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Just make sure that you are able to apply all the rules and principles you learn. Always think of a scenario where the rule could be used. That helped me a lot.
@demetrios21780 said:
I had mcq if an audit partner after audit is recruted by the client what actions must the audit firm make.Also there was one with answers report1 report 2 audit report and something else.i believe mcq will have a deceding role for passingThe same here. I responded that the audit firm should amend the next year audit to ensure that the team has more experienced staff.
The other answers did not seem likely :/
The same here. I responded that the audit firm should amend the next year audit to ensure that the team has more experienced staff.
The other answers did not seem likely :/
I sat the the exam in London (Kaplan) and we also had technical issues. Fortunately, we only started late.
Some questions which I remember:
1. Types of misstatements – judgmental, factual or projected (I am not sure that this topic was ever discussed in any AA materials but i’ve just found a related article in AAA section of ACCA)
2. You received responses of recev. circularisation and you need to decide on further actions.
3. Ethics – The audit partner is resigning and you find out that he is becoming a finance director of your client effective from day 1 of the following year. What will you do? (PS: Any ideas?)
4. Why does the auditors have to communicate with those charged with governance?
5. Substantive procedures for y/e bank balances. Note that the client has a number of foreign currency accounts.
6. Control Deficiencies – Recommendation – test of control. This one was pretty obvious because the purchasing director did not have access to budget, the year end inventory did not take place, perpetual inventory was not completed etc.
7. Provision for breaches of workers’ hours or something. Long discussion and substantive procedures for provisions.
8. Audit risk – new systems, lack of financial controller, drop in net margin but not gross margin, extended payment terms, one new cheap supplier etc.
9. Two reasons why audit has to be documented.
Generally, I think that the questions were quite fair although MCQs were quite tricky.
