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

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › *** P7 June 2016 Exam was.. Instant Poll and comments ***

  • This topic has 71 replies, 39 voices, and was last updated 8 years ago by Sam123456789.
Viewing 22 posts - 51 through 72 (of 72 total)
← 1 2 3
  • Author
    Posts
  • June 7, 2016 at 9:45 am #320236
    demashi
    Member
    • Topics: 0
    • Replies: 23
    • ☆

    Yes I did, that was staring right in my face!

    June 7, 2016 at 10:35 am #320242
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 3
    • ☆

    Hi, it was very time pressured. Btw, I did not do much analytical procedures in q1 b. Was it required? I wrote common group risks like good will impairment, inter company transaction, unrealised profits? Will it be OK??? Im so worried right now

    June 7, 2016 at 11:00 am #320250
    fishyfishyfishyfishy
    Member
    • Topics: 0
    • Replies: 7
    • ☆

    Starting to think my time management might have cost me dear… I left a lot of marks on the table with 2b simply because I did it with 4 minutes left! Did anyone else mention that the loss of the customer means the work in progress should be valued at NRV as it is specialised and probably can’t be resold for more than cost? I did say that the wip was material so hopefully there is a point there at least!

    Man I felt OK, not good but ok, yesterday now I’m not sure if I’ll even hit 50. I was so confident going in too, probably the most prepared I had been for any of them.

    June 7, 2016 at 11:26 am #320258
    Adnan Yousuf
    Member
    • Topics: 6
    • Replies: 28
    • ☆

    dear 2b was a contigent asset as it was known on dec 2015 that customer was in financial difficulties so it need to be assumed that its virtually certain and the deposite need to be initially made contigent asset then on cancellation it must be realised as income.

    June 7, 2016 at 12:02 pm #320269
    Zhareenm
    Participant
    • Topics: 0
    • Replies: 2
    • ☆

    P7 INTERNATIONAL

    Qu1 Group Audit
    – importance of analytical procedures at planning stage (5 marks)
    – audit risks (18 marks)
    – ethical issues (8 marks)
    – briefing notes (4 marks)

    Qu 2
    – quality control, ethical prof issues (13 marks)
    – matters to be considered (7 marks)
    – audit evidence (5 marks)

    Qu 3
    – matters to consider before accepting forensic investigation (8 marks)
    – procedures for performing forensic investigation (7 marks)
    – role of expert witness (5 marks)

    Qu 4
    – difference between audit of historical financial statements and limited assurance review (4 marks)
    – advantages and disadvantages of audit of historical financial statements over limited assurance (8 marks)
    – ethical and professional issues (8 marks)

    Qu 5
    – Emerging issues on Disclosures

    June 7, 2016 at 12:05 pm #320271
    Zhareenm
    Participant
    • Topics: 0
    • Replies: 2
    • ☆

    I wrote that also.
    There is audit risk since group audit.

    June 7, 2016 at 12:51 pm #320280
    fishyfishyfishyfishy
    Member
    • Topics: 0
    • Replies: 7
    • ☆

    Fingers crossed for all those juicy professional marks.

    June 7, 2016 at 12:54 pm #320281
    Sangita
    Participant
    • Topics: 0
    • Replies: 1
    • ☆

    Exam was quite tuff

    I manged write only 6 risk for Q.1 b had to move on. I m feeling so upset about it but cannot change it.

    June 7, 2016 at 6:56 pm #320529
    replay71
    Member
    • Topics: 3
    • Replies: 6
    • ☆

    Thank God someone else spotted that one. I was starting to think I was imagining things

    June 8, 2016 at 1:45 am #320656
    chrismar112003
    Participant
    • Topics: 0
    • Replies: 12
    • ☆

    Yes, new recruits was definately a risk. Although there was no component auditors, i mentioned that using component auditor was not an issue, just to let the examiner know that Im aware that its a risk with group audit. Dont know if it will gain any added mark though.

    June 8, 2016 at 3:48 am #320663
    sharon
    Member
    • Topics: 3
    • Replies: 35
    • ☆

    Did anyone find and calculate that the tax rate is different for these two periods in Q1 for the analytical procedures?

    June 8, 2016 at 7:46 am #320698
    guddo
    Member
    • Topics: 19
    • Replies: 134
    • ☆☆

    no i didn’t so it. but thats a good point

    June 8, 2016 at 7:01 pm #321036
    nyamekyequist
    Member
    • Topics: 3
    • Replies: 6
    • ☆

    Extremely time pressured. Interesting set of questions. Hope for a pass.

    June 8, 2016 at 8:03 pm #321099
    jeffrey1989
    Member
    • Topics: 1
    • Replies: 15
    • ☆

    Does anyone remember what the first two paragraphs in the question one were about I’m sure there was some risk in there! I did the UK paper btw

    June 9, 2016 at 9:43 am #321387
    gulam007
    Member
    • Topics: 31
    • Replies: 47
    • ☆☆

    New Audit team assigned to the audit

    June 10, 2016 at 11:56 am #321966
    syed75
    Member
    • Topics: 0
    • Replies: 2
    • ☆

    The paper was well balanced but there was too much time pressure, because all those scenarios take time to understand and plan the answer. I was able to finish it somehow but could not write much in the last 2 questions. so I am hoping a pass in this exam

    June 10, 2016 at 6:20 pm #322138
    pearsda
    Member
    • Topics: 1
    • Replies: 7
    • ☆

    I would say that the examiner was fair. There was nothing new. All areas were commented on in her previous reports. I guess we just have to develop a better strategy to manage time. To give the quality of answers expected takes time but I guess with practice we will eventually get it. I pray for a pass.

    June 13, 2016 at 3:20 pm #322751
    ishiqiang
    Member
    • Topics: 2
    • Replies: 5
    • ☆

    for q1, i didn’t use the statement figure and notes at all…uh…

    June 14, 2016 at 6:41 am #322851
    guddo
    Member
    • Topics: 19
    • Replies: 134
    • ☆☆

    @pearsda said:
    I would say that the examiner was fair. There was nothing new. All areas were commented on in her previous reports. I guess we just have to develop a better strategy to manage time. To give the quality of answers expected takes time but I guess with practice we will eventually get it. I pray for a pass.

    i agree with you but the only thing was q1 was really too long same question was tested in june 2013 exam PARKER

    June 15, 2016 at 6:30 pm #323101
    rajeshryansingh
    Member
    • Topics: 1
    • Replies: 20
    • ☆

    if i put disclaimer of option in error instead of disclaimer of opinion will i still get it correct or completely imcorrect??? Am sad i wasnt thinking straight ?

    June 18, 2016 at 5:14 pm #323413
    nkhungulu05
    Participant
    • Topics: 0
    • Replies: 56
    • ☆☆

    Guys Audit is not a paper you Mark yourself.Wait for 18 July those guys who say it was easy you will be in RUDE SHOCKOO

    June 19, 2016 at 3:14 am #323442
    Sam123456789
    Member
    • Topics: 18
    • Replies: 460
    • ☆☆☆

    I agree
    Let’s wait and see.
    Only like 29 days left if I’m not wrong.
    So be surprised to me shocked.
    Acca is a funny journey.
    Hoping for the best.
    Only P6 left after this!!

  • Author
    Posts
Viewing 22 posts - 51 through 72 (of 72 total)
← 1 2 3
  • The topic ‘*** P7 June 2016 Exam was.. Instant Poll and comments ***’ is closed to new replies.

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