AAA*** P7 June 2011 Exam was … Post your comments here and vote in Instant Poll ***

it was a monster

Disaster!! what a horrible paper..

That was really hard lol

TERRIBLE in CAPS! Was it me or did it not follow any of the last papers!

Hi All. The exam was not as bad as I expected to be, the only bits is that due to the new format Q1 and Q2 seems to be too long (although the more info probably the better). Q2 was something new (assess going concern matters using the balance sheet and projected cash flows and comment on the projected cash flows assumptions) I didn't see anything like that in my revision kit (BPP) but was able to do it as I curently work in audit

Time mgmt was an issue (I spent too much time in Q1 and Q2) and had only 30 mins left for Q3 and Q5 which both partially attempted . I wish I had more time to respond all parts of my quetions in section b (they were not difficlult, Q3 mainly about considering ethical and proffesional issues of accepting a new audit client which have never been audited before - the book shop - and the considerations to audit the opening balance sheet plus procedures for auditing opening inventories) and Q 5 group audits which I only attempted part b due to no time)

Overall I hope there is enough meat to convince my marker I deserve to pass. I wish you all good luck and try to remain positive

What a hightmare, especially Q2 going concern, cash flow and forcasts :(((( run out of time to complete this

i am lucky if i get 10....this exam was terrible. i even had difficulty to find where the question was - refering to question 1.

Not good im afraid! Exam did not reflect past papers. Blooming Audit partners should learn how to email in an understandable format :o)! The volume of reading in all qus was quite difficult also, no real let up. Sadly i ran out of time for 12 marks so will be back in Dec :(

The questions were too long. Time wasn't managed properly.Very though exams but doable nonetheless if you've had some audit experience. Some of the questions were generally common sense questions but its difficult to gather and compose thoughts under such timed condition. By and large it wasn't so bad. Wish everyone that took the paper good luck.

difficult to locate requirements for q1 and q2. time pressured...bad paper for dis exams

AS God Wants we will all succeed :)
I also found it hard and especially very big time pressure.
and this was the exam I considered it would be ok. i am afraid about P4 but if P7 was so stressy I dont want to know how P4 will be after tomorrow.....

any tipps?

my paper was terribly horrible! i never expected i would create such a mess..
i could just hardly attempt 65 marks out of the paper, it was damn lengthy.. couldnt even see the question 2, later when came out got to know that it was not so hard, but i do not know just messed up.. the Q1 and Q2 combined were too lengthy...
All comments as at yet seem to b similar, anyone who came out with a happy face ??

@asthavora85 said:
did anyone do q4?

Hi, yes i did Q4 due diligence review?

Too lengthy a paper, though i agree to what "rmontilva" said that questions had enough meat to convince the marker.
Spent too much time on Question 1, and thus attempted 81 marks of the paper!
In the morning i had to score 50% to clear, now i need 62% !! The tables have turned :(
Hopefully i'll clear someway. I just hope and pray :)

Tip :: Attempt optional questions first, they are a lot easier as compared to the compulsory portion !!

What did people put for the matters to be considered for Q1 Part a (i think...)

@david1983 said:
i am lucky if i get 10....this exam was terrible. i even had difficulty to find where the question was - refering to question 1.

lolz! u described the paper best
than others

I agree that the questions were lengthy. could have written more but just not enough time. Question 1 and 2 just took up too much time.

It was a difficult exam no doubt. P7 should be renamed time management.

if i prepare paper of that level and given to the exaimner,i bet she wont be able to finish all

Format completely changed. You cannot easily get the question requirements. You have to finish reading a long passage before knowing what to do. Not the best of styles. Someone must bring the examiner to order.

Very tough Paper
Tme pressured
Q1 - Very tricky and confusing for 27 marks !!:(((

Im expecting passing marks but fingers crossed.
The only issue was time management. I couldnt attempt the last question properly. Just put few lines, hopefully I will earn few marks for that. My friend left the whole question, he couldnt even touch it.
It was long paper

@student1982 said:
What did people put for the matters to be considered for Q1 Part a (i think...)

materiality , risk , expert was employed by entity he was newly qualified so might not have the required level of experience to carry out complex estimations...his objectivity and competence should be assessed , management bias , estimation inherently risky due to the subjectivity involves and accounting treatment in IAS 11

First thing i did in the paper when it read Respond to the Email, I located the email and underline the requirements.
e.g. in Q1 (i) I underline the following words
identify and explain, maters, financial statement risks, audit procedures. Then dont need to go through all other crap.

HOW THE HELL CAN ANYBODY COMPLETE 4 QUESTIONS IN THIS PAPER IN 3 HOURS. THIS IS RIDICULOUS. I ONLY MANAGED 2 1/4.

quite disappointed with this paper. Confused! Was the examiner testing my time management or my knowledge :((. not enough time to think in the context and worst of all to writing enough.

Very difficult paper and time was the issue. There were a lot of accounting issues to deal with in both Q1 & 2. Section B was easier but the time constraints for section A caused some problems. This is my last paper so can only hope now - there's nothing we can do about it now. Best of luck guys - this was definitely one of the toughest papers I've sat!

it was quite easy but extreme lengthy. attempted 95 % marks... only hope on Allah to pass as there z 55:45 ratio for me to pass.. Best ov luck to everyone