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

Fidget i think u would be all right. Generally theres isnt much difference in the papers. If u answered the uk variant then you could still pass it. How was that mistake made. Very unprofessional on behalf of examination centre.

I wrote about IAS 11 WiP …
Like its stage of completion and all,hope to get some credit marks

@shortt said:
Fidget i think u would be all right. Generally theres isnt much difference in the papers. If u answered the uk variant then you could still pass it. How was that mistake made. Very unprofessional on behalf of examination centre.

I think it’s my mistake. I’ve checked myacca and it does say UK on my exam docket, although I based that selection on the tax/law Jurisdiction being UK. Didn’t realise I was picking my accounting standards at the same time.

All I can do is ask ACCA what happens now under the circumstances, but I expect I’ll be seeing this one again in June.

In Q5 I calculated receivables by using formula of receivable days I.e receivables÷revenue × 365…. we have receivables days 81 and revenue $181m so approx $40m is trade receive able which shows 22% of revenue hence material…?

Can someone please let me have the split of marks for 35marker q1.

That’s the difference between int and UK. INT gets the breakdown of marks for audit risks, other info and procedures, hence I’m asking. Anyone who’s done int can help ?

Many thanks !!

Hello,

In a exam I was given a question where I was given 4 headings scenarios and was required to answer
(i)……………., and
(ii)…………….

Instead of answering like how its shown below,
(i) Heading 1
Heading 2
Heading 3
Heading 4

(ii) Heading 1
Heading 2
Heading 3
Heading 4

I answered the question like this shown below:
Heading 1
(i)
(ii)

Heading 2
(i)
(ii)

Heading 3
(i)
(ii)

Heading 4
(i)
(ii)

This is how I answered the question, will it affect the markings?

For the liquidation q. I told them that with the extent of liabilities and already being giong concern… to review timeliness of contracts being executed and if not for foreseeable future if they keep trading it would be fraudulent trading and directors would be partially liable and see prison time. I advised to do a directors voluntary liquidation and then went through the steps of that process and the hierarchy of creditors etc.

Thoughts to my approach?

@gazeboz said:
For the liquidation q. I told them that with the extent of liabilities and already being giong concern… to review timeliness of contracts being executed and if not for foreseeable future if they keep trading it would be fraudulent trading and directors would be partially liable and see prison time. I advised to do a directors voluntary liquidation and then went through the steps of that process and the hierarchy of creditors etc.

Thoughts to my approach?

as the company was insolvent, members voluntary liquidation isn’t allowed as far as I remember.

@macca said:
Plz Wip ??

I referred to the stage of completion

It was fair enough in optional part and a bit time constraint on ques1 2.

q1 requires so much in writing for the audit risk -23 marks with further information required – 5 marks and I am freak out on the procedures for value of WIP and recognition and measurement of gov grant, so specific – 4 marks each.

Q2a) going concern issue and procedures (a short scenario but quite a bit to write) b) kpis i didnt know what to write due to time constraint so I wrote recommendation instead (hope theres a bit of marks there) and audit procedures regarding KPI i did my best to squeeze what I could for it – 10 marks.

Q3) i did not choose it bcz the scenario requires very detail ias knowledge this time as compared to prev matters to consider ques in pyq.

Q4) advertising, intimidation, audit a company who is a competitor of client and also a client of a firm you just acquired. Fair enough that if you understand code of ethics, this shouldn’t be much of a problem

Q5a)matters to be brought up to TCG and reason (requires ISA knowledge) b) roles and benefits of audit committee, fair enough if you understand audit.committe well – 6 marks.