[lizzyzingel]

52% second attempt of final paper APM
To God be the glory
Done with ACCA

[lizzyzingel]

Hey question 1 last part ..did they ask for information at three levels or 3 types of information for the strategic level?

[lizzyzingel]

For those who got Radacal and Environmental costing may I know what you wrote about bonus schemes, performance measures for SOCIAL and on the overall Environmental costing question.

[lizzyzingel]

First attempt..failed 45% didn’t find exam too difficult..this is my last paper and was hoping for a pass..have to pick myself up and do it again in Dec

[lizzyzingel]

Question 1 “what gets measured ,gets done”..i was ok with gaming,myopia and tunnel vison but not sub-optimisation..
I was ok with operational gearing and explaining what it is all about and linking it to scenario and put formula Contribution/PBIT but dont know what possed me to get the gross profit figure from appendix 1 and uses it as a denominator instead of PBIT

[lizzyzingel]

Ok talked about ownership, achievability ,clarity but ran out of time so was not too analytical about 85%..

[lizzyzingel]

What was your approach regarding the reward system for the drivers in question 2?

[lizzyzingel]

Ok I got ;
Luxury product, New regulations,Going concern, Foreign market problems(forex,political,boarder sunctions,fuel prices)

[lizzyzingel]

For the extra hours employees had to work I wrote something in line with NONCLAR ..don’t know if it is right
Also remember writing something relating to IAS37 don’t remember where I placed it

Then later I think in question 2 we got ISA402 service organization

[lizzyzingel]

I picked up
-IFRS 5 Non current assets held for sale and discon operations(depreciation was supposed to seize,assets recognized separately under current assets
-IFRS 15 revenue from contract (risk of early recognition)
-IAS 20 forex translation
-I think there was an event after reporting period
-IAS 36 wrong calculation of value in use
-New audit client
-Management bias

[lizzyzingel]

I found
-Going concern issues
-Luxury product (standards have to be up kept)
-Foreign market issues (border sunctions,political,forex)
-New regulations

[lizzyzingel]

For those who got a question on the Luxury canal boats..what business risks did you identify?

[lizzyzingel]

Was supposed to start CBE exam at 09 ..but waited 5 to 6 hours to be admitted to the exam hall..hungry and full of anxiety.
Managed to attempt all questions and kept briefing notes format (introduction,body and conclusion) came up with 6 business risks and 6 ROMM..5 audit procedures on Goodwill but only 3 for the brand(got stuck)..copied and pasted the whole financials to the spreadsheet answers and put formula for trend analysis and dragged formula down(saved me time) then started reading on audit committee but had run out of the 1:30minutes I had allocated to question one so moved on to question 3 which I made a lot of mistakes on due to the pressure I had I can’t say I did well on building revaluation,revenue & depreciation (I thought the 10% non refundable was recognized right because they were non refundable but looking at peoples answers I was wrong)..anyway question was disaster for me.
Moved to question 2,started with ethics questions and thought there was a lot on advocacy and management responsibilities and self interest threat coz of non assurance fees ..calculated the increment in fees.Then moved on to capex audit procedures ..I looked at the individual capex amounts and tried to work with each individually.
Went back to question 1 to fine tune the lose ends I left.
I pray for a pass even after the stress of the whole day .

[lizzyzingel]

1 division purchased ships in the year..depreciation charge should be apportioned and not full year.

Please note this was my approach and of course could be wrong. Paper was bulky and my aim was to attempt all questions

[lizzyzingel]

Question.1 26 marks

A-Audit risk(Detection risk as is a new client,segment reporting,related parties,revenue, hacked system-control risk,Depreciation ,impairment, consolidation issue regarding acquisitions during the year,license amortization)

B- audit procedures on segment revenues (was not very confident here but fluffed through it)

C-Matters auditor should consider before engagement to provide management advise on social & environmental (I out competence and skills,Ethics,possibility of using expert due to unfamiliar territory,considering if adequate resources) can’t remember what else I wrote.

D-Benefits of data analytics (quality audit,fraud detection,manipulation of data,information that management can use )

[lizzyzingel]

Business Risks-dependence on local farmers,international trading risks,Brand power threats,legal case, Redundancy…???

[lizzyzingel]

Did anyone one write on assets held for sell on the machinery held by the West mill in question 1?

[lizzyzingel]

Pass 51%m.. damn so shocked..the Lord is good..I found exam tough..shade a few tears half way through the exam ?

[Author]

Posts