*** P7 June 2014 Exam was.. Instant Poll and comments ***

Q5 – incorrect wording , format and should of been a qualified opinion?

pls does nyone remember contents of q3

Audit risk was straight forward enough (pretty much covered above in comments) ,PFI before accepting the engagement you have to assess if you have the competence, who the intended users are, timeframe, conflict of interest with the audit and then after the engagement is accepted all the tests you would do are things like revenue projections, ticket price increase that people would still come (assumptions/market research findings), finance cost calculations as they were borrowing £8 million but finance costs hadn’t risen with them.
Question 3 was going concern of company due to government legislation and research costs correctly written off. Also RPT in regards to the car and if this was actually an employee benefit or loan as the money hadnt been paid back.
Question 4 general ethics and professional question, run out of time before i got to the end……!!!!!

tanx… remember there was a question 4 8 marks and 7 marks on accounting treatment and evidence cant remember wat da other 5marks were 4

I thought question 2 (a) asked for Before acceptance procedures, such as Ethics issues, Risk, Fee and profitablitity, competences and resources etc..

Was a fair exam but time pressured. Keeping fingers crossed for a Pass

The worst thing about this paper is the time management and to understand under the huge pressure what the question exactly needs. it is really shame that the passing rate last 6 sittings is approx. 32% whilst for ACA the relevant rates are approx. 60%. I really regret i have chosen ACCA over ACA.

For me this paper is not serious as it does not test your knowledge but tests whether you can read and write quickly and on top of this not to misunderstand the question under the pressure of time (for example some of the students Q1 did not notice that it was the first year of group audit and that all companies were operating in same currency but under normal pressure conditions they would – I am glad I noticed it!).

For those that will argue that we are also examined on our speed to understand and write answers my reply is that I have a Masters Degree in International Economics and Public Policy of Cardiff Uni (Distiction) and 4 years experience in a big 4 (non-audit thoough)

Re Q1 my comment is whether and to what extent we should calculate ratios and trends? If you have tried to do that then one hour was way not enough for the 31+4 marks.

Surely it was a strange paper… especially Q1 and Q4.

That was rough

Tricky exam!!!

I thought the exam was extremely time pressured. Q1 aii) like others have said was tough as once you calculated the ratios and realised most gave nothing away there wasn’t much time to say anything.

I felt the questions were reasonable-ish. Q5a) was a bit mean with its focus on going concern. I hope the markers are generous with the sympathy marks as I babbled. Maybe I should have been faster today, but I don’t think it was just my slowness.

How was q4) as I purposefully avoided the ethics question this time as apparently it’s the hardest to score on?

@swaggarv – I interpreted this question as a non-audit review engagement. I talked about risks of self-review etc, and mentioned that if the review brings total fees to above 15% etc etc.
I then just mentioned about different proceedures that could be carried out and evidence that could be collected.

Overall I think the paper was as expected, not easy at all, but I feel I was as prepared as I could have been for it.

Nothing we can do now anyway!! Lol

Best of luck to us all – my head is already back in the books for my P6 on Friday.

It was fair paper but very time pressure. Hope will work.

The past papers answers provided by ACCA are so detailed. Do our answers have to be at that level of detail as well? I did as many as I could and but there just doesn’t seem to be enough time to put so much down.

I thought overall the exam was fair..tricky..but fair. Good luck to everyone!