ACCA Paper AAA December 2020 Exam was.. Instant Poll and comments

As far as I remember:

Question 1
a-Identify Business risk (12 marks)
b-Identify RoMM (18 marks)
c- Audit procedures for advertising expenses and goodwill (10 marks)
d-Audit committee responsibilities during audit (6 marks)

Question 2
1-Matters to consider, adjustment need and audit evidence during quality review
a-Hotel revaluation – changed from carrying amount to FV (depreciation has been reversed to P/L and revaluation surplus understated?)
b-Borrowing cost capitalisation (capitalised 12 months instead of 8 months?)
c-Revenue recognition – 10% non refundable deposits received in advance recognised to the P/L when received (instead of liability)
2-Ethics

Question 3
Provision of a number of non-audit services to 2 clients (1 listed and 1 not listed) and ethical issues

Exam did not launch and was revoked for me. Cannot take until Mar’21. So disappointed. There was no support in resolving this.

I cannot believe this happened and no solution or support provided. Did anyone else have the same problem? What error message did they get?

Ya..Pearson and myacca should be flexible in allowing second time launch for disrupted exams, today midway myacca server also got down.

My exam also got interrupted

My exam started 45 mins late due to global login issue but was able to complete afterwards without any interruptions.

Q1
Business risk 12 marks
Audit risk 18 marks

CFO and NEDs had resigned – called it a romm

Procedure – goodwill on acquisition and advertising expense which was incorrectly capilised

Audit committee responsibilities
Q2

Capex forcast

Non audit service for for further capex of next three years

Corporate finance service to a component to of a listed group
Ethical threats

Q3

Going concern

Evidence of something 8 marks

Reporting just 5 marks in my exam

Overall it was a ok paper

Hope I get over the line.

Hi anyone else able to run through some of the answers if you remember? In particular for the business risks and ROMM!

Thanks anything for business risks? Or more on the ROMM?

I have to say, it’s kind of OK paper in december 2020 but I have completed ugly… crying, 18 marks in Q1 missed out, don’t ask me what I have been thinking or doing….
I would admire who completed all exam questions. hope my post helps

CBE in AAA

Anyway, below is what I can remembered

Q1,

BR 12 mark
ROMM 18 marks

evidence on advertising cost and goodwill 6 each?
audit committee responsibilities to external audit 6 marks

Q2 two company, one listed one not
ethical issues
non assurance service, cash expenditure forecast.
offer coporate finance service to listed company

Q3 going concerns
a. indicators, but the question is different from other past exam papers, not much ratios or calculation but more interpreted the information (maybe I am wrong) 10 makrs
b. evidence for legal claim and bank overdraft. 10 marks
c, audit report impact 5 mark?

Is that the UK paper because i dont remember for going concern question on Q3.
INT there were 3 companies and matter to discuss and evidence (revaluation-7mark, building -7 mark and revenue recognition-5mark) then 6 mark report if not adjusted i might be wrong with the mark allocation

Exam wasn’ bad just not enough time! ive finished all the questions but i think my points are not developed enough , there was no time to properly think about all the issues! This exam should be 4 hours long to be able to finish evertyhing and go back and check your answers

Yep, time management is the big issue. Can’t even read the question 2 and 3 properly because of time pressure. The question 1 with CBE take a lot of time consume to organise the question well because of sepearte screen need for each part. Anyone else who could answer all question well?

Do they put in loads of extra risks just so you go over on time or what? I had to move on from q1 so really I couldn’t say there was so much more I could have put in and the quality of answers…who knows. We are the lucky ones, at least we got to sit it.