[accachris]

I agree with you all. I walked out the exam confident only to find out I failed

[accachris]

Very sorry to hear. Odds were in your favour it seems but I guess it wasn’t enough to make 50.

[accachris]

The question on other functions of the internal audit department really threw me off. Might have said internal control stuff for them.

The question on the engagement letter thew me off a bit. May not have achieved all my marks there.

The question on 5 audit risks and responses seemed simple but i felt like I repeated a lot of stuff but I know it would be the only responses the auditor can make so it was ok.

Also question 5 seemed to take forever. Averaged 45 mins for that one question. It wasn’t difficult but there was a lot of writing.

Question 6 seemed decent however I got some issues with audit procedures for capital and revenue expenditure. Could have only thought of 2 rather than 4. And same for before and during the stock count.

After all the long questions I had 10 mins to do the multiple choice. Luckily they weren’t that bad and I probably got about 3-5 questions wrong…

Overall. I honestly am tired of not being able to finish these exams. It wasn’t that bad maybe if I had an extra half hour but all of these exams are impossible to finish. I just don’t understand it. Did the technique right and all of it…

Great exam though.

[accachris]

When an item is VAT Inclusive, you want to use 20/120 which is the same as 1/6.
When an item is VAT Exclusive, you want to use 20%.
You would use those 2 calculations in determining your VAT Payable or Refundable when doing your VAT Computation.

[accachris]

Salary is considered non savings income. Bank Interest is savings income but the 5000 is received NET 20%. Gross amounts are always included in the computation. So 5000 x 100/80 to give 6250.

Net Income = 9000 + 6250 = 15250
Take away the Personal Allowance of 10000. Use all from Non Savings Income (Salary) and the rest from Savings Income (6250) You would only need 1000 from Savings income.

Taxable Income for Non Savings is 0
Taxable Income for Savings is 5250

There is a special starting rate band for savings income if non savings income is less than 2880.
Non Savings = 0
Savings = 5250-2880 x 10% = 237
= 2880 x 20% = 576
Dividends = 0
Total IT liability = 813
Less: IT suffered at source (Bank Interest) = 1250
IT repayable = 437

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