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Auditor’s response is basically a recommendation on what the auditor will use to verify that the financial statements or procedures is accurate.
I.E. company received loan from bank (audit risk) and response will be to ask of management whether they have received the loan and agree to the financial statement.
Substantive procedure is used to perform tests on the internal controls within the organization.
IE to confirm inventory balance select a sample of inventory and trace to inventory records at the year end and ensure that no raw materials at the pre year end have been excluded.
I hope this helps
Hi Aliona123,
I have done this 2 years back for F8 when they had just introduced December 2014 which is one of the first papers i managed to finish but at that time i did not know that i had to fill my MCQ answers on the first page so i wrote it just like you.
I think they did take that into consideration as I failed and i most definitely think its because I did not fill in my MCQ as they have stated.
It was a terrible mistake on my part and now i have not been able to finish all the questions on this paper since.
But, hopefully you get through.
big F for me was down to the last question, i did not even get to attempt question 6 which will be to my detriment.
I also spent a lot of time on the first two questions, my time keeping was well off. I was making procedures up as i go along it literally got to that point i was ready to throw in the towel.
This F8 had to be the worst i have ever done the questions presented ie audit risk, corporate governance, subsequent events for one moment i thought i was doing a professional paper most of the common questions in the syllabus were rolled into march’s F8 exam paper that was a suicidal paper that can pull someone off the edge.
Saying that it took me a while to settle into paper. A complete shambles for me ACCA did not hold anything back on this paper.
