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I Q1 +Q2 was 64 and I think Q1 was 21 +8 + 6
That leaves Q2 with 29 marks and I think it was 15 + 8 + 6 but not certain.
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Thanks I remember doing the 15 marker for q2 and the 8 marker was on audit committee I think, can’t however remember the other 6 marks I hope it’s not because I’ve missed it
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Q1 39 Marks. Q2 26marks Q3,4,5 18marks each
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Q1 Was 39 marks (23 plus 2 prof. marks for PAR & risks, 8 for Analytical procedures, 6 for quality)
Q2 was for 25 marks (3 issues @ 5 marks each plus 2 prof. marks, 4 other issues at 2 marks each)
Q3 & Q4 were 18 marks but i can’t remember the split.
Q5 was 18 marks (12 for part a (Think it was called willow, had GC issues?), 3 for each of the two issues raised by the partner in part b).Ballsed up Q1 like everyone else it seems! Guarantee to see on the examiners report “Question 1 part a of the exam was answered badly by many students…”
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it is really a issue about time management. I remember last time, I spent too much time on the first 2 question, only had 30 mins left for the lask two question.So this time I just wrote down the time period for each question,such as q1(10;15-11:25),q2(11:25-12:15)it really helps.
I have taken 3 exams in June, with the better time management the other two passed ,but audit failed.- Topics: 0
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I thought it was a tough exam. Hopefully passed, very time pressured but fingers crossed. This is the last one for me so don’t want to come back in June!!
Good Luck
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Some one please explain – i went for a full course for this paper and went to revision classes and no-one never mentioned doing ratios in this paper so why was everyone doing ratios in q1? I did no calculation for q1!
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The latter ‘P’ papers always draw on knowledge gained from the Fundamental areas, ratios are not a main part of paper P7 however, they do form a prelimenary area of analylitical review techniques. It is these simple ratios that can enlighten the auditor to problems with the financial statements.
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@greenpepper said:
Some one please explain – i went for a full course for this paper and went to revision classes and no-one never mentioned doing ratios in this paper so why was everyone doing ratios in q1? I did no calculation for q1!Same here. I approached like this:
I saw 7 notes to accounts and 23 marks for question. To me that was 3 marks for each note. Seemed reasonable if you tackles 1) what the matter is 2) assessment of matter highlighting audit risk inc materiality 3) investigative auditing analytical procedure/evidence gathering. Also though there’d be a few marks for bits of calculation and/or identifying relevant IAS.
Then it asked for other matters – 8 marks. There were four headed issues to discuss on the next page that were emailed over in one of the notes. Can’t remember them all but one of them was the non-disclosure on loan to director I think. 2 marks each I thought. One for identifying problem and audit risk, one for suggesting what to be done.
Did a few little bits of analysis like warranty/sales etc but I didn’t do analysis of the financial statements.Anyway it’s done now, passed or failed. I just pray for 50!
hai,
have anyone recognised that que 1 is almost the same as que 1 of dec 2008 paper named Bluebell with slight modifications?- Topics: 0
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hey, I feel so stupid now. I mean all that financial info in question one, i should have calculated some ratios. I totally ignored ratios. However i did calculate some stuff for leases and i referred to figures in the financial statements.
For once, i didnt feel so time pressured and was done within time.I need some reassuring regarding q5 though. I made references to subsequent events and events after balance sheet date more than focusing on the application of IAS 38. Was that the right thing to do?
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First shot and hope for a marginal pass!!!
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Haven’t passed this exam…again! far too time pressured, unsure of the point of trying to examine in these circumstances as you don’t get good answers and this doesn’t reflect reality!
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@ betweenextremes.
