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Exam went really well. Section A was not difficult and I had the KAM question. Gladly i prepared well for KAM.
Also felt it went really well. Got the standard control and risk identification questions in section B. Didn’t get any really unusual questions in section A.
I feel I got caught out in section A a little with a materiality question and a question about assurance engagement. But part B was everything the mocks had prepared me for so overall feeling happy. October 18th can’t come quick enough.
Sec A was ok. Nothing tricky.
Sec B was very easy. For me it was substantive procedures for receivables, legal claims, inventory valuation. Benefits of audit planning. Components of internal control, adequate and inadequate disclosure. And a basic test of controls and audit risk question.Which audit procedure would provide best evidence to verify accrued interest at the year end?
1) Inspect bank reconciliation and confirm
2) Recalculate accrued interest based on outstanding loan value
3) Inspect bank confirmation letter to confirm the loan account interest rate
What was the answer of this question?I would say recalculate accrued interest and inspect the bank letter to confirm the loan interest rate. I don’t remember this question if I had it. But I hope by brain was not freeze and I added these two answers.
Hi All, happy to hear for you guys that the exam was quite easy. Personally on part A the first question had 1-2 tricky parts in regards to right issue , not sure if I answered them right. Part B wasn’t too bad, the substantive procedures, risks, and test of controls, which I believe I answered them in a decent way. I admit I wasn’t prepared for the adequate and inadequate question in regards to the going concern. I know due to the receivables ratio going up can be a going concern issue, even if there is no a specific number for materiality, but I don’t think my answer was good enough to get any points. Overall my hopes are not too high, if I will just scrap above 50 points I will be more than happy.
Hmmmm as far as I remember the question was related to adequate disclosure of uncertainty relating to going concern , what the auditors report would be if adequately disclosed or not adequately disclosed
What was the answer to the question about the person regarding the appointment of auditor for the company
One option was Isabelle kiran etc.?QAZWED wrote:What was the answer to the question about the person regarding the appointment of auditor for the company
One option was Isabelle kiran etc.?I selected the partner in charge of the limited assurance engagement, as the other two partners would review their own work, and the last partner is a co-owner of a company that management is involved in.
Krishank wrote:Which audit procedure would provide best evidence to verify accrued interest at the year end?
1) Inspect bank reconciliation and confirm<br>2) Recalculate accrued interest based on outstanding loan value<br>3) Inspect bank confirmation letter to confirm the loan account interest rate<br>What was the answer of this question?I selected re-calculate interest, bank reconciliation is generated by the client and the bank letter only confirms the rate, not the amount to be included but I’m not 100% sure.
Anyone remembers any multiple choice answers?
Re appointment of auditor, I chose the one in charge of limited assurance too
I choose the same. As the other three were triggering the threats of self review, advocacy and familiarity/self interest. Not sure if I was right
Not as bad as I thought it was going to be, unfortunately for me I didn’t get the time to do the mock exams or the revision question kit otherwise I definitely would have aced this exam. Oh well, I guess I’ll have to re-write in Dec.
Anyone remembers the answer to a multiple choice question on how the reliability of evidence can be reduced?
Don’t know its just me or the examiner loved receivables… lots of questions were related to receivables in section A.. however my exam went pretty well. From Pakistan.
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