[ehb1]

I also found Section A (MCQ) very difficult, to the point I can’t even remember the questions.

Some of the Section B questions that I remembered are:
+Lots of Substantive procedures questions on:
-Director Salary
-Revenue
-Trade Receivables
-Trade Payables
-Provision for Damages
I also felt like I was repeating myself a lot.

8 Audit Risks & Responses (I was timed out on this question as spent too long on the MCQ, so just about managed 4, but incredibly rushed)

Describe 2 reasons for documenting.

Describe the 5 components of Internal Control (CRIME)
Chemical made customers ill
Describe procedures to confirm Going Concern

Deficiency in system (Payroll & HR – no joiner form)

3 Direct Controls & Test the control
-individual till per cashier & login code
-secure bank collection company

-Exception report automatically generated per month & filed – no checks.

-Reconciliations – only reviewed if does not reconcile.

-CEO to become chair – not allowed.

Section A question: NED’s – remuneration based on total assets %. Should be on time spent, independence – self interest threat.

I think there was 1 MCQ for 2 marks on Modify Opinion (Audit Report).

I found Section A questions hard and had to read several times to try understand what was being asked. Lots of matching questions.
This then ate into my time, which caused me to be timed out on the final question of 8 Audit Risks & Recommendations.

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