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ACCA Paper AAA exam was – March 2021 Exam – Instant Poll and comments

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › ACCA Paper AAA exam was – March 2021 Exam – Instant Poll and comments

  • This topic has 83 replies, 36 voices, and was last updated 1 week ago by sudiptosen.
Viewing 30 posts - 1 through 30 (of 84 total)
1 2 3 →
  • Author
    Posts
  • March 1, 2021 at 10:16 am #612294
    opentuition_team
    Keymaster
    • Topics: 971
    • Replies: 1327
    • ☆☆☆☆☆

    How was your ACCA Paper AAA March 2021 Exam exam?

    Vote in the Instant Poll


    Please post your comments below

    March 1, 2021 at 4:50 pm #612399
    Ayushbhambri
    • Topics: 0
    • Replies: 2
    • ☆

    hey is anyone willing to discuss the suggested answers to the paper?

    March 1, 2021 at 4:56 pm #612400
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    It was different than other exams. There were no accounting issues, ethics question was weird, Defined benefit obligation was also weird.

    March 1, 2021 at 5:23 pm #612408
    dolphinslover
    • Topics: 26
    • Replies: 15
    • ☆

    Revenue – construction contract
    Imp loss is not calculated properly, ViU – Present values had to be used
    Impairment loss – decline in revenue
    Borrowings as a current asset – not correct
    Planned disposal for production line

    Q2 was ????
    3 wass ??

    March 1, 2021 at 5:28 pm #612409
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    dolphinslover wrote:Revenue – construction contract
    Imp loss is not calculated properly, ViU – Present values had to be used<br>Impairment loss – decline in revenue<br>Borrowings as a current asset – not correct<br>Planned disposal for production line

    Borrowing as current asset?I couldn’t remember. Maybe I did not that.
    Besides, machine contracts obligation is satisfied at time according to sceneario

    March 1, 2021 at 5:32 pm #612412
    xxnabilaxx
    • Topics: 0
    • Replies: 3
    • ☆

    This paper was so strange … very different compared to the ones from past.

    The materiality question (7 marks) – I’ve given the standard percentages but found it harder to justify. Like I mentioned there should be a broad range across different FS and that the industry has low margin so should be lower but I couldn’t say more ?

    Anyone with a strong answer on that?

    March 1, 2021 at 5:36 pm #612415
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    Papers are different as far as I understand. Different questions.

    March 1, 2021 at 5:37 pm #612416
    Ayushbhambri
    • Topics: 0
    • Replies: 2
    • ☆

    I got the following: Question 1:
    audit risks
    procedures for payroll
    ethics
    materiality
    Question 2
    quality control
    Question 3
    matters and evidence
    audit report

    March 1, 2021 at 5:41 pm #612417
    sirhanj
    • Topics: 3
    • Replies: 38
    • ☆

    @ayushbham i got same questions u can add me fb to discuss
    sirhan jawed.

    March 1, 2021 at 5:46 pm #612418
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    Business risk
    Audit risk
    Bribery
    Ahfs procedure
    Quality control( a bit weird)
    Defined benefit obligation
    SBP
    Ethics(weird)

    March 1, 2021 at 5:51 pm #612419
    ramilbaku
    • Topics: 0
    • Replies: 6
    • ☆

    Paper version-INT

    Business risk
    Audit risk
    Audit procedures
    Ethics

    Quality control, ethics, performance

    Matters, evidence

    March 1, 2021 at 6:07 pm #612423
    GHACCOUNTANT
    • Topics: 0
    • Replies: 2
    • ☆

    I can’t remember them perfectly but I believe with this is what I can remember
    Q.1 evaluation of business risk of a non listed family owned business that grows and processes plants for resale. (10 marks)
    B. Evaluation of audit risk (20 marks)
    C. Audit procedures in relation to fair value changes of plantation damaged by storm
    D. I think it was an ethics question about how the cfo didnt want any further investigation into a legal case brought up by employees concerning health and safety which has led to a lot of accidents and some fatalities

    2 was a question on matters to consider on audit quality, professional ethics relating to a post issuance review of a report (I am not too sure if there was more to it)

    And the the last question was a matters to consider and evidence expected to about different scenarios relating to an audit client for (20 marks)

    and impact on audit opinion for 5

    March 1, 2021 at 6:08 pm #612425
    sudiptosen
    • Topics: 5
    • Replies: 97
    • ☆☆

    So many question sets being asked today it is quite difficult to discuss….I wrote CBE ..business risk and audit risks…but I know someone wrote on audit risks with different marks allotted
    to it in CBE in my country (but at different time)

    I wrote audit procedures for HFS but others wrote audit procedures for data analytics

    Quite interesting

    March 1, 2021 at 6:13 pm #612426
    lizzyzingel
    • Topics: 0
    • Replies: 11
    • ☆

    For those who got a question on the Luxury canal boats..what business risks did you identify?

