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I passed! Got a C grade but First Class Honours on the degree, so I’m happy! Congrats to all those who passed and commiserations & good luck to those who haven’t on this attempt. You will get it next time!
Thanks martindeo. Here’s hoping it’s sooner rather than later – don’t think I’ll get much done at work tomorrow!
It’s released in batches – they don’t come out at a particular time, could be any time during the day
I’m super nervous too, good luck to everyone! I have no energy left to try it again if I’ve failed ?
Do we get an email with the results? I know they’re released in batches but some people say it’s emailed and other people say you have to log in?Planit, if it makes you feel better I’m pretty sure they left out information systems so the question was worth 4 marks rather than 5. One more extra mark gained back! I was relieved as that’s the one I find confusing. I thought it was a bit mean to give a written question on those though. I would’ve expected an OT on those.
I had a morning slot – I’m not sure what the effect was on the afternoon slot, I do know that midway through our exam a few more people came in and sat down who were presumably doing the afternoon sitting. Definitely take food and water with you! I’m sure it will be fine by then though.
Yes I got moved last week from Arnos Manor to the SS Great Britain. I had already booked a room at the hotel which was kinda sucky! My friend sat it at Arnos and she said it was an hour late starting there too.I also checked that answer – the issue was with verifying existence and rights (as the customer hadn’t responded) rather than actual payment of debt. So the other answers weren’t really relevant 🙂
On the question about sampling, monetary unit is the correct answer.
On the other question, from what I remember, there was a payment from another customer that was accidentally allocated to Bluebird, making Bluebird’s balance look lower than it was. There was no error in the question text as the other customer is largely irrelevant; they just wanted you to comment on what you’d do re Bluebird. Neither of the options given to investigate were appropriate, so the answer was one of the Pigeon ones, about the volume of transactions around the year-end. I think the correct answer was that you would review GDNs and sales invoices to verify the balance as it’s likely Pigeon was just missing an invoice.
Hi all, on planning (risk assessments) there is 1/2 mark awarded for identifying the risk, and then 1/2 mark for explaining it fully. You MUST explain the reason it is a AUDIT risk (not a business risk) and the effect on an assertion/balance/detection risk. For example; inventory days have increased. There is a risk that there is slow moving or obsolete inventory and it has been valued in the financial statements at cost when it should be at NRV (per IAS 2). Therefore inventory may be OVERstated. You will not get 1/2 mark for saying “misstated” if it’s obvious that it’s either understated or overstated.
To get the other mark, you need to give the Auditor’s response. This is not a list of substantive procedures but instead a general direction the auditor should take to address the risk. For the example above, this would be along the lines of “detailed substantive testing of inventory to take place to verify valuation, such as reviewing an aged inventory listing and making enquiries with management for the treatment and plans of any old inventory items”. It’s a good idea to put in an example of a substantive procedure just to show the examiner you know what you’re talking about.
So, so many students think they’re hitting the mark and they really aren’t – it’s all exam technique and is the reason why students over think they’ve done better than they have.
The exams are out of 100 now (CBE used to be 120) so whoever said your grade is scaled down 120/100 is incorrect.
Hope this helps!
Planit, it’s okay to prepare a tax return for a business (although not to provide tax advise) but as far as I’m aware, it’s never okay to accept contingent fees. The ethical threat is too significant to manage to acceptable levels. As a firm, you would always be invested in the performance of the client, to ensure you recovered your fee – which would compromise independence and objectivity.
Grim wasn’t it! Thankfully I did find the exam okay in the end and managed to eat a Twix at about 11:30 haha. But a few people had to drop out because of childcare and work in the afternoon etc
Yes I had the same 🙂 two self-interest and one familiarity. I put neither for contingency fees too. I struggled with the one about the subsequent event re the shares issue – I said non-adjusting with disclosure but in reality I uhhmed and ahhed for ages. I guess it depends if they had issued their intention for a share issue in their plan? It didn’t specify. I said they shouldn’t disclose to the journalist as it may affect the involved parties (I can’t remember the exact wording) but thought that was a sneaky one really. I guess it wouldn’t be public interest as it’s already in the news with the court case so it’s not like you would be whistleblowing; disclosing would just look unprofessional imho.
Nancyox, my exam was also 3 hours late starting and then I had a keyboard where the space bar and “s” key didn’t work…. smhDid anybody else have “technical issues”? Our exam (in Bristol, UK) was over three hours late starting. Some of us went from 6:30am – 4pm without any food or water. It was awful.
I thought that was a sneaky one. I said no; because it might compromise the parties involved (or something like that). I don’t really know what the answer was and I studied the syllabus pretty thoroughly. You could’ve argued it a couple of ways I think but I tried to put myself in the position of the auditor and I know there’s no way I would comment on my client to a journalist when there was an ongoing court case.
It’s a familiarity threat. You should have had one familiarity threat, two self-interest and no self-review. If it had been the other way around (previous finance director joins audit team) then it would be self-review.
I sat it – and like others have said, I think I did okay on Section A & B, but I found section C pretty horrible. I had no idea what they wanted me to write for the performance management one for the three hospitals. There wasn’t really any comparator apart from each other. I found myself saying really obvious things like “hospital North did best at this compared to the others but did worst at this other thing” and then I had no idea what to put in the conclusion. It didn’t help that my scratchpad totally wiped itself partway through section B as well as I lost all my marks. Did you get a section A question as well where it didn’t tell you how many decimal places to round to? I think I’ve probably lost marks on that just because of rounding. Only a few hours to wait now though… good luck all ?
@soni23 said:
Why I feel that some of mcqs were different, is anyone of you gave a cbe exam? Cause I have cbe. N there are some mcqs I don’t remember that I attempted.There were definitely different questions. My friend and I sat the CBE at the same time and we had totally different questions. Different MCQs, different section Bs, different section Cs, everything.
@fathikhaleel said:
anyone remember the answer for the mcq wer we had to find the market value of preference shares…?? i think think the options wer $55 , $50 , $75(not sure) etc…Hi, I think I got $50. I did the dividend ($5) divided by the cost of capital (10%) as it was in perpetuity. No idea if that’s right though.
