- September 3, 2018 at 11:21 am
opentuition_teamKeymasterSeptember 3, 2018 at 4:28 pm
I only solved question 1 and 2
It was so longSeptember 3, 2018 at 4:37 pm
Incredibly long! I didn’t think 15 minutes reading time gave any decent absorption of the information. I was still on question 1 after 2 hours and left part of it. Exam technique was pretty rubbish for the next two questions as was under so much pressure. Knew most of the information, just couldn’t give a decent stab at writing what I believe the examiner was looking for. Pretty miserable after that…September 3, 2018 at 4:40 pm
I feel absolutely miserable after that attempt. Question 1 took me 2hrs15mins, it was bloody long and exhausting. By the time I got to the other questions I was drained and couldn’t finish. Praying and hoping for a miracle. I knew how to answer all the questions just that time screwed me overSeptember 3, 2018 at 4:40 pm
I agree with the other 2 comments. Time was just such a problem that my exam technique went out of the window and it was a scramble for survival. I don’t think the questions were that much harder than what I has seen in previous papers it was just time. There was so much to do just for Q1 alone…..September 3, 2018 at 4:43 pm
One other thought….i think the 15m reading time is misleading as the examiner’s just seem to make the exam longer nowadays so you are no better off!September 3, 2018 at 4:45 pm
Was under the impression that doing three questions was going to be and improvement to the old exams of four questions. Unfortunately they were just as lengthy and involved a lot of reading and calculations. Fingers crossed for a pass.September 3, 2018 at 4:47 pm
Actually so annoyed after that exam. Absolutely ridiculous the amount of information in question 1. Totally unfair paper. Questions were not difficult but time and to actually read the information nearly took 45mins. I’ve got 3 p’s first attempt actually feel like lodging a complaint about this. expectations of students was not achievable. Also inconsistency was it a first engagement ? Information not clear.September 3, 2018 at 4:50 pm
can anyone confirm me the Q1a Audit marks?And also if it was on ROMM.September 3, 2018 at 4:51 pm
Totally agree. It was a very lengthy paper. But do anyone of you remember the audit report in Q2?
I dint have time to read the full question. Just read it in parts and wrote the answer. I got the Leases one as a Qualified Opinion, the second one was Emphasis of matter paragraph and the 3rd one again being Qualified Opinion.
Anybody?September 3, 2018 at 4:52 pm
IT WAS A VERY LENGTHY PAPER HOPE EXAMINER GIVES SOME COMPENSATIONSSeptember 3, 2018 at 4:52 pm
I AGREE WITH YOUSeptember 3, 2018 at 4:58 pm
Question 1 took too much time. Question 2 and 3 was ok but I could not think well to analyse due to time pressure. All these time pressure did not allow me to apply all what i revised well.September 3, 2018 at 4:58 pm
Same issue with the length. Nevertheless, I suggest to reconcile some audit risks, that have been identified in Q1 (a).
finance costs vs borrowings
revenue / expenses (management bias)
control risk (new technology)
issue of shares
what else? do we need to state the going concern issue (massive redundancy, which will lead to bad reputation / strikes and new competitor)? or the going concern should be neglected as it relates to disclosure? please advice!September 3, 2018 at 5:06 pm
Question 1 was way too long!! Re. Risks I still included goodwill as there was still a risk of impairment due to the company being loss making, plus it wasn’t an addition of 100M but 130M jn the FS. ROMMs I mentioned were: Intangible assets, goodwill, PPE, NCL, Group consolidation – new sub, equity, retained earnings, revenue, payroll, operating expenses, other income and foreign exchange. I forgot to mention management bias ?. Question 2 was the worst for me as I didn’t have time to read it properly.September 3, 2018 at 5:14 pm
18% discount rate cause concern
Operating expenses fall by 92%
Other income reversal of entries
New client therefore understanding entity
Share capital not evident 100m expenditure
12 m uplift
Ethical issues in part d anyoneSeptember 3, 2018 at 5:14 pm
1. Lease: Qualified Opinion as it is material misstatement but not pervasive
2. Provision: also Qualified Opinion as it is highly material to SOPL but not pervasive. We can nor offet provision and contingent assets confirmed by insurance company, IAS37.
3. Impairment: not material, so opinion is not modified.September 3, 2018 at 5:17 pm
I spent two hours on question 1 and had to scramble for time, on questions 2 and 3. Not confident on my stated audit risks, hope I made up the marks on procedures and ethics in question 1. Leases, impairment and provisions for question 2 matters and report was OK. I blacked out on the last question as my hand was moving faster than my brain, I felt I made some fair points. Overall, there were too many requirements for a three hour 15 minutes paper.September 3, 2018 at 5:17 pm
So comforting to read that most of us felt the same way! Yes also spent over two hours on question one alone despite mentally promising myself at the start I would move on regardless after working out the time allocation. I literally had ten or fifteen minutes to answer the last questions, not even sure I wrote full sentences! I will try to remain hopeful! For the right to lease asset did anyone write that it had to be capitalized since it exceeded 5000 plus more than 12 months. For the revaluation where we had selling costs I wrote that this would not qualify the opinion as the difference between the carrying value and fv minus CTS was not material but to request a management representation. Soooo much to take in!!!September 3, 2018 at 5:17 pm
Same as that.
Any insight Billy to question 1September 3, 2018 at 5:19 pm
I also mentioned about
– Detection risk as it is new client,
– opening balance could be misstated,
– R&D cost could be mixed up,
– Tax rate is lower so could understate liability and expenses.
– OPM increased but revenue decreased so understate expenses.
– exachange difference on subsi should go to OCI.September 3, 2018 at 5:22 pm
Was it a new client?September 3, 2018 at 5:24 pm
Was it a new client though? I believe it didn’t say it’s a new client.September 3, 2018 at 5:32 pm
There are not 15 mins of reading time. Haven’t been for years.
By the time 15 mins were up, you should have had 6 ratios calculated for 2 years and Briefing notes set up and have 9 marks minimum in the bank 🙂September 3, 2018 at 5:34 pm
THE EXAM WAS SO FRIKIN LONG OMG .
Took me 2hours just to finish q1 even though I thought I would start with the other 2 ques after an hour and half , but alas.
Knew how to answer q2 and q3 but couldn’t answer or write them down properly because I was panicking due to lack of time, hope I’ve managed to get enough points across to get the 50.
I had only 15 minutes to answer q3 , did requirement c first of quality control issues, then rushed to part a and didn’t get time to do part b at all 🙁
I feel like we should start a petition to get through acca to let the students slide through for not completing the paper on time due to it being extremely long .
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