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I guess the answer was A. 16575 if I am not wrong. I erote A. but dont remember the figure
There was an mcq with four circumstances that could present a material or going concern risk. The answers were 3% of profit, 5% of something, 10% of something and a statement. I wasn’t sure whether the 4th statement was a risk and went with just statements 2 and 3. Sorry this is pretty vague.. does anyone else remember this? What did you answer?o
My Answers Were
1.B
2.A
3.B
4.A
5.D
6.C
7.B
8.C
9.C
10.B
11.B
12.B
13.D
14.C
15.C
Lots Of B’s And C’s I Got….Wrote Preconditions -Ratios questions were nice , but some ratios fluctuated in opposite way from previous papers , so i couldnt Surely think whether they were increasing or decreasing- Hope i Got everything well,since i did mainly from Question Weakness.
Done that 2 marks question-Defiencies Strengths found 3, Done Weakness too .
Q-18, Used my mind in substantive Procedures , Gave General Answers-quite Tough .For last part I mesntioned- by auditor judgement he may mention it as key audit matter ,
Or considering materiality he should give “Quali. fied opinion Except for ……”Basis of opinion section above opion should be mentioned .
But in new technical article , Basis of opinion was mentioned below the opinion section . So i mentioned that in Note.( In recent techincal Article ………………………)
Hope I Got through This paper , But I wana know about My MCQs as i did all these in last 30 minutes , because of rough i did in some ratio Calculation .Another MCQ was with the new client and how can you figure the amount of transactions with the new client. I remember I put A, it was something with reviewing the sales orders after the year end.
@dskinner83 said:
I put a, think the figure was 16,740,000.I put the same, this took into account the 2% pay rise which occurred in January. If you didn’t factor in the pay rise the amount would have been 16,893,000.
@adlupu said:
Another MCQ was with the new client and how can you figure the amount of transactions with the new client. I remember I put A, it was something with reviewing the sales orders after the year end.Yea even i chose option A. Sales orders are external evidence aren’t they? So it should probably be the most reliable evidence among all four options.
@laura2502 said:
There was an mcq with four circumstances that could present a material or going concern risk. The answers were 3% of profit, 5% of something, 10% of something and a statement. I wasn’t sure whether the 4th statement was a risk and went with just statements 2 and 3. Sorry this is pretty vague.. does anyone else remember this? What did you answer?oYea. Option 4 is not a threat to the going concern. (10% on profit). I went with option 3 and 2 i guess. Major supplier pulling off with many unfulfilled orders and other one. Don’t remember the third option.
Hi Deborah, The answer I picked was 16,893 not sure if it’s correct?
$’000
17,000 X 90% 15,300
Pay Rise 6% 15,300 *1.06 16,218
1500 X 500 X 90% (Bonus) 675
Total 16,893@kerrimcm1 said:
Re the MCQ on the audit opinion, I put unmodified and other matters paragraph as it didn’t mention anywhere that the issue was large enough to affect the going concern of the business so assumed the material uncertainty re going concern wasn’t correct and as it had been adequately disclosed, thought it was only necessary to draw attention to it using other matter? Anyone else think this?Other matter paragraph is used for matters other than those in FS and this matter was disclosed in FS, therefore material uncertainty to going concern was the right option.
For structured questions, they are the similar in almost situation to BPP mock exam 1 in revision kit 16/17
One of the first MCQs, I think no.2 re the NEDs pay, what was the answer for this? Is it correct that NEDs should be paid on a time spent basis?
hello everybody did we had to expain the ratios we calculated for the audit risk question
@fokum said:
can someone share the substantive procedures in Q18 l found it very tough.Found this question very tough also, infact I found the whole exam tough, felt I could not focus properly and feel I failed 🙁
Not gonna lie i hate looking after this after exam, send me into a tailspin as i think i ballsed loads of it up now 🙁 lol
@derrickagyiri said:
I picked the should be paid the same way as other directorsglad you said that!
@godhelp1 said:
hello everybody did we had to expain the ratios we calculated for the audit risk questionI don’t think any explanation was required, only calculate.
@pauljaco said:
glad you said that!I think the answer is NEDs should be paid on time spent. Their pay should not be related to the performance of the business as this compromises their independence.
As exec directors are quite commonly remunerated based on the company’s performance, I don’t believe the NEDs would be paid the same.@pauljaco said:
glad you said that!@shivvy said:
wasnt it about prior acceptance to audit? Not preconditionI think related to Chapter 7 on OT
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