How was your ACCA Paper AAA March 2021 Exam exam?
Vote in the Instant Poll
ACCA Forums
AAAACCA Paper AAA exam was - March 2021 Exam - Instant Poll and comments
exactly same paper and answers.
i had timber.
5y ago#32The case study was showing a bit change in exam scope but had accounting issues e.g IFRS 5, Revenue, Impairment, Going Concern and provision aspects for the audit risk. There a lot to discuss I believing addressing all would have not allowed to cover other parts of the paper so I relied on 10-12 parts 1.5-3 markers. It’s the second session they include business risk as well
5y ago#33There were loads of marks for IAS19-10marks and IFRS2-7 marks in question 2 I think
I answered same but then I realized that there was a not below specifying that the audit risk should only consider KPI in exhibit 4. Am I the only one that say it? It was the timber question too
lizzyzingel wrote:For those who got a question on the Luxury canal boats..what business risks did you identify?cash problems(a few type of) Fx Inv ?n transit Compliance(2 type) No diversification of products
Ok I got ;
Luxury product, New regulations,Going concern, Foreign market problems(forex,political,boarder sunctions,fuel prices)
I thought it just told you to also use the KPIs in exhibit 4. Not only those
NOO. you must have understood it wrong, the note stated to include some kpi's as audit risk not the whole thing from that exhibit, rest every exhibit needed to be used. So chill, you're safe. :)
5y ago#39I had client in international restaurant industry in Q1, needed audit risks. Did anyone else feel like they missed the main points? I did mention around 6 risks but they didn’t feel ‘significant’ so doubt I’ll get the marks.
vnetochukwu wrote:I answered same but then I realized that there was a not below specifying that the audit risk should only consider KPI in exhibit 4. Am I the only one that say it? It was the timber question tooI did the timber question as well but I don't think the audit risk would relate to only KPI in the exhibit 4, because a) that 3 KPI will not carry enough marks for a 20 mark questions; b) the main body of the entire question is exhibit 3, which carries some of the most commonly seen audit risks: new client, ongoing legal case, the reduction in the value of the timber plantation (which the audit risk question specifically ask you to consider this risk), revenue trends, proposed acquisition right after the year-end that should be accounted for under IAS 10...if these commonly seen audit risk are not discussed it is literally impossible to find out enough audit risks out of the KPIs in exhibit 4.
vnetochukwu wrote:I answered same but then I realized that there was a not below specifying that the audit risk should only consider KPI in exhibit 4. Am I the only one that say it? It was the timber question tooFrom what I gathered from others who also did this question the meaning of that note was to remind you that the audit risks in relation to the timber plantation should be considered only regarding fair value change related to exhibit 4
I could come up with 7 risks. But i am not sure whether i covered significant ones also i am not sure how many risks we have to identify for 25 marks
in timber anyone wrote about the revenue trend? that it increased by 5%, operating margin increase and that the profit increased by 30% this meant the finance costs could be understated?
NCC21382 wrote:vnetochukwu wrote:I answered same but then I realized that there was a not below specifying that the audit risk should only consider KPI in exhibit 4. Am I the only one that say it? It was the timber question toothats true. u had to take risks from all over the exhibits.
I felt there was also an issue with total assets value in KPIs, there was a discrepancy in the break up given.
exactly!It felt like it wasn't enough risks to be identified for 25 marks....strange question...usually there are many to choose from...I think it's June for me:(
Nicole wrote:I had client in international restaurant industry in Q1, needed audit risks. Did anyone else feel like they missed the main points? I did mention around 6 risks but they didn’t feel ‘significant’ so doubt I’ll get the marks.Same here...
farahhh wrote:NOO. you must have understood it wrong, the note stated to include some kpi’s as audit risk not the whole thing from that exhibit, rest every exhibit needed to be used. So chill, you’re safe. Agree with this point. Firstly I also thought that it relates only to Exibit 4 but the meaning was different.
xxnabilaxx wrote:Same here , normally I can identify 10-15 fairly easily. For 25 marks such a disappointment.In the part exhibit 4 for analytical review sure there were some discrepancies but to derive much points of that...I don't know how...it wasn't anything concrete there for me...
xxnabilaxx wrote:In hindsight I could’ve mentionedyou're right I didn't think of those either... I don't have too much hope..most probably re-take
I had the timber question. There were some KPI's given, but not many. Unfortunately I have not had time to read this exhibit properly, so only said about the operating profit margin. I spend nearly 2h on this question and then was rushing.
Also there were not much marks you could get for materiality in q2 and 3, as there were no figures given to calculate.
vnetochukwu wrote: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!No, it just said with regards to that exhibit. You still needed to identify other audit risks from other exhibits. So you are fine.
Anyone with luxury canal question ? What was thw audit risks and how was the revenue to be dealt with ?
Thats correct, biz risk for Pale.
Not completed as the exam wouldn't launch. Got to wait until June to sit it now!
For anyone who had the Luxury canal boats question paper.. how did you find Section B? I found the quality prof & ethical issues question hard!! So hope ive done enough :( Theres too much to do in the time given!!
can anyone recall what are those kpi? i can barely remember what I wrote
I heard marking scheme for Audit risks has been changed for March21 sitting
4 marks x max 4 points (including % incr/decr and trend)
3 marks x for rest of the points (balance marks)
If so, it would be good for many
joannespeck wrote:For anyone who had the Luxury canal boats question paper.. how did you find Section B? I found the quality prof & ethical issues question hard!! So hope ive done enough ? Theres too much to do in the time given!!2 of quality questions were hard, employee benefit audit was tested for the first time. Ethics question of 3rd question was also weird. An offer to a partner not from the team was not tested before.
sudiptosen wrote:I heard marking scheme for Audit risks has been changed for March21 sittingYou mean all we can get from trends and ratio analysis is 4 marks, right?
Topic lockedNew replies are closed.