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i agreed with everyone . i find time was a constraint and the spread sheet and word document was not friendly. the entire exam it seems was based on consolidation they were everywhere.
I think the Multiple choice questions was manageable. The long questions especially number 3 was quite difficult. I think i wasn’t prepared enough.
The Multiple choice questions are out . You can read the question and check your answers u put down with answers provided by Opentuition.
In the Bpp Exam kit there is a question in the audit report section that
had a scenario with inventory just like the one in exam.
You all can take a look as to whether it was except for or disclaimer of opinion.
I can’t remember all the facts in the one in exam but you all who have a better memory can compare it.
The multiple choice question with internal auditors being never independent.
A colleague said that you could outsource the internal audit department.
I put the question to you, who would they be reporting to and who will be paying them, wouldn’t it be management and if they wanted to keep the contract wouldn’t they do as management requested.
The inventory was not pervasive, pervasive means that it renders the financial statements unreliable and this misstatement has was only affected the receivables figure in the financial statements. I think it was verifying the inventory amount since they couldn’t do year end inventory count again,
I agree, both receivables and inventory were material but not pervasive.
The multiple choice wasn’t bad but there were a few of them that was tricky.
I believe there were too many audit procedures from test of control to substantive procedures. Every type of financial statement item was tested from non current asset receivables, payables, bank, and inventory.
Too may questions for that amount of time most people didn’t finish.