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

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

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

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 ??

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

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?

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

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

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

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

Paper version-INT Business risk Audit risk Audit procedures Ethics Quality control, ethics, performance Matters, evidence

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

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

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

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

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

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

What did everyone write for q2?

Anyone who can share their answers for international version?

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

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!

Which question was it?

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

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

Can you say the scenario?

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?

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

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

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

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

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.....

For the going concern issue, it’s a major disclosure that had to be made hence hence the audit assistance was wrong by saying that the statement will not have to be modified.

ATHAR97 wrote: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…..