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Paper was easier than the March sitting but you never know. They might increase the pass mark lol. I got 47% last time
First attempt and found it difficult. Gave 90 minutes for first question and it wasn’t enough to give a detailed answer. Ended up going over and rushing the rest. Not sure how anybody passes this exam. Resit definitely coming in my near future!
Did you have to amend the audit opinion in Q3? I went with disclaimer but am questioning if that was right.
I sat for IRL variant. Could someone please remind me what was the description above Q2(a) relating to the going concern evaluation of fashion retail company (also if someone could repeat the question here).. it was something around IAS 1 presentation related to going concern….Just getting second thoughts if i read the description rightly.
I managed to complete the paper and attempted the questions in a reverse order so when it came to significant audit risks, i managed to identify all and commented on impact on the results but I feel that i didn’t beef up the commentary too much due to the time constraint….just started writing the conclusion and it timed out so couldn’t write about risk priortisation. Overall i think paper was comparatively easy considering the past papers.
Thought the same salman. Compared to the other papers it was ok which makes me feel also I missed something. Haha. I spent a lot of time on Q1 luckily as yes there were lots to write about. Lots of ROMMs. Fine, impairment- fire, also inexperienced fc. I didn’t have chance to draw up many ratios but overall it was ok.
Q1 had a lot of requirements and the case study was kind of hard to understand and prepare an answer for within the time limit
You are talking about part 3 of the fashion retail industry where they were not mentioning material uncertanity wording related to going concern? If yes, In my personal opinion ommission of wording was fundamental to the user of finnacial statements but issue was not pervasive as auditors already concluded that material uncertanity exists (willing to give clean opinion) so i ended up suggesting qualifying the opinion except for and explaining in the basis of qualification about the reason for qualifying as management not agreeing to use this term specifically in the disclsure which is fundamental to the understanding of the user of financial statements.
Yeah that’s the one. Thinking about it yeah should have definitely been a qualified opinion.
For section B – I wrote that a KAM section would be needed because it’s a listed company, but I feel like I missed something because for the matters related to going concern (the retail industry), it all felt too easy and I feel like finding the indicators for going concern from the exhibit couldn’t really be expanded beyond what was already provided.
Was there a second exhibit that I missed maybe with financial information, I don’t remember if there were 2 exhibits for that qs or just 1
Sounds like you all had a different variant to me!
I had the car showroom company, was a really odd case study, struggled to clearly identify the ROMMs
Question on Quality Management was also requiring a fair bit more detail than any others I’ve seen – was asking about a specific working paper
Final question on consolidation issues which I think went okay with an audit conclusion part too – I went with adverse opinion in the end
Me too the same exam , I felt the exam weird a bit particularly Q1 about franchise company and Q3 about trade payables .. Q2 I THINK the opinion should be qualified as the brand overrated by 3.6 million and not pervasive. Hope I get pass for this exam
We wrote same variant the inventory in q1 which were already considered material were in requirement c where infact less than the materiality threshold, how did you analyze that
Think there was only 1 exhibit if I can remember. Yes it did seem quite easy to identify. I thought this also. Maybe there was a way to score more marks like in ethics questions to have safeguard is developing the answer. Maybe something similar was needed. Hopefully not lol
Okay that’s a slight relief, I only wrote four points for part A so let’s see.
I think the audit opinion section required some thought, bc they never mentioned if adequate disclosure was provided relating to going concern (unmodified + EMP/ adverse) or whether the auditors felt like enough audit evidence was gathered (Disclaimer). So I think we’ll be marked on this based on our justification primarily.
The paper was not that difficult but i had a major time management issue and feeling so disappointed given that i had put in a lot of effort 🙁 Question 1 had so many requirements which confused me n took much of my time. I did not have time to answer a whole question of 25pts!!! Will definitely resit for it in sep 🙁
Pls gimme tips on time mgt
Thanks@cutebubble- so you attempted the same going concern question as I had, do you recall what part(a) of the same question required us to do including some description above it related to the IAS 1? I am just worried what i had written.
Regarding part c i agree it can go anywhere, same sort of question came in Sep 2022 related to a book gallery going for online offering and had going concern issue. Below are the examiner comments and it applies to part c case as well.
Tutorial note: Credit is awarded where candidates assess and justify that the impact on the financial statements is not pervasive. Credit is awarded for concluding, based on this justification, that a qualified audit opinion is appropriate, as the
issue of the inability to obtain sufficient, appropriate evidence is material but not pervasive.@nidz- this is the unfortunate bit about this paper, time management is the key and struggle for many of us. I would suggest more past papers practice in the exam time out conditions.
I got the same question on car showroom company … what risks did you write for ROMMs and business risks?
Anyone got Q1 about franchise company (car showroom company) … what risks did you write for ROMMs ?
I can’t remember exactly now but I think I wen’t with the following
Franchise fee needed to be written off to the &L as it was no longer classified as an asset
Penalty fee of £350k
Lease of showroom will also need to be ended and written off – early paymentThere was one more which I can not remember
may recommend you plan as well. Go for easiest question first where you can go very well & the difficult or lengthy should be at the end. trust me AAA is testing exam writing
strategy as well. i got it after 4 attempts but tested this skill tooQ2 or Q3 should be done first atleast.
that boosts confidence
recommend Q1 at the end but grab all easy marks like, evidence, issues, procedures.
you can give up some AR, ROMM, or BR
but above approach leads 95 percent completion and you will do the jobYeah I had this same paper. The Car showroom. There were a good amount of ROMMs to identify.
Regarding Q3 conclusion? You went with adverse? Dang, I just put qualified
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