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Q1- I have not seen no one write about the audit risk of, understatement of deferred tax payable which is emanates from revaluation of properties & have not shown in the SOFP
& corresponding overstatement of retained earnings which could results from by passing
of the required entry.based on the materiality level of items included in the the trade receivable & provision requirement which was UN provided & hence causes to understate payable & overstate profit, b/s of materiality of the items disagreement qualified opinion using through except for
may be suffice.basis of disclaimer opinion has not properly outlined , it is not also adequately explained the quantification of the qualification
the non provision of of the probable out flow of resources for the provision also not mentioned
not fairly presented can not be the sufficient evidence for disclaimer audit opinion rather the material & pervasiveness of non available adequate evidence would have been the causeopinion paragraph should have been outlined as disclaimer audit opinion below the basis of opinion paragraph, while it is merged with the bases of opinion
it said the f/s materially misstated & hence qualified opinion was appropriate, since the f/s as a whole was not misleading
in the emphasis of matter paragraph it is inappropriately mentioning the non provision of the legal claim , which should have been disused in the basis of qualified opinionI advise you to take p5 rather than p7,since p7 might be challenging even for the audit managers in the big audit firms,
Relatively the exam was good but still there is time pressure reflected on completing the exam on time .
I wrote in due dilligence more focusing on fact finding that has not been clearly reflected in the audit report, this might include the following :-
UN provided or undisclosed contingent liabilities that may be crystallizing later on
the fair values identifiable net asset of the target company
any asset pledged for the loan taken
any customer or supplier contractual agreement that may have impact on the targeted co. if UN fulfilled
W heather the web sight designer will continue with employment after change of ownership
clear about any obligation that may have negative impact to the prospective acquirer
Any legal claim that was pending & might have future blow to the acquirer
I should have to clear my responsibility that i may propose the purchase price of the targeted companyHow could we change our mentor ?
Could i fill the per fulfillment for the previous year ?
If there is no Acca qualified in my organization, could i approve my achievement of
the practical requirement by my own immediate boss, who is not Acca member &
finally by Acca member , who is not my immediate supervisor but who could review
its reliability & he has some jobs around the organization, that i am working ?Relatively with the previous p7 exams this one was fair,but still little time shortage
By taking p7 you are considered by the examiner as if you are an audit manager & hence you suppose to act like it, not as internal auditor
