[pfortune]

Thanks Mike. I just happened to look at the pilot paper and wanted clarification on this Horizontal thing. Agreed, it has not come up since the pilot paper, but knowing my luck I was just uncomfortable with the issue.

[pfortune]

2006 Pilot Paper Advanced Auditing (INT) Question 1(d) Discuss how ‘horizontal groups’ (ie non-consolidated entities under common control) affect the scope of an audit and the audit work undertaken.

[pfortune]

I always do the easiest question first it gives you a feeling of confidence. BUT NO MATTER WHICH QUESTION YOU DO STICK TO THE TIME ALLOTTED.

[pfortune]

Business risks comprises of FINANCIAL; COMPLIANCE; AND OPERATIONAL risks.

Audit risk is all the risks associated with the financial statements being materially misstated. they comprise of INHERENT; DETECTION; AND CONTROL risks.

[pfortune]

Gathering and analysing data is usually done by a forensic auditor.

Forensic accounting is usually a financial investigation into disputes and litigation.

[pfortune]

Strategy is What you are going to do. Substantive or analytical or both.

Plan is How you are going to do it.

[pfortune]

I am always amused when I get a question about the directors suing the auditors when the auditors did not discover a fraud when doing their auditing of the FS.

The auditors always take the precautions to emphasize that it is the directors’ responsibility to implement controls to prevent or detect fraud.

If they failed in their responsibility how could they sue the auditors? Even if the auditors were inefficient in carrying out their audit.

[pfortune]

Question 1 was tricky. They asked for Audit Risks but in the scenario they give a lot of Business Risk information.
The paper was not hard but was extremely time-pressed.
Hope I get a pass

[pfortune]

Here’s a tip to save you time in the exams.
1 Read the requirements FIRST
2. Then read the question and have two different colour highlighters in your hand.
3. As you read through the question, highlight the pertinent words which will assist you in compiling your answer. These may be risk considerations, or evidence or ethical matters.
Plan your answer so that when you start to write you don’t have to waste time looking for a point which you read earlier.
This saves lots of time under exam conditions

[pfortune]

If I have to refer to the standard on say “Goodwill” I will just say exactly that. “…..in accordance with the relevant standard on Goodwill”

[pfortune]

Hi, I have a problem remembering the IFRSs and IASs and ISAs. How to link the topics to the standard numbers. Is there an easy way to memorize these?

[pfortune]

I would also like to get mind maps for P7

[pfortune]

Thanks sosologos,
Boyle’s weakness ( her age and appearance) made her performance unique and gave her an additional edge to influence the judges in her favour – WO

However I think Boyle also grasped the opportunity of a talent contes in UK
to exploit her strength ( her voice) – SO strategy.

[Author]

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