Cash flow forecast, quality management, reporting to those charged with governance, and audits of shares based remuneration & other accounting standards.
Thank you Ben. I just watched thE ACCA youtube where youwhiz throught question 3a and found yourteechnique is extremly useful as i often struggle how to start my answer. I wish i knew about your UA-cam at the beginning of my course.
Hello Ben, Thank you for the tips. I have already done 1 question on cashflow forecast and will go through it once again. Thank you for the wonderful debrief videos. Happy festive period, all the way from Mauritius :)
Man I was just thinking yesterday that we might get a cash flow forecast question for the exam. Thanks for pointing out the reporting to those charged with governance as well. Also my intuition says that we are getting share based payment for one of the accounting treatments for sure. Btw I absolutely loved your AAA mock exam breakdown and how to write answers to score a 60 instead of a prize. I will be using only that technique throughout my exam. Thanks for all of the advise!
Reporting to those charged with governance was on my exam today for 13mks...thanks to this video I looked at the topic last night lol. I also followed your technique of attempting question one last and not trying to be a prize winner. I will come back and let you know my pass mark. I almost lost a professional skills mark by not ignoring what they asked us to ignore. Good thing I recalled your tip and went back through the instructions and removed that risk that I had spent so much time writing 😐
So! I just finished my exam! And your predictions were right! Report to TCWG! (Whole question #2) 3 issues that should be or should not be included in the key audit matters. Quality management! Bang! (Q#3) Auditors responsibilities when there is non compliance with laws and regulations (part D of Q1) Principal audit procedures over the purchase on head office (part C of Q1) And business risks (that I was not able to answer to - 10 marks!!!) risk of material misstatements (16 marks!) asking to ignore risk of revenue recognition. Question number 1 is so weird! Crowdfunding business, what? Business risks were sooo frustrating! If someone answered, please write it here😅
Think I’ve got different set of question. Q1 : Risk of material misstatement (22m). But you’re right it’s nothing like the past year exam. No analytical review points. I wasn’t able to answer this and think i did badly. - audit procedures for profit on disposal of subsidiary (5m) - Q2 : report to those charge with governance (12m) & reporting on extract of EOM (8m) Q3: quality management without referring any exhibition. Explain how’s ISQM1 help in boosting public trust.
I had this too 😭 I calculated materiality as 0.5% due to 0.5-1% based on revenue but stupidly put 7.5million (1%) rather then 3.75million (0.5%) Dumb error on my part. And found some of the ROMM difficult in relation to the groups. Would have been easier if it was audit risks for 22 marks. Intragroup trading, disposal of subsidiary was tricky etc. Then audit procedures wernt too bad 5 marks. But then 13 marks on component auditor and procedures to check their work, not sure how I did on that. Section B question 1 was TCWG and felt comfortable due to bens video, but the appraising of auditor report and EOM paragraph was tricky! Didn’t know what to do, ended up talking about KAM paragraph 😂 what did you all write on this? Q3 was all ISQM1 8 marks and then ISQM in relation to scenario and recommendations (12 marks) and I just waffled. Don’t think I passed 😬
Audit international- DEC 23 I calculated materiality as 0.5% due to 0.5-1% based on revenue but stupidly put 7.5million (1%) rather then 3.75million (0.5%) Dumb error on my part. Only realised after the exam. Q1 was ROMM for group audit (22 marks) and found some of the ROMM difficult in relation to the groups. Would have been easier if it was audit risks for 22 marks as there is more to discuss. Intragroup trading, disposal of subsidiary was tricky etc. wasn’t too sure on accounting treatment. Then audit procedures wernt too bad 5 marks. Finally, 13 marks on component auditor work and procedures to check their work, not sure how I did on that. Section B question 1 13 marks was TCWG and felt comfortable due to bens video, but the appraising of auditor report and EOM paragraph was tricky! 7 marks for this. Didn’t know what to do, ended up talking about KAM paragraph 😂 what did you all write on this? Q3 was all ISQM1 8 marks and then ISQM in relation to scenario and recommendations (12 marks) and I just waffled. Don’t think I passed 😬
Try not to be too hard on yourself - its normal to focus on the parts of the exam that didn't go so well. Hopefully you will have picked up enough marks to pass on the 'easier' parts. Nothing more you can do now! If you need support when results come around, whatsapp me on +447968702318
Hi Ben, regarding reporting to TCWG, do you mean questions like: matters to discuss with TCWG pertaining to the proposed audit adjustments which management is reluctant to amend?
