[Stephen]

Audit risk was straight forward enough (pretty much covered above in comments) ,PFI before accepting the engagement you have to assess if you have the competence, who the intended users are, timeframe, conflict of interest with the audit and then after the engagement is accepted all the tests you would do are things like revenue projections, ticket price increase that people would still come (assumptions/market research findings), finance cost calculations as they were borrowing £8 million but finance costs hadn’t risen with them.
Question 3 was going concern of company due to government legislation and research costs correctly written off. Also RPT in regards to the car and if this was actually an employee benefit or loan as the money hadnt been paid back.
Question 4 general ethics and professional question, run out of time before i got to the end……!!!!!

[Stephen]

Thought the exam was straight forward enough, its same old case of how the question can be interpreted but think i went along the right lines……….fingers crossed !!!

[Author]

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