Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › ACCA Paper AAA December 2020 Exam was.. Instant Poll and comments
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SandraaB.
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December 9, 2020 at 4:15 pm #598861
wilsonr
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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.
December 9, 2020 at 10:21 pm #598947heychi
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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?
December 10, 2020 at 2:34 am #598974neris
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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
December 10, 2020 at 2:53 am #598975neris
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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
December 10, 2020 at 3:26 am #598978karonline81
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Not only time pressured exam but also copy paste highlight etc function didnt work for me in section A which didn’t help..
December 10, 2020 at 7:10 am #598994exr814
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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?
December 10, 2020 at 7:21 am #598995wilsonr
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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
December 10, 2020 at 3:39 pm #599114raheel95
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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
December 10, 2020 at 4:04 pm #599117pzeel
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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…December 10, 2020 at 4:12 pm #599119pzeel
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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.
December 10, 2020 at 5:57 pm #599171nishreen
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Wow ! Reading all the answers , i feel like mine were bad. I am not hopeful of getting through.
December 10, 2020 at 6:37 pm #599202wilsonr
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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.
December 11, 2020 at 1:23 pm #599425kashtigu
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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
December 11, 2020 at 5:14 pm #599490Kim Smith
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@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.
December 11, 2020 at 10:53 pm #599602saif2589
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We’re there 2 versions of aaa paper or everyone got the same question ?
December 12, 2020 at 8:56 am #599660wilsonr
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Just the one paper which is why I’m complaining to ACCA as it’s unfair
December 12, 2020 at 6:18 pm #599737rapha1
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How can they seriously go in to this session with just one paper ready? I know they’ve built up a large number of questions for the F papers so that’s a little easier, but I was expecting four or five varients considering the time zones involved and how easy it would be for someone to cheat if they wanted to.
December 12, 2020 at 9:12 pm #599739dedopanda
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@Kim Smith
After investigation by the support team it become clear that the system have accepted my work.
Regarding the numerous issues during the exam – I have only submitted the mitigation circumstances firm.I believe that if someone from ACCA really want to know more details (more than the 1000 characters allowed in their form) they can contact me.
Those difficulties really afected my performance. My preparation started Sep. 2020 and I concienciesly gave up essential calculations just because of the system and time constrains.
I have been external auditor for 8 years and I’m saying that if you really want to evaluate the knowledge ot the student those 3hr. 15min are not enough for this exam for those long questions.
Currently it is a typewriting exercise.
I’m perfectly aware of ACCA’s examination logic and the above is my personal opinion. I might be biased but we all are in some way…
December 13, 2020 at 10:27 am #599786varindersingh
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Hi I had the same issue. My exam was launched but I was able to do the exam initially 45 minutes but after that due to internet problem it was revoked, have to sit again in March 2021 very disappointed
December 14, 2020 at 10:44 pm #600018markfairman
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There are multiple questions for the AAA exam, not everyone will get the same questions. However all the questions will be exposed throughout the day.
I had a technical issue halfway through my exam I could not type or navigate on the system. I received no support in 40mins. I received no phone call. I had no idea what do and called ACCA. I was incorrectly told to turn off my computer and I could resit AAA next week.
ACCA remote exam team in ACCA gave incorrect technical advice and wrong information.
I was then later that day told I cannot resit the exam, ACCA would never do a second sitting because exam questions are exposed throughout the day. Key issue for regulatory approval.
I turned off my computer because ACCA told me so , and was then told by ACCA I should not have turned off my computer.
I then found out some students were offered a sitting the following morning. ACCA reasoning was that the resit was last minute and within 24hours.
I was furious by the complete mess this exam sitting was.
We as students are expected to identify quality control when ironically there appears to be very little quality control, internal controls or accountability from ACCA for this exam sitting
December 15, 2020 at 6:41 pm #600084SandraaB
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What opinion in reporting question did everyone state? I though it would be qualified, except for as the 2 issues were material, but not pervasive.
Reviewing the answers, some calculated ratios, but there was no COGS given, so the whole P&L calculation could have been questioned and ratios not relied upon.First time I struggled to find enough risks, but picked up in goodwill calculation that included ( wrongly) in the consideration was 2 mln consultancy fees of previous CFO.I though its IAS24 Related party standard was applicable as ROMM, obviously gearing , overstatement of goodwill , poor corporate governance -errors in FS and as business risk to due system inefficiencies. Other business risks I though change in key mngm personnel, new system , inexperienced new CFO .
What did you guys write for ethics – did you state that for bothunlisted and listed you codul apply safeguards? I though that for unlisted co for what they asked auditors to do was not acceptable.
The launch of the exam was 45 minutes late, but then it went all right ( home based), so fingers crossed!
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