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How am i passed with 60 marks, i thought i will be failed, still i didnt know about the taxation syllabus.. I just prepared 1 week before exam.. Thanks to Allah for this success.. I will revise this subject again.
@tasbihak said:
Hi everyone. Planning on giving AA in June, any tips or ideas on how to tackle this exam.?Take old webinars of ACCA Pakistan, last year June 2018, sept 2018 and dec 2018..
http://www.vimeo.com/accapakistan
From the webinar you will get the idea how to attempt the exam and what areas are important.
After that attempt questions from BPP revision kit. Topics you should cover1) Ethical Threats identification and recommendation.
2) Internal controls deficiencies, test of controls,recommendation by auditor
3) Audit strategy, material misstatement, Substantive procedures
4) Audit Risk, procedures.
5) Subsequent events, Going concern, material uncertainty
6) Audit report (Unqualified, qualified, adverse), KAM, EOM Para..
If you cover these topics, you can easily get 60+ marks.@jennie1984, yes the 3 mark question was to write the purpose and importance of audit engagement letter..
As per my understanding, the issue is material but not pervasive because materiality is 21percent (<25percent). So audit report will be modified by giving qualified opinion, then discuss the impact on audit report(modification in headings), reasons in basis for opinion para and opinion para will be qualified except for..
Section A was tricky, 50% of section b contains only substantive procedures.
There was one question on substantive procedure which has the scenerio that company accrued for good received not invoiced and 20% of the invoices has not been received.
One question was to explain importance of internal audit department which assist director in fraud and error.
One question was to write substantive procedures on discount receivable.
Scnerio was something like that there was discount linked from the supplier with the volume of goods and director is sure that the volume will reached to the limit and has therefore recorded discount as a receivable and reduced it through cost of sales as he thinks that he would sale all of the quantity purchase at the end of the year.
Company year end was sep 20×8 and discount claimed in feb 20×9