AA*** ACCA F8 December 2017 Exam was.. Instant Poll and comments ***

can anyone tell me the audit opinion and impact on key audit matter for the question 17

Hello, From memory this is what I remember about the whole paper: 3 scenarios, 5 MCQs per scenario - not in any particular order and I am also paraphrasing: - $45,000 material misstatement was the level, if there were $30,000 more what should be done? - Question reference ACCA's code of Ethics and Conducts, which is NOT one of them? - Calculation of wages question from all the increase, temporary staff and bonuses? - Question reference marketing costs, I believe it had reached $300,000 but it was also pre-paid for a certain period? - Question reference wages accrual (cannot remember anymore). - Director of a company joining the Audit of the same firm? - First year's fees had already amounted to 15%, next year should not also amount to 15%, I thought rotation occured after 7 years and not 5 (may be wrong). - Audit of two companies who are competitors? - Payable days, I put 41 days but probably the wrong option. Written questions (16, 17 & 18) 16 was for 30 marks, 17 and 18 were for 20 marks. Q16 - 8 Audit risks and responses to these risks. Q17 - 8 Seven deficifiencies, identify, explain and provide recommendations (this was to do with the Sales and Despatch System) Q18 - Cannot really remember to be honest.

It was Ok.Actually lot better than my previous attempt. Could have done more better with more a little bit more past paper practice.

All I remember is Butterfish and Pomano.

Hello, I also remember question about Key Audit Matter paragraph. It was 4 marks. How did you answer?

@raushantasshoinova said: Hello, I also remember question about Key Audit Matter paragraph. It was 4 marks. How did you answer?

I just explained what is a kam and stated it is only used for listed companies. Then I explained it in the context of the question, stating that if the management is not willing to make the adjustment, will have to issue a qualified 'except for' opinion because the amount of the adjustment is material. I just expanded upon this.

It said immediately, which imo is wrong. You had another year to negotiate the fee/services, hence I selected quality control reviewer.

You don't back out from the audit, you just go with a different team, having a different partner.

Did everyone here sit the paper exam? I did the CBE and don’t recognise some of the MCQs. I would have thought they’d be the same though

@sophiemgilbert said: Could someone please let me know what they got for the control objectives in Q18?

a) -goods not delivered to same customer twice -goods delivered on time -goods delivered safely to customers and not stolen. -sales system working correctly and updating inventory levels accordingly. -goods sent to the correct address. There were so many you could come up with. b)The sales clerk gave me about 3 deficiencies. Something about manual inputting of discounts and many others I can't remember, Examiner asked for seven I gave nine, just to be on the safe side.

Did anyone else gets 5 extra mcq's for quality assurance purposes? They said you won't be marked on that however don't know which ones they were. 20 mcq's in total

The result will show if you have done well. I hope to pass.

I think up to 7 hrs to rotate so didn't go with the 5 yrs option

Can any one tell me what questions came in the exam .. ??

which country do you reside? CBE hasnt be launched in my country

I think Ichoose the non audit work for client should be reduced.

I opted for the written representation because the misstatement was immaterial

I understand that partner can stay for 7 years including those before listing. Fees cannot immediately be reduced because there always contract to abide by. My feel was to "reduce the non audit service for the next year was the correct option.