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

@tom section A was hard ....B was kindah owk but time issues I remember for question 1 A A D D C

my answers for section A (i hope are correct - most of them): 1) C 2) D 3) D 4) B 5) D 6) B 7) B 8) C 9) A 10) D 11) D 12) B 13) C 14) A 15) C

The part that confused me is if there is analytical procedures for depreciation

@tomlloyd393 said: I think I put ADDDD which I felt was most likely wrong due to the amount of D's ?

Mine was ADDDD too (I think?). Pretty sure they were right. Fingers crossed. For the materiality question on trade payables and accrual, anyone said that the understatement was material? I almost said that it was immaterial, but the misstatement represented 1% of total revenue and 3% of total liabilities after all. Seemed like material to me, but this has been bugging me since the exam.

If you mean for the 5 marks question it was given also the Revenue figure which for that was material. For the question 10 regarding the adovacy threat I have understandfrom the statement that the client was promoting the services of the Audit firm!

1.A 2.C 3.D 4.D 5.A 6.A 7.C 8.B 9.A 10.B 11.A 12.B 13.B 14.A 15.C

Section A was horrible!!! I got 3 Ds in a row for 3-5, I went back at the end and changed one of my answers because I 2nd guessed myself due to the amount of Ds For the materiality question, a part of the question said materiality was based on revenue, since it was 1.2% of revenue I said it was material, but not pervasive. Fingers crossed for everyone. Hope everyone does well.

@andreashat said: If you mean for the 5 marks question it was given also the Revenue figure which for that was material. For the question 10 regarding the adovacy threat I have understandfrom the statement that the client was promoting the services of the Audit firm!

For that marketing scenario in question 10, I believe it was self-interest threat, rather than advocacy threat.

@tomlloyd393 said: Yeah i did the same with regards to the material question I put a qualified opinion as i concluded it was material but not pervasive. I think we have got that one wrong though as I think it actually was unfortunately immaterial.

Why do you think that that was immaterial?

Loads of questions relating to inventory and completeness. Didn't have enough timeto complete mcq

I said it was immaterial because the accepted materiality of revenue is 1-2% of revenue and the difference represented 1.28% of revenue & and 3.2% of PBIT, I said the impact on the audit report would be unmodified I hope I was right

Horrible paper and questions compared to previous years' papers. Paper verged towards a lot of procedure based questions and technical knowledge, and didn't at all mention corporate governance or audit frameworks (such as strategy, etc.) Risk assessment - hard to find 7 risks in there but I managed it. Q16 - the 18 marker was simple, lots of deficiencies (I could find about 8-9) Overall, I found the paper okay but a lot of curveballs. Hope I passed it because audit is incredibly boring.

@samthomas901 said: Nah was material. Was over 1% of revenue and the question even stated that the audit materiality was based on revenue. On another note, how grim were the McQ's! Averaged 20/30 in most of the past papers but don't think I was 100% on any of the ones I put.

I agree. The MCQs in this sitting were quite thought provoking. They were usually very straightforward in the past papers but in this exam I had to think thoroughly before answering them. Luckily the section B made up for it.

And yes it was material. It was above the revenue threshold of 0.5-1% and and above the assets threshold. Either way, they are never ask that question if the report stays unmodified, that would be the easiest answer in the world (I.e. subsequent event is not material, leave everything as it is) ACCA want to test us!! So get in their heads!!

I wrote it was material a qualified except for paragraph to b added above the opinion

Same approach. Due to the benchmark for materiality lever on revenue is flactuating between 0.5%-1% and the balance was above 1, hence stated the modified audit report, qualified opinion with "except for" (the amount not was materially misstated but not pervasive)

@april04 said: Hi there, I thought I would do better but even MCQs were tricky for me especially the way they were written. My answers: 1. A 2. D 3. D 4. A 5. D 6. B 7. B 8. C 9. A 10. D 11. C 12. B 13. C 14. D 15. C

Hi April, looks like we have almost the same answers! Mine were: Hey guys! My answers: 1) A 2) D 3) D 4) A 5) A 6) B 7) A 8) B 9) D 10) D 11) C 12) B 13) C 14) D 15) C

Oops! I got B for 7 too! (typo). Feeling better after coming here. First attempt at this paper so fingers crossed!

any one know whether q10 mcq? was marketing an advocacy threat ?

was marketing an advocacy threat ?

Hi can anyone remember what they wrote for the audit procedure for the continuous inventory count?

Option 1 was self interest and 3 again self interest. As for the 4 option was saying about our firm payment bonus scheme instad of client charge?

Option 1 was self interest and 3 again self interest. As for the 4 option was saying about our firm payment bonus scheme instad of client charge?

was it the mcq's where they had i,ii,iii,iv as options to be chosen? i was lost there...think it was the mcq for no.9

but the question states that the audit client has asked themselves to be sponsored in return for excessiving advertising of the the audit firm ...? is sponsoring like promoting .... ? which would constitute an advocacy threat???

Curveball question the advocacy one. Remember it is an advocacy threat if the audit firm promotes the interests of the client. The question stated it was the client promoting the auditors (which would be self-interest but that wasn't an option). Either way it was two marks and I messed up a few MCQs. As long as you felt good with the 18 and 14 markers you'll be fine.

Since the client was promoting Audit firm. This give rise to Advocasy Threat?

The multiple choice of existence of vehicles, the answer was written representation?

i think it was challenging especially part A. it was really dificult to choose as answers to close to each other. did anyone answered to the assertions related to disposal of assets? i choosed only right and obligation but i think was supposed to choose completeness as well

What did you guys say about subtantive analytical procedure for revenue?? Can someone help??