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September 2016

+1 Vote
September 2016

Just wanted to share my experience with sitting P7 this September.

Q1 was on Audit Risk, reliance on internal Audit and then 8 marks for audit procedures on the joint venture and license. The scenario was about a mobile telecommunications company, one of my favourites, and I was disappointed there was not more in the scenario to analyse audit risk.

Q2 was about matters to consider and evidence to find in three mini scenarios: development cost, investment property which was just land and not really an investment property and nightmarish defined benefit pension plan for 10 marks! This latter requirement assumes a lot in my opinion, you have to really remember the standard quite well and wasn't too fair in my opinion.

Optional Q3:

Due diligence matters to consider before a tender, warranties procedures which were a bit tricky.

Optional Q5:
Ethics question and auditor report which also in my opinion had a Key Audit Matter due to material and pervasive matter which was adequately disclosed. I only had 15 minutes left to write something down for this and just hope it was enough, as Q1 was more challenging than expected I ran over my limit by 10 minutes!

When I did mock exams I always ended 5 minutes earlier yet in the actual exam it's as if they anticipated this and made it more difficult on purpose which wasn't fair in my opinion.

How did everyone else find it?

September 6th 2016 AN ACCA USER 530 Points

1 Reply

0 Votes

No doubt paper was difficult but if u planned to solve question according time then more expected u solved on time....but don,t worry Keep Trust on Allah...

September 7th 2016 AN ACCA USER 290 Points