*** ACCA Paper AAA June 2019 Exam was.. Instant Poll and comments ***

@keating84 said:
Time management is just impossible in this exam!

This exam is really nasty, i have no time management problem for all my professional exam except this one, tbh the topics are fair in this june exam but the requirement to write and calculate are just too much for 3 hrs….. I dont know i can pass or not, i m permissitic and will start revision the accounting standard after taking a rest this week. Hope u can pass too finger crossed

Q1 was not direct. It need student to be critical especially on part investment in associate

U did not do the question 3?

Q1
Biz risk (12m)
Risk of Material Misstatement (18m)
Ethical threat (6m) – advice on new payroll system, audit com ask for lower audit fees
Related Party Transaction (10m) – Difficulties to identify, Audit procedures on Related Party txn

Q2
Critically appraise audit report (10m)
Report to TCG (15m)
-PPE revaluation
-Capitalisation of renovation
-Audit partner rotation

Q3
ED-540 (8m)
Assess acct treatment and difficulty & Audit procedures (17m)
-Cash Based SBP (6m)
-Fine+IAS10 (6m)
-Capitalization of cost regarding development (5m)

I thought the exam was quite easy, although I had a lot more business risks for 12 marks than ROMM 18 marks. I tried to fill that up with calculations. Q1 was the most difficult for me but still fairly reasonable.

I managed to answer everything, started with q2 which was super easy, I could have wrote another 30mins on that question however I was strict on myself and moved on after the time allocation.

Q3 I can barely remember but answered everything.

Here is hoping I didn’t write 50% nonsense.

Good u on sister i m really scared of this bloody exam lol i dont know wht i wrote for 3 hrs haha…..

@lefteris said:
Q1
Biz risk (12m)
Risk of Material Misstatement (18m)
Ethical threat (6m) – advice on new payroll system, audit com ask for lower audit fees
Related Party Transaction (10m) – Difficulties to identify, Audit procedures on Related Party txn

Q2
Critically appraise audit report (10m)
Report to TCG (15m)
-PPE revaluation
-Capitalisation of renovation
-Audit partner rotation

Q3
ED-540 (8m)
Assess acct treatment and difficulty & Audit procedures (17m)
-Cash Based SBP (6m)
-Fine+IAS10 (6m)
-Capitalization of cost regarding development (5m)

It’s seems really impossible to me to finish the exam with attempting all questions within 3hours.
However, I left 15 marks of Q2 (b)
First complete Q1
Then Q3
Lastly Q2

Exam was rather fair. Really needed your accounting knowledge to be good- but of course this is not surprising because the examiner stresses this time and time again. There were plenty of marks that were easy to get- Q1 and 2 had plenty of doable marks. Then there were a few prize winning marks like the ED 540 marks -_-. All in all an okay paper.

Started with section B and finished with Section A. Skipped the 8 marker (Q3a) and didn’t have time to return to it at the end. Crossed fingers I have done enough.

that was relating to recoverable amount right? i calculated 4.4m-1.2m-0.174=3.026. the asset was in the books at 2.1m therefore 900k odd amount was revaluation and the remaining when to other comprehensive income.

Am i right?

Check the technical article, it is very important!

Is it enough to just name the points to the question ” why related parties are difficult to identify ?? Is there a requirement to explain ?

I wrote bullet points I think it itself clearly conveys why