- This topic has 141 replies, 61 voices, and was last updated 9 years ago by
.
- Posts
thanks, I stated that WIP is accounted for using IAS16 but valued using IAS2 when it becomes stock. what are the audit procedures for segmental reporting?
I stated the procedure to review the notes to FS whether the disclosure about these operational segments (revenue, profit, and other finacial information) was given.
Inquire with management about the reasons behind these changeS in accounting changes,
And when I am thinking now due to the change in accounting policies according to IAS8 there should be also disclosure in the notes to the FS.
Audit risk 18marks
Additional info 5marks
WIP 4marks
Govt grant 4marks
4 professional marks@princessb said:
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????That was very well explained in the last article, therefore whoever was reading that before exam knew what to write.
Extract from technical article on ACCA website
“Measurability means trying to ensure that there is consistency in how performance information is captured and reported. The measures should be clearly defined and unambiguous.
For example for an ambulance service it would be quite easy to measure the average time taken for an ambulance to respond to an emergency as this is quantifiable, but more difficult to measure the patient’s satisfaction with the service provided as this is based on the patient’s opinion.
Relevance means that the performance information addresses a valid concern and public sector organisations should consider the specific needs of their stakeholders.
Different stakeholders have different needs, for example patients may focus on the effectiveness of a certain medical procedure, whereas management may focus on the cost of providing that procedure”You could then apply this information to scenario.
I think just like report is incomplete without opinion audit risk is in complete without over or understatement
@sublime88 said:
this was my last exam and i think i will be resitting in march. gutted.question 1 was so lenghty, wasnt sure about the work in progress
Also was not fond of question 2- I knew there would be some kpis in there but didnt like the question one bit.
thought question 4 and 5 were ok, think question 2 just let me down big time 🙁
Theory is subjective you can’t predict …
Hope you will be affiliate ?@ahcompany said:
For Int Version Question 5wasnt the leasing aspect material to the company? the leased asset made almost 4% of the company asset .
I think you got confused with 500000…
It’s 0.5million and was immaterial@mingles said:
Anyone else find question 1 required a lot more time than the later questions? So much to write in part 1a)i). Fair paper though.Yes Q1a n Q2a was lengthy
@r096897g said:
My last exam i pray for a pass although the exam was time pressuredHope you will be affiliate wait for 18jan
@trox138 said:
Hope you will be affiliate wait for 18janThe results are not in first week of February?
@joce said:
Hey time time time…… Q1 really took my time. I was reviewing june 2015 Q1 a day before and it was almost similar to wat came… it really took my time. The paper seemed fair but time pressured. I left 25 marks untouched….oh my God… I just need a 50% plizIf you don’t attempt each question requirement in this exam, you fail. I did it more than 5 times so I know. Sigh.
Folks, both INT & UK Variants are now on the ACCA website… yet both of them have this as the requirement for Q3:
Required:
(a) Describe the purpose of a due diligence assignment and compare the scope of a due diligence assignment with that of an audit of historical financial statements. (6 marks)(b) (i) Recommend, with reasons, the principal additional information which should be made available to assist with your valuation of Titian Tyres Ltd’s intangible assets.
(ii) Explain the specific enquiries you should make of Titian Tyres Ltd’s management relevant to the
contingent liability disclosed in the financial statements.Note: The total marks will be split equally between each part. (14 marks)
(20 marks)Does anybody remember that question from either paper?
It most definitely wasn’t Q3 in my exam paper! Although I notice it says on the face of the paper Sept/Dec 2015…. are they perhaps publishing a mish-mash of the questions in these sittings rather than an actual paper?
@wayhern said:
I thought the 4 marks is spread to the 4 issues, wasn’t?4 marks = 4 points/impact on audit report
immaterial issue
no need to qualify
omp
omp positionI think they are now publishing past papers with a mixture of questions from the prior two sittings rather than full papers from each sitting so that Q3 was most probably the one from the September sitting.
Just looked at the paper and it says September/December 2015 on the front. Q5 must be the September sitting too as that’s not the Q5 that I answered yesterday!
Just glad I’ve only got one paper left (two at the most if I have to resit this one), then I’m done with the madness of it.
@deejayahmed said:
4 marks = 4 points/impact on audit report
immaterial issue
no need to qualify
omp
omp positionIf I spread over the 4 issues will I be marked 0?
@clarkejoe said:
As the UK variant did not indicate markings for question 1 and the INT variant did, are those who sat the UK variant at a material disadvantage as they had to assume the relative weights the examiner desired?Hi Joseph,
I had the same issue, as UK students are disadvantaged by not getting the marks break up.
But i read somewhere that this is actually an advantage for UK students it seems.
The action has taken as a recommendation of UK practice board. Since no marks break up is given they can not cap the marks to particular questions. For example you may score 13 marks out of 18 in the A1 question. But you could make up for it in a different question in A.For example you may write 6 procedures instead of 4 and gain 6 marks. But where as INT if they write 6 procedures for 4 marks question maximum they get is 4 marks.
question 2 was very easy…. overall section was good … ethics question was also easy… please anyone tell me about question 3 part b… which standard should used in that part? i used IAS 16…
performance information article is enough to write that part… luckily i read that article on exam night
Question 3 on on matters to consider and evidence.
Part B (6 marks) was the company acquring 10% of another company’s equity shares and recognizing this at cost – and presenting it as Investments on SFP
standard that applies but which i did not write about is IAS 28this is what i wrote.
1-Materiality
2-said that the presentation and recognistion is correct ..
3-but they could also revalue it as the other company was experienecing rapid growth (no sure about this being correct)
Evidence
Purchase document – confirm amount and payment to bank statement
refer to board meeting minutes where purchase was approved
Inspect share holder register of the other company (if feasable) to verify 10% holding
- The topic ‘*** P7 December 2015 Exam was.. Instant Poll and comments ***’ is closed to new replies.