AA*** ACCA Paper AA September 2019 Exam was.. Instant Poll and comments ***

Questions were OK, nothing surprising. But it was challenging just to write the answers. 3 hours are not enough for nice, long answers. I somehow managed to answer all questions, but haven't time to reread them.

Tough questions and also struggled with time management...

A 4 mark question wa there relating to an isa and some similar questions about conferring the lawyers i think i lost 6 marks there

The exam was ok, as expected, I’d say all topics were familiar and not too tricky. As ceriset mentioned above - as expected. To me, this exam more testing Memory, rather than knowledge. I’m just struggling to remember all that theory and terminology, even though I understand the idea and when reviewing past exams, all answers make sense. Some people have photographic memory and are naturally able to memorise lots of text. I’m not one of them, unfortunately. I could have written more, but my mind just went blank at some point, even though I knew that topic. Now pray to have 50% :)) Good luck everyone!

Exam was generally ok but there was a 16 mark question on audit risks and auditor responses for a music festival company and I just had no clue.. did anyone else have this? What sort of things were they looking for?

Can anyone tell me the questions asked in Section B? I reached 20 mins late so I missed a few questions and I dont know how many or which ones. In Section B, I attempted the audit risk question, then I moved to the last Control Deficiency question which was with a covering letter. Then I kept back going back and I attempted two going concern questions, one objective of sales and dispatch system question, audit procedures for missing supplier invoices, And I remember I saw a laws and regulations questions which I couldn't attempt and the rest I didn't see. So which other questions were there can anyone tell me?

Questions in practice books are easier or is it just my impression?

Classic audit risk and response - going concern due to misstated liabilities, economic uncertainty and expansion - first year audit - higher detention risk - for the artist bit, 50% in advance I wrote about overstatement of liabilities (cut off) and accruals..not sure if this is correct

@rickleigh89 said: Exam was generally ok but there was a 16 mark question on audit risks and auditor responses for a music festival company and I just had no clue.. did anyone else have this? What sort of things were they looking for?

Classic audit risk and response – going concern due to misstated liabilities, economic uncertainty and expansion – first year audit – higher detention risk – for the artist bit, 50% in advance I wrote about overstatement of liabilities (cut off) and accruals..not sure if this is correct

For audit risks I put: - ISA 250 considerations of laws and regulations in audit of FS because they stated the councils set max amount of tickets that can be sold for event and also because of compliance with safety and health regulation (no of tickets direct effect, safety and health not direct but material effect to operations of business) - sales cut off because tickets for events sold in advance - fees to artists paid in advance so also prepayments and expenses correctly recorded - litigation because of accident...

I had some OT questions concerning ethics conceptual framework, did anyone have this and knows the answer? Also in OT what is the answer for payables days? Can someone write their Q&A for OT? Thx!!!

- can auditor accept lease of building from client at market price? - who were the two officers that could take the job ( I choose Lorenzo, and Bill) ?

i am with you on this one ...this 16 marks question i didn't attempt...sigh

Hi guys, I don’t know why but I have feeling that I didn’t have the same questions as u.

@donmarko, I don’t think everyone gets the same questions. It was ok for me. Had 10 mins left to check, 4th attempt after 49’s and 47’s in previous sittings. Fingers crossed.

we had a different question entirely in Nigeria.. what is the examiner thinking? Question 1 was easy.. question 2 included investment property with change in fair value, who would have remembered this treatment. this is not F2. Again in q2, reversal of impairment loss again in AAA exam, this should be tested in F2 or FR.. No past papers contains these two requirements. question 3 was disaster.. PFI with a expert thieves.. I didn't know where to start.. I must pass this exam, this was my third time.

Definitely different questions...

The AA exam question was ok . But I didnot do to well on the 30 mark question. Fingers still cross dor. The other question I did pretty well. I am just praying that God grants me a 50% mark and more. Oh an am going to guess that for those sitting In December, yes Ratio in the audit risk came, that was the 30 mark question. So it's more than likely may not be in the December setting .

@alessiari said: - can auditor accept lease of building from client at market price? - who were the two officers that could take the job ( I choose Lorenzo, and Bill) ?

- i think its acceptable bcz it is not preferential term here. - same, im not remember exactly but Lorenzo who was financial controller 2 years ago right? I'm still confuse by whether Bill can be taken while his wife is accountant ..

Section A OTQ's were very confusing with ambiguous choices, about ethics and report I attempted section B first, the 16 mk audit risk question was the most generic question you could ask for, expected to score good there, same goes for substantive procedures, which were about receivables, allowance for receivables, going concern, just textbook knowledge the internal controls question (production supervisor) was kinda interesting as it required a lot of thinking, it really made to get creative and i hope the controls i designed were good enough finished with 20mins to spare and spent the rest of the time rechecking and 'verbose-ing' my answers expecting a comfortable pass tbh

am just gonna keep my mouth shut and pray, coz in June i was so confident about my performance, i attempted every question but i still scored 44 !!! but this time i tried to really pay attention to quality as result i ran outta time, had to finish section A in 25 min. hope i pass this time good luck to you everybody.

@alessiari said: - can auditor accept lease of building from client at market price? - who were the two officers that could take the job ( I choose Lorenzo, and Bill) ?

I think the office building can be leased since its at the same value that everyone else gets it for. As for the officers I believe i went with Manisha & Lorenzo. Bill couldn't take it since his wife was the FD or something (Familiarity threat)

Hi guys, can some help. I need, AA past papers. Thanks.

Hi there, There was this 30 marks question an the ratios comparison was 2004 actual and 2005 forecast. and it was the interim audit for 2015 September 30th. I had the doubt why we do interim audit for a foretasted numbers? did any of you had that question? Thanks

Hi, I had this one but I even did not take on consideration that it was interim audit however I should’ve I assume as substantive test is a bit different but I can’t remember was the question was about : audit risk and responses or substantive test I don’t think I provide appropriate answers :( Thx

I am not sure but I think it was the one which for a) was to calculate the ratio b) I cannot remember what was this point about- using information provided and ratios calculated... and I do not know what was the requirement If someone remember please share it Thx

@alessiari said: - can auditor accept lease of building from client at market price? - who were the two officers that could take the job ( I choose Lorenzo, and Bill) ?

I don't think auditor can accept lease of building cos even though it's at market price there'll be no safeguard if things go south with them and this might impact the engagement relationship I picked Lorenzo and the name after Lorenzo.

you are right the Audit Risks were very difficult this time they were hard to relate to financial statements. usually in past exam papers while practicing this type of risks did not came before

Rickleigh89 I also had no clue about this question. Can someone can help please ? Were there any particular things to use or just a general detecting the problems and propose solutions ?

section a was very confusing so I figured I’d attempt it last The Audit risk question (MullCo) was THE most generic question you could ask for, didn’t pose any problems, I had trouble identifying deficiencies on my first read of the IC question, so I decided to hop on substantive procedures, they were fairly straight forward about payroll, receivables, allowance for receivables going concern, I did manage to identify the required deficiencies but I had to get really creative in designing tests of controls, I hoped I did it right Overall the paper was straightforward except for section a, expecting a comfortable pass