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Overall, I found the exam challenging.
In particular, I felt that the MCQ were very tricky and significantly more difficult than the preparation material. I have used Kaplan, BPP & OpenTuition for practice- or maybe I was on a bad day, who knows…
Section B questions were OK- not piece of cake, yet manageable- but as usually time did not seem enough.
More specifically:
Q16: a) Definition of audit risk and its components (4 points)
b) 8 audit risks & relevant responses (16 points)
c) 5 ethical threats & safeguards (10 points)- I included EQCR partner who was previously audit partner for the same client as familiarity threat, not sure if it was indeed one of the threats.
Q17: Substantive procedures on:
a) Completeness of accruals & tr. payables (4 points)
b) use of audit software for accruals & tr. payables (3 points)
c) bank balances (5 points)
d) directors’ remuneration (3 points)
e) Key audit matters, how the auditor identifies and communicates KAM (5 points)
Q18: a) 4 types of control activities (not 100% sure, maybe it was objectives?) and example control for each (4 points)
b) 8 control deficiencies and suggested controls (16 points)
