AAACCA Paper AA September 2020 Exam was.. Instant Poll and comments

How was the paper

You are absolutely right! I found the MCQs the hardest part of the exam. I had practiced a lot and completed all multiple choice questions in the BPP revision kit twice, but had no idea how to answer some of them. Of the 15 question, I think I was certain of only 5 or 6? The rest were guesses based on context. The long questions were really straightforward - I got audit risk, control deficiencies and recommendations, and substantive testing of revenue, bank loan and NCA.

Literally the same thought! For me they were the hardest MCQs I've done. Section B was as usual predictable. Hopefully got enough marks to pass :)

What was the ethical threat on finance director being previous member of audit team

I marked that as a familiarity threat.

Me too

I generally agree. Section B was relatively straightforward, but the MCQ threw a few strange ones our way. The one I remember that really sticks out ( may have been 9 or 10), should the auditor have disclosed information about the company's compliance or not.... I'm interested to see what you all put for that one.

I also put familiarity

For me deciding factor will be the mcq.i also put familiarity threat for the director and the other two as self interest. (it was a 3 components mcq) I had a mcq about contingent fees for tax and administration services. I put neither one. 2mcq about audit opinion on subsequent event. 1mcq if auditor can disclose information to a journalist about a case if the client is in compliance with laws..... Is there anybody who had the same?

I had the same MCQ's, I also put familiarity and then 2 x self-interest! Thought the MCQ's were quite hard a few strange Section B questions too, hoping I did enough for a pass! Wasn't helped by the exam being started 2 and a half hours late!

I had the same questions as you. The one about the tax and administration fees I put neither as well, but it was a guess. The one about the journalist and the disclosure of information I marked that the the auditor could not disclose the information without the consent of the company because it related to laws and regulations. But I thought there should be an answer saying that the auditor could not disclose without the consent of the company (but not mentioning laws and regulations). In any case, I selected that because it seemed to be the closest to what I thought it should be.

Yes, we did in Southampton, we were in the exam room from about 8.30 and didn't leave until 2.45!

I found that tougher than I expected, especially the MCQ as you say. The question regarding the 5 internal controls I was completely blank on. Couldn't work out what they were after but I am hoping the other questions were all ok. This exam is more worrying than most because of all the people who say "I thought I got 70% but I got 49%" I think I got 71% and I hope I got over 65% lol

I think the contingent fees for the tax return were fine. It wouldn't have been fine if it was representing the firm in a dispute like some of the practice papers but I didn't see the problem with filling out a tax return.

Yeah I went and had a banana about 11.30 haha Luckily I didn't have any commitments in the afternoon, that would have been so annoying to have to drop out!

Ours at Viglen house in London got cancelled after waiting for 5 hours

I am taking APM in Bristol on Wednesday.... I take it you had a morning slot? do you know if there was a knock on effect to the afternoon exams? might be wise for me to take food with me :) Was the Bristol changed from the Hotel to by the docks?

That was the other option I was torn between. I actually went for the other one, disclose because I thought if it was a place a lot of people visited it may very well be in the public interest... having said that, the scenario said it had already been on the news.. It really was 50/50 for me. In the grand scheme of things I hope it won't matter

The one in Cardiff was delayed approx 40 minutes, I have FM on Friday afternoon so I hope it's slightly more efficient then!

Hi how much did you actually write on the substantive procedures I just managed to make a big line for each substantive procedure because of the time I think they were 15 all together

At least I'm not the only one that felt the MCQs the toughest part of the exam , good luck to all of you guys .

There was a 16 marks question in which we had to identify risks and auditors response at PLANNING stage.... did the responses of auditors include substantive procedures or controls as it was clearly mentioned at PLANNING stage and not the actual field work of audit?

I have my exam in that centre on Friday. Do you know what have happened that got cancelled? It was morning or afternoon session?

I mean the exam centre in London

I think you actually identify risk and responses in the planning stage so that you design your plan of substantive and test of controls accordingly Then you performed what you planned in the field work but the risk and responses is always at the planning stage if I am not mistaken Best of luck

Planit was that the once about the till staff?

If you are talking about the internal control one then I can't remember whether it was on the till staff script but the question was What are the 5 components of internal control and describe them. I hadn't paid attention to that part of the notes so I hadn't even heard of them :D The control environment Risk assessment Information system Control activities Monitoring controls Hopefully I didn't need those 5 marks. Does seem to be a question you either get 0 or 5 for

Hi I dont remember having seen that question (regarding the 5 items of internal control) I remember about the cash systems and controls (16 marks) (tough by the way as I was running out of time) the next question was about general and application controls and 2 examples of same (4 Marks ) are exams different or did I miss a question ?

Reading Dec-19 forum comments a lot of students thought they would pass but failed with results in 20’s. I assumed you get a mark per point made but reading the comments they said you get 1/2 per point made! Now feeling not very confident

I think in substantive procedures is 1 per point and audit risk and controls is 1/2 identify and 1/2 explain and 1 recommendation or response ... impossible not to get anxious... do you know when results will be made available