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1. Thank GOD its a Group SOFP with two straight forward SUB with one minor disposal of 10%
2. Got around 8 workings including the 5 main workings
3. Yep negative goodwill for 1 sub but the figure im not sure i think -23 or -28 somthing like that.
4. When choosing question 2/3/4…no time to read q2/3 too long…i jumped to start q4 – straight forward scenarios but answered with some general knowledge & some minor knowledge of the corresponding IAS/IFRS and with some on the job knowledge (logical accounting)
5.Then look at q2/3….i selected q3 no choice it was less hard. Again applied general knowledge, minor knowledge on the acccounting stds, and knowledge acquired on job
6. Hope to get 50 but it all depends…
7.However, i am already starting to revise IAS/IFRS and continue practise consolidation/cashflow till results are out.
8. If pass stop revision, if fail continue revising till september exams….
9. Best of luck for all of you – hope you pass with 50
10. See you soon- goodbyei am trying since morning today around 11am till now its 21:17hrs just to tackle 1 question on Cashflow in the past pastpapers……cannot do any adjustment….just finished it…..when counting…im just getting more or less 12marks….on 35 possible.
Yesterday tried to tackle a group consolidation SoFP- for 4hours….at the end..it was alll wrong and out of 35 i gave myself only 10 to max 12points…
forget about questions 2 3 4 thats not in my mind.
1st question- Sales System of a toy company having different warehouses for stocking toys already manufactured at the main factory. Head Office is located elsewhere. There was a fraud whereby receipts from suppliers were updated against old accounts.
1a. List the test of controls for the sales system 12mks
1b. Procedures to carry out in order to ensure that receivables are showing true n fair view
1c. Reason why the faud occured and state ways how to mitigate the risk of fraud and suggest possible remedies for the fraud.?Briefly the other questions:
Explain Misstatement- how do deal with n whats the consequences?Identify, List and Explain 5 Audit risks and how to mitigate, control, eradicate those risks (scenario)