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

@ 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?

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.

@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.

to easy

@ 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

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!!!

@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!

@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 🙂

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.

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

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

@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.

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