[Ashwin]

Thanks

[Ashwin]

thanks 😀

[Ashwin]

sir im confused too
explain how u calculate the interest on advancement on this question
I’m getting different answer at the end

[Ashwin]

47% :/

[Ashwin]

I took f8 and f9 Dec but unfortunately failed both
and already done 1/3 p1 syllabus
was thinking of taking f8 and p1 this June attempt..
why is it not possible doing this sir?
I can’t take 3 papers at a time and can’t cancel my p1 course
what should I do now?

[Ashwin]

identify 5 weaknesses
identify 5 audit risks

sir are the above same requirements?
or different
if different clear me gromit

[Ashwin]

Sir when it says
at “assertion level”
what does this mean?

[Ashwin]

Sir gromit
how can we do substantive procedures for sales and purchases?
confuse with this area
can we do test of control in this area?
if mgmt put a control for sales
clear me sir

[Ashwin]

Thanks Sir, understand it now 😉
Sir, does examiner cut marks if we put a wrong figure but our steps/method are correct
maybe in hurry we’ve put a wrong figure
whole answer will be in mess
does it cut marks sir?

[Ashwin]

John
I get confuse sometime when examiner include working capital in investment appraisal
if it give just a figure like that
then I just deduct it from PVs
and add it last year
BUT sometime we take it on incremental sales that’s fine
but sometimes it is there for all years deduct it and in last year….ADD all in last years and add back to last year
clear me on working capital in investment appraisal sir
when to add last year and when do not

[Ashwin]

it says 10% of inventory value
shouldn’t it be 10% * 250 (500/2) ? 🙁

[Ashwin]

hmm so the engagement letter is sent by the client to the auditor and will contain all informations necessary for the audit (infos provided by management)
if new things happen, then this letter need to be change

management letter is sent by auditor to client, containing all weaknesses of ICS and recommendations to fix them

sir is it good, correct me if my points are incorrect

[Ashwin]

Gromit, what is meant by mgmt letter?
I’m confuse with engagement letter
clear me on both of these
thanks

[Ashwin]

Sir do u think we can get questions on internal audit and corporate governance?
because full question already came up June 2014
if can get, how many mark it can come up?

[Ashwin]

why when there’s is high risk, materiality will be set at low level?
clear me on this point Sir
and what is meant by set a low level?

[Ashwin]

Sir, as swaps are not examinable
why is it then on the syllabus
🙁
can I skip it all?

[Ashwin]

Thanks Sir
you are so helpful 🙂

[Ashwin]

Ok Sir
🙂
I don’t think it will come up
rather I will focus more on receivables management
I like your lectures Sir
but sadly I found them late 🙁
Otherwise wouldn’t took tuition where I pay a lot still didn’t understand
its all here where I’m understanding chapters by chapters
Thanks Mr. John and Open tuition 🙂

[Author]

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