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@lean
Yea.Ethics and professional matters had 19marks — 8 in Q2 and 11 in Q3
I struggled with time, and Q2 part A which I wrote utter nonsense. Way More marks for ethics than I expected which is usually easy to score well in. Fingers crossed for a pass!!
Was pleasantly surprised with that exam! wasn’t expecting it to be as straight forward a few tiddly bits but hopefully a good pass – answered everything in full with 10 mins to spare 🙂 Good Luck everyone!
Had a feeling business risks were going to come up. 2nd sitting and I feel more confident.
A lot of marks for ethics which had me worried, apart from the bog standard knowledge, threats, safeguards, acca code of conduct, don’t know what else I should have expanded upon.
Can’t complain about the paper, felt relatively comfortable throughout. No nasty surprises.
Question 1 was good but other 2 questions had some odd things.
Reasonable paper to do well in I hope.
Question 2 on ethics was harder then last one which was more manageable with self review threat because they’d done a due diligence already which could be safe guarded with separate teams.
Professional issues were fees (because previous auditors had issue with fees) and timing (payroll error and consolidated work) considerations.
Industry conference should have been turned down as there was a lot of costs that company were going to pick up and is not allowed. Also possibility of intimidation risk.would say I struggled majorly with time on this one, and not sure I wrote enough for the audit and business risks. Found question 2 quite tough and not convinced I wrote enough for q3! Overall not too great!
Anyone able to advise what they did with the Exhibit that was a graphical representation of preliminary analytical procedures? All I was able muster up was that the jump up in revenues and profits was abnormally large in 20X4 and that additional substantive procedures should be performed?
Umm not quite sure what to make of that! It wasn’t particularly difficult, but not sure I really ‘got it’, so left wondering again!
Q1 lack of data threw me a bit and definitely didn’t write enough for audit risks. I used graph to emphasise must check opening balances and get working papers from previous audit.
Q2 I left to last and had to do v quick notes, I think this was probably the easiest qu.
Q3 was ok from what I remember! Client integrity lacking, preconditions
All a blur now, anyone remember qua? Good luck all. This is my last exam and annoyed can’t celebrate as just don’t know!Hey,
I think I messed up majorly. Did anyone think discontinued operations for question one?
Also curious about the graphs because I didn’t really use them!
And for question 3 did anyone use debt to equity ratio?
@kbourne said:
Anyone able to advise what they did with the Exhibit that was a graphical representation of preliminary analytical procedures? All I was able muster up was that the jump up in revenues and profits was abnormally large in 20X4 and that additional substantive procedures should be performed?Didn’t do much with it asides note that revenue and profit growth were going in opposite directions.
Thought exam was fair, but an awful lot of text to absorb, left about 20% undone and would be sure of passing had I had another 45mins. I must be a very slow writer, or thinker 😉
@ezehrobinson said:
Can anyone remember the ethics question for question 2?I think that was about the discovery that the firm had done some work for the client, plus the audit senior suggesting that the firm could word the presentation of the sugary drinks issue in the annual report to say it in a positive way, and then suggesting that the tech dept could do the narrative for the annual report.
I think I took from it all that there was threats re self review, self interest, advocacy, assuming management responsibilities and a quality control issue at the firm since the audit team didn’t know about the other work.
@Fidget said:
I think that was about the discovery that the firm had done some work for the client, plus the audit senior suggesting that the firm could word the presentation of the sugary drinks issue in the annual report to say it in a positive way, and then suggesting that the tech dept could do the narrative for the annual report.I think I took from it all that there was threats re self review, self interest, advocacy, assuming management responsibilities and a quality control issue at the firm since the audit team didn’t know about the other work.
Many thanks for this
I wrote same thing as you.@ezehrobinson said:
Many thanks for this
I wrote same thing as you.Here’s hoping that we get points for it!
What did you write for your opinion on the audit report? I ruled out disclaimer because it wasn’t about being unable to get enough evidence, and so that left qualified or adverse because it was about the financial statements, and concluded that the opinion should be qualified except for… rather than adverse.
@Fidget said:
Here’s hoping that we get points for it!What did you write for your opinion on the audit report? I ruled out disclaimer because it wasn’t about being unable to get enough evidence, and so that left qualified or adverse because it was about the financial statements, and concluded that the opinion should be qualified except for… rather than adverse.
I arrived at same conclusion as you. I took out disclaimer because there’s no limitation of scope. Also, the misstatements are material but isolated, hence not pervasive. This leaves me with except for (qualified) opinion
I managed to answer 90. But I am not sure whether my answer makes the marker hsppy to award me only 50 marks that’s is what i want…
My past ACCA exam trend, If i answer less than 80, My passing rate/ frequency goes up. But If I answer 80+ marks in the exam i never passed.
Surprisingly sad but true.
@crazyfaisal said:
I managed to answer 90. But I am not sure whether my answer makes the marker hsppy to award me only 50 marks that’s is what i want…My past ACCA exam trend, If i answer less than 80, My passing rate/ frequency goes up. But If I answer 80+ marks in the exam i never passed.
Surprisingly sad but true.
I think one have to strategize on passing professional level.
If one can attempt the 50 Mark and 25 Mark very well and use any remaining time to touch the last 25, the person would be guaranteed to score above 50.In our quest our attempting all,we may produce low quality answer
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