[ionverdes]

Assuming your scenario (all components are audited), someone still need to issue an opinion on group financial statements, which include also adjustments made at group level, disclosures, etc. Component auditor’s work does not cover these aspects.

Indeed, for some groups, work done by group auditor will be straightforward (not too much effort), but this will immediately will be reflected in the fee (low fee will be negociated for group audit).

For other groups, with complex intra-group transactions, with difficult judgements involved, with risks @ group level, group auditor will do sometimes more work than component auditors.

Long story short, group auditors are needed because group financial statements need to be audited. And component auditors do not express opinion on group financial statements.

[ionverdes]

Five dollar i got the same results as you so I hope we both pass :))

[ionverdes]

My answers:

B
C
A
C
D
C
A
D
D
C
A
D
A
C
B
B
A
B
D
A

13 same as vipulv. This gives me hope..

[ionverdes]

Got it. Sorry for bothering and thank you for your replies. I am just too stressed 🙂
These corrections would increase my chances to pass from 0% to 1%, this is why i wanted to make sure they are “for real”.

[ionverdes]

🙂

[ionverdes]

I’m sorry, I am not a native English speaker, does “in hand” mean “in progress” or “done”?

[ionverdes]

Dear Mike,

Taking in consideration your corrections above, would you please update the suggested answers (pdf) from OT F7 main page with corrected answers?

Thank you in advance.

Best regards.

[Author]

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