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Welcome to my forum!
Short answer – no (only at the level of OTs that can be automarked)
We only provide services to students that can be provided for free
But ACCA releases a video to help students debrief their answers to pre-session mock exams
@Ismail12 this is a poll post. You needed to ask elsewhere for a prompt answer. Our materials are still relevant even if recorded years ago …. somethings don’t change! There’s plenty revision question practice in ACCA’s Study Hub and Practice Platform.
See here an article covering factors to consider https://opentuition.com/acca/plan-your-acca-exam-journey
Short answer no. There is a mistake in the answer as
it is not possible to have such a DR/CR misstatement. Profit is over if expense is under and vice versa.“which have not
yet been identified …. Any additional
payments would need to be written off ….”The answer is speculating…. IF further fraud is discovered …. there will be further expense -> less profit. Hence, the RoMM is expense (payroll) understatement -> profit overstatement.
If a business pays for goods/services that it does not receive, the cost is still incurred and has to be recorded somewhere. Incurring unnecessary costs is a business risk (not examinable per se in AA), it cannot be a RoMM if correctly recorded.
You are right, something is confusing here. If there is hidden expense i.e. still to be accounted for, further expense means that costs are currently UNDERstated and profit is currently overstated. These are the risks of misstatement.
Remember over/understatement concerns what is (currently) recorded v what needs to be recorded for the FS to be properly prepared (in all material respects).
See Solution to Example 1 on page 27 of our notes for prohibited services.
If you look in our notes I think it mentions that some NAS are strictly prohibited, because NO safeguards could reduce the threat(s) to an acceptable level. Some are permitted as long as not material to FS. There is such a range of services that there is no one rule to fit all.
You are welcome still to post questions and I will do my best to reply.
Please forgive me for a brief response as I’m away on holiday with limited Internet access.
In short, you must do as the examiner advises, so the correct term is unmodified. The term unqualified has been obsolete for more than 10 years.
I will advise ACCA of the technical error in the mock, which should be communicated to the marking team (if relevant to the March exam).
You, however, and anyone else reading this post, should use the term unmodified.
Acca has faqs on exam attendance https://www.accaglobal.com/gb/en/help/dockets.html
Yes you can request scrap paper https://www.accaglobal.com/uk/en/student/exam-entry-and-administration/rules-and-regs/exam-guidelines.htmlDitto a toilet break
It may be helpful to consider in these terms:
An audit risk is either RoMM (IR or CR) or DR.
The response to RoMM at the FS level (e.g. risk that the entity may not be able to continue as a going concern) would require an entire audit program of procedures – so a “response” has to summarise the approach – i.e. evaluating management’s assessment of going concern, including cash flow forecasts.
For a RoMM at the assertion level – yes – the response may be very much along the lines of a substantive procedure but “Plan to perform a positive external confirmation request of trade receivable balances” is an approach rather than one substantive procedure – because there’s so much more to external confirmation than simply requesting them.
For detection risk – e.g. new client scenario – you would need to consider reducing non-sampling risk by having more senior staff engaged in the audit or greater supervision/review.
I hope that gives you some ideas!
There is some very helpful guidance in the examiner’s reports. Here are some key points from the S/D25 examiner’s report available here: https://www.accaglobal.com/content/dam/acca/global/PDF-students/acca/f8/examinersreports/aa-examiner-report-d25.pdf
“Having identified and explained the risk, the next step is to provide the auditor’s response.
Responses must be practical within the context of the scenario and care should be taken to
ensure the response is one an auditor would take and not a management response.“Auditor responses do not have to be a detailed procedure, rather it is an approach the audit team
will take. Care must be taken however, to ensure that the approach suggested actually
addresses the risk identified and contains sufficient detail.”Based on a survey we ran, the majority sat them as standalone
https://opentuition.com/acca/survey-results-when-taking-2-acca-exams-which-is-the-best-combinationYou might also want to read the latter part of the article here https://opentuition.com/acca/plan-your-acca-exam-journey e.g. SBR is assumed knowledge for AAA.
What you learnt is correct. The examining team also allowed 1-2% revenue because that was a norm in some jurisdiction. However, since all students now have access to the Study Hub, 1/2 – 1% revenue is the norm to follow.
Short answer – there is no “matching” between “matters” and “audit evidence” – which is why answers to such questions are not tabulated/set out in a columnar format.
They are linked by virtue of the fact that they both relate to “the issues identified”.
IMAGINE you are an audit partner (or manager) and you have a current audit file on your desk to review after the fieldwork has been completed. The top working paper in the file when you open it is “points for partner (or manager)” – what “matters” do you need to consider as you read each point?
– A good place to start is – “is it material?” – presumably yes, otherwise why is the manager (or audit supervisor) wasting your time by drawing it to your attention?
– Is there misstatement? e.g. how has it been accounted for? v how should it have been accounted for? This is where you need to know your IFRSs
– Has sufficient appropriate audit evidence been obtained? (is there limitation in scope?) – it may indicate for example that “only” some limited audit procedures have been performed or that something has not been performed.
– If the manager/supervisor has drawn some conclusion – do you concur? etc etc (depending on the specific Q)
Now, having considered those matters – what evidence do you need to check is included in the working papers?
Try the following steps to resolve browser/session issues:
Clear Browser Data: Clear your browser’s history, cache, and cookies.
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Restart Application: If it persists, you may need to restart the application in a fresh session as suggested by the error message.If the error continues after trying the above, you should:
Take a screenshot of the error, including the URL.
Contact ACCA support directly, noting exactly which part of the application is failing.
