AAA*** P7 June 2012 Exam was … Comments and Instant Poll ***

The exam as ok... but once again... time management is the problem.

Wow, so what came up? Cant believe exams are here again!!!

Did you manage to touch all parts of the exam?

What was Question 1 and 2 based on? Business Risk?

I hope you pass!!!!! God will deliver.........

Hi,

The questions were:
1. Group audits. Mid-year acquisition. Not the same FS date. Evaluating individual risks of materials misstatements and also on group level. Audit procedures on goodwill. Ethical matters on recruitment services by audit company or lending person.
2. I do not remember anymore. :) There were audit procedures to be explained. Some ethical matters. But wrote a lot and failed with time management here. Ethical issues.
3. Money laundering. Professional scepticism. Internal controls failure.
4. Ethical, commercial and professional issues discussion on the given situations.Actualy do not remember anymore as well in details.

In general the topics were uite ok, but I hate the requirements, fx. identify implications, matters to cosider. Fx Q1 was group audits. Even though the topic was read ind etails, the information given is so much to be able to plan the time and answers accordingly. When thinking now, without time pressure, I would perhaps wrote something other way.
Unfortunately, have a feeling of going through all this agian in December.

it was very easy as for me...Will pass InshAllah :)

The quesions was not difficult but dude....this paper is impossible to complete within time.

Fair questions with all the subjects I had studied for but I can't get enough down to pass the exam in the time we have. Another failed attempt for me.

Talk about time pressure.. easily left 6-8 marks on the table due to time.

^ same here left about 10 marks for the examiner.
Did the rest just about good, hoping for a 50-55.
Wasn't hard, jst time pressured.

Btw guys, for the audit procedure and evidence questions, do we get one mark per point or is it something else.

@lchetcuti said:
What was question 1 last part about? Please reply as I am not sure if I left that out. It was on a page on its own but can someone tell me what was it about please?

Ethical issues. Auditors were asked to lend a person and offer recruitment services.

@lchetcuti said:
What was question 1 last part about? Please reply as I am not sure if I left that out. It was on a page on its own but can someone tell me what was it about please?

it's about the secondment of an audit manager to the audit client as a temporary finance director.. appointment of a finance director with the assistance of the audit firm.. participation of meetings between board of directors by the audit partner on a monthly basis..

4. (a) about a company with a proposed direct business relationship with the audit client selling audit and tax software and splitting the revenue.
(b) An audit client that lost 2m in cash receipts with no documentation wired to offshore island from bank account.

@takamori said:
it's about the secondment of an audit manager to the audit client as a temporary finance director.. appointment of a finance director with the assistance of the audit firm.. participation of meetings between board of directors by the audit partner on a monthly basis..

Thanks alot for you reply. I remember that I have done it. Hoping for the pass mark.

i struggled with 18 marks.. probably came away with 8 reasonable points. Hoping its 2 marks each.

per Kaplan its 1-3 marks

Strictly followed the 1.8 ratio and attempted all the questions. hoping for good result.
Q 5 was on Business plan & PFI, asked:(a) matters to be considered when ageeing the terms of engagement; and (b) procedures to be applied on the Forecast Financials....

@platinumkp said:
per Kaplan its 1-3 marks

Has to be a minimum 2 marks per point. Considering we had materiality as well to calculate for each.

^ + I couldn't find more than 8 points as well.

what was question 2 part b about. i was not able to complete that due to time management problem.

@accaforall said:
Strictly followed the 1.8 ratio and attempted all the questions. hoping for good result.
Q 5 was on Business plan & PFI, asked:(a) matters to be considered when ageeing the terms of engagement; and (b) procedures to be applied on the Forecast Financials....

I thought that was question 2?

Easy questions, but tough time pressure:((Hope for the best.

left solid 6 marks due to time pressure , what do you recon guys can get 50??

@maneesh23 said:
left solid 6 marks due to time pressure , what do you recon guys can get 50??

yeah for sure, if you took your time on the other parts and answered carefully.

Funny, I didn't find time management a problem at ALL. Infact, I mismanaged and had like 15 minutes to spare. But maybe that's cuz of the fact that I couldn't identify enough misstatement risks in Question 1.

Hoping to pass.
Expect no less than 20 in the first question. Maybe around 15-18 in the second question. Chose question 4 and 5. Expect like 8-12 marks in q4. I thought there wasn't much to write for ethics. And audit reporting was a TREAT. Expect atleast 10-13 there.

Was there any audit evidence question or was it all procedure related i cant remember...

did any body attempt Q5(b) Audit report opinion?
what would be the answer

@junaid72724 said:
Funny, I didn't find time management a problem at ALL. Infact, I mismanaged and had like 15 minutes to spare. But maybe that's cuz of the fact that I couldn't identify enough misstatement risks in Question 1.

Hoping to pass.
Expect no less than 20 in the first question. Maybe around 15-18 in the second question. Chose question 4 and 5. Expect like 8-12 marks in q4. I thought there wasn't much to write for ethics. And audit reporting was a TREAT. Expect atleast 10-13 there.

what is the answer to q5-b audit report?

hi guys help me out. just want to check for question 1 were there any FOREX issues? like starling company selling in euros?

could have mixed up with practice questions.

Thanks!

Beautiful paper:
Question 1 - As expected question on groups and risk of material misstatement. The Examiner latest article in April 2012 was a good hint. Two easy ethical issues for 6 marks. The group contains good stuff for materialy and interest points on Goodwill abd Financial Liabilities.
Qustion 2 - Terms of audit engagement in refernce to PFI for loan purposes. It easy to notice inconsistency, viz stagnant deferred tax amount, nca of 37m where loan amount of 30m, finance charge understated, retained earnings not reconciled with income statement, so on.
Question - 4 Requires commom sense! in answering the social & envirnmental issues and the metrics to measure KPIs
Qustion - 5 The easiest indeed with Borrowing Cost and IAS 19 employee benefit. Both coupled with materiality.

Well prepared students having common sense cannot fail this paper. Thanks you Lisa.... We are proud of you. Students and lecturers should be to the standard.... Very practical paper . Could easily get at least 60!

Thanks to LORD GANESHA. If all of you BELIEVE in HIM, you will SUCCEED.

Jai Hind.

Knew a lot on question 1, Forgot the last part which was lonely on its own page, poor time management just hope for a pass

You should have used efficiently your planning time. You could have easily get 4 marks out 6....