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Hope you and everyone else passed the exam. What advice would you give for sitting the AAA exam? I am looking to sit AAA in December alongside possibly SBR so any advice/tips would be much appreciated. Thanks in advance
What procedure are there for remote exam ? I will be sitting in AFM plz help me what will be the starting procedure wwhat will Invigilator ask and alll?
What did people write for auditors report implications
Sale of division
( I wrote unmodified emphasis of matter as sale doesn’t effect this years statements)
Leases
(Unmodified emphasis of matter para)
Chairemans report
( unmodified other information para)Feel I did something wrong as all couldn’t have been unmodified
international&paper. version was ok .
You had to write too quickly to catch it all. Data analytics I was expecting that to appear and was glad to see it.I struggled.with the procedures on segmental information and the quality control seemed bit odd but ok,maybe because it was the last one I was tired.
Q1
a travel group company ,new client with 3 segments.Part a required for 25marks. Audit risks, b. audit procedures. for segmental information around 8 marks I think…. c. matters to consider for acceptance on advice for social&environmental 8 marks. d. 5 marks for data analysis benefits
Q2
a. it had a sale on division.
at carrying value of 45m, value in. use. 41m and value to sell less. costs of distribution 42m. Management had made a write down on 41. Division was about to sell August and year end is March. Management does not want to disclose, or has made any other changes. i. consider the matter. ii implications on auditor report.
IFR16 the company has used the ifrs for the very fisrt time and has not make changes on last years figures nor disclosures i. consider the matter ii. implications in auditors report if no changes made. 15 marks
b.Matters to consider on acceptance of a new group client 10 marks.
Q3
quality control question
a.given the hrs per partner 2, manager. 8, senior 10 and assistants 130 hours .Comment that assistants had made the most of the work. Partner has spent another 40 hours on specific non-audit. Audit fee 280.000 and specific non-audit 890.000. Unmodified opinion the last 8 years. The last 8 yeas same audit partner.Going concern matter approached by the assistant , who reviewed the 5 major contracts that Management defined and gave her, and reached to conclusion that like past years there is no uncertainty. 15 marks maybe
b.on other matter social & environmental, what are the auditors responsibilities what implication it has if no amendment made and sth else. That’s all I remember. Whoever. remembers more. please share among with answers.Q1b) I wrote inspect a sample of revenues back to customer bookings to confirm dates of bookings and that the revenue was recognised in correct period.
Confirm bookings to the cruises logbook to confirm the customers did go on cruise
Q3b) auditor is responsible for checking the other information is in line with FS and is factually correct. They need to required the report to be changed if not report to tcwg.
The report should not be promoting how well the division has done without mentioning it is being sold. They are misleading the userSale of division – discontinued operation. Held for sale criteria met. Disposal group assets and liabilities will now be classified as current. No more depreciation after held for sale. The profit or loss from discontinued operation also shown on face of SOPL.
Leases – new policy. Disclosure requirements and the previous years figures to be restated. Leases material hence modify opinion
Chairman – report in other information, opinion unmodfied in this respect
It’s so true marsou this paper is something else I been fed up with it to don’t know what they want n examiner wants out of this paper lol I been struggling with it to
There always something comes up in this exam which stop me to pass ?I guess this time was question 3 !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.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!!
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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.
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?
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.
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