*** March 2022 ACCA AA exam – Instant Poll and comments ***

section b wasent that bad i just hope to accumulate points for a pass ,but for section a mcqs it was rather difficult.. does anyone remember any questions w answers for it?

Totally agreed 🙁

I’m with you all, section B seemed fine… Section A was horrible.

I wrote it as a contingent income, a past event which may have a future outcome. It needs adjusting from it being included in the current year since we didn’t get confirmation from the tax authority.

Personal experience: section a was pretty hard, because I spent so much time on it; section B substantive tests were really brief so I am not sure if I will score full marks. Audit risk I wrote quite a bit of detail but lacked knowledge on the auditors recommendation.

Does anyone remember the knowledge based questions

Section A was difficult.The answer were quite close such that it was very difficult to extract the correct one

For Section B I had alot of questions surrouding substantive testing for certain areas (Trade Rec was one). I felt like I was repeating myself alot and unsure if I wrote enough. Really struggled with it and think I will be retaking that exam.

Section A was hit and miss but Section B was kind enough.

Lots of matching questions in A and ”select 2 of the following” options so lots of doubt around the outcome here.

Section B – Standard enough Questions on Audit Risk and Internal Control: Plenty of areas to revert back to IAS’s in Audit Risk and room to reference ISA501 (Inventory counting), ISA320 (Materiality), ISA240 (Auditors responsibility to detect fraud and error). The other two parts of Audit risk related to Ratio Calculations for 4 marks – Receivables period, inventory holding, operating margin, and a question on Audit Strat and Plan for 4 marks.

Internal Control long question for 16 marks with a 4 marker on objectives of sales system. Question 3 was plenty of substantive procedures, on Bonuses, Closing Inventory valuation, and a question on impact of auditor report for 5 marks.

Overall a very doable exam, once correct application used.

I wasn’t sure either but I put this too. My thoughts was that the directors were both the responsible party and intended user (instead of the shareholders)? Not sure.

I also found Section A (MCQ) very difficult, to the point I can’t even remember the questions.

Some of the Section B questions that I remembered are:
+Lots of Substantive procedures questions on:
-Director Salary
-Revenue
-Trade Receivables
-Trade Payables
-Provision for Damages
I also felt like I was repeating myself a lot.

8 Audit Risks & Responses (I was timed out on this question as spent too long on the MCQ, so just about managed 4, but incredibly rushed)

Describe 2 reasons for documenting.

Describe the 5 components of Internal Control (CRIME)
Chemical made customers ill
Describe procedures to confirm Going Concern

Deficiency in system (Payroll & HR – no joiner form)

3 Direct Controls & Test the control
-individual till per cashier & login code
-secure bank collection company

-Exception report automatically generated per month & filed – no checks.

-Reconciliations – only reviewed if does not reconcile.

-CEO to become chair – not allowed.

Section A question: NED’s – remuneration based on total assets %. Should be on time spent, independence – self interest threat.

I think there was 1 MCQ for 2 marks on Modify Opinion (Audit Report).

I found Section A questions hard and had to read several times to try understand what was being asked. Lots of matching questions.
This then ate into my time, which caused me to be timed out on the final question of 8 Audit Risks & Recommendations.