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Passed 1st time 55%! Did not enjoy this paper! Relieved. Thank you John Moffat and Open Tuition!
Thank you, it’s a great feeling! Sorry I meant nothing against the lectures and notes, that was all perfect thanks! I practiced with the 2014 Kaplan exam kit and I think the wording just threw me off quite a few q’s in the live exam. Onto FM now
Passed ENG Law today with 58%! Thank you Mike Little and Opentuition! Would have liked to score higher, however quite a few questions came up regarding the latest entries to the syllabus which I didn’t revise due to owning the old study text. Glad it’s done now!
Hi guys, I was wondering how long the on demand CBE exam is for F4 Eng?
Sacked it off for a while and now it’s one of the two papers left to pass out of the fundamentals, so might as well start preparing.
The questions I got had very little information compared to what I’m used to, making the approach a lot easier. I got goodwill at acquisition, cons p/l and another question on calculations of ratios and analysis. The Mcq’s and OT’s were actually not so bad. Questions on Deferred tax and financial instruments threw me off a little. I also got alot of double tick questions where I may drop marks. How was everybody else’s?
The conflict of interest question was for acting as auditors for two clients and it was included in the 30 marks question after audit risks and responses, with a separate legal claims paragraph.
I think overall the exam was okay. Substantive procedures for NFP’s was a tricky one for me although I tried to apply as many assertions I could think of and hopefully they’re sufficient.
Sat the CBE second time and knowing what to expect regards to tight spacing and loud typing noises I think the experience was a lot better than my first time I sat a CBE, so it does get better and you get used to it don’t worry.
I hope all of you have done enough to secure a pass and we all go through, all we can do is hope for the best now. Good luck!
Sat a CBE and was tested on:
-Audit Risk and responses
-Conflict of Interest
-Laws and regulations
-Substantive procedures
-Control deficiencies and recommendations
-Impact on the audit report
-MCQ’s consisted of ethics, subsequent events, substantive procedures, audit report and opinionsOkay I’ll clarify by providing you all the possible scenarios:
In the case of the company not being a going concern and has prepared the FS on the break up basis and made adequate disclosure of this fact then the auditor will issue an unmodified opinion with a modified report and a ‘Material uncertainty related to Going Concern’ paragraph.
If a material uncertainty exists but has not been disclosed then a modified either qualified or adverse opinion will be issued depending on whether it is material or material and pervasive respectively. A basis for modified opinion will be given explaining the going concern issues management have failed to disclose.
If the company is not a going concern and has prepared the FS on the going concern basis then the opinion will be adverse as it is pervasive and a modified report with a basis for adverse opinion explaining the going concern issues management have failed to account for properly.
If the period assessed by management is less than twelve months from the FS and management is unwilling to extend the assessment then the auditor will issue a qualified or disclaimer of opinion due to the inability to obtain sufficient appropriate audit evidence and a basis for modified opinion.
Thanks
Yeah that article is quite old and is based on the old standards.
However, they issued a new technicle article ‘The new auditors report’ which addresses your issue and clarifies that in case of a going concern scenario an unmodified opinion with a modified report that includes a material uncertainty related to going concern paragraph.
@aliwright said:
How did you study and what materials did you use?I used the Kaplan studying materials and watched the OT lectures. I also used the BPP exam kit
MCQ’s were hard as they were based mainly on the theoretical side of the syllabus. However, I found the number ones okay.
Section B
Question 1-Llike everybody is saying it was to just calculate the profit by deducting the costs and it did state the equation could not be applied, so that gave me some confidence to continue this method, I got 4 batches to be the most profitable.
Question 2 – Lifecycle costing. I don’t quite recall what I did for the Patent cost for 10 years. I think I divided the figure by 10 and multiplied it by 2 also adding the renewal costs for each year. Lawyer’s fees was due to the product patent, so I did not deduct that either from the General Fixed costs. Advertising and Marketing was calculated by multiplying each figure with the probabilities and adding them together for both years.
Question 3 – My ROI was around 25%. I deducted dep’n from the expenses and used Net profit for my controllable profit because depreciation is not controllable by the manager. Part b was just explaining the reasons to why ROI is not a good divisional performance measure and reasons like it encourages sub optimal behaviour and managers are keen to keep ROI’s high whereas an investment in a project can be profitable for the business in the long term etc.
Question 4 – Balanced Scorecard. I was glad I practised a question like this on the Kaplan Exam kit and it went really well, the aim was to just read the scenario carefully and pick out any improvements the business could possibly make to improve their performance.
Question 5 – The labour rate variance was Adverse and Favourable for efficiency. After I pretty much messed up really, I don’t think I scored very well on the last question.
In part C, I added a few points like planning is not controllable and operational is and therefore the manager should be assessed fairly by only looking at the operational variance.
