*** ACCA Paper AAA March 2020 Exam was.. Instant Poll and comments ***

I ran out of time!

The examiner was a walking dead fan ? I thought it was a fair paper – very time pressured – didn’t feel as though I wrote as much but I got my point across quicker due to it! Finished with 3 mins to spare and thought not even going back over it as I’ll just stress myself.out lol

First time cbe , spent too long on section b, and missed out audit procedures worth 10 mark, hopefully wrote more relevant points this time, definitely time pressured! Fair paper

@jachenderson said:
The examiner was a walking dead fan ? I thought it was a fair paper – very time pressured – didn’t feel as though I wrote as much but I got my point across quicker due to it! Finished with 3 mins to spare and thought not even going back over it as I’ll just stress myself.out lol

A breaking bad/better call saul fan too by the looks of it

I wouldn’t say the questions were overly hard, but very time pressured (NOT CBE).

Managed to complete all of the questions, but left a couple of questions before making enough points to gain full marks (final part of Q2, where you hard to critically appraise the report – noticed the opinion and basis of opinion weren’t separate and there was no opinion ie Modified or Unmodified).

Last ethics bit I only had 20 minutes left, so rushed it and only put down about 6 of the threats.

Hoping I’ve done enough (1st resit after a 48% last time!)

I thought the exam was very fair. The time pressure was always going to be there, I sat the paper exam and didn’t even have time to run to the toilet!

I had to be harsh with myself and sacrifice a bit of Q1a (the 24-marker on audit risks), as I knew I would be getting into the difficult marks and would have cost time in the rest of the exam. Could have stayed on that question for at least another 20 minutes, the dataset was huge! Stupidly started writing about pros and cons of joint audit as if they were a component auditor, noticed half way and corrected myself but probably cost some precious time…

Question 2 was fair, I always scramble around a bit for procedures but at least they’re quick enough to write down! For the fraud implications I mentioned the possibility of collusion as the FD didn’t want us to investigate further, and how we should communicate the limitation of scope, fraud and internal control deficiencies re: segregation of duties to TCWG, but I don’t know if I was going down the wrong track? I was very happy to see the critical appraisal question come up, it had pretty much the same errors as previous questions so hopefully I clawed some points through that one.

Question 3 had me scratching my head a little bit, although I think I applied the usual matters to consider before an engagement except with a focus on the fact that the figures are forecasts, limited assurance only, potential going concern issue (will we get paid?), auditor liability re: bankers relying on our report. Was running out of time toward the end so did the usual procedure scramble for the 9-mark question, trying to focus on different ways get proof that the estimates were reasonable. The ethics and professional issues question was fine, just a shame that I was running out of time so probably didn’t write as much as I would have liked to.

Overall I think the exam was very similar to past papers so I can’t complain. This is my first attempt and I’m hoping not to have to resit, but if I do need to then I think my procedures could probably do with some work…!

At least we can all relax a bit 🙂 (for now!)

Paper was ok but very time pressured so cannot be completed within time .q2 and q3 were very long.

@rikp009 said:
Joint Venture? Where was that? I must of missed it, was it on the cbe?

Sorry, was supposed to say joint audit.

CBE Dublin was an absolute disgrace. My exam was supposed to be at 9.00am and didnt start until 1pm. 4 hours waiting around not knowing you are going to do an exam. Starving and Stressed. As for the exam itself I ran out of time. Not a hope of passing.

Question 1a
Management basis creative accounting
Operating segment for Daryl co as assets over 10% of total group assets
Amortisation on licences should be separated out 3,4,5 years
Related party disclosure failure to disclose sale of property to ceo
Risk in that statements due to Daryl operating different regulations
Risk in reconciliation of I tercompsny balances due to different year end
Goodwill should be impairment Daryl actually operating at a loss
Revenue recognition incorrect as performance obligation not yet satisfied therefore 1 months worth of revenue overstated possibility in prior year.
Ifrs 5 sale of discontinued non current assets the property that is unused may not be recognised correctly I.e depreciation charged when should be. Does that sound near enough them all?

A fair exam. Just hope I did enough.

I think I did 10 risks hoping that would cover the 24 marks.

Nearly missed the word forecast in the procedure question of cash flows
Luckily picked it in time and managed to comment on comparisions to previous actual figures for last year and last 6 months.

Couldn’t think of much else for forecast procedures.

Beat of luck everyone

Yes totally agree