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Hello did anyone get the quality control question where all the subsidiaries were named oasis, Liam and Noel and Jarvis and we are doing a post issuance review on the blur group? This was my Q2 but I left until last. Really ran out of Ideas and found this harder than the audit risks?
Hey what did you put in your audit appraisal? Their disclaimer was incorrect right? Because 40% of group assets would be Material but not pervasive? Also the other mistakes weren’t so obvious I struggled to drum up marks for this part hopefully I got enough
I’m thinking the same thing hope I write what the examiner is looking at least enough to pass
Yes I got it as Q3 and done it last. Done it in 38 mins I had left as I did Q1 second and Q2 first.. Put Q1 in the middle as I knew a would over run a bit.
Completed the paper at least.. Which should increase chances of passing.The Questions weren’t hard, but as expected time management was issue.
Although, I tried to complete all the paper within the time, still some questions left at end were vaguely answered.
The key in completing this paper in given time is to be concise, and answer your paper within 3-4 factors – Materiality, Treatment, Risk and Impact (especially for Q1 a part) – which should be answered within 3 lines to manage time.
If you spend time in unnecessary building on your points, apart from above, you are definitely planning to waste time and failure.
“lovely Bob” you are funny.
Did audit procedures on segmented revenue have something to do with IFRS8?I’ll definitely take this point on board going forward!! because I do tend to build up my answers (lolz). Also the marks they were giving for what I wrote felt like it was too much?? or maybe I wrote too little..this is what makes me write more and hence the cycle continues…
The examiner only gives you point on whether you have answered your points by providing sufficient details, MTRI – for risk questions, it can be answered in 3 lines, and extra time spend will not obtain any extra marks, only consume time.
Same is applicable for audit procedures questions, were, if you have answered you points addressing – Action, Source and Reason, you will get maximum marks, which can be answered within one line.
Example: Obtain and reconcile fixed asset register to confirm with figures report.
Here, Obtain and Reconcile is Action, Fixed Asset Register is Source, and to Confirm is Reason.
As you can see, the shouldn’t even take a minute to write.
I’ve got you now. The audit procedures aren’t so much the issue for me – just the ROMM and Ethical issues and having to explain how something is a risk. Either way, I could aim to cut down next time if there is one..hoping there won’t be 🙁
This is exactly how I learnt, we use MARE (materiality, accounting standard, risk and evidence) and for most questions it worked well. But in the exam the time pressure just makes your mind go blank and I’m trying to write answers so so quickly to ensure I get it all done so have very little time to properly make notes or plan answers. It’s almost like I panic type and don’t think deep enough into the requirement. I suppose that’s why exams are difficult though, they aren’t meant to be easy.
You should firstly, spend enough time in planning the questions. If you have planned properly, and points highlighted, you would be effectively able to write the answer within time.
I know in exams, it is not easy, but I believe this is what exams are, to be able to compose your self and management.
We all have enough knowledge to pass and ace this paper, if time restriction was not there.
If you follow some kind of technique, like MTRI, you will be able to close your point within 3 lines.
Same of for Ethical issues, which have different technique.
Hi guys. Please contact ACCA asap and request rescheduling of your exam, otherwise they will not know what happened and you won’t be able to receive your refund in order to book for the next sitting
Lucky you! I was told that I have 4 minutes only and if I went to 5 minutes, my session would be revoked
Can we approach Q1. (c) in the form of Audit of Performance Information? Social and Environmental Information?
Yes they have to qualify their opinion as they are not making appropriate disclosure according to IFRS 16.
Matters to consider for new group client – Is it going to be the following factors?
Pre condition
Risk
Independence
Resources
Fee
Professional Competency and Due careOr Audit Risk in Group – FX Translation issues, Consistent A/C Policy to be adopted, etc..
Q1 c Whether to accept the engagement, which is how to measure that information , just ethic issue, competence, deadline is one month… Etc
I think the deposit all correct except the point of recognition, which performance obligation not yet complete…
Agree, question is almost same as past year, but time management is the critical point to pass
I believe computer based will better to manage the time
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