[sbeeharry]

@Tommy. Thanks, thats clear. I was not sure. For the profit margin, guess I will score. I also said that the basis for calculating capital employed was correct. Same for management retention (it excludes contract employees, so it is good).

@Chullbulla. That was an easy one. Most of the criteria in the mission could not be linked to the indicators as indicators was mostly financial. The mission says something about staff development and being able to offer world class service: those were not reflected in the KPI. If I am right.

[sbeeharry]

Same thoughts. Q2 was the easiest, so am wondering why many did not attempt it.

For Q1 (b), a Q worth 12 marks asking to assess the assumption and description of the KPI – well I was struggling with this question. Can anyone help here?

For Q3,I was struggling in answering the questions relating to technological factors and the other one regarding political factors on Jayland compared to G..land. Any ideas regarding the answers?

[sbeeharry]

@Fidget said:
Q1.

b) Four significant risks of misstatement was easier: Revenue – healthcare plan annual revenue recognised on day one, receivables balance, provision for refitting shops, can’t remember the other now.

I included IAS for Agricultural where they state that living animals / plants should be valued at FV. Was that ok? I also added the risk that the stores could have been classified as held for sale as they intended to sell some of them, but this is wrong since the store need refurbishment and hence not available for immediate sale. Really, I was out of ideas and has to write down anything.
Hm, for provision for refitting, am not sure if that is a constructive obligation, and hence provision should not be created.

[sbeeharry]

I believe that there should also be a reasonable assurance that the company will generate future profits so as to offset against tax losses. So as a result, obtain perhaps a prospective financial statement and other forecasts in order to determine if future profit will be generated. Not sure if i got this right

[sbeeharry]

@tanlihtyng said:

As for Q5, although all scenarios containing misstatements, but only the first one will get a qualified opinion isn’t it? If I remember correctly, all the rest didn’t meet the materiality level. But I quite rush with my last Q so I’m not sure whether I see figures correctly. I wasn’t confident when doing this Q ‘coz most of them unmodified. Sad.

For me all were not material, even when aggregated together. So I said an unmodified report should be issued. I think we has 6 marks to comment on impact of audit opinion and report. With an unmodified opinion, i really did not know what to comment in order to achieved the marks.
Any other comments regarding this?

[sbeeharry]

Not enough time….if you take the time to carefully read all the questions, not enough time to give quality answers

[sbeeharry]

I think the optional questions were more crazy (INT). Plus, I spend so much time in Q1 that by the time I started Q2 I started panicking.

[sbeeharry]

@haadia said:
I think deferred tax liability understated as not provided for at all. Difference between carrying value of sites (high due to revaluation) comparing to tax value. I’m not 100% sure that’s correct though

Yeah, about same. I mentioned temporary differences and that it should have been recognised. I was not sure though.

[sbeeharry]

For question one, there was something about deferred tax not recognised for revaluation made…any idea of the audit risks that should have been mentioned here?

[sbeeharry]

@sublime88 said:
they dont publish the exam papers anymore which is sly. i dont remember seeing anything about liquidation it wasnt on the intl syllabus i dont think. more marks ive thrown away if it was anyway!!

I think it’s only the new March & September papers that they’ve said they’re not publishing.

I can confirm. It was not in the INT paper…

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