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Passed on my 5th attempt! 53% after 46 49 46 47 .. cannot believe my journey is over.
Congratulations to all that passed, for those who didn’t my advice is keep going it will happen one day.
I sat remotely at 8am Uk time.
Not a bad paper at all, felt well Prepared 5th time round so I am hopeful to pass this time.Q1.. So audit risks 22 marks
Audit procedures on inventory returns where stock had 6m return policy 10marks
Audit implications and recommendations 8marksQ2 was 3 parts
Can’t remember the first part
Procedures that should be carried out to confirm if going concern had been correctly accounted for 8 marksCritically appraise The smallest audit report extract 7marks
Q3 post issuance audit review 3 separate companies, small scenarios
Planning and procedures, Quality, ethical and professional issues for each
7marks, 6marks, 7 marksIt’s all a bit of a blur now, oh yes I remember the one where he wanted to retire and withdraw $1m from the sale of the brand that was owned by him!
Valued at 100,000 – can’t even remember what I wroteI know 16 marks…
My question didn’t have pension and dividends in? Unless I missed it?!
I know how much can you write for planning an audit – ridiculous! Think in those questions you’ve got to use the scenario ALOT
What about the impairment question ?
I don’t think I answered the CGu part correct.. my brain was mashed with information.
Did anyone question why they were planning on restructuring the european segment when the revenues were projected to be good?
I was concentrating so much on making sure I was scoring as many PSM in a bit to save my ass !
Yeh I sat INT variant and it was as someone explained the UK paper
So much info and difficult to understand/paint a picture in your head.
I found sec an audit risks ok but on the whole sec b was just a bit random! 16 marks on quality planning after acceptance, I related alot to the scenario because how much could you realistically write for 16 marks?
Shame the audit report question was so small 4 marks
The Aaron question and the group questions were hard.
What did everyone write for the ribbon co sec c with the audit and due diligence
Yes me too as it asked regarding ‘report ‘ not the opinion, I took it as what else now needs to be done considering it was at the final stages of the report and due to be signed
What did anyone put for the matters question in Q2 worth 16 marks I think regarding licence and patent ?
I think I said more work needed to be done now to the report too as auditors have a duty to the users to show a true and fair view of the company.
Obv the sale needed to be disclosed but my mind was so blurred by time pressure I couldn’t think straight@chris777 if it’s over the lower threshold it’s material.
How many more exams do you have left
What ROMM did you guys highlight?
Chris777 wrote:Jennie_fierz wrote:Materiality threshold
Profits 5-10%<br>Revenue 1/2 – 1 %<br>Assets 1-2%<br>(P.R.A)I would say yes
What ROMM did you guys highlight?
Jennie_fierz wrote:Materiality threshold
Profits 5-10%<br>Revenue 1/2 – 1 %<br>Assets 1-2%<br>(P.R.A)I would say yes
I had the same paper and thought it was a bit oddly worded the requirements in some parts
Took me two days to remember the question about inventory and receivables haha !
Hi Lola
Why did you comment on in the cash flow question please?
Also question 2 – ?
Thanks
HayleyDid you sit UK paper? @chris777
I took int version.. my question 3 I think was slightly different?
Cash flow statement and procedures..
