*** ACCA P7 March 2017 Exam was.. Instant Poll and comments ***

Hope to get a pass! Paper was not difficult had a lot to write

what were the risks identified in question 1

i have chosen question 4 and 5. question 5 was very hard.

@qazimarsalan said:
what were the risks identified in question 1

1- misclassification of subsidiaries
2- capital exp
3- inconsistency in revenue nd operating exp
4- tax exp
5- finance cost
6- goodwill impairment
7- indefinite life of brand names
8- bank loan
9- DTL
10- research exp

@mschembri said:
i identified 12 risks.

i found more than this but available marks do not allow me to write more than 10..
There were too many calculations invovled and according to examiner’s comments she give 1 mark per relevant calculation.

@qazimarsalan said:
mine are almost the same as yours, what threats did you identify in q3

self review, self interst, intimidation and advocacy..
2 clients were listed, 2nd client was listed but immaterial..

@qazimarsalan said:
i made a massive blunder of not giving conclusion in q1

i totally forgot about that and moved on

Hahaha I also forgot but in the last 2 minutes when i was rechecking i found this nd gave conclusion. when i finshed this announcement made to stop writing 😛

@qazimarsalan said:
what were the risks identified in question 1

1 – Brand impairment wrong
2 – capital expenditure increase
3 – stock impairment required? Current assets materially increased
4 – Research costs may be capitalised
5 – associate and subs treated wrong
6 – wrong exchange rates
7 – on stock exchange so management pressure may cause management of earnings
8 – Revenue material increase – not in line with other information provided
9 – Changing useless lives of assets wrong so depreciation understated
10 – Goodwill stayed the same – looks like no impairment
11 – health hazards – no provision in place

Couple of others I can’t remember

Anything similar?

Anyone else pick up in 4(c) that the accounting system would change half way through the year during the next audit? February 2017 consultancy finished and year end September 2017 so likely overlap of systems. Mentioned here that this would require a meeting with the client as fee will increade due to increased substantive and controls testing.

Please tell me what the question q2(b)and q2(c) thanks.

Was question 5 on listed entity?

question 2 was impossible did not write anything. so worried 25 marks gone.