Forum Replies Created
- Posts
Honestly, the paper was okay and quite doable. The questions were pretty direct, I think?
Q1
a.ROMM (22 marks)
Materiality was already given (3 marks), so I think 6–7 risks were expected.
FVNA – Hinder liability not recognised
Goodwill – Possible impairment issue
Customer loyalty points – Potential contingent liability
Accounting policy – Signs of management bias
License – Should be an intangible asset
Refurbishment cost – No breakdown; maintenance costs shouldn’t be capitalised
b. Internal Control
c. Audit procedures in the acquisition calculation
d. Ethical issue
Q2
Quality management (15marks)
This one took my time a lot as there was so many points that can discuss. However i only make 10-12? I cant even remember. (Confused the verb comment and discuss lmao)
Audit opinion
I wrote disclaimer as it was material and the deferred revenue can impact the whole fs include sofp,sopl, and cf.
Q3
Term of agreement of the profit forecast assurance? I think so
Internal control
Audit procedures on the profit forecast.
Anyone got this variant like this? Whats your thoughts on that paper?