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

Ahh okay - I’m glad it wasn’t a typo.

Did anyone successfully book the exam for tomorrow? I'm getting a message saying there has to be 24 hours between the booking date and exam date

So it seems like exam questions are different, depending on what time you had... are no they?

what is the adjustment for the depreciation ( policy change from cost to FV) ??

what are Audit committee responsibilities during audit ?

and if anyone remember the Audit procedures for advertising expenses and goodwill?

Did anyone notice that in first question , they had use brand name along with net assets in goodwill calc , I called it wronf as it was Kilda own brand. Hope I didn't mess up

My experience with the CBE exam (home) Bulgaria early afternoon on 7th: 1. Started 2 hr. late 2. System was lagging 3. Chat function was not working so no comfort brake, not allowed to put the light on in the room and no assistance when I was prevented from answering the last question. 4. At the end of the exam system was busy and i was not able to open/ enter anything in the answer section of Q3 Basically the only things that were running correctly were the camera recording and the countdown clock. Wery dissapounted. Feel that someone is making jokes with my effort and dedication. I didn't calculated any materiality of the ROMM's I identified because there was no time for that. I had to choose what to abondon from my answers :( I read and comprehend fast but still it took me around 1 hr to read the questions and plan my answers. This paper should be for at least for 4hr and 15 min.

I almos forgot... After the end of the exam I received text message saying that due to whatever reason my exam is resheduled for early next morning and I should check my e-mail for the exact start time. First available time as I remember is 7 am. so I was checking my email several times during the night and I still have no email in my inbox nor update in MyACCA. Now is almost 8 am and I will call the support team in 9 to see what is actually happening.

Was supposed to start CBE exam at 09 ..but waited 5 to 6 hours to be admitted to the exam hall..hungry and full of anxiety. Managed to attempt all questions and kept briefing notes format (introduction,body and conclusion) came up with 6 business risks and 6 ROMM..5 audit procedures on Goodwill but only 3 for the brand(got stuck)..copied and pasted the whole financials to the spreadsheet answers and put formula for trend analysis and dragged formula down(saved me time) then started reading on audit committee but had run out of the 1:30minutes I had allocated to question one so moved on to question 3 which I made a lot of mistakes on due to the pressure I had I can’t say I did well on building revaluation,revenue & depreciation (I thought the 10% non refundable was recognized right because they were non refundable but looking at peoples answers I was wrong)..anyway question was disaster for me. Moved to question 2,started with ethics questions and thought there was a lot on advocacy and management responsibilities and self interest threat coz of non assurance fees ..calculated the increment in fees.Then moved on to capex audit procedures ..I looked at the individual capex amounts and tried to work with each individually. Went back to question 1 to fine tune the lose ends I left. I pray for a pass even after the stress of the whole day .

did the same i consider it one of the ROMM.. i dont know if its right! Plus, the net asset value it was FV on the interim FS of K Co, not the FV on acquisition date .. one more ROMM

ROMM 1) listed 2) specific dislosures 3) Goodwill- initial mesurement 4) goodwill -subsequent measurement 5) Bank loan- measurement 6) bank loan - disclosure 7) Advertising expense

Can anybody remember what was the Q2; Capital expenditure forecast - 9 marks Ethics - 8 marks?

Same issue said i had violations when i didn't waited for 1hr still exam did not launch. Contacted ACCA and was able to give any support...shocking!!! Will have to take exam in March21!!!

It seems to have been a general problem with the "exam software/technology" launch which may be outside of ACCA's control (not that it makes it any better to be prepared for a December exam, then having to do it in March). The CBE exam centre in Manchester was experiencing problems at registration as well. They had a blank grey screen for quite some time, and restarted their pc several times before it was sorted and registration took place. It would appear the "server" was running extremely slow as the screen slowly populated. As an advocate for electronic over paper in the workplace, I am thinking technology causes more problems than it solves issues. I wasnt well-prepared so a few more months to do further preparation could prove advantageous. Best wishes!

Has anyone attend the AAA exam today, after the re-booking offered by ACCA? Can anyone remember the questions? Thank you

AAA exam?

Anyone able to run through some of the exam answer points?

dedopanda wrote:I almos forgot… After the end of the exam I received text message saying that due to whatever reason my exam is resheduled for early next morning and I should check my e-mail for the exact start time.

