*** P7 June 2013 Exam was.. Post your comments ***

Not giving P7 but just realized some of my friends are sitting in the exam hall right now with an hour and 15 mins to go.
Prayers for them!

Hope everyone does well, What were the questions based on?

Q1 audit risk ,material with bs /is
Q2 forensic ,not expect , a mess
Q3 held for sale /sale and leaseback etc.
Q4 FI / fraud

Lots of standards involved……

Hope to pass ,finger crossed!!!!!

This was a resit for me, I think this time was much easier but a bit time pressured though.

So many easy giveaway marks! Loved the first part of question 2 regarding the quality control. Soooo blatant! Was very similar to a question in the revision kit!

Question 5 I struggled a little – can anyone tell me if I answered correctly? For each of the three scenarios I spoke about the materiality and what transactions needed done to correct and also what the audit opinion would be, and for part ii said what opinion would be if uncorrected. It didn’t ask for an opinion, just impact on audit report so just want to know if anyone else answered like this??

Still unable to guarantee a pass despite having similar past exam question repeated for question 1 and accounting standard question…What happen to assignment question???@.@

<cite>@desmondsum said:</cite>
which question is asking to prepare a brief note ? can’t remember

Question 1 was briefing notes on audit risk, ethics, or professional issues and analytical procedure for new client

The exam was fine unfortunately am not expecting to pass as I did only 3 questions 1,2 and 5 I forgort that had to select two options questions

i should b shot on head for blunder i made.. :/ can nyone tell me in Q1 other than the 23 marks part..wat was the other part and requirement of that part for i think 8 marks as i literally forgot that part nd wasted 8 marks straight :(..plz nyone tell me wat was the requirement of that part??.. Best of luck to all.

<cite>@desmondsum said:</cite>

The email was asking you to prepare him the briefing notes

the paper was easy. evrything wat i read was there bt wasted alot of tym doin crazy things on my answer booklet. i did q1 q2 q3 and q5c. i beg them to giv me a pass.

Question one part a was 24 marks tell the audit partner the Audit risks and extra evidence we could use to test them. Im assuming this meant dont tell them what analytical proceedures to use. I listed 8 Audit risks (2 were pretty sketchy though) and then a couple of pieces of audit evidence we would need for each.
Question one part b was to tell the audit partner the ethical issues for 7 marks. I listed the companies fine for false advertising may show a lack of integrity. The main bit seemed to be the objectivity issue regarding the potential acquisition.

Question two was half on quality control and ethics. It all seemed pretty obvious, the audit manager got the juniors to do a lot of the work, there was no reviews and the juniors were giving advice they shouldnt be.
The second half was a bit of a curve ball. 12 marks on forensic accounting?! I knew a little. Guessed some standard stuff which might be relevant.

Question 3 was mostly to do with how standards had been applied. I think you had to say if it was correct, if not why not and then give what evidence you would expect to find. I think the evidence part is mostly standard answers – invoices, cash in bank, enquire of management etc. I hope ive got half here as I was a little rusty, especially on sale and buy backs and also assets held for sale.

Question 4 was half good half bad for me. Saying who was to blame for the fraud that had occurred, auditors vs management was something ive reviewed yesterday so im hoping for some decent marks there.
The second half was about Financial instruments why they are difficult to audit and how was should plan for them. I said they are complex and come in many forms. I gave the usual waffle about planning time, resources, getting the right people invoices. I hope this was sufficient.

Overall it didnt seem the easiest paper, but it could have been worse, and i could write something for everything. I would take 50 right now though if offered to me. Good luck to everyone else.

<cite> @nagdam said:</cite>
there was a question about subsequent event.

Does anyone know what it should be ? adjusting or non adjusting and why

I put non adjusting because the matter of administration did not exist at year end.

If conditions existed at the year end its adjusting, if they didnt disclose in notes. Which question was that for? I remember making a note in my head to mention them and then never did 🙁