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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
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.
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
Not only time pressured exam but also copy paste highlight etc function didnt work for me in section A which didn’t help..
Im about to take a second exam, and I’ve noticed the AAA exam I took on Monday says withdrawal (on myACCA where it used to say Launch Exam)
Is this the same for everyone?
I took the exam and didnt with it was revoked? So maybe withdrawal is their way of saying completed?
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…Was procedures asked for capital forecast? Actually i wrote paper in hurry due to timing issues I am not sure whether they asked procedures on capital forecast or something else? Please help me. Thank you in advance
And I had this as 3rd question and 2nd question was regarding going concern issue. I remember this pretty well.
Wow ! Reading all the answers , i feel like mine were bad. I am not hopeful of getting through.
I have just sent an email complaint at the moment and awaiting ACCAs response (normally takes a few working days but sometimes they takes longer). If that doesn’t get me anywhere I will be filing a mitigating circumstances request.
I agree we are at massive disadvantage if students have read forums beforehand.
I’ll post on here ACCAs response if this forum is still available but I agree Open Tuition should take it down.
From what i can see ACCA will fail alot of us again just to make a point , in my opinion this is not fair at all . The moment you will start receiving them Learn Signal adverts and that lot just know as they have access to our results … Lost all the credibility with ACCA sadly
@kashtigu – you are not the first student to suggest this and you are entirely mistaken. ACCA does not even provide its own departments with results in advance of their release to students – never mind to Learn Signal. If you look at past countdown threads you will see that Learn Signal e-mails are meaningless.
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