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Post your comments about December 2011 P7 exam.
What came up? How did you do? How did this paper compare to previous exams?Vote in our Instant Poll
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Was the most vague paper I’ve seen so far.
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It was a reasonable paper. First question was regarding planning as expected. Email by partner to get started on planning but there was twist this time, you had to do a preliminary analytical review first and then prepare notes to be placed in the audit file regarding risk identified.
Second question had more IFRS that audit. Again, email by partner, briefing notes for meeting with audit committee. A client with lots of issues and a domineering FD.
Question 3 cant remember
Question 4 was regarding fraud and detecting it
Question 5 was again IFRS based- Topics: 0
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Expected questions regarding current issues and the latest article on Ap with audit risk…. though it was easy as based on Ias….. but time constraint was the limiting factor.. hope so to pass at 50 – 55. May Allah help awl to succeed ……
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I found the time really a constraint. after writing to long for 1st question, like always, then no time to think at all. after i finished second question there was still like 45 minutes for 2 Questions, for which I did not even know which one to pic. its really more time management this exam. half hour more could have let to bettter answers, where you can actually think before you write. here you have no time to really think what to answer and if u once started, no chance to take new course of action….
Only ALLAH can help me to pass….insha Allah 🙂
i Hope He helps us all to pass!i think p7 was testing time management-many requirements,long question one, i left almost the whole of question 2 unattended.to the paper was straight forward and i blame my time management skills and my awfully
slow and illegible handwriting- Topics: 0
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There was 64 marks for first two questions and 18 marks each of other two.
The questions I found mre or less understandable, with some places to guess.
Q1 was very big, with analytical review, evaluating notes to FS, with a specific attention to share options recognition and measurement and lease treatement.
Q 2 was also many things to read, with different IFRS and IAS to be written about.
Q3 was about evaluation of decommissioning costs, changes in accounting estimates and something else.
Q4 was forensic investigation with fraud detected, auditor’s responsibilities on that and provision of non-audit services.I don’t want to go through all this again 🙂
the paper was fair but my time management was too bad..well as always.. hardly managed to stick to the time allowed to any question. After 1st question, I messed up with timing which lead to very less ideas!
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This paper wasn’t difficult but it was time pressing.. i left a question out…Once again i didn’t pass. This was my sixth sitting for this paper. i know the subject but i cannot pass. I do not pray god to pass me from this exam….this exam is simply impossible for people who have weak English or who have problems to express themselves.
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yeah…time flew by crazily fast..i thought that the exam was okay, but for question 4 i was confused.. what was necessary to discuss with Mr. Privet?
i wrote that auditor should discuss whether procedures on expenses exists in the company, whether there are internal controls and reports on major failures and to ask him to provide all the documents with respect to suspected employees (like their HR dossiers, payroll accounts, etc.)…
What did you guys write?just to conquer what has already being said, it was a relatively easy paper, but time was a major constraint, I pray to God for a 50% not 51% but 50%. It was my first attempt and i hope it will be my last. In Jesus Name I pray.
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did anyone else approach question one by just tackling the issues for each of the notes? I’m starting to think that I’ve only really tackled FS risk.
I’m wondering if I should have looked more at detection and control risk and things like directors intentional misstatements , poor controls etc.- Topics: 0
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no, i also addressed the business risks related to the competition (loss of customers) and implementation of web site (if there will be lack of security, non-compliance with existing regulation on e-commerce)…
1 @faisaltahir ..
was IFRS
false. it was reporting. rather easy about working papers, management reports and opinion.
2 @fundamentaldid anyone else approach question one by just tackling the issues for each of the notes? I’m starting to think that I’ve only really tackled FS risk.
Yeah I lost it there too, I went for the leases one but then I thought what the hell this is analytical review.. and then jabbered about general things 🙁 like first time audit, comparitives, etc..
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I only tackled FS risk, it did not occur to me to think of the others and do not think enough information given to comment on those. They would have been more general points and not really specific to the scenario. Any other views?
no, i also addressed the business risks related to the competition (loss of customers) and implementation of web site (if there will be lack of security, non-compliance with existing regulation on e-commerce)…
Thats what I did too. I just hope I get like 9 marks in this question (yes out of 25) but still I hope I can pass it. I hope the examiner doesn’t judge my competence just by the weird ANALYTICAL REVIEW part. It just confused me with all the adjustments.Never the less I sucked on it but rest was good I hope I pass really I worked so hard for this paper and I just couldn’t grasp the AN . REV part PLEASE DONT FAIL ME LISAAAAAAAA!!
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What type of risk was Q1 again? Was it audit risk?
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The first time I attempted P7 (with no prep) I expected to pass but failed by 17 marks.
The second time (with average prep from past papers, articles, ISAs etc) I expected to fail and did miss it by 3 marks (oooh close!)
Now, the third time (with above-average(according to my standards) prep but this time from GTG online Question bank that was bought for £6 and spent 3 weeks on it) – I expect to score 60+. (In Sha Allah)The question set this time was fair, but as always time pressured, perhaps more so to compensate for the ‘fairness’ of the paper as a whole.
Q1 Identify and Explain Audit Risks based on AP analysis, Issues in scenario: IFRS-2 Share Based payments, IAS 17 Leases and I think FV of NCAs (IAS 16) and do I remember IAS 38 Intangibles in the scenario some where (website costs), either in this question or in one of the other ones.
Q2 Mostly accounting Issues: Matters to Consider, Audit Evidence, Audit Procedures and Impact on Audit Opinion (either here or in another question)
Q3 More Accounting Issues: IAS 37 for decommissioning costs + IAS 16 for cost recognition + Extra Depc’n + Unwinding of discount + IAS 8 issues + IAS 17 operating lease capitalized+related disclosures
Q4 did not attempt
Q5 attempted a bit of each of the three parts..and can’t remember what they were.I must say after going through the GTG question bank (assignments section) It became apparent some topics are persistent in P7 scenarios like IFRS 2,3,5,8 and IAS 1, 8, 16, 37, 38, 24, 36, 17 may be 40 as well as 21. And half of these did not come in this exam.
But the good news is, the other half did come in the exam.
All you needed this time was Audit Risks+Accounting Issues+Knowledge of how to structure your answer (with headings, briefing notes, reports) to pass the Dec 2011 P7 exam.
I feel optimistic.
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any suggested answers? especially on q2 about the audit report to be issued!
the inventory was immaterial amt what type of audit report had to be issued? for the provision as well? and the RPT?
share based fail me 🙁
any idea abt the procedures for adequacy of experts work?- Topics: 0
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What order did you attempt the questions in, mine was
Q3
Q1
Q2
last Q5- Topics: 0
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Matter for the audit opinion: the numerical immateriality was a diversion but non compliance with the disclosure requirements was the main issue, if i remember correctly, it would have been a qualified by disagreement i guess (if amendments are not made)
Share based I think the issue was to Valuation was correct i.e. ensure it is measured at the Grant Date etc Not too confident how I dealt with the fact directors appear not to meet the condition (increase in profit %) and there is 1 more month to go .. 11 months FS was given… (or was I dreaming!>?)
adequacy of experts work I just waffled because the examiner had preempted the normal waffling on independence, objectivity, competence issues
@n1310 said:
any suggested answers? especially on q2 about the audit report to be issued!
the inventory was immaterial amt what type of audit report had to be issued? for the provision as well? and the RPT?
share based fail me 🙁
any idea abt the procedures for adequacy of experts work?
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