I also went down that route, did not mention IAS38 at all. was focused on nonadjusting and adjusting events and effect on report if not changed.- Topics: 0
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didn’t anyone know that the NEW IAS17 requires you to classify all leases as Finance Lease??? i’m not 100% sure but thats what our p2 lecturer told us
really time pressured paper..i got brain-numb literally in the middle of my exam for 10 mins!!
i really feel soooooo dumb for not having calculated some basic ratios for Q1.. 🙁
does anyone know how many points/ pages r u supposed to write for that part (Q1 (a)- 23 marks)?- Topics: 0
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haizzz, it’s my first time to sit P7. I only noticed some ratios when identify and explain audit risks, instead of a separate part for APs. Is it ok ? hic hic
I think it’s not too difficult, but quite long, a lot of things I want to write but time pressure.
I hope to have 50 marks, hope so hope so.- Topics: 0
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I’m Hoping for a pass…. could not attempt 100%… Fingers Crossed;)
Too much to write….and my fingers start hurting…:( don’t want to resit…Ya ALLAH Bless us with a Pass. Ameen
Time management will be the main diff between a Pass n Fail… 🙂
Q 1 : audit risk question (21 marks)
Ifrs 2 measurement audit procedure (4 marks)
Ias 17 classification procedure ( 4 marks)
ISQC1 (6marks)
Professional marks (2 marks)Q 2 : three mini scenarios for accounting and report issue ( 15 marks)
Four issues to be discussed with audit committee (8 marks)
Professional marks (2 marks)Q3 : matters to consider and audit procedure.
1 . Ias 37 decommission cost ( 8 marks)
2 . Isa 620 audit expert for accounting estimates (5marks)
3. Ias 8 (5 marks)Q5 : report ( ias 38 and isa 720) (12 marks)
Isa 580 WR ( 6 marks)Total 100 marks
I’ll pray to Allah to make us all pass. Inshallah
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I also said it was an operational lease not finance because it didn’t meet the criteria.
I didn’t revise any other ratios but put a few in that I could remember and then tried to tie them into AR – brain kept trying to turn it to BR!
About the expert – I didn’t go to the is he capable route but did say that the valuation was 6 months old so possibly out of date and couldn’t be used (if I remember correctly)
It was a long paper – I finished in good time, but then faffed around and started writing some more then ran out of time!!
Just have to wait and see in feb – just don’t want to have to take it again although it was only my first time
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I would like to ask one taught which is daunting in my mind. The paper was extremely time pressured. It was very difficult for all of us to go in depth of each and every standard and then list down the audit procedure. What i did was to go on to complete 100 % exam but on the expense of reduced quality. I was unable to explain the entire IAs rather i quoted the main theme and went forward because I had to complete the entire exam. Does this constitutes my chances of passing this exam?
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If you’re asking………I did everything but not to a 100% standard will I still pass??
Then yes you will still pass providing that what you did put down answered the question, was relevent, consise, not waffly.
The examiners answers are full and if you think about it – they have years of knowledge behind them – we would never be expected to put down a perfect answer. I also believe that the markers do have a bit of leeway when it comes to marking as if a student has made a point which isn’t in the stock answer but it is relevent and correct, they will get credit for it.
i covered all the paper but serious time constraints will have led to not reading the question more than once and then lead to errors!
did IRL version of the paper, Q1&2 went through each bit and tried to apply appropriate ias, 17, lease, the benefit for the shares, change in accounting policy,the audit procedure for leases etc,, did Q4 &5, think Q5 part a was based on arecent examiner article on procedures at end of audit?? hoping for 50 this was my 2nd attempt!!! serious time constraints really has to be the most time pressured exam of all acca exams!i covered all the paper but serious time constraints will have led to not reading the question more than once and then lead to errors!
did IRL version of the paper, Q1&2 went through each bit and tried to apply appropriate ias, 17, lease, the benefit for the shares, change in accounting policy,the audit procedure for leases etc,, did Q4 &5, think Q5 part a was based on arecent examiner article on procedures at end of audit?? hoping for 50 this was my 2nd attempt!!! serious time constraints really has to be the most time pressured exam of all acca exams!- Topics: 0
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Does anyone know the reasons for the exam being so time pressured!? This sitting was ridiculous! Impossible to get 100%
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