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I don’t think it was a bad exam overall, Q3 probably confused me the most!
How did everyone else do?
I think today’s exam was easy. If we compare today’s paper with previous 3 or 4 papers, it was the easiest one among them. I attempted almost 98% of the paper and missed a point or two about the reporting part which were relatively easy but I got confused a little bit. Let’s hope for the best ?
1. Audit risks
Procedures for redundancy and benefit pension scheme
Ethical and professions issue2. Adequacy of going concern evidence
Other procedures for going concern
Auditor report If going concern assumptions are appropriate3. Initial engagement audit
…
AdvertisementWe were waiting for almost 3 hours for the exam to start at the exam centre in Limassol (Cyprus). Exam started around 11:40 instead of 9:00.
Does anyone know if there is a point to claim mitigating circumstances for that? 3 hours of not being able to leave the premises for a snack in case the exam would start, not to mention that on the docket they ask the students to come 1 hour before, basically 6
-7 hours with water and some coffee only, I was happy I did not faint until I reached my car at the end of the exam.For those that have exams in the next days: bring snacks with you amd not just water, I hope all will go well in the next days but just in case.
I had:
Q1: matters relating to planning audit (6m), audit risk planning (24m) procedures re investment property (8m) ethical issue (both companies audited by same firm but one buying another and wants firm to produce DD) (8m)Q2: arjan – final review and subsequent events (15m)
Matters to consider and audit opinion (10m)Q3: evaluate cash flow statement (10m) & identify procedures (8m)
Don’t remember the final partAfter hearing some horror stories about this exam I was actually pleasantly surprised – it wasn’t as bad as I thought it would be!
Struggled a little bit in section A as I find pension scheme stuff a bit tricky but I think I managed to get some good procedures down.
Quite a lot of ethics which isn’t a bad thing, didn’t mind the going concern question but would have preferred due diligence or PFI.
Liked the Q asking you to evaluate the advertisement, and found the question on acceptance considerations for the group audit quite nice too.
yes you should, once it happened with me that the exam was scheduled for 9 in the morning and it started 10 in night
Lola wrote:What did you write for that 6mrk 1a?
I wrote about the three strands within audit strategy – scope, timing and direction. Then i went to provide more detail in relation to each strand. I also mentioned that given it’s a new client this may impact the nature and extend of testing for gathering audit evidence. I also had a point around internal control and understanding the client and its environment (e.g oil industry). Not sure how many points i will earn as most of my explanations are too generic and I did not really use any of the exhibits.
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Same for me. I did not apply to much on the study. I found difficult the cash- flow part with comments and procedures (Q3). Do you remember what was on Q2? I know that was something with audit opinion and comunication to manag but I do not remember the rest. Good luck!
For Arjan 2(a) ,was the question splitted between analytical review 2a(i) and additional/further procedures to be carried out 2a(ii)?
I think the question was matters related to the government grant and also disposal of an asset? The second part was explain implication on audit opinion if no adjustment made
Yes this was question 2(b) but was question 2(a) splitted between analytical procedure and further audit procedures to be carried out?
Lola wrote:What did you write for that 6mrk 1a?
Brilliant, thanks I wrote along the same lines.
Sooryedeo wrote:Yes this was question 2(b) but was question 2(a) splitted between analytical procedure and further audit procedures to be carried out?
Yes i believe so. Never seen a question similar to that in all the practice questions i did. Just waffled a bit to try and score half the marks
Qs1
Audit risk (CGU, restructuring provision, employee benefits, employee redundency, inventory with analytics)Procedures and evidence related to above
Qs2
Reporting (goodwill n others which i dont recall now)Qs3
Quality, Ethical n Professional issues in identifying matters to consider to accept, evidences in file and procedures for loan arrangement review.Cashflow forecast procedures n evidence plus how you challenge the assumptions.
These are all what i can recall…. Qs1 was a bit tough n made me feel like i am sitting again.
Qs 2 n 3 were easy marks to obtain and these balanced my exam and gave me a hope that i might pass.
It was my first sitting plz wish me a pass.Awaiting inputs from others… Thanks
I think I said the grant was material and therefore the opinion would be modified, amongst accounting policy he’s etc and the treatment.
The sale of the machine was not material but I waffled on about correct treatment etc ??barbadoshk wrote:I think I said the grant was material and therefore the opinion would be modified, amongst accounting policy he’s etc and the treatment.
The sale of the machine was not material but I waffled on about correct treatment etc ??I came to same answer, grant material so qualified opinion, sale of machine not material so unmodified opinion. Yeah and explaining correct treatment should pickup most of the marks available i assume
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