F8 and P7 exams June 2011

The papers for the JUNE 2011 ACCA exams are already out for viewing - so students that have just completed the exams should probably consider re-writing the answers and getting it reviewed by their lecturer - this should allow you to gauge your expected marks.

By gauging your expected marks - you can plan your next semester better.

Overall the papers for P7 was not that bad - it did have the new format to deal with - which was addressed by the article that was written by Lisa Weaver recently. The paper tested Financial statement risk, PFI (mixed with going concern), usual ethics question, due diligence, ISA 550, ISA 510, Consolidation process, Audit report.

This paper is considered a doable paper for students that had prepared well - reviewed all previous papers and considered studying up their P2 before going in - since it tested both IAS 11 and 37 in some detail.

On the other hand, paper F8 had the following issues to be considered - Q1 - sales system test of control, internal controls to reduce fraud, substantive procedures for revenue and AR balances.

(Well designed question that covered the essential elements that should be known by all auditing students)

Q2 - Theory question that brought in ISA 210 and Narrative notes advantage and disadvantages

Q3 - Balance question asking for audit procedures AEIOU for purchases and risk based question

Q4 - Ethical question + Internal audit outsourcing question

Q5 - An excellent question that tested ISA 450 (new standard), ISA 620 Experts and ISA 705 Modification of audit reports.

Overall the paper has a better feel compared to the previous paper and should provide a more favourable pass rate. If you had failed this paper - it would indicate that you did not do your basic work sufficiently and waited to the last minute to get the work done.

THIS SEMESTER JULY 2011 I WILL BE OFFERING THE FOLLOWING CLASSES

P7 ACCA - SUNWAY JB

F8 ACCA - SUNWAY JB

F8 ACCA - J PRO - EVERY WEDNESDAY 1.30 PM TO 5.00 PM (STARTS ON 6TH JULY)

P7 ACCA - JPRO - STARTS ON SUNDAY 17 JULY 8.30 AM TO 5.30PM (8 HOURS) , NEXT ON IS ON 28/8, 3 & 4/9, 23 & 30/10 MAIN CLASSES. QUESTION PRACTICE SLOTS WILL BE DISCUSSED DURING THE CLASS.

CONTACT ME ON FACEBOOK - J@ACCAMAIL.COM OR CALL MY 012 NO. (DO INFORM THE REST ABOUT THE CLASS TIMING - MAX IS 20 ONLY)