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Assuming there arent any restrictions on posting now because of the new exams limited rollout? Otherwise open tuition would have locked the thread til later….
Anyway…much quieter exam than normal..my exam centre (edinburgh) had about half as many people as ‘usual’ for an exam.
The paper itself was broadly as predicted. Business risks for q1but only for 11 marks. In some senses it was a quite easy exam but very dense with the writing. I would imagine alot of people will have struggled to get out of question 1 and 2. Far more points to make than marks available. Very much about saying how many points do i need and restricting yourself to a relevant number with maybe one more throw in in for good luck.
11 marks , identify and evaluate? I went for 8 points assuming a half point for identifying and 1 mk for evaluating.
This is an extremely time pressured exam. When im reading it i can see the kind of points the examiner might like me to make and how a detailed ‘educational’ answer might be structured but when im actually doing the exam there isnt a chance to get close to that.
Definitely time pressured. I didn’t think it was too technical, not nearly as much on accouting standards compared to June (I got 45%)…BUT there were a lot of separate requirements and a LOT of writing involved and time management needed.
Q2 and part b of Q4 were really full of waffle in the text so you had to be sharp in picking out the points which was hard under time pressure.
But the exam wasn’t so bad. Business risks, engagement acceptance issues, fraud and money laundering, auditor liability limitation issues and criticising an auditor report. And the financial reporting had nothing more difficult than contingent liabilities as far as I can remember right now.
I mean you really can’t complain. But you’re tested on 30% of what you know… And you have no time to really write four technically competent answers.
I just want my 50% I’ve always worked hard for audit exams but find the exams nasty regarding time management.
Good luck to everyone!
Such a time pressured exam overall the felt the subject content was quite easy but getting it all down in the 3hrs is very differcult for me!
Q1 went well almost too much i could wite, Q2 think did okay but when got to final two questions they were very rushed and didnt have enough time fully write what i wanted!
Hoping for 50% and no more exams had enough now! At least any fails will only have to wait until Dec to retake.
GL
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Examiner may has limited time in creating the exam questions and he is addicted to Due Diligent Report. 🙁
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I hope I pass this time around. I have written this exam severally
Q2 is money laundering?
It looked more to Bribery for me? That guy gift a house to the person who approved the project… isn’t this is bribery? lol…
Money laundering normally involved oversea transactions and cash payment, I did see cash payment, looked like “placement” part of money laundering but I did not encounter any oversea transactions??? But yes the fictitious supplier invoice looked like “integration” part of money laundering…so where is the “layering” stage?
Anyway, I just wanna a miracle 50%, last June 15 I only got 46%
Quite easy this paper. the audit report part is the same as last time criticism of a report was examined. all the points are the same. Good luck to everyone!
Hi Aduror…
Question one was very similar to a recent past exam..
a) 11pt- business risk
you had to identify and discuss 5-6 risk: (i wrote about -Transaction in a foreign currency without a derivative financial instrument to cover the risk – a loan that that the entity was taking in relation to projected high gearing ratio and current ratio..liquidity / going concern … etc)
b) 8pt – 4 material misstatements (revenue recognition, foreign currency tranlation .. etc)
c)5pt – other relevant information needed (written repr.,agreement with supermarket …)
d)7pt Ethichal issues (gifts and hospitality when visiting foreign subsidiary)
4pt for professional briefing notes (date,from,to, subject, intro, conclusion ..)hope it helps
good luck..hope I got 50 at leastI got 46 % last time so this time made sure i went back at the end. Thought exam went fine business risk four material misstatement ethic issues q1 and love money laudering in q2 thought the option questions harder but hoping i did ok
Hi guys,
The exam seems better than June 2015. However, results could be funny.
Q2 was not only on money laundering as we were asked for matters to consider before accepting the engagement.
This should include ethical considerations(such as threats, conflicts of interest etc), money laundering, professional competence, availability of audit resources, fees.
Also, a discussion of the issues noted in the professional clearance with Toni( can’t really remember his name again)
Any contrary opinion???
I was pretty fair but extremely time pressured especially that I prefer business risks to audit risks in qs1. I was looking at the questions and thinking “I can answer this question” but there was just so much to write and in only 3hours.
I’m just praying for a 50%!Hi daphidy, I agree with your recall about Q2, in this question, matters for initial engagement also asked and the audit procedure of cash payment as well.
Do you still remember about “Know your Client” – Due Dilligence? I really have no idea what should be written down expect to find any concealed Assets and Liablities…
Please add more if you recalled any…
Hi sharon,
To the best of my knowledge, “know your client KYC” tends more to money laundering than due diligence. Recall that the question itself involves money laundering.
But then, I struggled with the question as I didnt have enough time to think. I only wrote few points.
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Whao… the paper was fair but too bulky. Time pressured though. I left about 30 marks untouched not that I didn’t know the stuff but becoz of time. So depressing indeed. Keeping my fingers X thou. Q1was what I hoped it to be except it was time pressured. Hey guys help me pray so that the marker gives me a 50%. Pliiizzzz
In my Country we were not able to sit for P7. Why P7 was too bulky. What was examined?
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Hi All,
Could someone please list the questions that came up in q2, q3,q4.
I’m sitting the exam in December and this will really help with my preparation.
Hope everyone the best of luck with their results.
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