[philboor]

@isida85 said:
What did You do in Q3 with point, that 70% wasn’t approved from regulations, and Gepo propose 3,4 m pay now, or just 1 mln if regulator refused.
Should We calculate anythibg here?
Or just write comment explanation?

I calculated the expected values for the bits with the probabilities (the recession and the chance of being approved by the regulator): 70% x NPV of the project + 30% x 1m. My answer was a bit below the 3.4m for selling now so I said it would be better to sell.

[philboor]

@miraji said:
Hi all, did any candidate sit the UK sbr paper??? if so, please can you remember what Q 3 UK parts were,

many thanks in advance for your efforts, to any reply.

In Q3 the last part was about different treatment of pensions between FRS 102 and IAS 19.

In Q4 there was a question about issues with the true and fair override in UK FRS, especially with regard to faithful representation and comparability.

[philboor]

Glad I’m not the only one who had no idea about the pensions in Q3.

Thought the rest was ok, section A seemed to be fairly standard.

[philboor]

@raoul7370 said:
For everyone’s benefit, I will try to pull together what people have said so we have an accurate (ish) representation of what the questions asked. Please comment if you think this is wrong in any way:

Q1

20 marks on ROMM
5 marks audit tests on Development Costs
5 marks audit tests on an impaired building (damaged by weather)
6 marks on use of auditor’s expert (need for one, or reliance on their work, unclear?)
10 marks on impact on audit caused by illegal ingredients, and a bribe
4 Prof Marks

Q2

? marks on Matters + Evidence (??) re a Sub 80% owned, parent bought remaining 20%
? marks on Matters + Evidence (??) re Sub in GC trouble, supported by parent
? marks on Matters + Evidence (??) re sub with different y/e and interco balances??
? marks on criticising a given audit report (client being investigated for some legal thing)

Q3

? marks on pre-tender issues for a DD, where audit also up for grabs for winning firm
? marks on matters to consider / info needed, and procedures to do in the DD

If someone could remember marks breakdown for Q2 and Q3, that would be helpful.

Q2
14 marks total on matters and evidence for the three subsidiaries, not sure what the breakdown would be
5 marks for reporting implications
6 marks for critical evaluation of report extract

Q3
10 marks for pre-tender issues
8 marks for info needed for due diligence assignment
7 marks for procedures on the fair value of asset

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