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

I have a question for any P7 lecturer.....if asked "what evidence we expect to see upon our file review" but we answer in the form of procedures to be done, would we get any marks at all??

@ tarini its the same thing. what opinion did you give and responsibility of auditor q3 part b? matters to consider for part a question 3?

Hi,plz help me with p3 mocks n final assessment send at [email protected]

I also liked question 2 - more so than question 1. I found that hard to answer and did struggle for points. It's also quite heartening to read other comments and what people have given in answers as I also made reference to them. I didn't find time an issue and finished at 12.30 then realised 15 minutes later that I had missed a little section out so was happy to have the time to complete that.....have I done enough to pass?? Can't say - I have resat this now 4 times and know the subject but can't answer the questions.....I feel hopeful but then again have felt this way before.

The questions to me were fair as i prepared so well for it and nothing was a surprised and i did my best in all questions attempted and hope to pass

@lillythepink without being disrespectful, I think if you are finishing the exam with 45 minutes to spare at 12.30, then you have to wonder if you have written a sufficient amount of material in your answers. The exams are designed with this 3hr time frame in mind and people rarely speak of having finished the paper early. I sat the paper myself in this sitting and ran over on time, by 12.20pm I had only just finished Q1 & Q2 and then had to complete two further questions in the 55 minutes remaining. It was tight on time - but that was my own mistake.

Sorry but audit procedures are not same as audit evidence You can confirm here https://www.accaglobal.com/content/dam/acca/global/PDF-students/2012b/examiningEvidence.pdf As auditor deals with the appropriates of amounts in financial statement .. You can say ( xyz document showing the agreement of xyz amount to a xyz area of financial statement ) Audit procedure : performing circularization to debtors Audit evidence : replies from debtors .. The words inspect review obtain is totally inapporiate as far as evidences are concerns .. Evidences are the document which you document in your working file !

to easy

Graet I was so stuck in the risk of material mistatements. Can u plz list the poosible ones. Will be thankfull.

@ 0850435rp That was what i wrote as well for Q1b i considered the disposal as a discontinued operation because it happened during the year according to the IFRS 5 standard

I have not taken this exam (this time) but are there any chances that you could put revision lectures up based on past papers??

Well i was able to finish the exam 5 minutes before time up, Alhamdulilah, thank God for time management practice after time went against me in my first sitting. Best way to manage your time is not to start with Q1, i started with section B, i answered questions 3 and 4 in one hour and i quickly rushed to question 1 where i was able to answer all the questions there too and finally question 2 for the remaining 45 mins i had. Due diligence was quiet challenging but i made sure to supply an answer for every question, this should help me. However am mostly concerned about ACCA receiving all my answer booklets because i used an extra booklet but i felt the invigilator didnt secure both booklets properly. Above all, i thank God and i have a good feeling am passing this time around and am done with ACCA :) All the best to everyone!!!

sorry am not a lecturer, am not sure about getting marks but they are totally different answers. Example of Audit procedure: Review management meeting minute to make sure the disposal was made at the said date and at the amount recognised for accuracy. Example of Audit evidence you expect to find: I expect to find a copy of management meeting minutes detailing the date and amount of disposal. Hope that helps.

@muneebnawaz90; the conclusion the question is replying is a negative assurance.....from my resources, due diligence gives a negative assurance "nothing has come to light to suggest errors in the financial statements" since a proper audit wasnt carried out. However, for an audit opinion, because a proper audit is carried out on historical figures, you can conclude with a modified or unmodified opinion. Hope that helps!

M screwed in this ppr :S

@ayodele Well u can search out google for financial due diligence reports and none of the due dilgence reports have opinions but a conclusion and those conclusion are fact finding like controls are ok , growth claim is right and all the requested details .. And i have read some where the same thing about due diligence in past paper :)

You are correct I messed up with type of due diligence report it is a fact finding report and so no sort of assurance is given. I also put negative assurance it was the way the question was worded but on the back of my mind now I think I also stated that it was fact finding though.

