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

question say sub same currency same ifrs but new associate buy during the year remain silent…as.professional skepticism..i believe this remain a big audit risk..like class ie significant influece n the accounting trearment ie buy duringthe year..this should be solid answer to question one ??

@Faizan, you mean you did all that in 63mins for Q1?? If you attempted atleast 90% of the paper within the 3hours, then I must commend you, you must be a fast writer! I couldn’t take that risk cos I didn’t think there was sufficient time for the paparazzi, had my techniques in my head which I wrote down in the 15mins reading time for all the questions…as soon as I heard start I just dived in! I did the To, From, Date, Subject, Introduction and Conclusion…no planning on answer sheet! You should get atleast 3 out of 4marks for what you described up there #myopinion…but then what do I know?

Dear Toyosi, thank you for your reply,

I first started my paper with Q4 then I did Q2 then Q5 and at last I had almost 58 to 62 left to complete Q1, I completed 100% paper by the Grace of Allah, but I am still confused that what doeas ACCA expect from us, I scored 71 in P1 at first attempt and 74 in F9, but last time I failed in P7 that was my first attempt of it, and i still don’t know that why i got failed, since my points were almost according to past paper answers of Dec 2013 session. This is making me worried that despite all of the efforts, what does ACCA wants from us.

@Faizan, okay good! Fingers crossed! I have passed all my 5 F papers on first attempts as well, 3 of them with 70+. p7 is my first P paper and I am just praying to God for help to pass. Since you did 100%, chances are you would have said enough VALID points to atleast get 50marks. Again, fingers crossed. Let’s look forward to celebrating in August by God’s grace! Cheers.

tough exam compred to lasttime

Q 1 : I spotted some risk as follows:
– Associate: Significant influence or not?
– Income Statement dint show share of profit from associate (25% x 6Mtns x PAT). ( I believe the Extra 500K is the profit share, which may have been accounted in Revenue to inflate bonuses for managers)
– Purchase consideration may have been incorrectly accounted.
– Fashion industry – IAS 2 : highly volatile. (also says in Q – 12 months unsold inventory : I believe provision of obsolete goods not created at a group level)
– IAS 24: Related party Disclosures not shown as required..
– Provision on unrealized profit not eliminated
– Interco Sales / Purchase, Receivable/payable not eliminated.
– Management Charges: 800K x 3 branches = 2.4 Mn to be eliminated (not 800K) 2.4 Mn is significant amount that could be charged to revenue and thus increase bonuses and similarly provision created must be knocked off.
– New Client: opening balances may contain errors.
– Control Risk
– Forex purchase and sales, Interco forex gain on sales and purchases to also be eliminated.
– OCI element not shown on face of SOFP.
– Forex Translation of Open Net assets/ goodwill not shown on income statement under OCI.
– Impairment review of Adam Brand name due to slow moving goods ( Actually many more provision would be required to be passed, subsequently profit margin will reduce, therefore an impairment review needs to be done.)
– cash rich people? laundering money into investment property (Cash business: high chance for laundering to happen.)……………………………………… (not very sure about this)
– Investment property income during the year is only 200 and opening balance is 7500. How come 10000 on SOFP?.
– Previous year TAX % 26% and Current year only 20% ( understated provision and overstated profits.

If you look at your BPP exam kit at Q42 Cusiter part (b) will give you the answer to that question of matters to consider before accepting PFI engagement. I manage to remember the responses to this question, thank God so I know I picked up a few marks there.

Also, I would like to say that the Kaplan mock exam June 2014 was extremely helpful. The questions asked were almost mirroring what came in the exam. My husband and I went through the first question just the night before the exam, cuz I only saw that the link to download the mock exam was put up last Sunday. But many of the questions were on point. I benefitted greatly I must say.

I’m praying for a pass. Looking forward to August God willing.

it was a relatively easy exam compared to some questions in previous years. I tried my normal approach to make as many relevant points as I could explain well. tried the *because* technique which LSBF teaches us- worked from the feel of it. actually I feel like my P7 tutor did brilliant work as he gave very good techniques and some of the questions- like Q2 on forecast- I wrote all 13 marks without reading the example first because it did not make much difference to my answer. itis all about technique.

not sure why people complain that ACCA wants too much- guys if everyone passes and exam is a piece of cake, how much do you expect to be paid after investing yourself into these exams? 14k? please.

I work in top 10, attend college, do self study and take 3 exams each session, now it’s my last one with P6 on top. so nobody can tell me I don’t do much. I work my ass off- and it works- I haven’t had a single exam lower than 60.
just don’t complain, work hard.

Q2 – a) i) PFI engagement accept – 6
ii) PFI audit procedures – 8
b) i) money laundering stages– 5
ii) elements to encounter money laundering– 6

I did not put the question numbers on front paper as we’ll as in the top of paper I couldn’t fill the blob..because of time pressure!! What will markers think?? Pls reply !! I did my last paper p7..

I did analytical review in q1a, althought the question ask for audit risk.there must be a reason for examiner to include the FS there..

I wrote question 1,2,3,4 fingers crossed