AAA*** March 2023 ACCA AAA exam – Instant Poll and comments ***

Not sure how it went but it was the toughest I have seen for AAA to be honest, c´mon 24 Mark audit risk!! 20 Marks quality management

Another fail.. booking a resit for June. Didn’t attempt question A) i of section B as I ran out of time.

One of the toughest AAA paper i have seen, it was like the examiner was given the task to come up with the most difficult paper possible. Booking June exams for sure. I dont know if it was my combination of questions or is it for everyone, but the exams was very tough. Even the style of question in Section B was not anything like the pre mock, or specimen papers. This is my last ACCA paper and during my whole acca journey, this was the most difficult paper i have been through.

similar to you this is my paper and i have never seen anything like this

Brand impairment and CGUs impairment Evaluation of a subsequent event Assurance over budgeted CFs - critical assessment of assumptions and quality management of the engagement Issues with planning stage of a Group audit (parent plus subsidiaries)

We did not have the same questions. :(

That quality question messed me up 16marks!! No chance I got enough marks there in that time frame!

It wasnt too bad, but I thought that the last time. Question B was probably the worst part and I feel I threw away a good amount of marks here. Lets hope I done enough. Section A Fairly decent question I thought. Significant audit risks (24 marks) Audit procedures on impairement of EU (8 marks) Development of finance system for client (8 marks) Section B Quality review of planning and performance (16 marks) A) Cant remember this one B) discontinued operations C) subsequent event liability Section C A) to discuss if he was liable for wrongful something (7ish marks?) B) Integrity and ethical matters to consider of Aarron (5 marks) C) cash flow forecast. (8 marks)

This was UK variant, not INT, right?

akamal84 I had the same paper with u. I also thought that it was ok but I strongly agree with u for the time pressure especially in q1.

Thanks akamal84! I had the same papier and totally agree that time pressure was unreasonably high...:/

I agree with you section b was difficult - i thought it was because i found out a week before my employer had booked me onto uk version by mistake

UK version: Q1 how do you calculate analytical procedure with geographical information only ?? Just comparing the revenue made for each area ? And the information provided completely different… you really have to spend a lot of time reading it and not sure if I have enough points…. Question 2 was a disaster. Nothing Q1 or Q2 similar to mock or anything on my kaplan I booked the Tuition revision and QBD, none of the question like this. Legit hardest paper.

It feels like the international version is much easier ? I hope they separate the passing rate for each variant

This one was my exam but I sat the International variant

Ohhh I see.. so it’s the same.

I can’t believe that quality question how much can you really write for 16 marks!!

No I was concentrated on the pension and dividend thing (if I remember correctly the question)

Sorry the Aron question with dividend was in Q2! But from some other comments now I'm thinking that was also discontinued operation?? Was an awful question ?

My PC kept going off throughout the exam and the screen was freezing too.?

I talked about restructuring provision if it’s one of the point lol

Did anyone had an issue to chat with the invigilator, my screen frose and i couldnt contact them. and 15 mins before my exams end, my webcam went to blue according to them. very stressful.

I had this exam too. I really struggled for audit risk in terms of trying to get numbers into Q1. There were so many marks on quality management with the Remley Q. I think I just answered the question I wanted, rather than what it asked! The Aaron Slaindair(?) question was just weird. There were so many red flags but I don't know how you would score as many points as were given for it. Not looking forward to getting the results!

Thought this was a difficult paper with not many audit risks to write about on Beau Games. Q2 & 3 also difficult - praying for 50 marks but I think this could have gone either way for me

If i remember correctly here are the details ? Mar 23 Exam questions Q1 Gaming industry - unlisted co - planning on listing - no audit committee - one staff in internal audit 1. Evaluate and prioritise audit risks (25) 2. Discuss ethical issues require auditor to provide internal audit functions (7) 3. Discuss deficiencies of company corporation governance and recommend how to satisfy the good corporate governance (8) Q2 Quality management on group audit - given audit assistant findings and comment 1. Comments on the findings from audit assistant, discuss the deficiencies on quality management issues, and suggest suitable audit procedures should preform (12) - component audit: revenue not review and accept the management explanation (in stable market condition) on subsidiary’s revenue while there are decline 25% in current year) - group audit: interest cover is reduced auditor comment the ratio was consistent with the expectation Gearing ratio is reduced management claim the issue of redeemable preference shares should be classified as equity 2. Comment on the auditor’s opinion: (8) - giving another scenario The art work was valued by an expert and there is no documentation and review of it Q3 Assess the given materiality level & discuss the implications on audit opinions individually if client does not make adjustment 1. Discuss the appropriateness of materiality level given: -auditor set the materiality level for listed, retail and public sector as 10% -property management company as 20% (7) 2. Discuss the changes of materiality level of auditor firm and why would they do that (7) 3. Matters to consider and the implications on auditor’s opinion (6): - materiality given as $500k (not mention of PBT or Asset) - impairment goodwill $4m misstated & redeemable preference share $240k misstated

Section A 1)a) Audit risks b) Ethical issue c) Corporate governance Section B 2) a) Completion matters to consider 1) Hotel Revaluation 2) Restructuring b) Impact on Audit Report 3) a) Quality matters to consider for engagement b) PFI Anyone else gave the same questions?

Omg yesss. I got this same question. I couldn't find enough risks for the section A question. Section B I messed the 3rd question extremely bad. How was yours?

Pretty average overall. I was swapping between Qs midway through the exam. Q1 part C was tricky. Also Q2 of Hotel revaluation I found a bit hard to write about. How was yours? Anticipating a pass?