AAA*** P7 December 2013 Exam was.. Post your comments ***

This is nothing to do with it being a listed company...so what? Can still provide assurance, that wasn't the question

it was fair hoping for the best

assurance can be provided but audit + assuarnce was the issue which will result in self review.

yea that is what i thought and mentioned self-review..

yeah self-review was the answer for all 3, there is more to each than just self review for 6-8marks

Anyone want to share what they put for Q1 ROMMs and Q2 (b)... would like to get an idea of whether I was completely wrong or heading in the right direction.. thanks,

It was easy. And I hope I passed. With few years experience in audit and practical knowledge about due diligences I believe I could write this exam even without studying. But it doesn't mean that my answers meet the criteria.... Well, I will see in 3 months ???? but even if I fail in not going to revise too much before next session. good luck!!!

For Q4 part C I wrote that the company not accept the service as there was a self review threat as they were auditing the company. They can either audit it or go for the acturial service. Part B had a advocacy and intimadation threat. Part A self review too Reading comments here I think I might have done a bit better than I thought lol or you all did as bad as I did. Over all the paper was doable and Due Diligence was kinda expected if you read Kaplan tips though I gotta say I barely read it thinking only a small part would come not a whole 25 marks question. Hopefully will pass! Umeed pai duniya kaim hai

q1 what i wrote complex structure subsidiary consolidation manufacturing industry lot of inventory not stated at correct cost overseas subsidiary economic risk not following good governance prone to earnings management if sale was sale and lease back arrangement sale might be on higher profit increasing earnings for group profit element and acquired assets were material to sub not proper organisational status for internal audit control risk additional procedures.

The exam was too lengthy. Q2 was only abt due diligence; i think it should cover various topics as it is worse to be best in one thing than being good in everything.

lol :O i talked about Impairment ias 36 / provision ias37 of property consider or not and audit procedures :( all messed :'(

Feeling like crying .......... spend too much time on Q1 and was completely lost when I saw the due diligence question. Answered question 5 in bullet points... anybody with the same feeling..

Hi aneza I was the exact same - spent way too much time on q1 which meant I couldn't even attempt one of the 20 marker question. So automatically I am down to 80 marks. Qn 2 was a disaster - just wrote down bullet points for the 16 mark part of that qurstion. Q4 was only so so but again lengthy. I just think the whole exam requires too much detail for very little marks & time. I knew the stuff very well but just struggled on time. I really think this paper should be reviewed and changed to make it more passable. Am absolutely gutted. This is my second attempt on P7 - I sat it last June and felt much better after that one but I still failed it. I'm facing P5 on Thursday so I hope that goes better!!!

emmalin77: but Q4 it wasn't only a question for ethical and professional issue but also recommendation of actions to be taken. so ... all in all it can be 6-8 points per each case. And indeed ... time management was a key issue here. In 15 minutes time I checked the length and overall content of each case study and what was asked to do in Q3, Q4 and Q5 and I quickly decided which two I will follow, Remaining time I spent on reading very carefully the Q1 (the longest case study). Q2 I've read and I spent one hour for Q1 (after 45 minutes writing I realised that I need to speed up as it takes too long time to answer question 1!). Q2 I made in 45 minutes (including reading). So for the remaining two questions I had 1 hour and 15 minutes - plenty of time for reading and answering. I finished 7 minutes before the end so I had time to check if everything was ok. That's it. Tomorrow P4 .... greater challenge for sure, also for time management! ;)

Def a resit. Q2 was horrendous didnt even look at due dilligence struggled to answer anything on it!

First Two Question Were As Expected As 5Th Was 2 The Hardest Question of the paper was Question 3

Whp Attempted Q3

A very lengthy and confusing question. ..........

What was question 3 and question 5? I can't remember them but I did do them both. I remember the end of 5 but nothing else!