    March 1, 2021 at 6:20 pm #612431
    martisha
    • Topics: 0
    • Replies: 10
    • ☆

    What business risks did you identified for the q1 on the rainforest trees?
    I feel that I did not write enough to pass;/

    March 1, 2021 at 6:24 pm #612432
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    lizzyzingel wrote:For those who got a question on the Luxury canal boats..what business risks did you identify?

    2 types of compliance
    Fx risk
    No product diversification
    Theft or loss of inventory in transit
    A few going concern risks

    March 1, 2021 at 6:51 pm #612437
    lizzyzingel
    • Topics: 0
    • Replies: 11
    • ☆

    I found
    -Going concern issues
    -Luxury product (standards have to be up kept)
    -Foreign market issues (border sunctions,political,forex)
    -New regulations

    March 1, 2021 at 7:06 pm #612441
    bt27
    • Topics: 0
    • Replies: 4
    • ☆

    What did everyone write for q2?

    March 1, 2021 at 7:12 pm #612442
    mirzamonster
    • Topics: 0
    • Replies: 5
    • ☆

    Anyone who can share their answers for international version?

    March 1, 2021 at 7:14 pm #612443
    francois988
    • Topics: 2
    • Replies: 47
    • ☆

    very weird question paper I could not finish, not to say that I could not understand the question either

    March 1, 2021 at 7:28 pm #612445
    vnetochukwu
    • Topics: 0
    • Replies: 10
    • ☆

    I answered the question on audit risk wrongly and the question was only specific to exhibit 4. 20 marks gone, now I’m battling with 80 marks. So sad!

    March 1, 2021 at 7:30 pm #612447
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    Which question was it?

    March 1, 2021 at 7:33 pm #612449
    vnetochukwu
    • Topics: 0
    • Replies: 10
    • ☆

    I only hope I wrote enough to score 50 as this is my first attempt

    March 1, 2021 at 7:34 pm #612450
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    vnetochukwu wrote:I only hope I wrote enough to score 50 as this is my first attempt

    Can you say the scenario?

    March 1, 2021 at 7:36 pm #612451
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    lizzyzingel wrote:I found
    -Going concern issues<br>-Luxury product (standards have to be up kept)<br>-Foreign market issues (border sunctions,political,forex)<br>-New regulations

    What was the audit risk?

    March 1, 2021 at 7:37 pm #612452
    vnetochukwu
    • Topics: 0
    • Replies: 10
    • ☆

    Encaladeus wrote:

    vnetochukwu wrote:I only hope I wrote enough to score 50 as this is my first attempt

    The question was , what are the audit risk in the planning stage.

    Underneath it had a not that specified only audit risk peculiar to the KPI figures in exhibit 4. I didn’t see the additional note until 10 minutes to the end of the exam by then it was already late and the question carries 20 marks

    March 1, 2021 at 7:40 pm #612453
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    Weird. Usually all exhibits are used when answering. Sorry for you. What was the scenario of the question?

    March 1, 2021 at 7:47 pm #612454
    lizzyzingel
    • Topics: 0
    • Replies: 11
    • ☆

    I picked up
    -IFRS 5 Non current assets held for sale and discon operations(depreciation was supposed to seize,assets recognized separately under current assets
    -IFRS 15 revenue from contract (risk of early recognition)
    -IAS 20 forex translation
    -I think there was an event after reporting period
    -IAS 36 wrong calculation of value in use
    -New audit client
    -Management bias

    March 1, 2021 at 7:52 pm #612457
    Encaladeus
    • Topics: 0
    • Replies: 31
    • ☆

    lizzyzingel wrote:I picked up
    -IFRS 5 Non current assets held for sale and discon operations(depreciation was supposed to seize,assets recognized separately under current assets<br>-IFRS 15 revenue from contract (risk of early recognition)<br>-IAS 20 forex translation<br>-I think there was an event after reporting period<br>-IAS 36 wrong calculation of value in use<br>-New audit client<br>-Management bias

    Additional to you except some of them :
    Going concern issues
    Compliance-ias 37
    Bank loan amortised cost
    Inventory count
    Receivables allowance

    March 1, 2021 at 7:57 pm #612458
    ATHAR97
    • Topics: 0
    • Replies: 2
    • ☆

    AAA INT VARIANT – Okay so does anyone remember anything about the operating License to Matty and the going concern issue what was that all about, the license was to be amortized over 5 years but what about the going concern, was the report to be modified to adverse or just a material uncertainty of going-concern because i remember the revenue of railway was about 60% of matty and the government had revoked the license but the financial statements were not prepared on breakup basis…..

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