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Post your comments about December 2012 P7 exam.
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thank you very much for your all the notes on p7. very useful. many thanks to all who emailed the notes to me. god bless.
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How much is the chance of passing if one attempts 93% of the total paper (p7)?
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q2 is tough, others ok!
couldnt get what was required in q2 ??? time pressureeee i just wrote either it is material or not and their increase and decrease hope i get some markss :p
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this sitting the questions were pretty easy and straight forward. if you can manage the time well, a pass wouldnt be a problem.
I must say that Lisa was fair this time around! This was a fair paper regardless of whether I pass or fail!
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The overall exam paper was fair. Question 2 was a little bit complicated, the other questions were OK. Good luck to everybody.
well question no 1 was fine and no 2 is too but could not get enough time to write others just a try.Hoping for the majic 50.
When I saw question 1 I thought great what a peach of a question, luckily it has majority of marks, I read option questions in the 15 minute reading time, decided to do 3 and 4, although left a 6 mark question on Q4 as I wanted to start question 2.
Then reading the question 2, i thought ahh I knew there was gonna be a tricky question and this was it. I did part a and c about the joint auditors but really quickly mentioned and waffled a bit on the treatments and evidence.
I managed my time really well but how do they expect us to produce that kind of answers to that much information?
Overall I passed all my exams first time except F9 but was really scared of P7 as I heard many horror stories but it was better than what I expected, especially question 1.
Just got P6 left on friday, need to settle and put all my focus on that now. Good luck to everyone.
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I have to say that the questions was fair apart from Q2, a little bit tricky….but others are ok…hoping to pass but now its the discretionary of the marker……good luck to everyone….
@halbesri
me too, exam was easy but time management is a big problem for me, but still i have a hope. 🙂Time difficult for me too. Had to move on without completion of all four questions
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Question 1 was ok but Question 2 was challenging….. the other optional questions were more or less ok as well…. If i fail that paper i know because of question 2 again on Group which require a good knowledge of various Accounting Standards… time management is indeed a big factor in that paper along with a good planning but still very hard to get all the four questions done completely…
Q2 was the tricky one…the rest were pretty much okay….though i never was sure whether i had written was just enough for the marks allocated..did q1,2,3 & 4. Hopefully…we all will pass…Off to P5 now on Thursday! Good luck to all….
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can anyone remember the break down of question 1?
Hey guys thought it was lonmg and just couldnt finish it. Quick question did we have to do any ration analysis in Question 2, or just talk abt the materiality, measirement and disclosure of the issues? Also how do you evalute audit evidence without referring to other procedure? GL!
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Q2 – I think the trick was to determine if the audit report would need modifying from the info provided in the question.
i.e. if there was still a material risk of mis-statement after the audit findings referred to by the audit senior in the note
The audit evidence referred to should have either been enough to reduce audit risk to acceptable level, or not – then there there is a risk of material mis-statement if its a materials amount,
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The exam was very reasonable but I have missed a chance to pass because of time. I frankly got discouraged when I was missing my time targets I shouldnt have done that . Feel crushed .
Dee dave – from what I remember, 1a i) Identify and explain Business Risk facing the company for 12 marks.
a (ii) explain FOUR potential material misstatement for the company for 8 marks.
(iii) Discuss the ethical issues and how firm can overcome them for 8marks.
b) Identify the matters to consider and Audit procedures regarding the insurance claim for 8 marks.
4 marks for briefing notes and clarity.
Hope this helps mate.
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@ugras05 thks alot….didnt get to finished spent too much time on question 1….I believe in god for a pass
deedave- No problem mate, it is so easy to get lost in these exams with time, 3 hours pass like an hour, I tried to stck to time allocation according to marks, there was at least 10 business risks but i thought I only mention 6 or 7 in order to move along to other requirements.
Q2 was hard though.
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