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@rawfay said:
Q2 part B was not about money laundering i.e. ISA 240 auditor’s responsibility regarding fraud and error.It was about ISA 250 laws and regulations. i.e. what an auditor is required to do if came across any non compliance.
I agree, reckon ISA 250 was the main focus but I think it hinted at potential criminal activity and the proceeds being the revenue (not being substantiated under £10k). Might have been implied / undertone? I just added it on as an additional discussion point.
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This was by far one of the easiest P7 exam question papers ever. Too bad this at a time when I was heavily underprepared, could have easily aced it if this came out in the previous session I attemped it in.
That said, P7 always looks way easier than it actually is. The exam marking is pretty darn tough. I think I rushed the entire last question, question 5, which was a fairly easy question on audit reporting. Time management fail as always.
Haha, I thought the question with dangerous chemical storage had a lot of marks, couldn’t come up with points worth 9 marks 🙁
But anyway, I can’t be too sure for theoretical paper until I see the results. :p- Topics: 0
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The more i read commebts here the more i think i did not manage to write enough on q1!!
Hey guys! Exam was okay but few of the parts were difficult for me. I did question 4 n question 5. And I found them quite easy. It’s only like sometime during the exam, I couldn’t focus on time management.
Hopefully I’ll pass.Q1 C) what primary audit procedures for audit of financial instruments and EPS (used in the case)
Q2) ethics / independence and ISA 250
Q3) Professional scepticism and fraud
Q4) Ethics, independence, audit fee and quality
Q5) Audit opinion and construction contracts (IAS 11)
Overall exam was ok, nothing tricky or unexpected, only challenge was to manage time and limit the writing..
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Tricky paper to say the least, but fair in the most part. Did 1,2,3,4 and found that question 3 was my best attempt.
The professional skepticism part was something i felt that i was strong at “elaborating” about, but only 6 marks though. Managed to use very pertinent clues in the passage such as “oil extraction biz – to elaborate on recent downtrend in oil & gas industry, likely to be impaired further”, “decline in profits of circa 33%, compared to impairment of less than 1%, suggests over optimistic assumptions” and a few other points..
Question 1 was was tough for me as the 17 marks Audit Risk requirement shocked me at first. Managed to only write out 9 points for this and i doubt i’d score more than half for this section. Hope to get the professional marks for my decent format!
For question 2, sale and lease back with substance over form points kept playing in my head, however, i couldnt find the right words to elaborate my points, ended up skipping the explanation and went straight to audit evidence. I hope the examiner could give marks for this!
I had around 30 mins left when i attempted question 4, couldnt complete the 5 marks in the middle on time but overall attempt was decent for the other two parts.
Hope to pass!
the paper itself is not hard but lenghty and time consuming.I have to rush thorugh question 3&4 in the last hour of exam.I hope it worked well.lets see.
it was a good paper and the examiner is unpredictable.This makes ACCA to be an interest Career.paper was good i managed to attempt every question.so it else remains for the marker to judge. hope for a 50% and be a member
Oh dear I misread Q1 a I thought it was around internal audit l!! Damn 6marks lost! Hope I picked it up in the rest of the paper I’ll try not to panic too much!!
I voted “okay”, to be honest I couldn’t have asked for better questions, consider how tough it could have been, that was definitely an “okay” exam.
I ballsed up the first have of Q1 and wrote more about tendering that audit planning, but thankfully that was only 6 marks, and I thought the rest went well.
Knew Q5 was the one to avoid straight away when I saw construction contracts and integrated reporting. Q3 was best question for me, the professional scepticism was straight forward and had revised forensic and goodwill quite a bit.
Hopefully a pass, would be gutted if I’ve failed because the questions will no doubt be much tougher next time.
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Q1 A -6 marks -audit strategy
B- 17 marks – evaluation on audit risk
C- (i)Audit Procedure on investment – 4 marks
(ii)AP on EPS – 4 marks
Professional marks – 4Total 35
Q2 A- 8 marks Sales and leaseback
B- 8 marks Subsiadiary accounted as an associate
C- 9 marks Weakness in ICTotal 25
Q3 A- 5 marks Professional skepticism – meaning and enhance of planning
B- (i) 6 marks Professional skepticism – Apply to statement made by finance director
(ii) 5 marks Not remember what it is >.<C – 4 marks Suggest procedure on forensic investigation
Total 20 marks
Q4 Not remember at all but i know it relates to ISQC 1 and ISA 220 >..< and some ethics
I thought a fair paper my hand was hurting in the end and question five wasnt as bad as it looked hoping for a pass time management went well and the only prob was earning per share knew standard but couldnt remeber all audit evidence
It was good paper. Attempted 94 marks. Mentioned the following in paper. Hope to crack.
