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This is my worst exam . I couldn’t remember how to work the weighted asset beta and the spot yield and it threw me off completely. I answered the other two questions ok. Sooo much to remember
The paper was not too difficult to answer, but it was a bit much to complete in the time given.The answers required a bit of thought before putting on paper, but barely had time to think before writing answers. Most of the areas I concentrated on in my studies did not come in the exam. Added to that, it was just my luck that I had excrutiating pain in my right hand, had to stop writing from time to time. Hoping by some miracle to pass.
Passed with 61 marks..feeling relieved. P1 in March! To all those who failed…. “don’t give up”…..do as many multiple choice from open tuition and attempt most of the questions from the kit.
Hi Mike. I am having some difficulty in choosing which workings to show and in which order….especially with consolidation. Please advise!!!!
First of all there must be test of controls. If it is found that the controls are poor. then there must be extensive substantive procedures.Substantive procedures should be performed on class of transactions, A/c balances andf disclosure notes. Some examples of substantive procedures are:
(1) Confirmation of balances from 3rd parties (via confirmation letters)
(These confirmations should be obtained from bank, supplier, debtor)
(2)The auditor should apply analytical procedures (checking variances/ratios
against previous year FS or against other similar industry figures.