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

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

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

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…..

For the extra hours employees had to work I wrote something in line with NONCLAR ..don’t know if it is right Also remember writing something relating to IAS37 don’t remember where I placed it Then later I think in question 2 we got ISA402 service organization

For question 1. Audit risk... remember 20m government grants.. half being expensed, new client (detection risk), impairment, related party, new acquisition of 25m?? Business risk, lack on independence from internal audit and no audit committee. Q2) all on audit quality (4 scenarios) Q3) Rail operating license and customer list and opinion. Think i said adverse opinion should be given due to uncertainty of going concern paragraph not adequately disclosed by management. Think the railway operating license was revoked. Customer list would be classified as a intangible asset and should have an impairment review annually due to loss of 2 major customers

I’m not sure what you are talking about.. maybe you had a different paper but as far I’m aware the audit risk was based on the whole scenario? Was your paper based on Timber?