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Passed first time.
If anyone is struggling with this exam please feel free to reach out and ask questions.
Section A was hit and miss but Section B was kind enough.
Lots of matching questions in A and ”select 2 of the following” options so lots of doubt around the outcome here.
Section B – Standard enough Questions on Audit Risk and Internal Control: Plenty of areas to revert back to IAS’s in Audit Risk and room to reference ISA501 (Inventory counting), ISA320 (Materiality), ISA240 (Auditors responsibility to detect fraud and error). The other two parts of Audit risk related to Ratio Calculations for 4 marks – Receivables period, inventory holding, operating margin, and a question on Audit Strat and Plan for 4 marks.
Internal Control long question for 16 marks with a 4 marker on objectives of sales system. Question 3 was plenty of substantive procedures, on Bonuses, Closing Inventory valuation, and a question on impact of auditor report for 5 marks.
Overall a very doable exam, once correct application used.
