*** P7 December 2015 Exam was.. Instant Poll and comments ***

Yes liquidation question was UK and was around 12 marks

It was also in the INT paper – Q2 part b was about the possibility of Viola’s creditors forcing liquidation and needing advice on alternative means of financing outside of selling any further assets or increasing debt.

It was definitely there! You’ll see it in a few days time, when the paper is published on the ACCA website.

they dont publish the exam papers anymore which is sly. i dont remember seeing anything about liquidation it wasnt on the intl syllabus i dont think. more marks ive thrown away if it was anyway!!

I think it’s only the new March & September papers that they’ve said they’re not publishing.

I do not remember the part of liquidation i.e. Viola Ltd etc in Q2 so I must have lost a lot of marks for missing it.

The questions were fair but too time consuming even for those competent with the exam technique. The information condensed in the Q1 and Q2 can on their own take the whole three hours to my estimation.

I was also gutted by the kpis section of the question. Despite reading about the article on Performance information in the public sector, I had a mental block when it came to answering the questions in this section so most probably I will score nothing.

I also found I was unable to recommend any audit procedures on W.I.P.

i read the articles too, thought the question was a bit sly!

oh well no point dwelling is there it is what it is atleast we are done and can enjoy xmas

I think the delayed info led to a lack of audit evidence – limitation of scope

The directors report has to be considered in relation to the financial statements – I put Other Matter Paragraph if not consistent

Yes the others were not material/not effect

Hi, it’s a mnemonic that Mike little teaches in p1 to remind of roles of audit committee

yes – that’s how I answered princessb

does anyone have any idea on question 2b, about relevance and measurability of the performance information. for measurability i was thinking more of the difficulty for the auditor because of its subjectivity and needs auditor’s judgement. relevance is more of reporting performance against set targets… any opinions????

For q5 on the delay of information I said no impact on audit report because they got the info at the end…

@shortt said:
I did the international paper and i also saw nothing about liquidation in q2. That topic was specifically for uk and Irish papers. Im hoping im right or else im certain to have failed if I left out a full 12 marker.

I think you’re right and it’s me who’s somehow managed to get a UK variant instead of INT paper. Oh dear. All my answers are based on INT accounting standards. This does not bode well.