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

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!!!

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

Whp Attempted Q3

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!

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

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 students@accaglobal.com

Good luck!

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..

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

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?

It was tough for me. Didn’t anticipate q2 so guessed all the way. My time management was poorer than last attempt. Will retake this paper June 2014!

Question 2 was hell al the best guys

M wid u..I hope more ppl do the same

Well due diligence is fact finding report . I dont think we give any negative assurance there.

I just checked few financial due diligence report on internet and they all have conclusions rather than any opinion 🙂

Do you guys have any idea ?

Question asked the difference between conclusion ( not opinion ) of due diligence and opinion in audit ?