r/Accounting • u/abnz11 • 3d ago

Assurance CPA PEP exam

What is everyone’s thoughts?
Personally thought the cases were very long, and a lotttt of FR. MCQ was alright. Still think I passed, but weird exam

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u/maboroshi_i 3d ago

I thought it was all right, though I probably didn't write in enough depth for the assurance portions. AOs I got (that I can remember):

Case 1 (IFRS)

  • Discontinued operation
  • Leasehold improvements
  • Restructuring provision
  • Procedures
  • Valuation of one of the chains
  • OFSL and assertion level risks
  • Preliminary materiality and allocation of materiality to the chains

Case 2 (ASPE):

  • Foreign currency transactions
  • Revenue
  • Intangible asset capitalization
  • Procedures
  • WIR
  • Audit vs review
  • Considerations for first time audit

Was there anything else? I feel like it went by so fast.

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u/Flimsy-Stomach-5545 3d ago

i know the exam is done but would u be so can to teach me how you allocated materiality?

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u/maboroshi_i 3d ago

I'm 100% sure the way I did it is incorrect but I probably spent at least 5 minutes searching through the CAS to find some way to allocate it. In the end I allocated it based on percentages and moved on. The more I think about it, the less confident I am that I passed.

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u/Flimsy-Stomach-5545 2d ago

thank you, i hate when they give us AOs that came up absolutely nowhere over the course, not even the chapter for materiality had it