Yes Kasia of course, hence my previous posts before that stating you can't harp on about self-review threats for 6 marks, probably 2 marks (one mark identifying and one mark for action) and that is why it is obvious there are two other professional issues, such as only one partner is qualified actuary etc etc....Self-review was the topic of either part a or b (can't remember), the examiner isn't going to use the same theme for all three. I was just stating it is nothing to do with it being a listed company.

Hated question 1 and Q2 b so lengthy, lost alot of time on question 2 b so rushed question 1 did these 2 last.. :-( think I'm going to fail

Provision of non audit service to listed audit client is allowed if it is immaterial to financial statement and it was immaterial to FS so allowed but there should be seperate team with seperate partners ! Actuary partner shouldnt involve with audit and independent partner review should be required to mitigate the self review threat :) !! in due diligence i wrote Effectivesness of internal controls Condition attached to venture capital comp loan Market share of Mizzen co Cashflow forecast and the growth considering the claim that growth increased dramatically !! Organizational structure Penalities attached with venture capital loan because early repayment may impose penalties Staff level and their skills and experties so mgmt decide who to retain . Further info Balance sheet Cashflow forecast :) YA ALLAH MADAD :)

Hi All, If you genuinely do think the exam was too time pressured then you should give this feedback to ACCA. I just called ACCA connect and they gave me this email address to send my feedback saying feedback is taken into consideration.... The email address is [email protected] Good luck!

why there are so many pple here asking for questions right after the exam finished? is there any countries that have not start the exam yet due to the time different? if yes, it would be unfair to those early seater.

Question 3. Accident happened in a Coal mine and caused flood in one third of the tunnels. I think there's something collapse. Local village destroyed, and 20 residents have to relocate else where. Company paying for the relocation costs. As for the tunnels, they are still waiting for lawyer advice to see whether the tunnel can be repaired or have to be dismantle completely. (a) Matters to consider (7marks) (b) Evidence expect to find (7 marks) (c) Management did not want to disclose the accident (I think they breach the health and safety law) (6 marks) (a) I talked about IAS36 Impairment of the tunnels, IAS37 Provision of relocation costs and dismantle/ repair costs. (b) Letter of insurance claim for existence. Breakdown of relocation costs for adequacy. Legal letter from lawyer for expected outcome. Mining agreement especially on health & safety. (c) I talked about duty of confidentiality. This is under public interest, on health & safety. Disclose under voluntary obligation. Management intention to cover up question their integrity. I think 6 marks can talk about if management refuses, auditor can challenge in AGM, communication with TCWG, seek legal advice, or lastly choose to resign. I did not have time to read the 3 optional question. I just remember my lecturer told us to do the longest question because long means easy. Question 3 is longer than question 4 so I just did it. And Question 5 is Audit report my lecturer say that's a bonus must choose 5. But this round Question 5 require so many things, so difficult. In 3 hours want this want that and want everything. Nowadays, the examiner is getting greedier and greedier. I got no time to finish question 1, question 2.. I wondered how come the guy sitting behind me can ask for a second booklet when I didn't even write till the middle of my booklet... =(((( Sigh.... I just hope for a p.a.s.s..

slumber1986: Everybody sit for exam already. This is a worldwide paper I remember I read about people waking up at 3am to take the exam.

sorry, my bad, a bit weird when the earliest comment was asking about the question.

Easy and tricky exam I did well but I am not sure about the quality of the answer I attempt about 85%

I attempted 100% you can say, was just writing the final sentence when they snatched my paper. I would say I wasn't too well prepared, basically relying on experience of working plus taking this exam again and again. I found it quite general too I suppose. The optional questions went ok, especially the last one was easy. For due diligence I mentioned everything I could think of and said that there would be agreed upon procedures thus that was a benefit and the report will be limited assurance, as in negative assurance. I never dared to open my book and check if I was right or wrong. Unfortunately after reading this thread I have come to realise I did not mention the inventories in transit in relation with IAS 2 at all. I said it was a general business inherent risk that such a material amount was in transit and a provision might be needed in case of theft and loss. I suppose I thought too far off rather than simple?

Feel the same, not having enough info to make up the points.....only PL and the growth rate was too high and seems unreasonable.