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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
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.
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.
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 DisclosuresExam 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.
Thank God someone else spotted that one. I was starting to think I was imagining things
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.
Did anyone find and calculate that the tax rate is different for these two periods in Q1 for the analytical procedures?
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
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
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.
@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
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 ?
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
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