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

tanveer3 said what is the answer to q5-b audit report?

There were 3 broad issues as i remember

1 --- The opinion expressed should have been an except for modification and not an adverse opinion because the misstatement was not so pervasive that it would have rendered the statements useless.

2 --- The structure was wrong. The basis for opinion paragraph should be ABOVE the opinion paragraph. The opinion paragraph is below the basis for opinion paragraph because it is only logical to provide reasons and THEN the opinion and not the other way round.

3 --- Wordings. The basis for opinion was worded wrong. It should have been 'Basis for Adverse opinion' or 'Basis for except for opinion'. It should have also quantified the effects of the misstatement (under-statement of liabilities). It should have also referred to the IAS which had not been applied properly (IAS 19 - Employee Benefits in this case).
The line 'management's deliberate omission is against IFRS' should also have not been included.

I think this was sufficient for 7 marks :D

not a difficult paper if thee had been four hours to do it rather than three. I know that I lost a lot of points on question 2 due to simply running out of time whilst knowing that there were good easy marks to be picked up on questions 3 and 4 (which I did in the reverse order).

Think that I've dropped at least 20% of the marks from simply not having enough time to get everything down on paper.

Sometimes at this level it feels as though you can be overprepared in that if you go into the exam knowing too much you seem to lose more points due to not having the time to get it down on paper rather than not knowing enough (or knowing just enough) and being able to give half answers to everything... And of course, half the points gets you a pass.

I feel like having a campaign to have the exams one hour longer for the P level papers but I recccon that ACCA would just then make them two hours more difficult! (Similar to when we got the 15 minutes reading time).

Oh well, looks like I'll be back retaking the paper in December :(

The delimma I had was which question to start with and its not as straightforward as most candidates want to make it. Yes you can start with the easiest one but its logical to use most of the first 15 minutes reading through question 1 (reason being it has more marks and it will be unthinkable trying to read all that when pressure kicks in 1 hr into the exam) , now my point is you cant read all that and then go on and start with a 15 mark question. Anywhere I have another one tommorrow P4!YES P4 can you believe it after this one and I dont think it is as hard as people make it- Be positive!

what was question 5a) i cant remember it.

It was a fair paper, and i suppose it was able. My writing speed is slow, so had a lot of to write. However i stuck to the time ratio of 1.8 :)

@junaid72724 said:
There were 3 broad issues as i remember

1 --- The opinion expressed should have been an except for modification and not an adverse opinion because the misstatement was not so pervasive that it would have rendered the statements useless.

2 --- The structure was wrong. The basis for opinion paragraph should be ABOVE the opinion paragraph. The opinion paragraph is below the basis for opinion paragraph because it is only logical to provide reasons and THEN the opinion and not the other way round.

3 --- Wordings. The basis for opinion was worded wrong. It should have been 'Basis for Adverse opinion' or 'Basis for except for opinion'. It should have also quantified the effects of the misstatement (under-statement of liabilities). It should have also referred to the IAS which had not been applied properly (IAS 19 - Employee Benefits in this case).
The line 'management's deliberate omission is against IFRS' should also have not been included.

I think this was sufficient for 7 marks :D

i guess not enough information was provided to assess whether opinion should have been just qualify or adverse.

@gudluck said:
i guess not enough information was provided to assess whether opinion should have been just qualify or adverse.

Err, you can use your common sense to see if the misstatement only related to one class or several amounts. In this case, it related SOLELY to the SOFP and the effect was ONLY on liabilities. This means the misstatement was not pervasive (where the misstatement present a VERY different picture and affect alot of transactions/classes).

This, I think, should have been sufficient to show you that the adverse opinion provided was TOO harsh and an 'except for' opinion was more appropriate.

@junaid72724 said:
Err, you can use your common sense to see if the misstatement only related to one class or several amounts. In this case, it related SOLELY to the SOFP and the effect was ONLY on liabilities. This means the misstatement was not pervasive (where the misstatement present a VERY different picture and affect alot of transactions/classes).

This, I think, should have been sufficient to show you that the adverse opinion provided was TOO harsh and an 'except for' opinion was more appropriate.

Nevermind, just gave them the nod for adverse opinion stating that depending on the materiality/pervasiveness, opinion should be either qualified or adverse.

who can remember what question 3 asked for?

$2m cash wired overseas, professional skepticism and fictitious employees, what is the other part?

thanks!!!!!!!

Does anyone know answer 2 b?

