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The exam was easy to me, the mcqs were regular brain tasking, elimination kinda questions, but the theory was like picked across the exam kit.
Substantive procedures that came out it were in Valuation of receivables, Going concern and Director’s Renumeration, Audit report and review also came out.The Audit risks questions included ratios and the typical identification of risks which were relatively easier than the mock exam, it also included substantive procedures on PPE, purpose of engagement letter and it’s content
Internal Control included, direct controls, Test of controls, Control deficiencies and recommendations around Sales and payables systems, it also included a question about matter the auditor may consider to assess if internal control deficiency is significant.
So that’s just a brief summary of my question.
Hi Abriks – thanks for sharing this for us. It seems mine too which I had today! Good luck with your results
Typical question types were there.
I mean,
Risks and responses
Control deficiencies and recommendations
Substantive procedures(so many)Feel like I passed already but let see!
Strangely everyone always found the exam easy but the AA passing rate is always the lowest one … wonder how! Anyway Good luck everyone .
eleni92 wrote:What did you guys reply on the director’s bonus not disclosed on the FS?
I also would like to know about the correct answer… anyone knows?
For the disclosure of the directors’ bonus, since it is material but not pervasive, a qualified opinion would be given, the qualified opinion would be qualified ‘except for’
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Does anyone remember the mcqs? Especially Case 2 where were dates mentioned in it and 1st requirement was related to the responsibility of auditor for subsequent events
2nd one was adjusting event related to dividend declared post year endIf anyone remember other 3 requirements of that question kindly post it, thanks
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Also mention Case 1 with answers as i got ethics case in it where sister of audit manager have shares in clients company
Yea I would agree here!
Bit surprised to have spotted some unsensitive comments…think there are more appropriate places to toot the trumpets….The exam in comparison to others materially is much easier but it focusses on candidates ability to understand what is being asked, understand how to appropriately answer and also massively time constrained. The examiners are looking for specific things as well. I would say a lot of people don’t finish enough to be able to pass majority of the time.
I thought it was an ok exam. I ran out of time on midway through answering the 16 mark risk one just when I was pulling out the juicy bits on capitalising/expensing and intangible assets. but completed the rest of the paper. When I sat it before I didn’t complete all the big written questions in time.
There was a question on why auditors report to those charged with governance and to give two examples of what would be reported- think my answer was probably not specific enough/bit wishy washy, couldn’t remember the textbook words exactly, so used common sense. – was a 4 marker. Maybe got one of the four marks.
Wishing everyone goodluck.
@precision Think this is the one where they asked when the subsequent events responsibilities run up until?
The key dates studying the subsequent events are 1) Y/E financial statements draft 2)auditors review this, if happy released audit report and then 3) Financial statements issued to shareholders. 1-2 is active and 2-3 is passive duties…….
The questions had I think another 2 or 3 activities slotted in between as distractors.
I put that subsequent event duties end when the FS are issued. Seemed logical…can’t remember the other bits.The exam went so fast i am struggling to remember what other MCQs there were.
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eleni92 wrote:what did you reply to this one?
I chose that she should sell shares and get the work reviewed
Got MCQ really tough man.
Guys for a question on inventory production fault.Did anyone of you got this.
Like selecting the appropriate testOne more thing if a non adjusting event was correctly adjusted in FS BUT NOT DISCLOSED.
WHAT IS THE AUDIT OPINION ON THIS ?
Yess i know this question but it said that the auditor report was yet to be signed and was not signed yet.
So this means that it was still active
The exam overall was simple. My downfall and perhaps I had too much confident in my self was the time. I was unable to finish the question with audit risk and the ratios so I am hoping to pull enough mark from the other questions to pass. Geeze that time went so quickly. The Mcqs was okay but its the time to read the long case scenario.
Can anyone remember what they put for PPE substantive procedures?
I wrote this same thing, and a Basis of opinion paragraph to illustrate the reason for the except for.
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