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Q1June 2012

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Q1June 2012

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • December 4, 2016 at 2:37 pm #353729
    seanog91
    Member
    • Topics: 83
    • Replies: 54
    • ☆☆

    Hi Mike, would the below headings be correct for the identify part of Q1 CE Group June 2012?

    Identify and explain the implications of the acquisition of Canary Co for the audit planning of the individual and consolidated financial statements of the CS Group?

    Cost
    Time and deadlines
    Resources
    Fee
    Consolidation
    Goodwill/impairment
    Accounting rules
    Date of acquisition

    I would of course elaborate on all the above but I just want to make sure I am interpreting the questions correctly.

    Thanks 🙂

    December 4, 2016 at 4:33 pm #353761
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    That seems to be OK – is there no indication in the printed solution that could give you some guidance?

    December 4, 2016 at 4:46 pm #353766
    seanog91
    Member
    • Topics: 83
    • Replies: 54
    • ☆☆

    It does give some clarity not a lot of the point above are mentioned for example costs and resources.

    My concern is that my points are leaning more towards prior acceptance of an audit whilst it says in the scenario that “our firm has been appointed auditors of……”. Will these still be sufficient.

    December 4, 2016 at 4:55 pm #353768
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    “… whilst it says in the scenario that “our firm has been appointed auditors of ……”

    Wouldn’t it have been a good idea to tell me that first!

    Yes, all your points about whether to accept the assignment are totally irrelevant

    These 4 you could work into an answer:

    Consolidation
    Goodwill/impairment
    Accounting rules
    Date of acquisition

    But you’ll need a lot more than those I’m guessing

    How many marks was it? – So far you’ve got possibly 4

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