Management run the company. They make decisions. TCWG oversee the running of the company. Their role is to make sure that management are doing their job properly. TCWG is generally the audit committee and other NEDs
Cash flow forecast is an example of a non-assurance service that an auditor can provide to current and propective audit client isn't it? I can see cash flow forecast question being married with ethical questions too 😅
Yes, very much so. It is also often combined with an 'acceptance' question Part a - should we take on this client Part b - critically evaluate the forecast / suggest examination procedures
Yes. In most AAA exams, the UK / IRL and INT variants are identical (apart from the currency used in the questions). Very occasionally there is a UK/IRL specific question on insolvency
hello Ben , for question 1 can we answer the requirements only in the spreadsheet and not make use of the word processor ? And do we lose any professional marks if we answer only in the Spreadsheet ? Thank You .
Cash flow forecast, quality management, reporting to those charged with governance, and audits of shares based remuneration & other accounting standards.
Thank you Ben. I just watched thE ACCA youtube where youwhiz throught question 3a and found yourteechnique is extremly useful as i often struggle how to start my answer. I wish i knew about your UA-cam at the beginning of my course.
Hello Ben, Thank you for the tips. I have already done 1 question on cashflow forecast and will go through it once again. Thank you for the wonderful debrief videos. Happy festive period, all the way from Mauritius :)
You are very welcome - I'm pleased that you found my videos helpful for your exam preparation. More of them here! linktr.ee/ACCAbenwilsonAAA
Man I was just thinking yesterday that we might get a cash flow forecast question for the exam. Thanks for pointing out the reporting to those charged with governance as well. Also my intuition says that we are getting share based payment for one of the accounting treatments for sure.
Btw I absolutely loved your AAA mock exam breakdown and how to write answers to score a 60 instead of a prize. I will be using only that technique throughout my exam. Thanks for all of the advise!
thank you for the feedback - very pleased you found my mock debrief useful. Best of luck for the exam!
Reporting to those charged with governance was on my exam today for 13mks...thanks to this video I looked at the topic last night lol. I also followed your technique of attempting question one last and not trying to be a prize winner. I will come back and let you know my pass mark.
I almost lost a professional skills mark by not ignoring what they asked us to ignore. Good thing I recalled your tip and went back through the instructions and removed that risk that I had spent so much time writing 😐
Very pleased that my tips were helpful for you! Best of luck for results :)
So!
I just finished my exam!
And your predictions were right!
Report to TCWG! (Whole question #2)
3 issues that should be or should not be included in the key audit matters.
Quality management! Bang! (Q#3)
Auditors responsibilities when there is non compliance with laws and regulations (part D of Q1)
Principal audit procedures over the purchase on head office (part C of Q1)
And business risks (that I was not able to answer to - 10 marks!!!) risk of material misstatements (16 marks!) asking to ignore risk of revenue recognition.
Question number 1 is so weird! Crowdfunding business, what? Business risks were sooo frustrating!
If someone answered, please write it here😅
Think I’ve got different set of question.
Q1 : Risk of material misstatement (22m). But you’re right it’s nothing like the past year exam. No analytical review points. I wasn’t able to answer this and think i did badly.
- audit procedures for profit on disposal of subsidiary (5m)
-
Q2 : report to those charge with governance (12m) & reporting on extract of EOM (8m)
Q3: quality management without referring any exhibition. Explain how’s ISQM1 help in boosting public trust.
@@dingdongtang9719 This was the paper I got.
@@nickeshajackson5820 did u do well? 😂
@@dingdongtang9719 lol I dont even know. I tried to answer all the questions but for the 8marks on ISQM I had nothing.
