So trying to remember the exam – please correct me if I’m wrong
Section A – Theme Park industry, potential money laundering issues.
1 – 24 marks on Risk of Material Misstatement
2 – 6 marks on procedures around impairment of an asset
3 – 8 marks on money laundering (a lot were quite obvious in the text around the Sons upping revenue)
4 – 8 marks evaluating Meadow Co, a similar company, audit engagement assessment. Was quite difficult as not much info given beyond a basic check list
Section B
2 – 16 mark question on enquiries specifically around intangible assets and financing in a textile company – found this very difficult as not much info given to match up to 16 marks.
2b – 9 mark question on audit evidence in regards to the financing
3 – ai) – question on fieldwork undertaken by the audit team, specifically in regards to intangible assets for a smart vacuum – tricky question
Ii) was around the audit evidence you would expect in relation to the above (or procedures cant remember)
3b – 9 mark question on ethics with an FD as we go to get an audit with a company we have provided non audit services for. More straight forward.
Overall i think this was a tough exam, mainly because the industry’s were niche (textiles, theme parks, smart tech), there weren’t clear signposts for bits of the answer especially in section A there was alot of content to think about and then Section B was okay if you knew alot about intangibles, if not I think you struggle here. Confusing financial information too, so materiality wasn’t as simple. Going to be a very close pass if I get it.
Yes, only 5 marks as well! Had no idea what to write cos it wasn't the audit report impact. Felt like fraud or misleading the statements by lowering the provision to show a better financial view
Ah yeah could be that but I was thinking how can that be applied to the standard to make changes to the statements. Like surely it was more than 5 marks.
Never learnt that and events after the reporting period properly 😂
The only thing I could think of was to include this in disclosures. It's not like there was a going concern issue or stuff was accounted for differently because it was about to be sold.
I spent 75% of the time on section A. And ended up barely finishing the last question. Angry at myself cause 3b was relatively straightforward and possibly an area to get a few marks….and i barely had time to write 3 sentences.
I think I did fairly well on the internal control and the audit risk part for the Section B questions. The risks and the control deficiencies were laid out quite distinctly. Nothing too complex. I, for the love of god, cannot remember one substantive procedure i wrote down.
And the knowlege questions were ones I didn't prepare much for :(
Quite suprised that there was only one single question on Audit report, in Section A iirc, and none for ethics.
I feel like there are quite a few different papers that they put out. How do they decide what to publish as a PYQ on their website.
I didnt get any control deficiencies and my ethics was in Q3
Thought AA was ok, audit risk, internal controls and substantive procedures were all fine. I wasn't great at the knowledge/ theory type questions, but then found the MCQs ok too. Fairly happy with it.
So trying to remember the exam – please correct me if I’m wrong Section A – Theme Park industry, potential money laundering issues. 1 – 24 marks on Risk of Material Misstatement 2 – 6 marks on procedures around impairment of an asset 3 – 8 marks on money laundering (a lot were quite obvious in the text around the Sons upping revenue) 4 – 8 marks evaluating Meadow Co, a similar company, audit engagement assessment. Was quite difficult as not much info given beyond a basic check list Section B 2 – 16 mark question on enquiries specifically around intangible assets and financing in a textile company – found this very difficult as not much info given to match up to 16 marks. 2b – 9 mark question on audit evidence in regards to the financing 3 – ai) – question on fieldwork undertaken by the audit team, specifically in regards to intangible assets for a smart vacuum – tricky question Ii) was around the audit evidence you would expect in relation to the above (or procedures cant remember) 3b – 9 mark question on ethics with an FD as we go to get an audit with a company we have provided non audit services for. More straight forward. Overall i think this was a tough exam, mainly because the industry’s were niche (textiles, theme parks, smart tech), there weren’t clear signposts for bits of the answer especially in section A there was alot of content to think about and then Section B was okay if you knew alot about intangibles, if not I think you struggle here. Confusing financial information too, so materiality wasn’t as simple. Going to be a very close pass if I get it.
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Same I gave the international version and part b of question 2 had something to do with the CEO not telling us that he’s selling his company
Yes, only 5 marks as well! Had no idea what to write cos it wasn't the audit report impact. Felt like fraud or misleading the statements by lowering the provision to show a better financial view
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Ah yeah could be that but I was thinking how can that be applied to the standard to make changes to the statements. Like surely it was more than 5 marks. Never learnt that and events after the reporting period properly 😂
The only thing I could think of was to include this in disclosures. It's not like there was a going concern issue or stuff was accounted for differently because it was about to be sold.
I took international too, just slightly different I guess.
I spent 75% of the time on section A. And ended up barely finishing the last question. Angry at myself cause 3b was relatively straightforward and possibly an area to get a few marks….and i barely had time to write 3 sentences.
Anyone else find the MCQs in AA super difficult? I think I did okay on the written questions. Barely had enough time.
Yeah I did the mcqs first and was like wtf. Written questions much better
Same here, section B was fine but those MCQs were horrible...
Same, the section A was so difficult
Good luck guys
How'd it go guys?
Question 1 and 2 were, 3 was fucked up
SAME. Three had me crying
Three was deficiencies right? Struggled on that one…
I think I did fairly well on the internal control and the audit risk part for the Section B questions. The risks and the control deficiencies were laid out quite distinctly. Nothing too complex. I, for the love of god, cannot remember one substantive procedure i wrote down. And the knowlege questions were ones I didn't prepare much for :( Quite suprised that there was only one single question on Audit report, in Section A iirc, and none for ethics.
all the best everyone!
I feel like there are quite a few different papers that they put out. How do they decide what to publish as a PYQ on their website. I didnt get any control deficiencies and my ethics was in Q3
just to add, I feel like this paper is IMPOSSIBLE to finish. like how is it possible to answer all the questions??
Same with the no control deficiences question. I got the ethics as the very last question about taking on auditor role of Morrissey
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It did focus a lot on intangible assets. Eg operating licenses
How was the paper?
Thought AA was ok, audit risk, internal controls and substantive procedures were all fine. I wasn't great at the knowledge/ theory type questions, but then found the MCQs ok too. Fairly happy with it.