AAAACCA Paper AAA September 2020 Exam was.. Instant Poll and comments

Hmmm. I sat the international variant but for me Q2 was quality control in relation the group and subsidiary audits and then Q3 was a matters to consider and evidence for a provision and a lease, evaluation of when written representations should be used m, and an audit report appraisal. Anyone else get this? My Q1 was also the travel company with segmental reporting and data analytics in part d

How strict was the invigilation? Were you asked to rotate camera in between exam as it can lead to wastage of time? I have exam tomorrow. Please reply ASAP Thanks in advance.

Long paper, which requires good time management.

when will results be out?

which time is your exam ? do share the topics that came question wise.

I don't even know where to begin with this exam. I commend those who can remember every question because I haven't got a clue the second I leave the exam hall haha! I thought the audit risk question seemed harder than the practice past papers. The trickiest bit I think is reading through all of the information given because the examiner tends to put information relating to the same issue in different part of the scenario. I think it's hard to know exactly what the examiner wants - the question on data analytics threw me a bit because I wanted to write all I knew about DA but the response was to the audit engagement partner, so they would already know what DA's is. I did find myself second guessing my answers through the exam and whether I was answering the requirement properly or going off piste. It's one of those exams where you can study study study until you have no studying left in you, and it's still difficult because the amount of reading to do in the exam and the time pressure just makes your mind go blank and LOADS of stuff you learnt barely comes up. Not too confident I have passed now looking back, but who knows!!

6 weeks

Any idea about invigilation? yes- sure

I am so over Audit. Which is a shame because I can definitely see me being at the resit in December... I haven’t struggled with time management in the previous professional level exams but it was rough this time around. First time sitting CBE, didn’t enjoy that aspect of it, think I honestly would have preferred the paper version. Far easier to navigate than trying to look at, remember and respond to several different things at once, on one computer screen. But that’s maybe just me. Found the exam quite trying to be honest, really didn’t enjoy it at all. Ah well, all in all, learning experience.

How was the invigilation?

I sat the exam under normal conditions in an exam hall so can't help here.

I admire your optimism. I hope you pass. Good luck. I have AFM on Friday. Trying not to panic.

Anybody sit this paper in the UK as computer based? Just wondering how the surroundings were with Covid precautions etc.... I'm sitting APM this Bristol, just looking for anyones experience today?

For the revenue recognition in Q1 audit risks. What was the audit risk here?

Revenue recognition - revenue should be recognized as performance obligations are satisfied. The Company had too simplistic approach recognizing all revenue at the start of the cruise. It should be recognized over time (duration of the cruise) giving that it takes 2 to 6 weeks. Recognition at the beginning may result in cut-off issue.

Questions 2 for me was about provision for legal claim and leases. I don't remember anything about held for sale and chairman report etc.. I did the international version. Does that mean you did the UK one and I am assuming other people did the UK one as the question are slightly different?

This is what I said too. Phew! There was also something along the lines of employees being asked to sell goods on cruise as that stream of the business accounted for high margins. Any audit risk in that respect?

Yeh I am wondering the same.. As some of the questions people have put on these comments I don't recognize at all!!

@queen1234 I added this as a separate risk. Managers put pressure on staff as operating margin is high on these type of sales so there is a perceived risk of earnings management

Question.1 26 marks A-Audit risk(Detection risk as is a new client,segment reporting,related parties,revenue, hacked system-control risk,Depreciation ,impairment, consolidation issue regarding acquisitions during the year,license amortization) B- audit procedures on segment revenues (was not very confident here but fluffed through it) C-Matters auditor should consider before engagement to provide management advise on social & environmental (I out competence and skills,Ethics,possibility of using expert due to unfamiliar territory,considering if adequate resources) can’t remember what else I wrote. D-Benefits of data analytics (quality audit,fraud detection,manipulation of data,information that management can use )

Your Q2 sounds like my Q3. Matters to consider for a provision and lease? And then audit reports appraisal?

nobody is talking about analytical review, afterall the draft fs was for a reason, and materiality calculations all the way.... i am hoping to secure marks in these areas, to make up for potential pitfalls from this exam...

There was not that many figures given to calculate materiality? The only materiality figure i calculated was for the expenditure of £75m on the ships...

Was there a subsidary acquired in the year? Missed this risk!! I hate how they said “do not include exchange rate risks” ?

The audit risk question was very challenging, there wasn't a lot of background on the question to justify 26 marks and from what I remember there were only 3 flagged issues from the financial information. Although I must say that the rest of the paper was fair but time pressure was the biggest issue.

AAA is 90% technique and 10% new knowledge. the other knowledge you must have got via AA. AAA is about technique in answering questions. There is a pattern in answering AAA. By just reading the text, you will not get this. So please please don't waste your time like I have. I am confident I will pass this time.

1 division purchased ships in the year..depreciation charge should be apportioned and not full year. Please note this was my approach and of course could be wrong. Paper was bulky and my aim was to attempt all questions

Yeh I said incentive to make more money can lead to manipulation of revenue, management bias in showing high revenue. Not sure if this was a valid point tbh though

The invigilator doesn't bother you. You pretty much will not notice him/her there. They only come up when you summon them via chat and if need be they will give you a call to the number provided. You are recorded for the entire examination. Before the start of the exam, you are required to take a picture of your front, back, left and right. The only thing is you need to be in a quiet room with not movement. You are allowed a 10min break. Always communicate to your examiner before and after any break. Go only when approved and take less than 10mins. My experience was great and no pressure from examiner.

Yeh that's right audit appraisal report after. So did the rest did the UK version then? I don't recognize held for sale discontinued ops unless I completely missed it!!