I had this too 😭 I calculated materiality as 0.5% due to 0.5-1% based on revenue but stupidly put 7.5million (1%) rather then 3.75million (0.5%) Dumb error on my part. And found some of the ROMM difficult in relation to the groups. Would have been easier if it was audit risks for 22 marks. Intragroup trading, disposal of subsidiary was tricky etc. Then audit procedures wernt too bad 5 marks. But then 13 marks on component auditor and procedures to check their work, not sure how I did on that.
Section B question 1 was TCWG and felt comfortable due to bens video, but the appraising of auditor report and EOM paragraph was tricky! Didn’t know what to do, ended up talking about KAM paragraph 😂 what did you all write on this?
Q3 was all ISQM1 8 marks and then ISQM in relation to scenario and recommendations (12 marks) and I just waffled.
Don’t think I passed 😬
Thank you Ben, Love actually is my wife's favourite movie
Audit international- DEC 23
I calculated materiality as 0.5% due to 0.5-1% based on revenue but stupidly put 7.5million (1%) rather then 3.75million (0.5%) Dumb error on my part. Only realised after the exam.
Q1 was ROMM for group audit (22 marks) and found some of the ROMM difficult in relation to the groups. Would have been easier if it was audit risks for 22 marks as there is more to discuss. Intragroup trading, disposal of subsidiary was tricky etc. wasn’t too sure on accounting treatment. Then audit procedures wernt too bad 5 marks. Finally, 13 marks on component auditor work and procedures to check their work, not sure how I did on that.
Section B question 1 13 marks was TCWG and felt comfortable due to bens video, but the appraising of auditor report and EOM paragraph was tricky! 7 marks for this. Didn’t know what to do, ended up talking about KAM paragraph 😂 what did you all write on this?
Q3 was all ISQM1 8 marks and then ISQM in relation to scenario and recommendations (12 marks) and I just waffled.
Don’t think I passed 😬
Try not to be too hard on yourself - its normal to focus on the parts of the exam that didn't go so well. Hopefully you will have picked up enough marks to pass on the 'easier' parts.
Nothing more you can do now! If you need support when results come around, whatsapp me on +447968702318
Nothing better than an early Christmas gift 😁
Thank you Ben😊
Can you recommend a question regarding cash flow forecast?
Can you suggest which question on cash flow forecast please? Thanks!
Bing - S22 exam (section B), on the practice platform
Can we find the solution of this question?
I would like to know this too!
@@StefaniAristodimou when you self mark on the CBE platform the answers are there. Summarized and in detail depending on your needs.
Thanks a lot! can you suggest which question on reporting to those charged with governance please?
Crawley - from the MJ23 exam, section B (on the practice platform)
@@benwilson5132 any others?
Thanks Ben!
Thanks Ben 🙌🏼
No worries!
Hi Ben, regarding reporting to TCWG, do you mean questions like: matters to discuss with TCWG pertaining to the proposed audit adjustments which management is reluctant to amend?
Yes, that sort of question.
I always get confused with the difference between management and TCWG and when to take the matter to TCWG.
Management run the company. They make decisions.
TCWG oversee the running of the company. Their role is to make sure that management are doing their job properly. TCWG is generally the audit committee and other NEDs
@@ACCABenWilsonAAA that makes a lot of sense. Thanks Ben!
Cash flow forecast is an example of a non-assurance service that an auditor can provide to current and propective audit client isn't it? I can see cash flow forecast question being married with ethical questions too 😅
Yes, very much so. It is also often combined with an 'acceptance' question
Part a - should we take on this client
Part b - critically evaluate the forecast / suggest examination procedures
@@ACCABenWilsonAAA thank you, I see. Are acceptance question typically tested in section A or can it also feature under section B?
Hi, Is this for INT Variant?
Yes. In most AAA exams, the UK / IRL and INT variants are identical (apart from the currency used in the questions). Very occasionally there is a UK/IRL specific question on insolvency
@@benwilson5132 Alright, got it. Thanks for your early Christmas gift haha, appreciate your effort
hello Ben , for question 1 can we answer the requirements only in the spreadsheet and not make use of the word processor ? And do we lose any professional marks
if we answer only in the Spreadsheet ? Thank You .
Use the word processor. Much easier for the marker!