Think that the thread is getting confused that Due Dilligence is either one thing or the other where it can actually be either / both dependant upon the requirements. Due dilligence can be conducted as either an assurance engagement (limited assurance / negative assurance on assertions) or an agreed upon procedure (no assurance / factual findings only). See Kaplan study text, chapter 15, Other Assignments, section of Due dilligence. It even emphasises in bold that it can be conducted as either.

probably get half a mark then

Time constraint. Could not finish all questions. Full 25 marks on due diligence......very tought Hope that I score 50

Firstly I would the paper was fair but lisa weaver has owaz got a way of confusing us, the q1 on ROMM she wanted us to specifically comment on materiality, then question 2 was a mess, if I can 10 out of those marks I will definitely pass, the other part I was not hapy about was 4 marks on q1 other information, I skipped that part of the question . question 5 was ok, the ethics question had the same ehical threats on management threats, intimidation threat and the rest I don't know. overall am expecting about 58% , its better then Dec 2012 sitting.

I have been Giving the UK version of this exam and i WANT TO HIGHLIGHT that though the exam of both UK and Int is almost same, There has been no marks allocation in the first two questions that results in over and under attempts of many parts. Its a request to the Guys setting the paper that please include marks distribution like the international version so the paper may e planned in a much better manner. hoping to get a reply on this Thanks

I done the INT variant but I noticed the same thing on the Irish variant online afterwards, not sure why they wouldnt provide the split of marks to everyone!

@hunter147 @Cc I sat the INT variant myself, but apparently the difference between the national (e.g. IRL & UK) marking allocation is at the request of the national auditing professional bodies in each country. The mark breakdown is not provided for each section so that students will need to use their initiative in terms of how much time/effort they allocate to each requirement. That's what the lecturer in Independent Colleges told us during the term. I suppose as a general point, you can almost gather for yourself where most of the marks will be allocated in a question, and therefore where to spend more of your time.

@DubACCA.......I've asked myself that question as well but I wasn't prepared to sit and waffle on when I really couldn't think of anything else to say. This is a resit for me and in the past I have finished early, on time and have still been writing come the "pens down" shout, so, for me, this is no indication. I could say that if, with 55 minutes to go you still had two questions to do which required 72 minutes (the old 1.8 mins per mark), then maybe you wrote too much? But hey ho, it's done now and I wish everyone luck :)

I think overall paper wZ easy but the Only problem is Time management, as I always attemp 75% paper :(

Hello All, I had made a formal complaint to ACCA concerning the P7 exam. I must admit that the paper was a fair one, however they are not giving us sufficient time. We need an additional half hour to at least secure a pass. See the reply sent from ACCA below. I am appealing to every one who wrote this exam to send a complaint at students@ accaglobal.com as this will be considered in the marking process. Guys we need to all clear this paperand remember majority rule. Lets support each other. In setting an exam, ACCA undertake a large number of quality assurance processes to ensure the paper is fair in all respects. The exam paper is completed by a number of people throughout the process, including the final exam version being taken under full exam conditions to ensure timing is appropriate. If students do feel an exam has been unfair in any aspect, then it is important that the student completes the post exam feedback as that is one of many factors that we use in determining results.

I agree with the ACCA on this one. I've run out of time in exams before (too many times), normally by answering too much on things not relevant to the question. On the two weeks run up to this one I did nine past papers under exam conditions (I had intended to do thirteen but decided instead to ease off a little in the last few days as was approaching burn out) and as a result on the day I finished almost to the minute. My view is that this paper was fair both in terms of content and time allocation and to me it seemed apparent that the paper had been well play tested under exam conditions. That said, there is no flexibility in the papers at this level and if one needs to take a step back and think about matters (as we do in the real world) then you know that you are dropping points as you will never be able to make the time up again. If I fail this time (I think that I've passed but I've been severely disappointed before) I will definitely repeat the paper per day under exam conditions approach as on the day time management was greatly improved.

The balance is there providing you don't overwrite your answer and put a lot of waffle in. However, it would be interesting to know who they test the papers on......are they students like us with nerves, brain freeze and general panic about it being an exam or do they use others who have maybe done the exams before and who aren't nervous because it means nothing to them (ie potential pay rises, jobs, promotions etc) or accountants/people who know the subject who can therefore be concise and relevant in their answers.

@lillythepink I would imagine that they will be qualified accountants not least because those that they use to play test the exams will need to maintain the utmost secrecy in relation to what they just sat so it would make sense to only use those with something substantial to lose. I assume that the arguement behind the likes of P5 and P7 being so time pressured in that once past these papers we are the accountants who are supposed to know the subject. There should be no major difference between people at this level who have just spent months revising for the particular paper and accountants in practice who whilst they will use much of this in their day to day work will not have spent months on exam prep. Seems like swings and roundabouts in that both the student and the experienced accountant come to the table with relative strengths in that scenario.