*** P7 June 2016 Exam was.. Instant Poll and comments ***

@dannyw1984 said:
Apparently bananas are banned from exam halls as people have been caught writing answers inside the skin and looking at them during the exam.

The ingenuity of this alone deserves a mark. I wonder though, how much could you write in a banana that you would not be capable of rote-memorising in five minutes before the exam?

Between OK and Hard for me. As usual, I was writing the entire time and it was a race against my hand/wrist/arm going numb. I have a shoulder impingement from weightlifting, so there was considerable pain at the end. I hate these tests. Only 2 hours of sleep as well due to nerves.

I did Q3, Q4, Q2, and Q1 in that order, as I knew Q1 had the most fluff with the RoMMs.

Q1 Analytical — there was a question on a past paper about the function of risk assessment analytics (in the 30s in BPP’s revision kit). Saved my ass here.
Q1 RoMMs — hate hate hate identifying RoMMs because it’s so backward from the way we do it in the real world (we don’t chase every little stupid risk). Missed capitalization of interest completely. Tried to make the case that deferred tax asset was a hot-spot due to the tax inquiry that the movement in it (5 million was utilized) needed to be examined.
Q1 Ethics — Said NO to both. The language of the question said that the client was asking you to “support” them, which screamed advocacy threat, among other things. Felt like easy marks so I made damn sure to stop the stupid RoMM-writing with enough time to crank out some material here.

Q2 — Felt strong all around, but forgot which IAS covers construction/WIP revenue (13? 14?) Hopefully didn’t miss a mark. This one was so easy to cherry pick quality issues out of and get strong marks on. The Finance Director’s refusal to account for it correctly puts into doubt the entire accounting function, so I wrote that a couple of the other contracts may need to be examined to make sure there’s nothing weird with recognition going on.

Q3 — Avoided

Q4 — First one I attempted. Felt like easyish marks.

Q5 — Second one I attempted. Technical articles saved my ass here on the exposure draft. I’m angry at BPP because even though BPP had it in their study guide, it did not have the level of detail present in the technical article. Thank goodness I read both. I still didn’t feel that I had enough points to capture all the marks, so I hope there were 1.5 marks per explained point on the exposure draft.

Hoping to hell I passed. My special center doesn’t do the September window, so it’d be a $400 trip to try a retake that month, or a very, very long road trip. In the US.

@fishyfishyfishyfishy said:

1b I did UK and I’m sure the question asked to discuss the importance of analytical procedures during planning but it looks above that some people gave examples of procedures… Hoping that was the Int question….. I said something like there are clear relationships between many accounts and balances that the auditor would expect to see, it’s quite clear using analytical procedures if this relationship has broken down so can look there for fraud or errors. Do at planning stage so lots of time to adjust nature timing and extent of audit procedures to match risk etc etc.

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I did the exact same with UK – it didn’t ask us to perform analytical procedures so unsure why people have?

I think the exam wasn’t too bad on the whole – think that question 3 was a bit tricky with so many marks on forensic accounting. Think that the procedures for this were too simple mind, just questioning everything in the scenario?

Managed to write 23/24 pages solid and finished 10 mins before the end (when I went to re-visit question 1 and decided to actually put a few ratios in an appendix (did GP%, NP%, inventory days, payable days, receivable days, overdraft, current ratio – more than enough there surely?!)

Any thoughts welcome!

It didn’t ask specifically for ratio analysis/analytical procedures, but the fact it was asking about them in the next requirement I just assumed that they might want to see them, so laid them out first and then the ROMM to follow.

If I get zero marks for the analytical procedures then I am in massive trouble.

how many pages does the acca answer booklet have? cos i finished and asked for extra sheets even though i didn’t complete all the questions. As someone resetting, its clear that going through the the technical articles helps a lot as question 2 and 5 had a bit of that. Good luck to everyone here, hopefully the pass rate will be way better than the last time.

btw, i didn’t perform any analytical procedures in Q1, I don’t think it was required.

There was a 2c?

There was a question Chennai Co. about limited assurance report Vs Audit report, advantages and differences etc.

time was an issue. question one took much of my time. but overall it was a 50 50 paper

Anyone write Detection Risk as An audit Risk. The risk the new staff assigned to the audit will not be able to detect misstatements???

Yes gulam007 that was the detection risk. i write that risk.

that was a clear risk and new staff recruit was clearly mention by the examiner. because there was no other detection risk and we cannot mention component auditor work risk as all of the audit (group and individual financial statments)was done by our firm.

@harsh444 said:
Q2 B) It was about subsequent period.. I suggested it is giving indications about the conditions and thus to write off Inventory and deferred liability… Is that correct?

What was Q2 (C) about?

There was no 2c… just 2 parts part a with 13 marks. and part b with 12 marks. total 25 marks. please dont confuse others.

Yeah i put 2 points, audit strategy & as part of identifying what areas to concentrate on as auditors do not have all the time to go through 100% of the accounts