Forum Replies Created
- Posts
hi guys I got a negative goodwill too! I thought I made a mistake maybe that was the examiner’s plan to panic us…. I hope was correct… but I got confused on the buildings part and the valuation so I added the buildings again to net assets… I thought that might be the reason for negative goodwill….fingers crossed. Q3 was a disaster -andi attempted q2 and q4… hope good enough for a 50. Best of luck to all
dont panic Audit is not an easy paper ! i failed as well and now barely passed at 57, i believe the most important areas to master are
1) Reports conclusion – modified, unmodified …..qualified / unqualified – are very tricky bits
2) the case scenarios with tabular format to explain why would you to the Audit techniques ie :i would observe the employee clocking in TO ENSURE compliance of the internal procedures.
you need to say 1) what you do + 2) why you do that test!
@neilsolaris – i hope sooo my friend did the same but i read in my tution notebook the other way around…..so i am not sure , i hope is correct and gain that 5 marks …..
@generations – i hope we all pass no matter how many silly mistakes we did is awfull to re take any paper ….i am not sure though – ignore me ….
best of luck to all !
@generations ok how can u calculate for 5 yrs time the total leasing cost ? 155* 5 – what about time value of money !! you make me laugh !
@yaasir786 i beleive the DF (discount factor ) should always be under money rate 12% not the 7% but anyway by using the wrong DF will deduct max 1-2 marks , i might be wrong …is only 1-2 marks, i asked my tutor.
@muneebbabar no no you cant ignore buffer !!!!! is part of the formula
7 % for leasing should have been used, therefore leasing was cheaper
WACC gave me around 12 %
NPVs both around 3600 cant remember exactly but both positive
the research should have been ignored – is sunk cost not a cash flow item
the 2 mil investment goes in Y0Can anyone tell me on the interest loans rates what you guys answered – i messed it up i said lower interest rates on short term loans…..should have been higher interest rates right ??? – just lost 5 marks !!! 🙁
@alatu they will pick your first 6 and ignore the rest, even if your next are better and u made a mistake in the first 6, they don’t mark beyond 6 th point 🙁
Best of luck to all of us to pass
I agree q5 last part was a joke I started laughing when reading, about the ethical risks I used the threats of auditors as well…like self review, intimidation of fees,self interest cause they wanna base the fee on profit after tax figure…
Good luck to all of us is a horrible and strange paper…global passing rate is very low.
failed 40% – studied 3 weeks before exam i thought i did well enough for a pass but nope.
I scored 70% in F5 tough !
overall F8 has to wait i am fed up and tired of this Audit ……..i shall sit F9 and P3 in Dec.
i passed with 70 % after 2 failures ! one more down of the list !! yu hu hu !!!
<cite>@aadjazz said:</cite>
That was part C of the question!The directors do not wish to make any amendments or disclosures to the financial statements for the explosion
(event 2).
Required:
Explain the impact on the audit report should this issue remain unresolved.
(exam questions already available on ACCA website). I said emphasis of matter paragraph as to bring the attention of shareholders of the explosion and its impact …….
i feel i did ok – i attempted all the questions however on decision trees i did a silly mistake and i forgot to multiply by 3 yrs ….that will be sooo stupid from my side, but is to late
I got the same on target cost
Best of luck to you all to pass – is a very dificult paper indeed
YEAH WHERE IS THE ONE WITH THE BOYFRIEDS RECOGNITION….I WILL DO CREATIVE ACCOUNTING NOW
lol…is a good one !why do we study all this Ethics and Coprorate Governnace …at the end …..2+2 can equal anything he he he !
failed with 42 – 1st attempt – cant believe, i thought i did much better …..i am so confused didnt expect to fail it to be honest!strange!
passed with 53 thought i did much better dnt know what happend ? i am shocked !
