Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › *** ACCA Paper AAA March 2020 Exam was.. Instant Poll and comments ***
- This topic has 65 replies, 33 voices, and was last updated 4 years ago by claudia123.
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- March 2, 2020 at 11:00 am #563695March 2, 2020 at 12:56 pm #563716
I ran out of time!
March 2, 2020 at 1:14 pm #563719Same , thought it was a fair paper ( cbe ) but struggled with my time allocation so worried I didn’t write enough !
March 2, 2020 at 1:36 pm #563722The 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
March 2, 2020 at 1:36 pm #563723Dublin was an unprecedented mess (CBE). They couldn’t get anything to work and all but six people were removed from the exam room and told to wait until such time as their name appeared on their monitor in the exam room, at which point they would be called back in. Left at 12.10pm as I had to go to work and only about 12 people had been ‘lucky’ enough to be called in to sit their exam by that point.
March 2, 2020 at 1:39 pm #563725First 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
March 2, 2020 at 1:41 pm #563726Paper version! Time allocation was a pain. I feel like my time management were better than my December attempt but my answers were better this time? Hopefully a pass as it was a fair paper
March 2, 2020 at 1:45 pm #563727@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 lolA breaking bad/better call saul fan too by the looks of it
March 2, 2020 at 1:51 pm #563729Didn’t feel too comfortable throughout the this sitting, I think I did well on the Audit risk part, joint venture and critiquing the audit report were relatively straight forward. But the PFI question had been constantly wondering if I’m getting the at right point/answering the question.
March 2, 2020 at 3:43 pm #563754I 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!)
March 2, 2020 at 4:10 pm #563755Joint Venture? Where was that? I must of missed it, was it on the cbe?
March 2, 2020 at 4:12 pm #563756I 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!)
March 2, 2020 at 4:19 pm #563757I ranout of time
March 2, 2020 at 4:27 pm #563763Paper was ok but very time pressured so cannot be completed within time .q2 and q3 were very long.
March 2, 2020 at 4:42 pm #563765Still have absolutely no idea where did my time go!
March 2, 2020 at 5:05 pm #563766@rikp009 said:
Joint Venture? Where was that? I must of missed it, was it on the cbe?Sorry, was supposed to say joint audit.
March 2, 2020 at 5:10 pm #563767Did anyone use the spreadsheet in the third question? Since most of us live on excel at work, it was really straight forward to do a trend analysis.
I just have a feeling the examiner may shake their head marking that part of my paper, I’m supposed to highlight the procedures not do them!
March 2, 2020 at 6:14 pm #563773CBE 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.
March 2, 2020 at 6:35 pm #563779CBE Birmingham was a disaster. Told to come in an hour before exam so the exam could start on time, ha! I came in at 8am and didn’t start my exam till 1.30pm! The system kept crashing. I was absolutely exhausted by the time I took my exam, just wanted to get it over with.
March 2, 2020 at 7:20 pm #563782Question 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?March 2, 2020 at 7:42 pm #563783My exam in Dublin was cancelled due to technical issues. Not impressed at all! I understand that issues arise but there was no contingency in place. We were told to apply for a refund and resit in June….another three months to wait now 🙁 Hope the exam went well for everybody that was able to sit it.
March 2, 2020 at 9:11 pm #563788A 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
March 2, 2020 at 9:31 pm #563790AnonymousInactive- Topics: 0
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What was the answer for 2b?
March 3, 2020 at 12:39 am #563796Yes totally agree
March 3, 2020 at 8:53 am #563811@nwoa said:
My exam in Dublin was cancelled due to technical issues. Not impressed at all! I understand that issues arise but there was no contingency in place. We were told to apply for a refund and resit in June….another three months to wait now 🙁 Hope the exam went well for everybody that was able to sit it.My exams got cancelled too, albeit out of their control (coronavirus in kuwait), I was quite prepared as well and judging by the comments, it doesnt seem overly difficult too, oh well, roll on june!
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