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Its my mistake! Not 16 000 but 19 200 i.e. Sales 20 000, Cos 19200, Profit 800, now I know where I’ve done wrong. Thank u so much Sir!
Hello 1692317,
Normally we reperform the matching between sales invoices and GDN’s, or reperform bank reconciliation done by client. Reperform is like u redo whatever client has done, my tutor also told me whenever u see the word matching, the TOC should be reperform.
Recalculate is when u recalculate the depreciation charge or disposal charge to ensure mathematical accuracy. 😀
Hi there,
As for me, I try to memorise all the Substantive Procedures (it helps me to differentiate TOC and SP) and bare in mind that Analytical Procedures, External Confirmation and Recalculation is not TOC. I would say to myself “are u trying to find the actual misstatement or to test the effectiveness of ICS?”
I sometimes struggle to think of it as well but as I said I keep asking myself that question. I found this very useful mind map if you would like. It is the entire syllabus of F8 I hope this help!
Hi there, I would like to answer ur question if you don’t mind 😀
I was advised by my tutor that during the 15mins time first of all you should do as follows:
– (if u believe in God,pray) if not hope for a miracle to happen
– Read all requirements from Q1 to Q5-underline key points
– Anything that are Substantive Procedures, Test of Control, jot down next to the question (i.e. ToC- ORICE (Observe,Reperform,Inspect,CAATs,Enquire and discuss) so that u won’t forget.– Take only one hour 10 mins to attempt the whole Q1
– Make sure u take only 20mins to answer Q2
– Q3 and Q4 maybe 36minsI hope this help! Goodluck! 😀