) and also procedures (inspect sample contracts for redundancy entitlements, recalculate and verify accuracy to client schedule, inspect offer letters of further employment for those not being made redundant – test completeness, re-cast client schedule – accuracy, inspect board minutes for any legal claims arising from “incorrect dismissal costs”.

How about you?

i was rushing to read the question and think i missed the bit where it mentioned a fv gain being recorded (someone mentions this earlier on in the thread) so I talked about incorrect classification etc…suppose its only a couple of marks! i think i talked about most of the business risks and mentioned about revenue being overstated and about the provision as you mentioned

I overran this question by about 15mins which meant I was chasing the rest of the paper a little…although i didnt mind the section B questions think I answered Q3 and Q4 and then went back and rushed the last 25 mark question in about 25 mins!

The 25 mark question was by far the worst for me just hope i picked up the easy marks! its quite frustrating trying to write enough to make sure you pick up enough marks but at the same time making sure you don’t waffle!!!

@dennis98 said:
Was wondering – if you do all three optional questions will the marker give you marks for the best two?

I was told that if you answer all three the marker will mark the first two questions they come across ignoring the last..

T

Timing is just such a pain.. Spoke to lecturer after and he said that timing is the main reason the pass rate is so low because people usually leave out questions.

He said mainly people leave out question 2.

I left question 4 until the end. I got part A & B complete (1. 5 paragraphs per mark).. Regarding section C, 7 marks, I got 1 or 2 bullet points down as time was lost but i also didnt have a clue what to write.

Did you guys get it finished?/ all questions answered?

@lesbella said:
I did not manage to finish . Probably 15 mark nothing written due to time pressure on question 1

15 marks is not too bad Lesbella. Hope we did enough!

I really knew I should have moved on sooner from Q1 but I had info I wanted to get down as I was pretty confident with the answer for C & D.. The remaining questions were just too rushed! regret it now!!