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I felt the AA exam was okay, I must say I was abit thrown off by the 4 ratios but recalled the formulas. I’m a-bit mad at myself for not managing my time well which led to me leaving out about 15marks for the loan, sales tax and audit opinion questions. I’m confident I would’ve maximised on these except for the sales one.
The Audit risks take forever and knowing that if not well explained you might as well have not done it so that took up my time. I’m praying, hoping for 60% at least. Like I need this to go well after taking 2 year gap from studies. I used AA to ease back into studies, so I need this to be motivated to go for the other exams in June.Didn’t finish the exam. 14marks down the drain…i sigh otherwise the exam was doable. Just crossing my fingers for a mere 50% because what are the odds i could get the 50 out of 80!!
Next time I’ll practice the copy paste function because that is what let me down. I had to type out stuff I could have easily copied and pasted from the scenarios.
Did anyone get the question about the impact on auditors report for irrecoverable receivables and the finance director not ready to include more allowances for the same? If yes is it a material and pervasive error or just material ?
Is it not material and pervasive, because the allowances will be understated and the receivables will also be affected right ?!
I wrote it is both material and pervasive, if my answer is wrong how much marks will I lose?What were the two good procedures to test existence and completeness of inventory
Opening and checking the boxes was one of them i didnt choose that oneI wrote material but forgot to write pervasive but i wrote expect for would i lose mark because i didnt write pervasive?
6%, therefore, material but not pervasive.
Modified opinion ‘except for’
Basi of paragraph will be modified.
is quick ratio was correct answer for one mtq in exam
for valuation of inventory?
other options were i guess asset turnover and gross profit margin and last one i dont remember i chose quick ratio please tell me is it correct or wrong
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It can’t be quick ratio because we exclude inventory from current assets when calculating the ratio itself and gross profit margin has nothing to do with inventory valuation and the fourth option also won’t work (I think it was receivables days or thereabouts, if I remember right, I could be wrong about that though). So it’s got to be asset turnover, it has to be!
This was my first exam sitting (AA) i didn’t do very well i don’t think, I didn’t come across the ratio calculations in any of the study material but i do have the calculation study material from when i studied my HND, so i didn’t even answer that question.
I personally found it very over whelming but I’m simply putting that down to it being my first exam, ill look at it as a learning curve.
I would like to ask, does anyone have Fibromyalgia and find that is gets in the way of things like studying, concentrating etc? I’m keen to learn new coping mechanisms because by the end of my exam i felt like a rabbit in the headlights.
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For gross profit margin, inventory is only relevant when calculating the cost of sales figure if not given to you and each of opening inventory, purchases and closing inventory figures are given to you while calcuating the gross profit figure by substracting cost of sales from revenue or sales there!
The MCQ was really difficult this time compared to December.
I had an ethics question in section B and corporate governance which I think I answered well.
I also had internal control deficiencies which I feel I did well too.
I also got a lot of questions about substantive procedures and this is the part of the syllabus I struggle the most =(I also had a question about events after the reporting period and changing the audit opinion from unmodified to modified.
Overall, the substantive procedures questions really got me down and I don’t feel I passed the exam 🙁
There was an mcq question on which is the most relaible method of testing third party inventory. The options were obtaining confirmation, auditor visiting the locations etc. Did anyone have this question, what option did y’all select?
I did struggle on this one too, the options were like;
1) employees labelling stock as counted
2) Segregation of third party stock
3) Segregation of impaired/damaged stock
4) Employees Opening all boxesFor completeness and existence I went for the 2 segregation’s.
But option 4 was probably one of the correct options as I guess segregation does not test existence??
Ohh i thought that the auditor checking the sites personally would be much more reliable than the confirmation obtnd. Anyway ig I’ve messed it up ?
Kaplan mentiones confirmation
But have in mind not any auditor should visit all sites (especially third party one)Same here, couldn’t complete the paper, no time to read and even think for 2 mins to frame the sentences. left 10 marks and the pressure of completing the paper made my brain stop thinkinig for a while. Fingers crossed !!!
The section A was the hardest! but section B was ok but I lost my time in section A and this may affect my performance ….by now I don’t know what to do…
CAN SOMEONE TELL WHAT HAD COME FOR SEC B IN , AFTERNOON SEATING
LIKE 14 MARKSAUDIT RISK
15 MARKS SUBSTANTIVE PROCEDURE AND SO ONN….
PLS CAN SOMEONE TELL ME
OR SEND YOUTUBE VIDEO LINK WHERE I CAN SEE@purav1234 ACCA will publish a hybrid M/J23 exam after the June session.
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