[Jas]

Q1 audit risks (18 marks)
Assess why trade receivables is a significant risk of mat misstatement (12 marks)
Not able to remember rest

Q2
Investment property matters & audit procedures (7 marks)
Defined contribution matters & audit procedures (7 marks)
What opinion/report we should provide assuming management doesnt rectify their errors (6)

Q3 Engagement quality review, ethical and professional implications (maybe 10?)

If anyone remembers more please comment

[Jas]

The exam from what I remember is below, tried my best to remember everything but hopefully the below helps anyone who did the exam remember what came up etc

Question 1 – Ripley Co – 50 MARKS

ROMM (24 marks)
Outsourcing Payroll (6 marks)
Closing down of law deparment (8 marks)
Legal damage claim (8marks)
Professional – (4 marks)

Question 2 – Forensic accounting / Fraud – 25 MARKS

Quantify loss as a result of fraud (9 marks)

Evaluation of internal controls – identify opportunities for fraud (8 marks)

Directors complaining that auditor didn’t detect risk, explain (8 marks)

Question 3 – Ribbon Co – 25 MARKS

Misstatements 3 areas identified – explain to management (12 marks)

Management not adjusting misstatement, and impact on audit opinion (5 marks)

Ethics, previous other work done on listed company, unknown prior to audit (8 marks)

[Jas]

Can someone please post Q3 in here – want to see the breakdown, I have something vague here below but, can someone please clarify

(a) Generic risk & risks which now have arose from the accident (7 marks)

(b) missing?? (4 marks)

(c) Internal controls and importance

(c) Recommend suitable internal controls

[Jas]

In question 2, what ethical threats did you all identify? And what did you guys say for safeguards?

[Jas]

Did anyone do question 3, it was split into 4 parts. Can anyone help me?

[Jas]

Does anyone actually remember the break down of question 1.
I know part A was 24 marks for value chain and assessing it.

What about part B – addressing strengths and weakness or just one? It was just weaknesses right? Also how many marks was it?

Part C was advantages of budgeting, but how many marks was it?

[Jas]

The paper was reasonable.

Does anyone remember the marks for the compulsory question and what the questions were roughly.

For options I did questions 2 and 3.
Question 2 was financial analysis on 3 different acquired businesses of a corporate parent with BCG Matrix and Ashridge Model (18 marks). And also the 3 corporate parent approaches (7 marks).

Question 3 was harmons process strategy mix looking at three functions of the business (15 marks) and disavantages of outsourcing a department (10 marks)
Not sure what question 4 was- can’t even remember.
Any ideas what question 4 was??

[Author]

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