ACCA advises: "If you are uncertain why you received a rebooking text message or uncertain of the status of your exam script, you should contact ACCA either by telephone +44 (0)141 582 2000 or via https://forms.accaglobal.com/contact-us" I suggest you use the contact-us details so you can document when you reported the technical difficulties, when you received the text, whether and when you received the e-mail, etc.

I feel like the exam was half decent, but those taking the exam Tuesday and after will have an advantage as the questions appear to be the same as those sat on Monday. Having read the responses last night I sort of had ideas of the areas of risk in my mind when answering the questions. Though time was still a big issue. Still even knowing what was coming doesn't stop you making mistakes on hindsight. Q2 for me included the borrowing costs being incorrectly capitalised. Where I only noted that the costs can only be capitalised once conditions are met (therefore only 6 of the 12 months in the question), I failed to recognise its only the interest that can be capitalised. You cannot capitalise the loan itself. Hopefully I only lose 1 mark for stating the wrong number. Good thing the borrowing costs were ignored in part b of the question in relation to the audit opinion so my opinion should still be valid. Did anyone have issues with the spectator? Feel like they disconnected cos I never got a response when I hit the alert button.

Anyone else care to discuss some answers?

Have you sat the exam yet?

Yeah say it Monday

How did you find it? I struggled with time management, I find the CBE slows me down! I cannot believe ACCA are allowing remote students to sit the same exam as we had on Monday if they were unable to access it on Monday, really has annoyed me. I’ve sent a complaint.

wilsonr wrote:How did you find it? I struggled with time management, I find the CBE slows me down!

Oh wow, didn't realise that! so we all just gave away our answers?

Business risk Governance Risk -Discuss the resignation of newly acquired company managers and lack of banking experience in parent board Control Risk- discuss significant subsidiary( with 55 branches and40m)Revenue which is material to the group i.e control over multiple stores making these sales Compliance risk - Parent does not have the expertise to manage the bank, though the bank retained its experienced staff risk still exist Reputational risk - stems from control risk Banking is a highly regulated business a highly published investigation on non-compliance could damage the reputation of group. Transaction/Demand Risk: Recall of badly manufactured sold product could affect the brand and demand for the product in future Financial risk - High gearing and borrowings profit is almost the same as interest payable. Risk of not meeting with interest and lack of availability to further credit due to high gearing. Credit Risk: Loans to customers to buy their product, risk of default which will affect the company in 2 ways Audit/ROMM Subsidiary purchase partway through the fin yr -over or understatement of the value of an investment -Adjustment for intercompany sales, disclosure of subsidiary or wrongful classification. Non Accrual for share-based payment could overstate profit and risk of material disclosure of directors pay Capitalising advert .materialy overstate profit and loss and balance sheet by 5m Management bias and incentive to overstate profit (refer to calculated analytical review in a spreadsheet Loan and interest - could be an incentive to overstate revenue and profit to make the company appear profitable for successful loan application Risk of Non-recognition of 3.25m interest could overstate profit material to profit and loss Control risk -repeat what you said in business risk but add ratios -over /understate revenue

All the procedures you suggested are top-notch, but You should have to say the reason for the procedure you carried out because the reason for the procedure is to make an audit assertion like you review payment for the consideration to ascertain the occurrence of the transaction. reperform the posting of the goodwill journals to test the control on the system Recalculated the goodwill to confirm the accuracy of the goodwill figure Inquire from management why Advertising expenses were capitalised to ascertain if it is reasonable

Yeah we have :( I’m waiting to see what ACCA say as I don’t see how they can justify giving students sitting the exam Tuesday onwards the same exam we had! Just gives those students an unfair advantage. That’s why I’ve held off talking about answers on here

Did you complain or file a mitigating circumstances? What was ACCA’s response? It really does put those who did the exam at a centre at a disadvantage especially given the low pass rate on this module. @OpenTuition should probably remove this forum/delete those comments with the questions from the exam in case there are still any remote exams being scheduled to take place

Did any one remember whether 3rd question had procedures for capitalized expense for constructing warehouse? I wrote procedure. Does anyone have any idea? Please reply...