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

I didn’t see the joint venture part? panicking now. Found it very time pressured, just hope i wrote enough

It wasnt joint Venture it was joint audit. Advantages and Disadvantages.

Do you know were there problems with one test centre specifically or across all the Dublin CBE centres? I have heard of exams being cancelled due to the technically difficulties.

Re: Do you know if it was only one specific centre in Dublin that experienced technical difficulties or them all? Heard some exams were cancelled completely.

I took the exam in Bluebell, Dublin yesterday. It was slightly delayed, maybe 10 – 15 minutes. People screens seemed to be loading at different times. I was given the extra time at the end so it was only a minor inconvenience really. Sorry to hear about the serious problems other people experienced.

As for the paper, I spent way too long on question 1, so question 3 was very rushed. Hopefully they will be forgiving considering the first time CBE element did cost me some time. I couldn’t even practice in advance because it wouldn’t work on the ACCA website. If it was a hard copy exam paper and I typed my answers on the computer it would have been a lot easier, the screen got very crowded at times.

I totally agree, paper copies of the exhibits would have helped as i struggled to navigate around the exhibits whilst trying to write my answer. Didn’t help the ACCA practice exams did not work on cbe so there was no actual real practice !!!
Was thankful in the actual exam all seemed to be working fine in, but i lost some time just getting used to the set up.
Fingers crossed everyone, just got to sit these next few weeks out.

Not a chance on this earth have I passed this exam. CBE in Birmingham was a complete disaster. People were starting the exam in stages so had so many distractions in the room, the invigilators were on the phone throughout the exam chatting away to ACCA. Didn’t start my exam until 10:05am and some students hadn’t even started at 11:30am. When I left, the 1:00pm students were waiting outside, who knows what time they managed to get started?

It was so disruptive and when I finally managed to read the content and a question, a student would get up and move and I would see it out the corner of my eye and lose all trail of thought. My answers were diabolical. I’m so frustrated with how bad it went because I could have easily passed this exam. Cheers ACCA…

Old Belvedere Rugby Club. There seems to have been issues in the UK too.

https://www.pqmagazine.com/it-issues-hit-uk-acca-exam-sittings/

Well very few candidates discussing answers here. Hopefully the result does not become a disaster. I’m feeling very worried. I attempted only 70 marks.

I wondered that too – not many people are discussing their answers. I can’t remember the questions anymore, honestly.

Q1a)
– Foreign sub so inherent risk certain treatments that use local framework won’t match the group’s. Also there may not be a solution to any mismatch.
– Business model also an inherent risk affecting revenue recognition and cut-off period on P&L re when trial versions are ceased/cancellations occur/new subscriptions happen.
– Goodwill impairment on Daryl Co – overstated
– Amortisation of licences treated incorrectly so risk IA over/understated and amortisation expense over/understated.
– Substantial cancellations with Daryl co may also mean assets should be impaired.
– New sub, so need to disclose how this will affect the group structure
– The forecast – risk that it could be overstated due to mgmt bias
– Risk that revenue for the subscriptions may be recognised before payment received from customers & therefore could be overstated in this regard.

I’m sure there was more I wrote on this – just can’t remember now. Was this the one that also had the fraud??? And they asked the audit implications & procedures or perhaps it was another question.

Hey guys, does anyone remember questions and marks they carried?

@lazyali you And me almost wrote same risks but there are other imp. Risks that we miss. Anyways these will also give us marks hopefully. But my question was does anyone realize the same ethical issues or threats in 1b and 3b as I wrote almost same so I wonder that I may have gone wrong somewhere that were self review and management reaponsibility

@alex145 said:
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?

@alex145 kindly tell what did u write in 1b for ethical issues and audit strategy responses

Hi sorry had not been on this in a few days as not many where discussing answers.

3b I put
2 year fee dependency over 15% not listed yet so ok currently with safeguards in place if listed not allowed self interest threat

Familiarity threat long association with engagement partner ok at the minute if safeguards such as quality review takes place, when listed the firm will have to replace the engagement partner for a minimum of 2 year cooling period

Self review threat, taking on management responsibility providing accounting services should only provide payroll as mechanical in nature

Intimidation threat as the firm is going to put it out for tender may make the audit firm feel they have to make unrealistic promises in order to keep the contract a significant element of their income this also affects the professional standards of the audit firm

Advocacy threat if they carry out the share valuation etc this is not allowed as no safeguards can protect the firm they can only provide a summary of the business risks.

The firm should state its capabilities and if this does not meet the clients needs then it should be declined.