- This topic has 105 replies, 74 voices, and was last updated 10 years ago by
.
- Posts
- Topics: 0
- Replies: 2
- ☆
What was question 4 part b for?
- Topics: 0
- Replies: 9
- ☆
pls does nyone remember contents of q3
Qz 3 should be audit procedures for the ppe. Theres a few other frs along with ppe but I cant remember. I think it was revenue.
I didnt do qz 3
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……!!!!!- Topics: 0
- Replies: 3
- ☆
For q5 I said that the opinion should have been modified with an ‘except for’. I also said that the details in the emphasis of matter paragraph was wrong as it had already been disclosed correctly? Fingers crossed. Good luck everyone.
- Topics: 0
- Replies: 9
- ☆
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
Question 5a do u get marks for writing the other 5 recocommendations other than going concern? I remember the question specially state what to include for the going concern paragraph and benefits of doing so.
5b I wrote wrong heading used. Should be qualified – except for opinion or adverse if pervasive.
For the basis of para, Never include the account balance. Never quantify the amount. Never write impact on asset/profits.
Unprofessional words used, should not mention director in report. Wrong wordings used for the opinon paragraph, shoulf be ” except for the effects of the matter described in the basis of paragraph”.
Should not use emphasis of matter para. Should include the provision in basis paraI thought question 2 (a) asked for Before acceptance procedures, such as Ethics issues, Risk, Fee and profitablitity, competences and resources etc..
Q1 about
Detection Risk
Control and Inherenti explain with
ISA 600
ISA 315
Ratio
and General Discussion
and Very Little Ratio AnalysisDo i use right Approach
Must tell me Plzzzzzzzzzzzzzzzzz Admin???????????Completed about 80 to 85% of the paper. Does anyone think whether there is chance of passing without completing the exam?
It was a fair exam though!!!
- Topics: 0
- Replies: 3
- ☆
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.
- Topics: 0
- Replies: 19
- ☆
I answered question 4 and then question 3 as my optional ones….. although now I’m racking my brains as to whether I filled in the ‘3’ blob at the top of the page, or the ‘5’ blob in my haste to get down as much as possible in the timeframe!!!
I know I said Q3) in the margin at the start of my answer, and I would have filled in the ‘3’ blob on the first page of my answer, BUT, what if I filled in the ‘5’ blob at the top of the page for any of they other pages of my Q3 answer…. what would they do with regards to the marking!!???
Eeep.
Other than the time pressure I thought it was a good paper. I didn’t talk about first year audits, but I got plenty of marks down in Q1. On the UK variant you don’t get the marking split between part 1a and part 1b, just the 31 mark as a total. Anyone care to enlighten me?
Thanks
- Topics: 0
- Replies: 5
- ☆
That was rough
Q3 Ppe n research n development a feasibiliy study bern carried out.ias38
(b) related party fd bought car not at an arm transaction
,c , brand not amortised as samd amount as per previous yr.impairment ias36
Thats all i can remember not sure whether its correct- Topics: 0
- Replies: 1
- ☆
Tricky exam!!!
- Topics: 0
- Replies: 10
- ☆
I believe that your answers are correct.
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.
- Topics: 0
- Replies: 3
- ☆
Q5 I understood there were only two modifications of opinion as qualified – except for on the basis of material misstatements, no pervasive. inappropriate use of eom para, if any eom was required it would have to be re-drafted in relation to the note on the accounts for the litigation, however this was in-material so perhaps no eom was required at all.
other issue as mentioned in other posts….
time pressure and difficult paper
- Topics: 0
- Replies: 1
- ☆
It was fair paper but very time pressure. Hope will work.
- Topics: 0
- Replies: 2
- ☆
Question 1:
Anybody noted that in Conso SoPL&OCI, Gain on revaluation of investment property recognised in other comprehensive income is a wrong treatment?
According to IAS40 isn’t it must be recognised directly in profit or loss?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!
- The topic ‘*** P7 June 2014 Exam was.. Instant Poll and comments ***’ is closed to new replies.