No??

@orla333 said:
Does anyone know answer 2 b?

Procedures for Forecasts

i wrote mostly along the lines of written representations, discussions, few analytical procedures etc..

Oh sorry it must of been 2c under the email the bit about insolvency?

Very true that question is just playing on my mind!!

Hi,

I am trying to forget but it's not easy. Can somebody clarify what the international stream q4 part b was about. Somebody here said its about 2m cash lost but I remember clearly that it was part a of q3. Please, help otherwise can't stop thinking about it.

Part b of q2 was about audit procedure on cost of closure of factories and about 4difficulties in measuring soc and env KPIs. It was mean of them to put 4 prof marks on part b of q2, I am sure lots of people couldn't reach it due to time pressure, I tried my best to get at least 7 out of 14 allocated to it.

orla it was about procedures relating to the closure of the factory and they were restructuring and relocating, so i guess iFRS 5 applied?

@nurgul said:
Hi,

I am trying to forget but it's not easy. Can somebody clarify what the international stream q4 part b was about. Somebody here said its about 2m cash lost but I remember clearly that it was part a of q3. Please, help otherwise can't stop thinking about it.

Part b of q2 was about audit procedure on cost of closure of factories and about 4difficulties in measuring soc and env KPIs. It was mean of them to put 4 prof marks on part b of q2, I am sure lots of people couldn't reach it due to time pressure, I tried my best to get at least 7 out of 14 allocated to it.

Q2 (c) provisions and IFRS 5 right?

I'm guessing my Q2 c is different coz I did the Irish variant, and it was insolvency I just wanted to know were we supposed to talk about liquidation and examinership. Nurgul I didn't do q4 was the surgeon not being qualified and lawsuit again hospital for negligence?

I'm guessing my Q2 c is different coz I did the Irish variant, and it was insolvency I just wanted to know were we supposed to talk about liquidation and examinership. Nurgul I didn't do q4 was the surgeon not being qualified and lawsuit again hospital for negligence?

I wanted to know what was part b of q4 on ethical issues. God it's funny how your mind can block thing you were anxiosely answering in the morning :)

@orla333 said:
I'm guessing my Q2 c is different coz I did the Irish variant, and it was insolvency I just wanted to know were we supposed to talk about liquidation and examinership. Nurgul I didn't do q4 was the surgeon not being qualified and lawsuit again hospital for negligence?

aah crap, you almost scared me. INT variant here.

That's right, about surgeon! Well I answered it in lines of duty owed to general public etc. hope to pass as I was revising as mad and done three mocks last weak. Enjoy the summer guys, we deserved it!

Ha I'm glad your mind can rest now :)

Orla333, thank you! Got so excited cause couldn't rest that forgot to thank! Hope it's one the last exams for us, happy resting.

The paper was not difficult, but really long and alot of requirements. Hoping I did enough for 50, but my handwriting at times was questionable.

paper was do able but too time pressured with too many requirments. i just wanted to know what you guys has answers on financial risk for individual and groups as i am a bit confused

I did section B first. then again got almost no time finish Q2 of 30 marks..wondering if it helped to startsection B :l

@nurgul said:
Hi,
I am trying to forget but it's not easy. Can somebody clarify what the international stream q4 part b was about. Somebody here said its about 2m cash lost but I remember clearly that it was part a of q3. Please, help otherwise can't stop thinking about it.

Part b of q2 was about audit procedure on cost of closure of factories and about 4difficulties in measuring soc and env KPIs. It was mean of them to put 4 prof marks on part b of q2, I am sure lots of people couldn't reach it due to time pressure, I tried my best to get at least 7 out of 14 allocated to it.

Hi,
Q4 was ethics. Part (b) was the private hospital where it seemed that anyone was given a go at complex operations so it was all about confidentiality, Going concern, to whom one would report, image and reputation, statement of circumstances, etc.

I felt the questions were not too difficult but too much information and ideas to write down, so quite disappointed for my answers. Because of lack of time management, I threw at least 20 marks away without touching them.
Haizz, cannot expect anything surprise in Aug.

@khonkean said:
Hi,
Q4 was ethics. Part (b) was the private hospital where it seemed that anyone was given a go at complex operations so it was all about confidentiality, Going concern, to whom one would report, image and reputation, statement of circumstances, etc.

I said the area to focus is integrity of the client. review of the processes, investigate further, consider to report to the respective boards, consider resignition, get advice from the legal,