AAA*** June 2024 ACCA AAA exam – Instant Poll and comments ***

Paper was easier than the March sitting but you never know. They might increase the pass mark lol. I got 47% last time

I had audit risks Q1 with procedures and noclar

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.

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

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

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 payment There 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 too

Q2 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 job

Yeah 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

In hindsight, and after looking at my notes last few days, I'll be lucky to cross 20 marks in that paper haha I got most things wrong by the looks of it, never mind, we go again!

for the car dealership variant, a lot of the ROMMS were immaterial, the franchise was 800k, the penalty was 350k.... if you set the materiality at the lowest level which is 5% equated to 967.7k... for this question, it was 9 marks, so i wrote about: 1. pressure on results since they are going for listing 2. Poor corporate governance (NEDs dont have finance background so they wont challenge FD) 3. Internal control ( No internal audit department) 4. Trend in revenue ( revenue has gone up in the FS, but in scenario, the reason for losing franchise was sales target not met). hopefully i can get minimum 5 marks from this..