AAAACCA Paper AAA exam was - June 2021 Exam - Instant Poll and comments

Hey Guys I got following questions in my paper!! And to be honest i found this paper tough,Challenging and time management issue as compared to past papers now examiner is really making this paper tough and challenging. Hope to pass this exam ? Question number 1: Req(a) Business Risk for Dolphin Group.(12 marks) Req(b) Audit risk (22 marks) Req(c) Ethical and professional issues and recommendation (6 marks) Req(d) why auditor find difficultly in identifying the related party disclosure and Discuss the principal audit procedure on the related party disclosure (9 marks). Question Number 2: Req:(A)what are the benefits of due diligence and Evaluate how due diligence is important for the Wise Company in acquiring the Goodman Company.(9 marks) Req(b) perform investigation procedures on the redundancies of the employees included in the liabilities and Perform the audit procedure on the new manufacturing plant and its efficient productivity.(10 marks) Req(c) Identify the ethical professional issues in (exhibit 5)CEO emailed to Audit engagement partner.(6 marks) Question Number 3: Req(a) Identify and evaluate the going concern risk of sable company (10 marks) Req(b) perform the audit procedure on the cash flow forecast of sable company (9 marks) Req(c) Evaluate the impact on the audit opinion if the management disclosed it in the financial statement (6 marks)

What did you put for 2 a,b and c please?

Aran, I think we had the same paper. I had to really dig deep to find the risks and I feel like they weren’t developed enough to get me the marks! I said that the component auditor was an audit risk as it was a new component auditor to the group and this is an increased detection risk in itself as they weren’t familiar with them as they were with the other component who had resigned a few months earlier. This was noted in the background exhibit. I was a bit baffled by what they were asking for in relation to Q2 with TCWG and all that. It was kinda like a ‘matters to be considered..’ type of question and I answered it that way but every now and then I would say these would form part of the uncorrected misstatements that would be presented to mgmt and TCWG just to try and tie it back to the question being asked-could literally have answered the wrong thing here. Haha Q3-CDD for 19 marks was again weirdly asked, well the first part for 9 marks was, There was a few easier marks (6 I think) on ethical and professional issues. The FD wanted the company to hire the son as a trainee. I said it was fine as he was a trainee and that he shouldn’t be working on anything related to his FD’s company or if he was his work would be reviewed anyway by senior members. I said this may result in familiarity threat. There was an intimidation threat from the FD in so far as him saying that if you hire the son then you’ll get more work from us and then the IESBA code strictly prohibits gifts/lunches as the lunch was informal and had nothing really to do with the CDD report. There was also 9 marks for investigative procedures. Ran out of time and managed to only get 2 poor points down. More time and I think I would have been able to give decent ones! Alas, this sitting was not meant to be for me!

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For 24 marks Audit Risks I hardly find only 8 Audit Risks and that was a tricky question

To conclude am gonna fail again my 3rd time considering none of my answers match with anyone.