Q.1- (a)- Intial Audit Engagement- Wrote 7-8 guidelines mentioned in ISA-510
(b) Audit risk includes : Detection Risk- New Audit, Control Risk: No Int Audit dept
IAS-38 misstatement of 100M, Online sale-business risk which led to Inherent risk,IAS-18 Revenue to be taken since R &R transfered. IAS 24 RPT and Non disclosures.FV to be taken in case of speculative investment. IAS 33, EPS wrongly taken. Reason for previous auditor resignation. Any Chances of fraud from Management. ISA 315 to be referred since new audit. Analytical review to be reviewed & adjusted.
(c) Audit Procedures were ok for both itemsQ.2 (a)(i)IFRS 5, IAS 17 Finance Leas Sale back. It was tricky one.
(a)(ii) ISA-600, 15% rules applies here to be significant component. Comparatives to be changed. Even though there is loss, it would compare with PBT of Group. In revenue it is 12%.Full audit is required and not analytical procedure
(b) ISA 250 was cashed marks outlining the responsibilities of audits including the ethics point of Duty of Confidentiality to be broken as volunteer to the regulatory authority.
Q.3 (a)- Professional Skepticism meaning and it helps in Audit estimates (ISA 540), Going Concern (ISA-570), RPT (ISA 550), Fraud (ISA 240).
(b) PS- to be applied in situation. where i wrote, to check the Objectivity, competence and systematic & disciplined approach of Internal Auditor (ISA 610), Critically review last years file. IFRS 3 application correct or no. Reliance on FD. Profit inflation objective. Fraudulent financial reporting ISA 240.(c) AP of Impairment of Goodwill. It was revision of last June. Attempted ok.
(d) Forensic auditing in bribe case. attempted well.
Q. 5 (a) IAS 11, Stage completion either based on cost method or Surveyors completion %
and qualify report on grounds of MM.(b) It is present obligation as per IAS 37. In Nov event happened and Jan is their closure. Lawyers confirmation is not Sufficient appropriate AE. Let them reverse and book profit if client don’t pay this year.
(c) Not attempted 🙂
Hope to get 50…
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Damn, its been more than 4 years since I took the P2 exam so my IAS/IFRS knowledge was totally rusty. Next time I attempt this paper (in case I don’t scrape by 50 marks this time), I’ll have to go back to study the current P2 syllabus first. I really like the auditing syllabus, but with zero auditing experience and no accounting experience in all these years, its getting a bit tough.
Any other people in the same boat as me?
The type of comments you guys are writing, you people were way more prepared for the exam. Wish I could do the same!
Hey guys, sounds like P7 alright. Anyone with a copy of the paper?
I did P7 3 times, it was the only problem paper I had, but I got across the line third attempt. If this paper is anything, it’s unpredictable. I felt the following emotions after each attempt:
1. Felt terrible, time pressured- finished only75-80%. Got 46% – to my surprise
2. Felt too confident – finished with about 10min left . Got 41% – to my surprise
3. Felt borderline, P1 was lucky with business risk, so thought I’d scrape it. Got 62% – to my surpriseSo if your not feeling too confident, there’s still hope. Good luck guys.
@ Tez – why 15% recognition for Construction Contract? The Contract was over 14 months and at the year end date 7 months had elapsed – so under the percentage completion method if we take one month as a mile stone exactly half of the contract is elapsed – thus half of the work is done and if the margin was $ 5 million we should recognize half (i.e. $2.5 Million) whether billed or unbilled remains to be seen but the assumption that everything accrues evenly through out the year/contract.
Q5 was all to do with Audit Reports – there are only 6 variations on the syllabus out of which one is an Unmodified Report which will hardly be tested in an exam thus making it an option between five. . .
But everyone here is spot on with the time allocation – there is not enough time and a lot to explain and on top it all the examiner needs full sentences which is not always possible under these timed conditions – makes me believe that we as students are in a lose – lose situation.
The paper was standard the questions I believe are the same however time pressure is the only hick up but the is not excuse of me failing. I am hoping a pass!
Time management was the problem, I couldn’t finish because i ran short of time. ACCA should increase the writing time to four hours
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I can’t quite tell whether or not the paper was fair for me. I also attempted question 3 and 4. Hoping for the best, preparing for the worst.
@rutvik:Construction contracts…I took the cash received as expenses incurred to date to calc % completion. 3/20=15% x$5mil revenue but I may as well be wrong!!!!
What did you put down for integrated report?I said other matters paragraph as it is not statutory requirement and it was incorrect growth rate mentioned?
The paper was so vast,it felt long and i feel i was not specific enough:( also a lot of P2 knowledge comparative to previous papers…
Does anyone remember what was part c of Q2?was that the legal requirmenets and the hazardous chemical?I mentioned about duty ofcare/breach of confidentiality/public interest/speak to management-again i felt elaboration was not enough…
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