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What did people thing of the paper?
I found Section A tougher than expected.
Section B went well & felt it was as expected.
The 30 marker was strange that it had controls/test of controls for 10, then a separate control deficiency/recommendation for 14? marks, I did both Q together as I went through the Q and just flicked back and forth between the answers
Section A was a mixture of questions that were ok and tricky.
Section B:Q1 30 marks was on audit risk.
Conditions before the acceptance of an audit client(4 marks) Identifying the risks 16 marks. Substantive procedures on inventory.(4marks)
Something like management quality control deficiencies and recommendations (6marks)
Q2. Inherent limitations of internal controls(4marks) three direct controls and test of control (6marks)five control deficiencies (10marks)
Q3.substantive procedures on income, payroll….I’ve forgotten the other one? then a question on the impact of the audit report of a payables balance that was excluded from the FS.
… I just hope I did the needful. ??Section A was harder then previous past papers, a lot of tricky catch you out type questions. Was surprised at 30 marks and 2x 20 marks being very very similar to past papers completed. Seen pretty much all those questions before just different scenarios (first 30 marker on internal control, then on audit risk and materiality and performance materiality, final Q on substantial procedures for various)
AA
AA was my first acca exam i did okay in mcqs most probably will get 14 to 16. Attempted whole of section B. the one mistake i did was i that for one of the substantive procedure question i wrote generalized answers will i loose marks? also i wrote some extra points in some questions does the examiner pick the best options or only the first ones. thanks. How many chances of passing? i am a little worried as it is my first acca exam.
I had the same paper and totally agree
Section A was tough, a lot of tricky questions. What did you get for the payroll Q, with 2% increase (half Yr only) and 5% to 6% tax increase? I couldn’t get any of answers out.
For SB agree very similar Q to previous, had seen most examples before. For 30 marker there were plenty of control and control deficiencies to choose from.
For Audit Risk and Response found straightforward, again had seen a lot do similar examples before, and references the margins calculated.
For the auditor report part of SB, the over stated of inventory was material, but not persuasive, so Modified and Qualified with except for paragraph , I hope that is correct.
I agree
Section A was very tricky. Can’t really tell what I would get from there and had some questions on substantive procedures and corporate governance I think. However, the section B was quite better. The first one was on components of internal audit, control deficiency and direct controls then, substantive procedures for inventory, revaluation and I think purchases and expenses or so. Then the last question was on difference between performance materiality and materiality, calculating ratios for operating profit and payables collection period then audit risk.
My only fear is I didn’t explain enough and the way time ran out was so surprising. Hoping I and everyone here did enough for the pass mark though.i got one and a half hour late because i wasn’t able to sleep at niight and could not got up early to reach there .they didn’t allow me to sit in the exam…..So demotivated now. Any idea on what should i do?
Same, really not sure what I will have gotten in Sec A, I feel it won’t be great. But hopefully did enough in SBlec B for a pass.
Same as that time ran out, I answered everything but feel that time flew by, in previous mocks I had plenty of time at the end for review, but today the time went by so quickly, I had less than 10 mins at the end to have a look at flagged Q from Sec A and a very quick look back at Sec B to make sure I had enough points in each Q. Fingers Crossed!Yep I got material but not pervasive for the last question (25) so modified and qualified opinion except for. Hope that’s right. A bit of a silly question but for substantive procedures I just bullet pointed them. Does anyone know if I will still be able to gain marks this way? All of the answers I looked at had it in this format so didn’t even thunk twice. But now second guessing myself…
That wages and salaries MCQ was so odd! For question 2 aswell threw me through a loop. Never had one where they give you starting number of employees and ending. I just did an average? (Hope thats right lol) also never seen one with a tax and deductions increasing. Anyway I could not match this at all with any answers so just picked the one closest to my answer (I think was second one down). All the MCQ I feel like either had no sounding right answers or a few of them could be right. No distinct answer like most past papers. Anyway hoping for the best, obviously has the lowest past rate so was expecting it to be horrific but wasn’t. That in itself is worrying
Great thanks, that’s what I put on, hope it’s right!!
I’m sure bullets are fine, I used tables but again just space out my answers
As long as the points are clearly made I’m sure you will get the marks
I thought the same, the average payroll was so odd! I did average of 260 + 300/2 & cal based on prior Yr figure.
I know my payroll totally was wrong, just couldn’t figure it. The payrise was only half a year which I cal, but couldn’t figure what to do with tax increase, I think I picked 3rd ansdown
Strange questions for an audit paper!!
I don’t think I did the pay question right, but my understanding is that we was calculating a proof in total. I did something like divide the prior year total pay by 260 then multiplied by 300 then added the pay rise and calculated 1 percent of the prior year total pay year as an increase from 5% to 6%. I ended up choosing the bottom option 11. Something. But I didn’t hang around on the question in fear of running out of time
Hi
Do you know the order of the question exactly (one with 30 marks). Because of time shortage I don’t knowbif I have written right thing in right section. I wrote controls and test of controls first and moved on yo longer control deficiencies. Was that the order?Can someone please share what risk and response questions were in part B and for how many marks?
My order of the 30 mark question was (a) was define the internal control elements with a table of each internal control (environment, it systems etc), (b) was internal controls already in place and what the auditor would do to test these. (c) was deficiencies and reccomendations. (D) can’t remember what this one was of….
No problem at all if you use bullet points, so long as there is still enough detail in what you write that marker understands it.
– look at invoice (will score no marks)
– inspect invoice to verify cost figure mtaches what is recorded in client’s ledger to verify accuracy (will score 1 mark)
Whether or not you use a bullet is irrelevant. It is just about the words.
not strange at all for an audit paper – it is an example of A from AEIOU, an analytical procedure, where auditor takes last year’s figure, adjusts it for known information, to estimate what this year’s figure SHOULD be, and then compares with client figure to see if it is same ballpark.
Can be done for payroll, depreciation etc and MCQ like this have appeared in the past, as they demonstrate understanding of an important analytical audit procedure.
Great example of how good exam technique works – this type of MCQ takes an age to do, so is best tried once, then guessed if your figure does not match one of the answers, or left till end of exam to have another stab.
I got the same paper as you. There where no ratios to calculate, correct? I did not see any, hope I did not skip anything. Also I had difficulties with the section about management quality control deficiencies and recommendations, the field to fill in the answer was so small at the bottom of the page, I could not figure out how to maximize it, had to fill it in as it was.
Management control and deficiencies? Did you write the one which had a table for 5 elements of control
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